Xoom, HBL Partner to Expand Money Transfers in Pakistan

Digital money transfer company Xoom is working with the bank HBL to enable instant deposits in more Pakistani bank accounts.

This partnership provides remittance services with instant credit to account holders of HBL and other Pakistani financial institutions, including MCB Bank Limited, Allied Bank, Bank Alfalah, United Bank Limited, and Standard Chartered Bank.

The deal allows customers to transfer funds into their accounts online or through a mobile device.  A $4.99 fee is charged for any transaction below $1,000, Xoom said in a March 9 press release, while transfers above $1,000 have no fee.

"When Xoom launched in 2001, our mission was to make international money transfers faster, easier and more transparent," said Julian King, senior vice president of marketing and corporate development for Xoom, in the release. "Now, by expanding our instant deposit service to most banks throughout Pakistan, we've delivered on that promise to even more customers."

Last month, San Francisco-based Xoom launched money transfer services to China. Additionally, the company began offering cross-border bill-pay services in Latin America in November. It also recently began providing deposit transfers to India and the Philippines.