Xendpay launches free payday transfer service
Written by Chris Lemmon
Money transfer service Xendpay has announced a new initiative called ‘Pay Day’, which will offer zero transfer fees and remove payment amount limits for users during the payday period.
The offer will run towards the end of the month – when most workers get paid – and aims to support migrant communities by enabling users who send small frequent payments abroad to take advantage of the best exchange rates. Over 60 per cent of payments made via Xendpay are for family support reasons (such as to pay for university fees, living expenses and bills), with an increase in transactions at the end of month around payday.
The World Bank has estimated that international money transfer is the largest overall source of external financing to developing countries, standing at $436 billion in 2014. However, Xendpay claims that international money transfers through traditional banks and money transfer companies tend to be expensive, inclusive of hidden fees and unfavourable exchange rates.
Paresh Davdra, CEO and co-founder of 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 introducing its first ‘cheap transfers’ business model a year ago, Xendpay has seen the number of users and transactions increase twelve-fold, and says it has saved its customers £2.1 million.