SAN FRANCISCO, CA, September 25, 2008 – Xoom.com, the fastest-growing online money transfer company, today announced the signing of a remittance agreement with Remesas Dominicanas (ReD), a member of the Centro Financiero BHD, based in the Dominican Republic.
“Thanks to this agreement, Dominicans living abroad will have access to one of the fastest and most convenient ways to send money to the Dominican Republic,” said Julian King, Xoom Corporation’s senior vice president of Marketing and Corporate Development. “Our money transfer services to the Dominican Republic will feature home delivery, cash pick-up and the added benefit of being able to make direct deposits to bank accounts in Dominican pesos or U.S. dollars. This service meets the needs of the growing number of Dominicans who are using the internet to simplify their daily lives and keep in touch with their loved ones.”
The Xoom money transfer service complements the fast-paced life style many Dominicans abroad are experiencing and helps customers quickly, conveniently and safely send money from any internet-enabled computer. By simply logging on to the Xoom secure website, customers can use a checking account or credit card to fund the transaction. When paying with a checking account, fees are as low as $2.99 per transaction.
“As one of the leading financial institutions in the Dominican Republic, it was our goal to partner with a company that could offer the most modern, efficient and convenient method of money transfer to the country,” said Carmen Cristina Álvarez, vice president of Institutional Banking for Banco BHD, Centro Financiero BHD. “Through this new alliance we are offering individuals living in the U.S. the opportunity to send money without having to leave the comfort of their home while at the same time having the peace of mind it will arrive safely in the hands of their loved ones or even their own bank account.” .
Through this initiative, ReD looks to expand upon the means by which remittances are processed using non-conventional methods, while contributing to Xoom’s global strategy of making life easier for its customers worldwide.
Xoom.com allows individuals to send money from any Internet-enabled computer to family, friends and businesses worldwide. Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates, and Fidelity Ventures. Xoom Corporation offers money transfer services from the United States to 36 countries around the world. For more information on money transfer service to the Dominican Republic please visit xoom.com/dominicana.
About Remesas Dominicanas (ReD)
Remesas Dominicanas was founded in 1984 with the objective of distributing remittances in the Dominican Republic. ReD currently has a network of 150 convenient payout locations across the country, including ReD, BHD bank and Banco ADEMI offices as well as the offices of the Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM). ReD offers door-to-door delivery, window teller service, national delivery and money exchange among other services. “
*Xoom makes money on transactions involving foreign currency exchange based on the difference between the rate at which Xoom purchases foreign currency and the rate provided to you.