Xoom Corporation, a digital money transfer provider, has launched its instant money transfer service to China.
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The instant bank deposit service will allow Chinese immigrants with a US bank account, credit card, or debit card to send money online to most bank accounts in China within seconds when transferred during bank processing hours (7am to 10pm, Beijing Standard Time).
Transfers will be processed through the UnionPay MoneyExpress network and customers will require a UnionPay card number and the Pin-Yin name associated with that card.
The service will charge a processing fee of $8.88 for sending up to $2,999 when paying with bank account.
Xoom will provide locked-in exchange rates on CNY deposits to China with a secure for Chinese immigrants to send money from their computer, tablet, or mobile phone.
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By GlobalDataXoom president and CEO John Kunze said: "With Xoom’s breakthrough technology, money can be deposited into the recipient’s account instantly. No waiting in line, no high fees. Just the most convenient money transfer service possible. Plus, our customers can always count on 24/7 service, 365 days a year."
