Transfer Money to India via Xoom Money Transfer Service

Xoom is a quick and secure online money transfer service through which you can send funds to India in the most convenient manner. This money transfer service has eliminated the need to stand in long queues at the bank for transferring funds abroad.

Xoom enables deposit to banks in India within 24 hours. This service is offered by Xoom to several Indian banks such as its partner Punjab National Bank, Axis Bank, Andhra Bank, ICICI Bank, HDFC Bank, Citibank, SBI, HSBC and Bank of Baroda.

Xoom operates under Reserve Bank Of India’s Certificate of Authorization that is issued pursuant to the Money Transfer Service Scheme (MTSS). There are certain restrictions that have to be followed if one wants to receive money in India through any of the MTSS licensee. For instance, sender cannot exceed the amount of 2,500 US dollars when transferring money to India. He can make 12 transactions in a year for the beneficiary. However, only Personal Inward Remittances are allowed and not remittance towards business, commercial purposes, donation or purchase of property. This online service has been verified by TrustE, Better Business Bureau and VeriSign Secure.

Money transfer procedure of Xoom:

• The first step involves registration with Xoom.com to create an account for money transfer. All data is sent using 128-bit data security encryption for more privacy.
• You can send money to the beneficiary using your debit card or credit card through the Xoom website. You will just have to select the country (India) from the drop down box and enter the amount you are planning to send. You will also have to choose the mode through which the beneficiary will be getting the funds transferred by you.
• One of the advantages of choosing Xoom service is that the receiver of funds doesn’t need to have an Internet connection or a bank account to get the money in India. When the money reaches India, the recipient can either pick it up from the said bank or get it deposited in his bank account. Since Punjab National Bank is the partner of Xoom money transfer service, the money gets deposited in PNB accounts. However, NEFT system is used for making deposit to banks other than PNB.  
• If you are wondering about the fee related to money transfer, Xoom offers a fee calculator in which you can enter the amount you want to send to India and calculate how much the recipient will be getting in Indian Rupees. The service fee for credit/debit card and bank account is also mentioned.

Xoom Global money transfer service offers a money back guarantee to its users. The recipient will be getting the money within 24 hours but in case there are any complaints, Xoom refunds the full transaction.

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