Tuesday, November 15, 2011

People still send money?

In a study conducted by Xoom.com, the company revealed that Hispanics use their mobile phones to send money more frequently than any other immigrant group.  Mexicans and Central Americans are leading this trend with 13% of remittance transactions being sent from a mobile phone.  Other immigrant groups send 7% of remittances from a mobile phone. This probably explains why people work so hard here, then just move back to Mexico. The U.S. dollar is more valuable in their own country. I wonder if the study shows who's bank account.

Anyways, consumers can now use Xoom.com to send money to Mexico or any other country. Founded in 2001, the website is probably making the smartest business decision ever. I faked attempted to send money to Colombia but was deterred by the sign-up feature. Either way, for a small convenience fee of $5, I say go for it. Sure money transfers via the web seem shady but if PayPal did it why can't Xoom? So please send me some money so I can begin my next journey to Colombia :). J/k.
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