Digital money transfer provider Xoom forays into Nepal

NEW DELHI: Xoom, a leading digital money transfer provider, will launch instant bank transfers, cash pick-up and mobile recharge services from the US to Nepal. Xoom is partnering with Everest Bank Ltd of Nepal to offer instant bank deposits and cash pick-up. Consumers can also make bank deposits for all other Nepal banks including Nabil Bank, Himalayan Bank and Nepal SBI Bank. In addition to money transfers, people in the US can also use Xoom’s website or mobile app to instantly send airtime credit to prepaid mobile phones from Ncell, Nepal Telecom and UTL.

Migration for foreign employment has become a major source of income for many Nepali households. According to the International Labour Organisation, close to 520,000 labour permits were issued to Nepalese planning to work abroad. Xoom helps Nepalese immigrants in the US instantly send money or recharge mobile devices for their friends and family in Nepal within seconds using a US bank account, debit card or credit card.

“We are excited to expand Xoom’s services to Nepal. Remittances are a lifeline for people in many countries and can bring tangible benefits to a country’s economic growth,” Julian King, CMO and VP of Business Development, Xoom said. “With Xoom, people in the U.S. can use the Xoom app to quickly send money and recharge their loved one’s mobile phones in Nepal without waiting in long lines, driving to stores or paying high fees. It’s the perfect way for family members to stay connected.”

“Nepal receives a significant sum of remittances in proportion to the country’s Gross Domestic Product. The presence of Xoom will further contribute to the easy, secure and convenient transfer of remittances into the country,” said A K Ahluwalia, Chief Executive Officer of Everest Bank. We are proud to have partnered with Xoom to help people in the U.S. instantly make bank deposits for their friends and family in Nepal.”

As per the World Bank, Nepal received an average of $500 million per month last year from migrants across the world. Through the partnership with Everest Bank and other major Nepal banks, Xoom customers can transfer up to $1,000 for a flat fee of $4.99. For transactions beyond $1,000, the fee will be waived when paying with a U.S. bank account. For mobile recharge, it only costs 99 cents per transaction for a range of recharge amounts from 500 Nepal Rupee (NPR) to 2,000 NPR.