Xoom Global Money Transfer, available online at Xoom.com, recently brokered a blockbuster partnership with one of Jamaica’s outstanding and most respected financial institutions, Capital & Credit Financial Group Limited, via its remittance arm Capital & Credit Remittance Limited. This exciting partnership provides Xoom.com customers with four times more locations for receiving money in Jamaica and provides immigrant communities in the Diaspora with an easy, convenient and inexpensive way to send money to Jamaica from the comfort of their computers.
“Many of us at Xoom.com personally understand what it means to send money to our families living back home. That is why we are proud to make our service more convenient for our loved ones in Jamaica by offering more locations though our new partner Capital & Credit Reggae Money Express,” said Julian King, SVP of Business Development and Marketing at Xoom.com.
Speaking about the new partnership, Sheron O. Dixon-Brown, General Manager, Capital & Credit Remittances Limited said, “Xoom.com is the first online remittance company that we have worked with at Capital & Credit Remittance Limited. With Xoom.com, the sender goes online, while the recipient collects their cash easily through more than 70 Capital & Credit Reggae Money Express locations islandwide.”
In addition to cash pick-up service through Capital & Credit Reggae Money Express locations, Xoom.com offers Bank Deposit service to all banks and credit unions in Jamaica, including quicker deposits to NCB and Scotiabank accounts.
As part of the roll-out of the service, Xoom.com and Capital & Credit Reggae Money Express have embarked on an integrated media marketing campaign using print, television, radio and online, which will run simultaneously in Jamaica and the Tri-state area, to bring awareness about the advantages of using the service.
“We at Capital & Credit are excited to be working closely with Xoom.com to get the word out to our families and friends in the community and we are sure that this collaboration will result in much value-added benefits to our customers,” said Michelle Wilson-Reynolds, Senior Vice President, Marketing & Corporate Affairs for the Capital & Credit Financial Group
Both companies are committed to fulfilling a vital need in the Jamaican Diaspora and this service will provide a premium service that will help Jamaican nationals living here in the United States transfer money back home using quick, secure, convenient and cost effective means. The service is also appealing to internet savvy Jamaicans who find it convenient sending cash while on the go, than the hassles of traffic, parking, limited store hours at agent locations.
The Xoom.com online money transfer service, created in 2001, allows customers to send money to over 45 countries around the world, including Jamaica, from any internet-enabled computer using a credit card or checking account to fund the transaction. When paying with a checking account, the cost to send money to Jamaica is only $7.99 to send any amount up to $2,999.
Jamaica – the second country to which Xoom.com started offering money transfer services back in 2003 – has benefited significantly from international remittances. Today, remittances are the highest source of hard currency earnings for the economy. It is significantly higher than the gross intake from all exports and generates more earnings than tourism, which has been the foundation of the country’s economy for many years. The explosion in the remittance industry – valued at nearly US$2 billion annually according to data found on their web site – is closely linked to the increase in migration, as more Jamaicans move away in pursuit of work and a better quality of life.