PayPal’s Xoom, a specialist in digital money transfer, is expanding its service in Asia, making it easier for people in the U.S. to quickly and securely send money to Japan.
Xoom is partnering with Queen Bee Capital, 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, Japan Post Bank, Resona Bank, and more.
Xoom’s service will allow Japanese immigrants in the U.S. to conveniently and securely send money to bank accounts in Japan with their U.S. bank accounts, credit cards, or debit cards.
Customers can send over $1,000 fee free or just $9.991 for transactions below $1,000.
In addition to the transaction fee, Xoom also makes money when it changes U.S. dollars into a different currency.
According to the Migration Policy Institute, over the last five decades, the Japanese immigrant population has grown by over 200% in the U.S. and today there are currently approximately 340,000 immigrants from Japan living in the U.S. Japan received $1.56 billion in remittances sent from the U.S. in 2015.
Xoom provides locked-in exchange rates on Yen (JPY) deposits to Japan and a secure and convenient way for immigrants to send money from their computer, tablet, or mobile phone. Customers can download Xoom’s app for Android and iOS mobile devices for free.
Xoom enables consumers to send money, pay bills and send prepaid mobile phone reloads for family and friends around the world in a secure, fast and cost-effective way, using their mobile phone, tablet or computer.
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