Who Can Benefit By Using Xendpay Money Transfer Services?
Xendpay provides overseas money transfer services for individuals and business alike. Individuals may use the services of this company to send money to family members or friends, pay bills from their home countries, pay international tuition fees, or pay for a new home in a foreign country. Businesses may use its services to pay overseas suppliers and/or employees.
At a Glance – Xendpay Money Transfer Services
Signing up with Xendpay is straightforward and you may complete the online process in a matter of minutes. Once you initiate a transfer, you may track its progress using the company’s online platform. Its unique Pay What You Want system along with competitive exchange rates might lead to savings. You can use the Xendpay website and get customer support in different languages.
Check the corresponding table for a quick overview of Xendpay money transfer services.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About Xendpay
Like any other good Xendpay review, this one delves into all the aspects that might have an impact on your decision. While Xendpay money transfer services rate well across different parameters, it is important that you take your individual requirements into account. The sub-sections this Xendpay review is divided into include supported countries, fees, speed, and more.
Your overseas money transfer through Xendpay may attract fees in different ways.
- Transfer fees. The Pay What You Want model applies on up to £2,000 per annum or its equivalent in another currency for personal transfers. The limit increases to £4,000 for business clients. With this feature, the company suggests currency exchange fees, although you ultimately decide how much you pay. Once you exceed these limits, you have to start paying nominal fees.
- Delivery fees. The company uses different service providers to facilitate transfers, and while most are free, some might attract small charges. For instance, while transfers to bank accounts are free, fees for transfers to mobile wallets may vary depending on the amount you send.
- Card payment fees. You may need to pay an additional fee if you make your payment using a card, although this depends on the country of your residence and the card you use. You find out if you have to pay any card-related fees before finalizing your transfer.
The countries that Xendpay sends money to include:
While the company lets you register as a customer from most countries the world over, it does not accept customers from the United States yet. You may view the list of all the currencies Xendpay supports by using its cost calculator.
Xendpay processes incoming and outgoing payments only during banking hours. How long your transfer takes to process depends on the country of your residence and the destination country. Typically, the process takes one to four working days, although may get a better indication of how long your transfer might take online.
Individuals who use Xendpay for overseas money transfers may benefit by paying no currency exchange fees, and they do not have to worry about exchange rate mark-ups. One noticeable drawback is that it does not provide its services in the U.S. yet. While you may use Xendpay to make one-off transfers, it does not allow scheduling of transfers. In addition, it does not provide hedging tools such as market orders and forward contracts.
Xendpay gives businesses from different countries the ability to minimize their international money transfer costs. While making one-off transfers is simple, you cannot schedule transfers yet. Forward contracts and market orders also remain unavailable until now.
- Multilingual customer support. The company provides over-the-phone support in English and French, and it plans to add Spanish, German, Polish, and Italian to the list soon.
- Bank account transfers. You may use Xendpay money transfer services to send money to bank accounts in most countries the world over.
- Transfers to mobile wallets. Xendpay lets you top off mobile wallets from countries such as Ghana, Kenya, Nepal, Nigeria, the Philippines, and Indonesia.
- Card payments. You may pay for your transfer using a debit or credit card depending on your country of residence. The maximum you may pay using a card is £5,000 per transaction, although you can make multiple transactions in a day.
- Low minimum transfer amount. You may transfer as little as £1/€1/$1.
- Maximum transfer limit. Upon your account’s verification, you may send up to £100,000 per online transaction. If you wish to send more, you may contact the company’s customer service team.
- Refer a friend. When you refer someone to Xendpay and the person uses the company’s services to make an overseas money transfer, the company rewards both with a credit of £10/€10/$10.
- Mobile app. The company currently provides an app for devices that run on iOS, and it is in the process of launching one for Android.
Xendpay Exchange Rates
If you compare currency exchange rates that Xendpay offers with those of banks, you will see why banks are not really part of the competition. The Xendpay cost calculator on the homepage gives you easy means to check ongoing exchange rates. It also gives you the ability to compare currency exchange rates offered by some of its competitors such as Western Union and Travelex. With Xendpay, you do not have to worry about any mark-ups in exchange rates.
