Xoom Corporation has issued a press release detailing a new high-speed money wiring service that will allow customers to send money to bank accounts in the UK.
According to the release, funds will be available in the recipient’s account in less than an hour. Transfer fees are only $4.99 US when sending up to $2,999 and funded from US banks, which is really quite extraordinary for a bank transfer.
“With the launch of our new service to the UK, our customers now have an even faster way to wire money to the UK—any time from the convenience of their desktops,” said Julian King, Senior Vice President of Marketing and Business Development for Xoom.com. “We look forward to providing this service to our loyal customer base who have come to trust our brand as the most cost-effective and convenient money transfer service in the industry.”
There are 17 UK banks participating in the service, which together account for 95% of UK banking. Among them are Santander (formerly Abbey and Alliance & Leicester), Bank of Scotland, Barclays, Clydesdale, Co-Operative Bank, Coutts, First Direct, Halifax, HSBC, Lloyds TSB, Natwest Bank, Northern Bank, Northern Rock, Royal Bank of Scotland, Smile, Ulster Bank and Yorkshire Bank.
The sender can also schedule a time for a future transfer, and can set up recurring transfers. This will be helpful to UK expats who need to make regular transfers into their UK accounts, for example to pay bills.
If you’ve used Xoom, let us know how well it worked for you, and how satisfied you were with it. Personally I have used their service to send money to Latin America, and have been quite happy with it.