PayPal subsidiary Xoom launches money transfers with direct deposit to Japanese banks

4 January 2017

xoomA subsidiary of PayPal, US-based money transfer service Xoom is partnering with a provider of remittance services over the expansion of its presence into Japan to facilitate money transfers to that destination for the residents of the United States. Customers of Xoom may use their mobile phones, tablets and PCs to make money remittances to Japan.

According to the report made in the official press-release Xoom users may send money to their friends or relatives in Japan after which the funds are immediately deposited to their accounts with Japanese banks. Through its partnership with Queen Bee Capital Co., Xoom will be able to offer its customers a direct deposit on an account of major banks in Japan including Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Japan Post Bank and Resona Bank and other financial institutions.

Immigrants living in the US will be able to make transfers from their US bank accounts, credit or debit cards to a selected bank account in the specified Japanese banks. As noted by a marketing manager from Xoom, the service allows US residents to make money transfers in a matter of simple clicks on their devices without any need to stay in long lines waiting for their bank to send money to Japan.

Xoom users may make money transfers for no fee for amounts of one thousand US dollars, and for amounts under that limit they should pay 9.9 US dollars.

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