Xoom, a US-based digital money transfer provider, has teamed up with Social Islami Bank (SIBL) to launch its money transfer service in Bangladesh.

The service will allow Xoom customers to instantly deposit money into SIBL accounts 24/7/365.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Xoom will offer deposits to other banks, including Islami Bank Bangladesh, Sonali Bank, BRAC bank, and more, usually in two days when sent during Bangladesh banking hours.

The service enables consumers to send money securely from their computer, tablet or mobile phone directly to any current account in the country.

The service will charge a processing fee of $4.99 for sending up to $1000 when paying with bank account, while and transfers over $1,000 are fee-free.

This latest launch will expand Xoom’s global presence to 40 countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Xoom vice president of marketing and business development Julian King said: "Bangladeshis in the U.S. can now skip lines at agent locations, save on fees, and send money in seconds, from home or on the go. Our intuitive online and mobile platforms make it so easy."

SIBL managing director Shafiqur Rahman said: "Through our collaboration with Xoom, we fulfill our commitment to immigrants in the U.S. while better serving our customers here in Bangladesh."