SAN FRANCISCO, Calif., Oct. 15 /PRNewswire/ -- A leading internet-based money transfer company, Xoom.com, today announced a partnership with Itau Unibanco, the largest financial conglomerate in Latin America and one of the 15 largest banks in the world by market cap(1). The agreement with Itau Unibanco provides Xoom.com's users a new method for sending money to Brazil in less than one hour and offers recipients of Xoom.com's money transfer service more than 3,300 pickup locations throughout Brazil.
This partnership supports Xoom.com's continued effort to provide an alternative money transfer option that is fast, easy, convenient, low in price and secure. Xoom.com's recent partnerships and alliances with top banks across Latin America include BBVA Bancomer and Banamex in Mexico, Bancolombia in Colombia, Banco de Credito BCP and Interbank in Peru, BAC and Citi in Central America.
"Xoom.com is proud to team up with the largest bank in Latin America," said Eugenio Nigro, vice-president of business development for Latin America. "The partnership with Itau Unibanco re-enforces our commitment to work with top banks to offer our customers with the best possible money transfer experience."
Brazil is the second largest remittance-receiving country in Latin America according to the Inter-American Development Bank. Brazilians living abroad sent over $4.7 billion dollars to Brazil last year and nearly half of this money came from Brazilians in the United States(2).
"Xoom.com offers Brazilians living in the U.S. with the convenience of sending remittances to any Itau Unibanco from the convenience of their home computer. At Itau Unibanco, recipients of a Xoom.com money transfer can pick up their money directly at the teller window without having to complete any forms," said Andre Helmeister, Director of Financial Institutions for Itau BBA. "We are proud to work with Xoom.com, as our first internet-only money transfer partner, offering a convenient service to Brazilians living in the U.S."
Xoom.com's money transfer service, created in 2001, allows customers to send money to Brazil from any internet-enabled computer using a checking account or credit card to fund the transaction. When paying with a checking account, the cost is $4.99 to send any amount to Brazil, up to the daily transfer limit of $2,999. Xoom.com customers have the option of sending money for cash pickup at Itau Unibanco or bank deposit to any bank in Brazil.
Xoom.com, a service of Xoom Corporation, enables individuals to send money to family and friends from any Internet-enabled computer. Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates, SVB Capital and Volition Capital (aka Fidelity Ventures). For more information on Xoom.com's money transfer service to Brazil, visit: www.xoom.com/brazil
About Itau Unibanco
Itau Unibanco resulted from a merger between two large financial institutions and is among the 15 largest banks in the world. With nearly 106,000 employees around the world, Itau Unibanco has a network of 4,900 branches and more than 30,000 ATMs. It has branches and offices in other countries in the Americas, Europe and Asia. For more information, visit www.itau.com.br
(1) Itau BBA – Bank Overview 1st Semester - 2010
(2) Inter-American Development Bank – Brazil and Remittances Country Snapshot
SOURCE Xoom Corporation