Xendpay, the world’s first free money transfer service, has today launched a tailored Nepalese Rupee pay-out option to help friends and families all over the world transfer money to loved ones affected by the recent earthquakes in Nepal.
The new transfer route allows people to send money directly to recipients to receive in either Nepalese Rupees (NPR) or USD without any compulsory fee or hidden markup on the exchange rate.
To support the recovery effort in Nepal, all transfers paid out in NPR will be completely fee free with only those paid out in USD carrying the discretionary ‘Pay What You Want’ fee option. This is a key characteristic of Xendpay’s zero fee, zero margin model which makes the service 100% cheaper than traditional bank transfers, and at least 10% cheaper than any other money transfer option.
Xendpay’s Nepalese ‘money on a mission’ initiative has also been designed so that funds that are transferred can be paid out through both a bank account and via a mobile wallet. In making the mobile wallet pay out option entirely free for Nepalese Rupees, Xendpay is enabling an option that is particularly useful at a time of crisis where there is often a dearth of more traditional banking facilities.
World Bank data indicates that direct remittances continue to account for a significant portion of Nepal’s GDP - this accounted for 28.8% in 2013, equivalent to $19billion. In 2013 the personal remittances received by Nepal accounted for $5.5billion, an increase from $2.9 billion in 2009.
However, statistics also show that in 2014, people sending money to Nepal lost $277 million dollars, based on an average of 5% fees and markups on exchanging currencies. In Nepal, where 56% of people earn less than $2 per day this is a significant decrease in the end value of the funds received.
Xendpay’s founder and CEO Rajesh Agrawal said:
“One in ten Nepalese live abroad and the money they send back makes up over a quarter of Nepal's income. Nepalese will continue to give for rebuilding and recovery in the country long after the media turns away and it’s more important than ever that we make this money go as far as it can.
“By absorbing all charges for the payout and not adding any markup to the rate, Xendpay is genuinely going one step further to make the transfer of money as simple, quick and cheap as possible for those who need the funds most right now.”