Xoom Named Best Money Transfer Company to Latin America and the Caribbean for Second Straight Study
Xoom ranked No. 1 in Remittance Study according to a report by the Inter-American Dialogue
SAN FRANCISCO, November 7, 2012 – Xoom Corporation, a global online money transfer provider, has been named the best money transfer company to Latin America and the Caribbean by the Inter-American Dialogue (IAD), the leading U.S. center for analyzing remittance trends and services.
The study, conducted by the IAD and released last month, measured each company on six key money transfer indicators including cost, customer service and coverage. Xoom consistently earned top scores in each category, and was ranked as the best company for sending money transfers to Latin America and the Caribbean (tied with Wells Fargo and Viamericas), out-performing 34 other leading U.S.-based money transfer companies. The study is entitled Money Transfers to Latin America and the Caribbean, Current Trends and Industry Performance, and it also noted that economic recovery and declines in unemployment are important drivers in the growth of remittances from the U.S.
“Consumers want to easily be able to see the fees they are paying and the exchange rate their loved ones will be receiving,” said Dr. Manuel Orozco, Director of the Remittances and Development Program at the IAD. “In addition, they want to pay the lowest fees. It looks like consumers are embracing some emerging companies that are doing a good job in these categories. In many categories these companies are earning higher marks than some traditional industry players.”
Among the 37 companies in the study, Xoom.com is the only money transfer company that exclusively offers online money transfers without the use of sending agent locations. Customers use the Xoom.com website to enter the send amount and beneficiary information, 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. With Xoom.com, consumers can see the transfer fee and foreign exchange rate upfront allowing them to know the exact amount that will be received by their family members.
“We are thrilled that consumers recognize and appreciate the transparency and outstanding quality of Xoom.com’s service,” said Eugenio Nigro, Vice-President of Business Development, Latin America. “Xoom.com offers full transparency and our customers have the power to control their money transfer every step of the way.”
Customers place a high value on companies that lead the way in making their services easily accessible via the Internet on their mobile devices. Xoom’s mobile platform provides convenient access to money transfer service, at any time and from wherever the customer may be.
Xoom.com offers money transfer service to 18 countries in the Americas 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. To send money to any country, customers can log in to Xoom.com, twenty-four hours a day, seven days a week, from any computer or mobile phone and follow the simple steps to complete their money transfer.
About The Inter-American Dialogue
The Inter-American Dialogue is the leading U.S. center for policy analysis, communication and exchange on Western Hemisphere affairs. Since 1982, in successive Republican and Democratic administrations and through many changes of government in Latin America and the Caribbean, the Dialogue and its 100 members from throughout the Americas have helped shape the agenda of issues and choices in hemispheric relations. The Dialogue seeks to promote informed debates on hemispheric problems, advance opportunities for regional economic and political cooperation, expand channels of communication among the countries of the Americas, and bring fresh, practical proposals for action to the attention of governments, international institutions, and private organizations.