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Xoom.com Named Best Money Transfer Company, also Ranked Highest in Customer Satisfaction

SAN FRANCISCO, CA – June 24, 2010 - As market conditions are making it easier and less costly to send money home for immigrants in the U.S., the Inter-American Dialogue released a report showing that remittance service providers are offering a wider variety of services and are expanding into more countries. The study, A Scorecard in the Market for Money Transfers, conducted by the Inter-American Dialogue (IAD), the premier U.S. center for analyzing remittance trends and services, also found an increase in product services such as cash-to-cash and cash-to-bank account bank accounts as companies seek to be more competitive.

The study released by the Inter-American Dialogue (IAD) on June 18, 2010, measuring 16 money transfer indicators, ranked Xoom.com as the best company for sending money transfers to Latin America and the Caribbean, outperforming 38 other leading U.S.-based money transfer companies. Xoom.com also received the highest score for customer satisfaction.

Xoom.com received the highest scores in both transparency and inexpensiveness. Among the 39 companies in the study, Xoom.com is the only money transfer company that does not offer agent locations. Customers use the Internet to enter the monetary amount and beneficiary decision, make a money transfer decision, select the country and pay partner, pay for the transaction using a checking account or credit card, and track the transaction. Consumers are also able to see the fee and foreign exchange rate upfront allowing them to see the exact amount that will be received by their family members. Additionally, Xoom.com provides lower fees than traditional marketplace competitors.

Xoom.com ranked first in three of the five categories for customer satisfaction: fee transparency, foreign exchange transparency and customer value. In addition, the company tied for first in the category of least expensive and was a close first in ease of use.

“We are happy that consumers recognize and appreciate the transparency and overall value of our service.” said Eugenio Nigro, Vice-President of Business Development, Latin America. “Because we are an online company, our customers have the power to control their money transfer from start to finish and track it every step of the way.” said Nigro.

Xoom.com offers money transfer service to 17 countries in Latin America, including Mexico, El Salvador, Guatemala, Honduras, Dominican Republic, Colombia, Peru, Ecuador, Brazil and many more. The cost of sending money to Mexico is $4.99 for any amount up to $2,999, when funded by a checking account.

¡Ahorra tiempo y dinero! Xoom.com es la manera más fácil de enviar dinero a Costa Rica. Envía $250 por sólo $9.99.

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Xoom (pronounced zoom) is one of the only companies committed to developing a global online-to-offline money transfer network. Xoom enables its customers to leverage the power of the internet to send money 24/7 around the globe. Long gone are the days when senders need to spend time driving to and waiting in line at an old-fashioned money transfer location.

Xoom Sells Itself
Xoom’s innovations to the traditional money transfer industry speak for themselves. Some of the many selling points include:

Security– We use state of the art technology to protect the integrity of our customers' personal data
Low fees – Xoom is up to 80% cheaper than Western Union and MoneyGram’s online services
Convenience – Senders can now transfer money anywhere and anytime they are online
Reliability – Xoom offers our customers’ a 100% satisfaction guarantee
Flexibility – Unlike traditional money transfer companies, Xoom allows its customers to choose from disbursement options that include direct deposit to a bank account, cash pick up at one of our financial partners, or home delivery.

Send money online to Jamaica with Xoom.com for as low as $2.99.

A remittance is a transfer of money by a foreign worker to his or her home country.
Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. Estimates of remittances to developing countries vary from International Fund for Agricultural Development's US$301 billion[1] (including informal flows) to the World Bank's US$250 billion for 2006 (excluding informal flows). Remittances contribute to economic growth and to the livelihoods of people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Remittances also foster, in the receiving countries, a further economic dependence on the global economy instead of building sustainable, local economies. (Wikipedia)

Latin America and the Caribbean

In Latin America and the Caribbean, remittances play an important role in the economy of the region, totaling over 66.5 billion USD in 2007, with about 75% originating in the United States. This total represents more than the sum of Foreign direct investment and official development aid combined. In seven Latin American and Caribbean countries, remittances even account for more than 10% of GDP and exceed the dollar flows of the largest export product in almost every country in the region. Percentages ranged from 2% in Mexico, to 18% in El Salvador, 21% in Honduras, and up to 30% in Haiti. The Inter American Development Bank's Multilateral Investment Fund (IDB-MIF) has been the leading agency on regional remittance research.

Asia

A majority of the remittances from the US have been directed to Asian countries like India (approx. 26 billion USD), Philippines (approx. 20 billion USD) and China (approx. 23 billion USD). Most of the remittances happen by the conventional channel of agents (Western Union, Moneygram). However, with the increasing relevance and reach of the Internet and players, online money transfer Remittance to India and mobile phone money transfer has significantly grown.