Xendpay, the world’s first free online money transfer service, has announced the launch of its new Pay Day initiative, offering Zero transfer fees and removing payment transfer limits to users during the pay day period. The offer will run towards the end of the month around the pay day period, allowing customers to save even more money with Xendpay.
The World Bank estimates that international money transfer is the largest overall source of external financing to developing countries, standing at a staggering $436bn (2014). However, international money transfers through traditional banks and money transfer companies are expensive, inclusive of hidden fees and unfavourable exchange rates. Many individuals who rely on sending money abroad to their friends and families such as migrants find their hard-earned income is lost due to money transfer fees.
Over 60 per cent of payments made via Xendpay are for family support reasons (such as to pay for university fees, living expenses, bills) with an increase in transactions at the end of month around pay day. As a response of this key consumer insight and the wider issues relating to international payments, Xendpay has launched the new Pay Day initiative to further support migrant communities. This enables new users who make small frequent payments to their families abroad to take advantage of the best exchange rates, usually only available to large corporations.
Xendpay was founded by Paresh Davdra and Rajesh Agrawal (now deputy mayor of London for business) to socialise the money markets and reduce the cost of money transfers. In doing so, this benefits many communities in the UK and globally, especially migrants, who rely on money transfers to financially sustain the lives of their loved ones abroad.
Speaking about the Pay Day initiative, Paresh Davdra, CEO & Co-Founder, Xendpay said: “Our new Pay Day initiative is the latest chapter in Xendpay’s mission to help migrant communities support their families and friends overseas. Whether this is to help fund education, provide supplementary income or pay for bills.
The initiative is very close to our hearts at Xendpay, as it represents an extension of our core mission to help migrant communities.”
Since the introduction of the model just over a year ago, Xendpay has seen its number of users and transactions increase twelve-fold and has saved its customers over $3.2m (£2.1m) that would otherwise have been lost in uncompetitive or hidden bank fees.
Their pioneering model supports the worlds’ sustainable development agenda including the vision to eradicate global poverty by 2030, through ensuring all payment transfers are not impacted by hidden fees and commissions.
Xendpay’s existing “Pay What You Want” model, which aims to empower the users of financial services for the common good, has already been endorsed by Wikipedia Founder Jimmy Wales and was accepted as a Clinton Global Initiative (CGI) Commitment to Action. Xendpay also pledged to the Clinton Global Initiative to
save customers $100m (£60m) in transfer fees over the next four years, helping the families of migrants back home to access better education and social wellbeing.
Xendpay is available in over 50 countries and 39 currencies and is part of the Rational Group of Companies, which has made transfers in excess of $10bn since its inception in 2005.