Commitment to Action

Xendpay: Reducing the Cost of Money Transfers

Commitment by

Rationalfx

In 2014, RationalFX committed to reducing the cost of money transfers by adapting and relaunching Xendpay as the first no fees bank-to-bank international money transfer service that offers exchange rates that are typically only available to multinationals to individual users. Through Xendpay, RationalFX will offer a service that is considerably cheaper than the market rate, allow more money to reach its intended destination, and provide a mechanism for customers to send more of their money to the developing world. RationalFX removes the traditional profit mechanisms used by the rest of the industry, and covers the costs of Xendpay by inviting users to make a voluntary service payment. RationalFX seeks to reach their goal of $119,333,863 in total savings from eliminating expensive fees from the remittance process.

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Overview
Summary

Commitment

Xendpay: Reducing the Cost of Money Transfers

Launched

2014

Est. Duration

5 years

Estimated Total Value

$49,511,854

Region

Europe

Commitment by

Rationalfx

Partner(s) of the Commitment Maker(s)

Samira Raj