A limited time “Payday Surprise” offer comes with no fees and no limits on your first transaction. The “Refer a Friend” program gives you the ability to earn £10/€10/$10 when someone you refer to the company uses its services for the first time. The person you refer receives the same amount as well.
How to Sign Up with Xendpay?
You may sign up with Xendpay as an individual or a business using its online platform. When signing up as an individual, the information you need to provide includes:
- Your complete name and email address
- Your nationality
- Your residential address
- Your mobile phone number
- The countries you wish to send funds from and to
- Payment and delivery currencies
- The average amount you plan to send each year
- How often you plan to make transfers
- Purpose of your transfers
- Source of funds
Since Xendpay adheres to anti-money laundering regulations, it might ask you to provide ID and/or address proof to verify your account. With an unverified account, you may make only one transfer that does not exceed £900.
How Do You Send Money Through Xendpay?
Just about every Xendpay review you read will tell you that carrying out an overseas money transfer using this company is simple.
- Step one. Select the destination country and enter the amount you wish to send. The Pay What You Want feature lets you decide how much you want to pay as fees.
- Step two. Provide the recipient’s details and pay for your transfer.
- Step three. Track your transaction using the online dashboard.
Additional Information About Xendpay
- You may pay for your transfer using bank transfers, debit cards, or credit cards.
- Website access comes in English, French, Spanish, German, and Polish.
- Xendpay operates as an agent of RationalFX, a UK-based foreign exchange specialist.
- RationalFX is registered with and regulated by the UK Financial Conduct Authority (FCA), and it is also registered with Her Majesty’s Revenue and Customs (HMRC).
On Trustpilot, where real customers review companies they use, Xendpay scores an average of 8.4 out of 10, with around 65% of the company’s users rating its services as excellent. It is rated poor by 3% and bad by 7%. The few negative reviews found online surround longer-than-promised processing times and transfers not going through. What’s impressive to see is that the company replies to negative reviews with quick and more than staple answers.
If you are looking for additional information about Xendpay, you may refer to the support section on the company’s website.
Contact details for the company are listed in the table below.
|Language||Phone Number||Hours of Operation|
|English||+44 (0)20 7220 8158||8:30am to 5:30pm GMT (Monday to Friday, excluding UK Bank holidays)|
|French||+33(0)3 59360102||9:30am to 6:30pm CET (Monday to Friday, excluding UK Bank Holidays)|
|+44 (0)20 7220 8195||9:30am to 6:30pm CET (Monday to Friday, excluding UK Bank Holidays)|
Is Xendpay the best money transfer service provider for you? Now that you have gone through this Xendpay review in its entirety, the question is yours for the answering. While banks do not really feature in the competition, comparing this company with some of the other leading overseas money transfer companies might work well for you.
Xendpay Review Updates
Xendpay is a UK-based overseas money transfer company that serves individuals and businesses alike. The company’s unique Pay What You Want fee system give you the ability to decide how much you want to pay as fees. Exchange rates offered by Xendpay come with no mark-ups. The company deals in 48 currencies and its operations extend to more than 170 countries. It has received largely positive reviews from its previous customers.
Rational Foreign Exchange Limited, a UK-based foreign exchange and overseas money transfer service provider, launched Xendpay as an online money transfer platform in September 2011. Xendpay became an independent entity in May 2012 and increased its outreach to a wider market in August of the same year. The company has transferred more than $5 billion since it began operations.
Rational Foreign Exchange Limited was founded by Rajesh Agrawal and Paresh Davdra in 2005, when it operated from a small office in Brighton. The company reported a turnover of £1.3 billion in 2015, around the same time it moved its headquarters to Canary Wharf. Now, the company also has offices in Birmingham, France, Spain, and Germany.
The Xendpay relaunch as a Pay What You Want service was part of a Clinton Global Initiative pledge, committing to save users £60 million over a period of five years. In 2015, Agrawal, the company’s cofounder, revealed that the model was operating successfully, with around 70% customers paying the optional fee, and six percent paying in excess of the recommended amount.
Xendpay supports 48 currencies across 173 countries and deals in 2,968 currency pairs. It has offices in the UK, France, and Spain. The company provides website access and customer service in multiple languages.