Xoom, a digital money transfer provider, announced Tuesday (Jan. 3) it is expanding its services in Asia as a way to make it easier for U.S. residents to quickly send money to Japan.
In a press release, Xoom said, by expanding to Asia, people can send money via a mobile phone, tablet or a computer. The money is directly deposited into the recipient’s bank account and can be accessed 24/7 throughout the year. In order to expand the service to Asia, Xoom said in the press release it is partnering with Queen Bee Capital Co., which is a provider of overseas transfer services, to offer customers a fast bank deposit service to major banks in Japan, including Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Japan Post Bank and Resona Bank, as well as others. Xoom said the service will allow Japanese immigrants in the U.S. to send money to bank accounts in Japan with their U.S. bank accounts, credit cards or debit cards.
“At Xoom, our goal is to make sending money around the world quick and easy. That’s why we’re excited to extend Xoom’s services into Japan,” said Helen Li, marketing manager for East Asia at Xoom, in the press release. “With Xoom, users can now send money from their mobile phones in a few clicks and deposit money into their loved one’s bank accounts in Japan. No more waiting in line at the bank to wire money; with just a few easy clicks, your transfer is immediately sent and in your loved one’s account within one business day.”
Xoom said customers can send $1,000 fee-free or pay $9.99 to send money below $1,000. Xoom pointed to data from the Migration Policy Institute, which found that, over the last five decades, the Japanese immigrant population has grown by over 200 percent in the U.S. and today there are approximately 340,000 immigrants from Japan living in the U.S.