Xoom Rolls Out its Money Transfer Services in Singapore

Digital money transfer giant, Xoom Corporation XOOM reaches another milestone in its global operations through the recent launch of its services in Singapore. The deal involves the association of the company with ten local banks in Singapore which include big names like DBS Bank Ltd., POSB Bank, United Overseas Bank ("UOB"), Oversea-Chinese Banking Corporation Limited ("OCBC") and Standard Chartered Bank.

With the latest endeavor in place, Xoom's customers will now be able to send money online to bank accounts in Singapore. This can be done through their U.S. bank accounts, credit cards or debit cards.  

Additionally, customers at Singapore will be able to avail the 24x7 customer service at Xoom that will cater to their queries. A money-back guarantee will also be provided to customers in case of a default.

Xoom's customers will be able to send up to US$2,999 to Singapore, for a nominal charge of US$4.99 when using their bank accounts. Money transfers can be made via computers, tablets, or mobile phones.

Xoom's incessant efforts to enhance the customer experience allow it to reach in new markets and strengthen in existing markets. In the first six months of 2015, the company expanded into China to allow its customers to instantly transfer funds during bank processing hours to some of the most recognizable banking brands in China like Bank of China, Bank of Communications, China Construction Bank, and Industrial and Commercial Bank of China. With its partnership with Habib Bank over the same period, Xoom allowed its customers to make 24x7 instant deposit funds in Pakistan. Moreover, partnerships with Sacombank, LANDBANK, and Banco Agricola enabled the company to expand its services to Vietnam, Philippines and El Salvador. In Jul 2015, the company expanded its service in Austria, Belgium, Greece and Portugal.

Xoom currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the financial services space are Equifax Inc. EFX, Global Payments Inc. GPN and JetPay Corporation JTPY. All three stocks hold a Zacks Rank #2 (Buy).

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