SAN FRANCISCO, Calif. - April 2, 2004 - Xoom Corporation announced today the expansion and improvement of its online remittance services to the Philippines. The company has appointed the Manila based Equitable PCI Bank to service the needs of Xoom's Filipino cash recipients.
The worldwide Filipino community can send money home instantly and securely over Xoom.com and cash is available for pickup within minutes at any EPCI bank location, seven days a week. Door-to-door and bank draft delivery service are also available. Home delivery will be provided through Equitable's Express Padala couriers, who can deliver cash to most of the Philippines.
To inaugurate this improved service, Xoom is providing free delivery throughout the Philippines until June. "This relationship with Equitable PCI adds a whole new dimension to our cash remittance service," said Kevin Hartz, co-founder and CEO of Xoom. "The combination of online convenience, instant transfers and Equitable PCI's years of experience in serving the Filipino market make Xoom and Equitable an unbeatable combination".
Xoom's service is unique in that it allows Filipinos abroad to send cash from any computer with an Internet connection to friends, family and loved ones in the Philippines. Recipients receive cash, and do not need to have bank accounts or computer access. All money transfers are processed securely through PayPal, an eBay company that operates in 38 countries and all major debit and credit cards are accepted for payment. In addition to the service convenience, Xoom.com offers lower service fees, up to 50% less than the traditional non-bank remittance leader Western Union.
"We are proud to offer this service to the global Filipino community," said EPCI Bank President and CEO, Rene J. Buenaventura. "This will give Filipinos living abroad a fast, more convenient and secure way to send money home."
About Xoom Corporation
Xoom Corporation is an online-to-offline international money transfer service. Xoom.com currently offers a secure, fast, and inexpensive means to send money from any of 38 countries to recipients in 8 countries, including: The Philippines, Hong Kong, The Dominican Republic, Jamaica, and India. All transactions are processed securely through PayPal, an eBay company.
About Equitable PCI Bank
Equitable PCI Bank marks its 54th year of existence this year. It is The Philippines' third largest bank, enjoying leadership in corporate and commercial banking, credit and payment cards, remittances, leasing and investment banking operates a nationwide network of more than 400 strategically placed branches. It has over 400 branches and more than 400 FASTeller ATMs nationwide.