Xoom is not a name we’re accustomed to hearing in this neck of the woods. The Cliffnotes version: they’re a San Francisco-based money transfer service, begun in 2001 and now operating in 33 countries. Its primary business is letting foreign workers sent money back to their homes. The Wall Street Journal listed it in 2012 as “The Next Big Thing”.
Now it seems they’ve partnered with Sampath Bank to allow instant deposits into Sampath accounts; accounts in other banks – Hatton National Bank, Bank of Ceylon, Peoples Bank, Commercial Bank – are promised deposits within 24 hours. You can use an Android app, iOS app or use the website to transfer cash.
“We are delighted to extend Xoom’s services to the Sri Lankan market,” John Kunze, Xoom’s President and CEO, is quoted as having said in their press releases. “With our breakthrough technology, Sri Lankans in the U.S. can securely, conveniently, and cost-effectively send money to their friends and family back home.”
We checked and they’ve got VeriSign certification across their website. They’re making a heavy push in India, where they’ve hired Amitabh Bachchan to be their mascot.
Based on all this (minus the actor), it sounds like a fairly usable way of circumventing the PayPal issue – if you’re freelancing and your employer’s in the US, getting money should be a lot easier. Alternatives exist, of course – Western Union, Payoneer – but instant money deposits sound lucrative.