Xoom And Banco Pichincha Partner To Speed Up Remittance Deposits To Ecuador

Latin America - español

Xoom's New Account-to-Account Money Transfers to Banco Pichincha Makes Money Available in Two Hours

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May 22, 2012, 03:42 ET

SAN FRANCISCO, May 22, 2012 /PRNewswire/ -- Xoom Corporation, a leading internet-based money transfer company, today announced its partnership with Ecuador's largest private bank, Banco Pichincha. This new partnership enables Xoom to offer its users deposits in two hours to a Banco Pichincha account and cash pickup at almost 303 additional locations in 30 minutes throughout Ecuador. Xoom and Pichincha's partnership shortens the time it takes to receive money in Ecuador via a bank deposit from an average of 24 hours to two hours.

Xoom is the only money transfer company in the US to offer bank deposits to Banco Pichincha in two hours. Xoom has pioneered account-to-account money transfers and currently offers bank deposit service to seventeen countries in Latin America and the Caribbean.

Ecuador ranks third in South America for total dollars received with 2.67 billion dollars sent in 2011(1), preceded by Colombia (4.17 billion)(1) and Peru (2.70 billion)(1). Nearly half of this money came from Ecuadorians living in the United States(2).

Remittances to Latin America and the Caribbean increased by 6 percent last year to US$61 billion, as reported by the IADB(3). Remittances to Ecuador increased 15 percent last year(4). Xoom remittances to Ecuador increased 52 percent last year.

This partnership supports Xoom's continued effort to provide an alternative money transfer option that is fast, easy, convenient and low in price. Xoom's partnerships and alliances with top banks across Latin America include BBVA Bancomer in Mexico, Bancolombia in Colombia, Banco de Credito BCP and Interbank in Peru, BAC and Citi in Central America, Banco BHD in the Dominican Republic and Banco Itau in Brazil.

"Xoom partners directly with the largest banks in Latin America to streamline the money transfer process," said Eugenio Nigro, vice-president of business development for Latin America. "This way we get the money into the recipients' hands as fast as possible. This is what is most important to our customers."

"With Xoom, our customers now only wait two hours to receive the money their loved ones send to their account instead of the usual 24 hours," said Jose Luis Baez, head of remittances at Banco Pichincha. "Xoom is the only company in the US offering deposits to Pichincha in two hours. It's going to change the industry."

"We are proud to work with Xoom, as our first internet-only money transfer partner, offering a convenient service to Ecuadorians living in the US," Baez added.

Banco Pichincha is the latest addition to Xoom's growing network in Ecuador. Banco Pichincha offers the largest network of payout locations among Ecuadorian banks. Deposits to Banco Pichincha arrive in two hours when sent from Monday to Friday from 9AM to 7:30PM in Ecuador. Xoom offers deposits to all banks in Ecuador.

About Xoom

Xoom was founded in 2001 and is now one of the biggest and most trusted online money transfer companies in the US. Xoom offers safe and secure sending options from the convenience of your computer or mobile phone. Customers can access Xoom by visiting www.xoom.com from any browser and pay using a bank account or credit/debit card. Xoom sends money to 30 countries, including Mexico, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru and Uruguay.

About Banco Pichincha

Banco Pichincha is the largest private bank in Ecuador, by capitalization and by number of depositors. It is the primary bank of Group Pichincha. Banco Pichincha was established in April 1906. It is headquartered in Quito, Ecuador and has agencies in the United States, Colombia, Peru, Panama and Spain.

(1) MIF, Remittances to Latin America and the Caribbean in 2011: Regaining Growth, March 2012
(2) MIF, Remittances To Latin America and The Caribbean in 2010: Stabilization After the Crisis, March 2011
(3) MIF, Remittances to Latin America and the Caribbean rose to $61 billion in 2011, March 2012
(4) IADB (http://www.lapress.org/articles.asp?art=6611)