The agreement with Bancolombia, effective yesterday, will provide the beneficiaries of Xoom's customers with faster access to money and more locations for receiving money in Colombia. The partnership expands Xoom's cash disbursement network to include Bancolombia branch locations and increases the speed of bank deposit service to just minutes.
This partnership supports Xoom's comprehensive corporate initiative to serve the rapidly growing, online Latino consumer by providing an alternative money-transfer option. Xoom's money transfer service, created in 2001, allows customers to send money to 42 countries around the world, including Colombia, from any Internet-enabled computer using a checking account or credit card to fund the transaction. When paying with a checking account, the cost starts at US$2.99. There is a daily transfer limit of US$2,999.