Xendpay Review byCurrencyComparison.co.uk
3 out of
Xendpay has been voted 3/5 or 67% out of 677 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and we advise to read our review before doing any Currency Transfers.
Who are Xendpay?
So who are Xendpay? Xendpay was launched by Rajesh Agawat in September 2011, Xendpay began as an online money transfer platform on RationalFX with the aim to reduce the costs of money transfer. In May 2012, Xendpay was founded as an independent company, opening to wider market in August 2012.
In November 2014, Agrawal relaunched Xendpay as a company with a social purpose, doing away with exchange rate mark ups and fixed transaction fees (the two traditional profit mechanisms in the industry) from the service. Customers are instead invited to pay an optional service fee. Agrawal revealed in October 2015 that, one year on, the model was working, with 70% choosing to pay the optional fee and six percent paying more than the recommended amount.
Xendpay boldly promises the world’s cheapest transfers, providing free, fair fast transfers with no exchange mark-ups or compulsory fees. Clients are invited to pay what they wish for Xendpay’s services. Xendpay stresses that its service is good for the pocket and good for the community.
Xendpay / Cheap money transfers to help you get the most for your money
Why should I use Xendpay?
Review Centre rates Xendpay 2.1 out of 5 with 27% customer satisfaction. 17 out of 26 reviewers complained of appalling service after waiting for 11-17 days for transfers that had been promised in 1-2 days. Many had transferred funds to assist with family emergencies and in each case the hapless clients phoned and emailed daily without hearing any response from Xendpay customer service. Another reviewer found his transfer from Europe to Brazil was processed at 9.3% less than that day’s bank rate of exchange.
TRUSTPILOT rates Xendpay 7.8 out of 10 with 1272 reviews. The problems that occur with Xendpay are consistently regarding slow service exacerbated by a lack of customer service to give clients peace of mind as to where their missing funds are. 3 weeks passed while a client was unable to get reliable, trustworthy information about when the funds would be delivered.
Cheap money transfers to help you get the most for your money
Xendpay claim its absolutely the cheapest but when they’ve been compared with CurrencyFair, Xendpay cost €30 more for the same amount transferred. Azimo also beat Xendpay’s rate- so the claim of being altruistic and not charging anything for the service isn’t valid.
Complaints about speed of service often point to ‘getting what you pay for’. In fact, they’d have a better service and pay less elsewhere.