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  • Xendpay offers affordable rates on cross-border money transfers.
  • The service will be available in Bangladesh, Malaysia, Philippines, Vietnam, and Indonesia.

Ripple has reported that Xendpay, UK-based international money transfer firm, is collaborating with RippleNet to open up “new corridors” to Bangladesh, Malaysia, Philippines, Vietnam, and Indonesia, as well as enable “real-time payment rails to Thailand.”

A blog post by Ripple reveals that Xendpay not only offers “some of the most competitive rates on cross-border money transfers” but also “gives customers the option to waive fees with its Pay What You Want service.” This feature means that you can “change the transfer fee to what you think is fair when making your money transfer.”

Xendpay’s Head of Product Innovation Bhavin Vaghela says:

“Most of our customers are migrants who are sending money back home. This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”

Ripple asserts that Xendpay is “popular in countries with established and growing migrant communities, including the U.K. and Europe, as well as Canada, South Africa and India.”

This is what Ripple has to say about Xendpay’s “Pay What You Want” feature:

“What makes Xendpay truly unique is the company’s Pay What You Want feature that allows customers to waive fees on transfers totaling around $2,500 over a calendar year. This ensures that the full extent of a customer’s hard work is appreciated by their families. The Pay What You Want feature also extends to businesses, who can waive fees on transfers totaling around $5,000 per calendar year.”

Vaghela clarifies why this feature can be beneficial to Xendpay’s client base:

“Our suggested fees start at GBP3.50, which is already low for a cross-border payment. Though it may not seem like much, when you translate that into a currency like Vietnamese Dong, it’s a significant amount of money. Our customers can choose to pay our suggested fee or change it to one they feel is fair.

I think of our fees as similar to providing a tip. If you feel like you’ve been treated well, received a good rate and enjoyed the experience, you might pay the recommended rate. We’ve even had clients pay us more.”