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TheStreet Open House

Xoom Announces Money Transfer Service To NRE And NRO Bank Accounts In India

Stocks in this article: XOOM

SAN FRANCISCO, July 30, 2013 (GLOBE NEWSWIRE) -- Xoom Corporation (Nasdaq:XOOM), a leading digital money transfer provider, has announced that NRIs (Non-Resident Indians) can now use Xoom's money transfer service to send bank deposits directly to their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts in India.

India Deposit
Xoom Brand Ambassador Amitabh Bachchan

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=20146 .

NRIs can now send bank deposits within four hours to recipients with NRE/NRO accounts, with great locked-in exchange rates.

"In a continued effort to provide superior services to our customers, Xoom now introduces bank deposits to NRE/NRO accounts, giving NRIs every reason to use Xoom," said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom. "Plus, with our new App for Android and iOS devices, Xoom is committed to making money transfers easy and trustworthy for everyone."

"Xoom takes care of all your money transfer needs," said India's biggest superstar and Xoom brand ambassador Amitabh Bachchan. "No one gets your bank deposits to India faster than Xoom.com, and now to NRE and NRO accounts too!"

Bank deposits are processed in India through Xoom's partner Punjab National Bank. "We are pleased to partner with Xoom to provide NRIs a fast and easy way to send remittance to their NRE/NRO accounts, and other Rupee denominated Bank accounts in India," said Mr. Thyagarajan, GM IBD, Punjab National Bank.

With Xoom, customers can send money to all Rupee-denominated bank accounts in India, including NRE/NRO accounts within four hours, when sent during India bank processing hours. Service is available to all major banks in India including Punjab National Bank, ICICI, HDFC, SBI, Axis Bank, Citibank and many more. Customers can send up to $2,999 per transaction.

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