With Xoom.com, it’s fast and convenient to send money to your family and friends back home in India. We offer fast bank deposits to ANY bank in India.
In India, the Xoom.com website is a service of BuyIndiaOnline.com Inc. (“BIO”), which is a wholly-owned subsidiary of Xoom Corporation. BIO operates under a Certificate of Authorization from the Reserve Bank of India, issued pursuant to the Money Transfer Service Scheme (“MTSS”), and works in close partnership with the Punjab National Bank for deposits to PNB accounts and deposits to other banks with the NEFT system.
In order to receive money in India through any MTSS licensee, you must agree to certain restrictions put in place by the Indian Government, including (without limitation) the following:
- Money transfer amount may not exceed $2,500 U.S. dollars
- Deposits to NRI* NRE/NRO accounts are not permitted
- A recipient may not receive more than 12 transactions per year
- Pursuant to Indian government regulations, MTSS payments are reserved for Personal Inward remittances only
- Transfers to business entities (including hotels) are not permitted
- Transfers toward the purchase of property are not permitted
- Donations/contributions to charitable organizations are not permitted.
