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Technology Credit Union Offers Global Online Money Transfer Service Through Partnership With Xoom.com
Silicon Valley based credit union to offer affordable, secure and convenient foreign remittance to more than 30 countries worldwide
San Jose, Calif. (April 12, 2011) — Technology Credit Union announced today a new partnership with Xoom Corporation, an industry-leading international money transfer company, that will enable the credit union to offer its members a convenient, secure and affordable means of sending money to family and friends abroad. Xoom’s reach extends to more than 30 countries including India, the Philippines, Canada, South Africa and several countries in Latin America and Europe. “We primarily serve high-tech companies in Silicon Valley and therefore have a significant group of expatriate members who send money home on a regular basis,” said Harold Roundtree, SVP of Retail Banking for Tech CU. “We recognized the need among these individuals for convenient, global transfer services, and so partnered with Xoom due to their reputation in the industry and the fact that they are ranked the highest for customer satisfaction.” The service allows individuals to quickly send money abroad for bank deposit or cash pickup. Deposits can be sent directly to the recipient’s bank account or the recipient can pick up the cash within minutes at tens of thousands of locations worldwide. A home delivery service is even available in some locations. Members can also send wire transfers 24/7 from the convenience of their computer or mobile device with Internet access. Members won’t be charged a fee by receiving banks, and the first money transfer with Xoom is fee-free for Tech CU members. Individuals can also lock in an exchange rate, providing the ability to know exactly how much money is being deposited into the recipient’s account.
“Partnering with an established financial institution like Tech CU enables us to increase our footprint in Silicon Valley,” said Julian King, SVP of Marketing and Corporate Development for Xoom. “There’s a large group of the employees within the 1,200 Tech CU member companies that are expatriates, and this is the core audience we serve. Our relationship with the credit union will help us reach out to this audience as well as to Tech CU’s business network.”
Transfers through Xoom are safe and reliable. The company partners with trusted financial institutions in the sender’s home country and is accredited by VersiSign, TrustE and the Better Business Bureau. In fact, a 2010 study released by the Inter-American Dialogue (IAD), measuring 16 money transfer indicators, ranked Xoom as the best company for sending money transfers to Latin America and the Caribbean — outperforming 38 other leading US–based money transfer companies. Xoom.com also received the highest score for customer satisfaction.
According to the World Bank, some 192 million migrants — 3 percent of the world’s population — sent remittances totaling approximately $316 billion to developing countries in 2009. Most immigrants send remittances to family left behind in their native countries, and for many, it’s a necessary supplement to their family members’ incomes.
For more details about Tech CU’s global online money transfer program, go to www.techcu.com/xoom. ABOUT TECHNOLOGY CREDIT UNIONFounded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Technology Credit Union has served the high tech workforce in Silicon Valley for 50 years. Today, Tech CU has extended its membership benefits to small businesses and individuals who live and work in the greater Bay Area. The credit union is recognized as one of the best-managed and strongest financial institutions in the country. Tech CU's 74,000 members have access to 60,000 surcharge-free ATMs nationwide, online and mobile banking, 9 full-service branches in the Bay Area, and comprehensive wealth management and small business services. To learn more, visit www.techcu.com. ABOUT XOOMXoom enables individuals to send money from any Internet–enabled computer to family and friends in over 30 countries. Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures. Visit www.xoom.com today to learn more about the Xoom money transfer service.
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