With many people needing to send money abroad, a new service from Xendpay.com cuts the costs of doing this compared to high street money transfer outlets.
Xendpay.com is a new way of transferring money online around the world that dramatically cuts the cost of sending payments to friends, families and business interests globally.
Money is saved as no agents or branches are involved and money is transferred using least-cost routing.
The exchange rates are extremely competitive due to the wholesale currency rates that Xendpay.com obtains on the currency markets. It buys its currency in bulk and the savings are passed directly to the consumers.
Whilst most money sending bureaus and banks will add a transfer fee of around £15 to £40 on each transaction made, this new money transfer service doesn’t make any charge for an online standard transfer (5-7 days) and only £9.99 for an online express transfer.
It is a consumer-to-consumer service which allows customers to send up to £2,500 at a time, 24/7. It’s online in eight languages covering English, French, Spanish, German, Italian, Polish and Chinese (traditional and simplified),
If you need to send more than £2500, you can upgrade for free to Xendpay+ to efficiently transfer payments over the value of £2,500. Additionally you can pay by making a local Bank Transfer.
The transfer service effectively connects the sender to the SWIFT network. This is the global financial network used by almost every bank in the world for inter-bank money transfers, allowing customers to send money to almost any bank account in the world from a computer using a debit card or, with Xendpay+, by making a local bank transfer.
This is completed by paying a very low fee and, in most cases, “no fee” to create a free money transfer.
As not all customers in receiving countries have a bank account, Xendpay.com is also launching a partner service with banks overseas to enable customers to collect cash via bank outlets.
The company behind Xendpay.com is RationalFX, a leading foreign exchange and international money transfer company, with extensive expertise in currency markets, foreign exchange brokerage and dealing services and helping business and personal customers to manage their FX risk.
It is authorised by the FSA to make payments from any country in the EU and offer a Delivery Guarantee, meaning that, if correctly addressed, money is delivered safely every time or returned in full to the sender.
MoneyHighStreet comments: This looks like a very interesting new service and one that will certainly add good competition to the money transfer market. Perhaps you know of companies such as Western Union or Moneygram or indeed may have used them to transfer money?
A key difference is the Xendpay service is enabling you as a consumer to send money to a bank account, rather than requiring the recipient to physically collect the money you are sending. That said of course there are recipients who will not have access a bank account, hence the intoroduction of partner banks from whom the money can be collected.
There are also curency exchange brokers with whom you can deal direct for your money transfer needs – companies such as TorFX for example who offer services for one-off payments or regular overseas payments.
Each of the services offered has advantages and disadvantages and we’ll look more closely at these here on MoneyHighStreet.com in a forthcoming feature article.
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