No fee, pay what you want, remittance service launched

05-11-2014
IANS

London, Nov 5 : To the delight of the diaspora community, who send a significant amount of their income back home, a London-based Indian-origin entrepreneur has launched a unique "pay-what-you-want" money remittance service.

The brainchild of India-born Rajesh Agrawal, Xendpay online international money transaction platform could save customers in the developing world a whopping 60 million pounds (Rs. 585.80 crore) over the next five years.

With $71 billion (Rs.4,36,579 crore), India was the largest recipient of remittances in the world last year.

"Xendpay is now potentially the first genuinely no fees international money transfer service to bank accounts, offering you the best exchange rates usually only available to multinational corporations, without compromising on transfer times or reliability," said the website of the money transfer service.

International money transfer is the largest overall source of external financing to developing countries - $436 billion (Rs.26,80,964 crore) in 2014 according to World Bank estimates.

"But every year 9 percent of money transferred is swallowed up by fees and bad exchange rates and never reaches it’s intended destination," the website added.

The users of the service can pay what they think the service is worth.

"When you use our service you will see that we recommend a customised, voluntary charge based on the cost to us of delivering the service, and all we ask is that you pay what you think the service is worth," the website concluded.

Xendpay is part of the Rational Group of Companies, which offers low-cost money transfer services.

 

Write your Comments on this Article

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Konkanworld.com will not be responsible for any defamatory message posted under this article. Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on Konkanworld.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using Konkanworld.com will be purely at your own risk, and in no way will Konkanworld.com be held responsible. Similarly, Konkanworld.com reserves the right to edit / block / delete the messages without notice any content received from readers.

  • Konkan World
  • Stay Connected
  • Facebook Google+ Twitter YouTube

KONKAN WORLD offers accurate, up-to-date, a large collection of videos from KONKAN WORLD VIDEOS and indulge in fun you will not find else where!.
© Copyright 2014 Konkanworld media Inc