Xoom, HDFC partner to launch instant money deposit service in India

Xoom, a San Francisco-based digital money transfer provider, has partnered with HDFC Bank to offer instant money deposit service for INR denominated HDFC bank accounts in India.

Xoom, a San Francisco-based digital money transfer provider, has partnered with HDFC Bank to offer instant money deposit service for INR denominated HDFC bank accounts in India.

The new service, which is available throughout the year, allows Xoom customers to instantly deposit money directly into their recipient’s HDFC Bank accounts in India.

Xoom offers affordable locked-in exchange rates for money transfers to India and does not charge any fee on sending over $1,000 and paying with their US-based bank account.

Xoom marketing and corporate development senior vice president, Julian King, said unlike other transfer services to India that typically take five days or more, Xoom is relentlessly working towards providing instant for all of their services.

"Now NRIs can send money anytime, anywhere from their computer, mobile phone or tablet and their bank deposits reach their recipients’ HDFC Bank account instantly," King added.

HDFC Bank Financial Institutions Group head, Rajender Sehgal, said at HDFC Bank, they are consistently looking at new ways in which they can make a difference in the lives of their customers.

"We look forward to bringing a whole new world of convenience and flexibility to our account holders, allowing them to receive money from the US in a secure manner, at any time of the day or night," Sehgal added.