Sending money back home to friends and family in the Philippines is a unique bonding moment for both parties. The people back home receive something tangible and valuable while the sending party owns a feeling of accomplishment and personal reward for doing something empowering that makes all parties feel warm. That’s a powerful combination for everyone.
Xoom is an acknowledged leader in the global money transfer business and has made it very easy for its customers to send money back home, especially online and through its popular new mobile app. Click, and Xoom, the money is there.
Xoom decided to conduct a survey of its Fil-Am customers to find out more about the tendencies of sending money online. Xoom asked the question: How likely are you to send your next money transfer online?
The highest percentage of the respondents, 32 percent, said they were very likely to send their next money transfer online while 29 percent of those who answered the survey question said they were likely to go online to send their next money transfer.
SAN FRANCISCO, CA, September 22, 2014 – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, is now offering instant deposits to ICICI Bank accounts in India. This revolutionary service allows Xoom customers to instantly deposit money into their recipients’ ICICI Bank accounts, 365 days a year, including bank holidays. Instant deposits to ICICI Bank are processed through Xoom’s partnership with Punjab National Bank.
“Through our partnership with Punjab National Bank and the breakthrough IMPS technology, we are thrilled to expand our instant deposit service to ICICI Bank, one of India’s largest banks,” said Julian King, Senior Vice President of Marketing and Business Development for Xoom. “Instant deposits are available 365 days, including bank holidays, so customers will never have to wait. Speed and convenience are what customers expect from Xoom’s service and we continue to do just that in our mission to provide instant deposit to even more banks in India.”
In addition to ICICI Bank, Xoom also offers instant deposits to Punjab National Bank, HDFC Bank, Union Bank of India, Bank of Baroda, Federal Bank and Yes Bank.
Xoom provides great locked-in exchange rates for money transfers to India, and there is no fee when customers send more than $1,000 and pay with their U.S.-based bank account. Plus, Xoom continues to provide fast bank deposits within four hours to all other banks in India, including to NRE and NRO accounts, when sent during bank processing hours in India.
Xoom is a leading digital money transfer provider that enables consumers to send money to 30 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended June 30, 2014, Xoom’s more than 1.1 million active customers sent approximately $6.3 billion to family and friends. The company is headquartered in San Francisco and can be found online at Xoom.com.
It’s a hot-button topic, to be sure, but for money transfer powerhouse Xoom, the use of bitcoin just might be something that eventually comes into play. That’s what Xoom CEO John Kunze said in a revealing interview with PYMNTS.com’s CEO Karen Webster. You can check out the story for yourself, and also click on the accompanying audio link.
Everyone knows that Xoom occupies a pivotal position in the global money transfer business, but many may not know that the bitcoin currency opportunity could have a place in how money is moved.
Or not. There’s a long way to go, Kunze said in the interview.
“I think anyone that wants to move money from point A to point B has to deal with . . . very important challenges that, for bitcoin to succeed, players in the ecosystem must also solve in addition to still being efficient and not costly.”
Kunze mentioned self-regulation, consumer protection and regulation as challenges for bitcoin to become part of the money transfer business.
Xoom’s chief pointed out that typically $500 billion in money transfers crosses borders each year, and he also touched on Xoom’s groundbreaking mobile app that’s making a lot of headway.
“More than half of our users are sending with our mobile app, which was a great milestone that we hit,” Kunze said in the interview.
Given the potential for security breaches and fraud in the world of financial transactions, it’s no surprise that the U.S. federal and state governments have instituted a robust set of rules and regulations governing the remittance industry and the service providers that operate in this sector.
While this might not be a major factor in your search for a money transfer company, it needs mentioning as some money transfer companies are more committed to consumer protection, compliance standards and customer service than others. While it may be difficult for you to evaluate these variables without quite a lot of digging, one source you can easily check is the Better Business Bureau (BBB) rating.
Check with the Better Business Bureau (BBB)
In school, your performance on tests and exams was assessed by issuing grades. If you received an A+, you felt proud and enjoyed a sense of accomplishment. The Better Business Bureau, likewise, assigns grades to companies based on a broad array of performance criteria, including:
- Length of time this business has been operating.
- Complaint volume filed with BBB for a business of this size.
- Response to complaint(s) filed against this business.
- Resolution of complaint(s) filed against this business.
So make sure to check that your prospective money transfer company is accredited with the BBB and, if it is, whether it has achieved the coveted A+ BBB Rating.
Affiliations & Certifications
While some companies view compliance as something they have to do and often wait until the last minute to get up to speed, if at all, a few forward-looking companies that are truly customer-focused lead the charge and even “push the envelope” to make sure that their customers are protected. From their perspective, this is simply good business and an effective way to gain their customers’ trust.
In the case of money transfer companies, in addition to their BBB Rating, you can also check their affiliations and certifications, which they should be proudly displaying on their websites. Are they a member of highly regarded anti-fraud associations such as the Merchant Risk Council and the Association of Anti-Money-Laundering Specialists (ACAMS)? Are their privacy practices certified by an independent monitor such as TRUSTe? Is their website certified with a Verisign SSL Certificate, so that you know your information can be transmitted securely over the Internet?
At Xoom, we are committed to securing your financial information and employ proven technology to protect and secure your personal information. Plus, we have the Privacy Certification with TRUSTe, an A+ Rating from the Better Business Bureau, and the Symantec SSL Certificate from Norton Secured.
