Xoom Creates Money Transfer Service for Bangladesh

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Digital money transfer provider Xoom has launched a service for sending funds to Bangladesh.

The new service will function in collaboration with Social Islami Bank Ltd (SIBL). Through the service, consumers can deposit money into an SIBL account at any time. With its launch in Bangladesh, Xoom now provides services to 40 countries.

"We aim to give consumers the best money transfer service, hands down," said Xoom vice president of marketing and business development Julian King in a Dec. 3 news release. "Bangladeshis in the U.S. can now skip lines at agent locations, save on fees, and send money in seconds, from home or on the go."

Transfers under $1,000 will cost $4.99, while transfers over $1,000 are fee-free.

Users can also make deposits to other banks - including Islami Bank Bangladesh, Sonali Bank and BRAC Bank - but the funds will take typically two days to arrive if the transfer is posted during Bangladeshi banking hours.

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