NRI's unique remittance service to benefit millions

Entrepreneur Rajesh Agrawal who is based in London, has launched a unique 'pay-what-you-want' money remittance service that abolishes compulsory fees. Agrawal believes his Xendpay online platform will save customers in the developing world some 60 million pounds over the next five years. At the launch of Xendpay in London, Agrawal said it is a social imperative that the cost of sending money abroad is significantly reduced, as the remittance industry takes far more than it needs in profit, and in doing so drains away a lot of money that would otherwise reach those in developing nations. Under the Xendpay model, customers can send anything from 1 to 100,000 pounds and will be asked to 'tip' what they want for the service, even if it is nothing. They will also be given the best exchange rates, usually reserved for multinational corporations. India is the largest recipient of remittances in the world with $71 billion sent last year. World Bank figures show global migrants last year sent home $250 billion in remittances to developing countries, with an 8 percent increase predicted for 2014. The Xendpay model has been accepted as a Clinton Global Initiative (CGI) Commitment to Action, with the objective to save people sending money through the platform. Established by Bill Clinton, the CGI convenes global leaders to create and implement innovative solutions to the world's most pressing challenges. Xendpay is part of the Rational Group of companies, which offers low cost money transfer services, and which has made transfers worth over $5 billion since its inception in 2005.