Xoom, a digital money transfer provider, today announced the launch of its money transfer service to China. This instant bank deposit service enables Chinese immigrants with a U.S. bank account, credit card, or debit card to send money online to most bank accounts in China within seconds. With the addition of China, Xoom's money transfer service now reaches 31 countries worldwide, according to a press release.

"This is a significant milestone for Xoom," John Kunze, Xoom president and CEO, said in a statement. "As we expand our service to the world's most populous country, Chinese immigrants in the U.S. can safely, conveniently, and cost-effectively send money to their loved ones. With Xoom’' breakthrough technology, money can be deposited into the recipient’s account instantly. No waiting in line, no high fees. Just the most convenient money transfer service possible. Plus, our customers can always count on 24/7 service, 365 days a year."

When customers send money to China during bank processing hours (7 a.m. to 10 p.m., Beijing Standard Time), their transfer will arrive in seconds, according to the press release. Transfers are processed through the UnionPay MoneyExpress network. All customers need is the recipient's UnionPay card number and the Pin-Yin name associated with that card. Xoom will instantly transfer funds to some of the most recognizable banking brands in China, including Bank of China, Bank of Communications, China Construction Bank, and Industrial and Commercial Bank of China. Customers can send up to $2,999 for a fee of $8.88 when paying with their bank account.

Xoom provides locked-in exchange rates on renminbi deposits to China and a secure and convenient way for Chinese immigrants to send money from their computer, tablet, or mobile phone, the release said. Customers can download Xoom's app for Android and iOS mobile devices for free.