Internet-based money transfer company Xoom and Colombia’s largest bank,
Bancolombia, Monday announced a partnership, allowing customers of the U.S.
company to use Bancolombia offices to pick up money.
According to Xoom, “this partnership supports Xoom’s comprehensive corporate initiative to serve the rapidly growing, online Latino consumer by providing an alternative money-transfer option that is fast, easy, convenient and low cost.”
“We now have one of the most robust networks in all of Colombia that includes bank deposit to any bank account in Colombia, and in minutes to a Bancolombia account,” said Eugenio Nigro, vice president of business development, Latin America, for Xoom.
“With Bancolombia we are growing our cash pickup network to over 1,300 locations.”
According to the Inter-American Dialogue, Colombia received US$4.8 million in remittances in 2008, making it the third largest in the Latin America and Caribbean region. Over half of remittances are sent from family members living in the United States.