As a remittance sender, you want to select a money transfer company that is vigilantly pursuing human and technological resources to protect you and your family from online predators whose mission is to coerce you to send your money to them.
You are entrusting your money transfer company to safeguard your account with them, as well as the entire transfer process, so that your money arrives safely in the hands of your loved ones at home.
That is one big responsibility and you need to have confidence that the company you choose is up to the challenge. Your provider must be prepared to deliver rapid and effective intervention should anyone or anything compromise your ability to send money, or if you happen to fall victim to a scam.
Check to see if your prospective money transfer company is using top-of-the-line data security encryption, so that all information sent between your web browser and your money transfer company’s website remains private and secure.
Generally, if a provider is “bullish” on security, they will trumpet that fact on their website. More detailed information regarding certifications from third-party security and privacy organizations should also be available on their website.
So how secure is the Xoom?
At Xoom, we strive to be the most progressive money transfer company in the industry when it comes to the deployment of the latest and most robust security protocols to protect your data and privacy. And if anything interferes with the successful transfer of your money, we are ready to take immediate corrective action to resolve the issue and get your transfer through safely to your family.
We use 128-bit data security encryption, so all information sent between your web browser and our website remains private and secure. The entire Xoom website, even pages viewed without logging in, is served via encrypted, secure pages.
The servers we use to store your information are protected both physically and electronically. They reside behind a firewall and are not directly connected to the Internet. We regularly audit our security policies to ensure the protection of your personal data.
When you sign up with Xoom, you will immediately notice how much your business means to us and how committed we are to keeping you as a customer “for life.” From the welcome call you will receive right away when you sign up, through the highly-transparent on-screen disclosure of every part of your transfer, to the fact that nobody answers the phone faster when you really need help: you will discover that Xoom is no ordinary money transfer company.
And check out the NEW Xoom app – a fast, convenient and safe way to transfer money to your loved ones.
In the remittance universe, scam prevention is a team effort between the customer and money transfer company. If you do encounter any suspicious or unauthorized activity in your account, you should contact your provider immediately. In those cases, the money transfer company should immediately secure your account, conduct a thorough investigation and, if it turns out that someone has hacked into your account and sent money in your name, your money transfer company’s policy should be to cover you for the full amount of the unauthorized transaction.
Many of the top money transfer companies provide tips on their websites to help you protect yourself from harmful situations when sending money back home. The different types of scams are well-documented and a few online searches can provide a comprehensive list of the most “popular” scams in use today.
Here, we will quickly summarize a few of the most commonplace scams, just to give you an idea of what is out there and a few suggestions about how to spot them and prevent them from ever causing you trouble.
Send Only to People You Know – This is just common sense. Only send money to the family or someone you know well. Don’t send a dime to anyone you don’t know. Strangers will try all sorts of creative ways to con you out of your money. Family and friends only. Period.
Be Vigilant – Always be on the alert for scammers with offers that are too good to be true or who send you alarming messages that someone close to you is sick or in danger and needs money sent right away to prevent some sort of disaster. Other all-too-familiar categories of scams include lotto winnings, disaster relief, loans, classified ad purchases, fake checks, romance and a host of others. Bottom line: If you’re not totally convinced right away that it is a scam, independently verify with another family member or friend so you can be 100% sure whether it’s a scam or legitimate (rare).
Safeguard Your Password – Here’s another very important reminder: Don’t give out your password. And don’t create a password that might be easy for someone else to guess. Complex combinations of letters, numbers and symbols will go a long way to preventing any unauthorized person from gaining access to your account. If you do think your password may have been compromised, change it immediately and contact your provider.
That time of year is rolling around again, possibly quicker than some kids want and yet they’re probably still really excited about it even if they won’t admit it. Yes, it’s three very big words: Back-to-School. It’s coming right up and no child can return to school unprepared, so back-to-school shopping is in full force.
Of course, the expenses can pile up, which makes it a very good time to help out.
Xoom, a leading digital money transfer provider, conducted an exclusive survey of its Fil-Am customers recently and asked its clients if they planned to send money to someone in the Philippines for Back-to-School expenses.
Nearly half of the respondents in the survey, 49 percent, said they intend to send money back home to lend a hand in Back-to-School expenses. Meanwhile, 27 percent answered that they were not planning to send money, and 24 percent in the survey said they were not yet sure.
Schoolchildren probably think more about seeing their schoolmates again instead of how they’re getting a fresh start for a brand new year of learning in the classroom. But their parents also keep an eye on the bottom line, and Xoom is there to make it easy for friends and family to help out their loved ones.
If you’re in the market for electronic devices – and if you aren’t now, you surely will be – there are so many choices that might make you feel overwhelmed. But just as surely as there are many ways to go, there are also many options out there that are important and will help you make the decision that’s best for you.
The kind of operating system the device uses was the most important reason to 26 percent who answered the survey. App capabilities and brand were the most important reason chosen by 18 percent in the survey, while 15 percent said it was the price of the smartphone or tablet.
The life of the battery was the most important reason for 10 percent of the respondents and five percent said the size of the screen was the deciding issue.
What’s most important to you? Maybe it’s best to take into account all of the reasons that make selecting a smartphone or tablet important. You’re the one that’s going to be using it, after all.