Xoom.com Expands in Mexico, Adds Service Through Banco Santander

Expands cash pickup network in Mexico to 9,400 locations and provides access to money at Santander in just minutes

SAN FRANCISCO, Calif., November 30, 2009 – Xoom Corporation, the Internet-based global money transfer company, announced today new service through Banco Santander Mexico (Santander) in Mexico. The service through Santander, effective today, will provide the Xoom.com customers with more locations for receiving money in Mexico and faster access to money deposited to Santander accounts. The new service expands the Xoom cash disbursement network to include over 1,000 Santander branch locations, and increases the speed of bank deposit service to just minutes.

This partnership supports the Xoom.com comprehensive corporate initiative to serve the rapidly growing, online Latino consumer by providing an alternative money-transfer option that is fast, easy, convenient and low in price. The Xoom.com money transfer service, created in 2001, allows customers to send money to over 40 countries around the world, including Mexico, by visiting the Xoom.com website.  When paying with a checking account, the cost to send any amount to Mexico is $4.99.  

This new service with Santander, provided through a partnership with Transnetwork Corp, augments Xoom.com’s substantial existing relationships with Mexico’s leading financial institutions, including BBVA Bancomer, Banorte, and HSBC; as well as retail outlets, including Soriana and Famsa stores. In addition, it provides Xoom.com’s customers with an additional bank for the increasingly popular account-to-account money transfer service.

“We have a very robust network in Mexico that includes fast bank deposit to major banks, and now in minutes to a Santander account,” said Eugenio Nigro, vice president of business development, Latin America, for Xoom.com.  “And, with Santander, we add more than 1,000 new locations and grow our cash pickup network to 9,400 locations in Mexico.”

“We at Transnetwork Corp. are proud to continue to help Xoom.com grow their money transfer service to Mexico,” added Gerardo Amelio, head of business development for Transnetwork Corp. “Xoom.com offers Mexicans living abroad with the convenience of sending remittances from the convenience of their home computer directly to a bank account at Santander.  If your family member does not have a bank account, they can pick up the money in cash at a Santander branch.”

“We continue to take strides in providing a faster service at the lowest price.  We now offer bank deposit and cash pickup at Santander in minutes, and you can send any amount, up to $2,999 for $4.99,” said Theresa Pasinosky, marketing director, Latin America, for Xoom.com.  “Customers can now send money to Mexico directly to a Santander bank account and the funds are available in the account in less than 20 minutes.”

According to the Inter-American Dialogue, Mexico received $25 billion in remittances in 2008, making it the largest in the Latin America and Caribbean region.1  Almost all are sent from family members living in the United States.2

About Xoom.com

Xoom.com allows individuals to send money from any Internet-enabled computer to family, friends and businesses. Xoom.com Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures.  Learn more about Xoom money transfer services to Mexico.

About Transnetwork Corp.

Transnetwork provides a turnkey solution for money transfer companies originating transactions to Mexico and Latin America by providing a large and diversified payment network.  Transnetwork provides more than 7,000 points of payment in Mexico, through retailers like Soriana and FAMSA, and a bank network that includes Banamex, Bansefi, La Red de la Gente and Banorte.  

About Banco Santander Mexico

In April 1997, Grupo Santander acquired Banco Mexicano to form Grupo Financiero Santander Mexicano. In May 2000, Grupo Financiero Santander Mexicano acquired Banco Serfin and Grupo Financiero Santander Serfin was formed. In 2002 Banco Mexicano, Banco Serfin and Banco Santander merged to form what is now Banco Santander Mexico (officially Banco Santander S.A.). Today Banco Santander Mexico is the third largest bank in Mexico (in terms of assets), with more than 1,100 locations throughout the country. http://www.santander.com.mx

1.    Inter-American Development Banks and Multilateral Investment Fund:  Remittances to Latin America and the Caribbean 2008, Washington DC, Nov 2009.

2.    Inter-American Development Banks and Multilateral Investment Fund:  Mexico and Remittances