Xoom, a US-based digital money transfer provider, has teamed up with Social Islami Bank (SIBL) to launch its money transfer service in Bangladesh.

The service will allow Xoom customers to instantly deposit money into SIBL accounts 24/7/365.

Xoom will offer deposits to other banks, including Islami Bank Bangladesh, Sonali Bank, BRAC bank, and more, usually in two days when sent during Bangladesh banking hours.

The service enables consumers to send money securely from their computer, tablet or mobile phone directly to any current account in the country.

The service will charge a processing fee of $4.99 for sending up to $1000 when paying with bank account, while and transfers over $1,000 are fee-free.

This latest launch will expand Xoom’s global presence to 40 countries.

Xoom vice president of marketing and business development Julian King said: "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. Our intuitive online and mobile platforms make it so easy."

SIBL managing director Shafiqur Rahman said: "Through our collaboration with Xoom, we fulfill our commitment to immigrants in the U.S. while better serving our customers here in Bangladesh."