Digital money transfer provider Xoom is now allowing users to send money to China with a new instant transfer service.
The instant bank deposit service allows Chinese immigrants with a U.S. bank account, credit card, or debit card to send money online to most bank accounts in China. The transfers will be processed through China UnionPay.
With the addition of China, Xoom’s money transfer service now reaches 31 countries worldwide.
When customers send money to China during bank processing hours, their transfer will arrive in seconds, the company said. All customers will require is their recipient’s UnionPay card number and the Pin-Yin name associated with that card. Customers can send up to $2,999 for just $8.88 when paying with their bank account, and Xoom will provide locked in exchange rates on the renminbi deposits.
Xoom will now be transferring funds to some of the most recognizable banking brands in China, including Bank of China, Bank of Communications, China Construction Bank, and Industrial and Commercial Bank of China.
“This is a significant milestone for Xoom,” said John Kunze, Xoom’s president and CEO. “As we expand our service to the world’s most populous country, Chinese immigrants in the U.S. can safely, conveniently, and cost-effectively send money to their loved ones.”
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