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Xendpay Review: Money Transfer Fees, Safety, Usability, and Monito's Verdict

Byron Mühlberg, writer at Monito.com
Jul 1, 2021
Affiliate disclosure

Xendpay is a poor money transfer service (6.6/10) that Monito's experts seldom recommend for sending money overseas, largely due to its comparatively high fees and exchange rates (2.7/10) that are often uncompetitive on Monito's comparison engine. Fees aside, however, Xendpay is a large transfer company with a long record of trust and service (8.5/10) and offers relatively easy-to-use web and mobile platforms (6.3/10) for sending money abroad. What's more, where Xendpay really shines is customer feedback (9/10), where many users have reported overwhelmingly positive experiences of the service.

What Monito Likes About Xendpay

  • A variety of pay-in options (incl. bank transfer and card payments);
  • The 'Pay what you want' feature allows users to pay a fee amount of their choice for the first £2000.00 sent;
  • Very accessible and available in many countries.

What Monito Dislikes About Xendpay

  • Only bank deposits and mobile wallet transfers are supported as receiving methods;
  • High fees and exchange rates are comparatively high.
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Monito's Recommendation

Because Xendpay is seldom the cheapest option, we only recommend the service where it's the single option to choose from besides banks and Paypal. In most instances, however, there's a cheaper alternative to be found, and we therefore recommend running a search on Monito's real-time comparison engine below instead:

Who Is Xendpay For?

Xendpay is available to new users in most countries across the globe. However, not all local currencies are supported for outgoing payments with Xendpay, and payments from some countries may be required to be in US dollars or Euros by default.

How Monito Reviewed Xendpay's Services

As with all services reviewed by Monito, Xendpay underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Xendpay account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, as well as business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed hundreds of thousands of searches on Monito's comparison engine to determine how often Xendpay was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of its pricing in relation to the market. As with all Monito Scores, Xendpay's score was peer-reviewed by at least one Monito expert.

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Trust & Credibility

8.5

Background check

Xendpay is duly authorised and licensed by the FCA in the UK and has obtained the legal right to operate in every other country in which it does business.

Security & reliability

Xendpay's website is fully secured and makes use of top-notch security protocols, including segregated user accounts, 128-bit encryption, and HTTPS.

Company size

Xendpay is trusted by around 18 thousand customers globally and handles some US$700 million in transfers on an annual basis.

Transparent pricing

Xendpay is partially transparent in its pricing, highlighting costs associated with the exchange rate, but not disclosing that they make up some 43% of total fees.

Can I Trust Xendpay?

Founded by Indian migrant Rajesh Agrawal in 2005, Xendpay is a part of the Rational Group and specializes in foreign exchange and international payments. As a matter of fact, Xendpay’s money transfers are processed by its sister company, RationalFX, of which Xendpay is an agent. RationalFX is a licensed Authorised Payment Institution, which means that they are regulated by the Financial Conduct Authority (FCA) and Her Majesty's Revenue and Customs (HMRC) in the United Kingdom.

Furthermore, Xendpay protects customer activity through institutional grade security for their platform, including 256-bit SSL encryption with a 2048-bit signature.

Is Xendpay Safe?

Yes, Xendpay is safe and secure indeed. As per FCA regulations, clients’ funds are held in segregated accounts and are kept completely separate from RationalFX’s own business accounts. As a customer, this means that your money is perfectly safe in the event that Xendpay or RationalFX run into any financial difficulties.

As of 2021, Xendpay employs around 50 people, while RationalFX employs over 100 people. Both companies are headquartered in London and have offices worldwide, from Birmingham, Lille, and Marbella in Europe to Singapore, Sydney, and Hong Kong further afield. To date, Xendpay has transacted well in excess of US$10 billion since they were founded in 2005 and had been growing at around 20% year-on-year for several years.

Service & Quality

6.3

Opening an account

Opening an account with Xendpay can sometimes be laborious due to the number of regulatory steps involved.

Making a transfer

Having successfully registered for Xendpay, making a new money transfer is a fast and straightforward process.

Contacting support

Finding help when needed is easy with Xendpay, although no live chat option is available.

Xendpay's Service Quality

Xendpay was founded with the goal of reducing the cost of international money transfers for the millions of migrants around the world, many of whom regularly send money home.

What makes Xendpay’s money transfer service unique is their 'Pay what you want' feature. Every year, for the first £2000.00 transferred, customers can choose what transfer fee they'd like to pay. When setting up your transfer, Xendpay will suggest a small transfer fee, however, you are completely free to pay less (or more), or even pay nothing at all!

Xendpay allows you to send money to over 200 countries in over 50 different currencies. The money is received on a bank account or, in certain countries such as Nigeria, Kenya, and the Philippines, the money can alternatively be delivered on a mobile wallet. You can pay by making a local bank transfer or by using a debit or credit card. The whole process of sending money with Xendpay usually takes one to three working days.

Additional Services

In addition to being useful for migrant workers, expats, students abroad, and overseas property owners, Xendpay also provides international payment solutions to business customers. If you're looking to make international payments for your business, Xendpay can help you to pay international suppliers and freelancers, pay salaries abroad, or transfer money to a foreign subsidiary.

Monito's Impressions During Our Test

Our reviewers found Xendpay's mobile app and web dashboard to be fash and understandable, but it lacked the slick design and clean user interface of many of its competitors, such as Wise and Paysend. The registration process included a large number of steps, and we found the user experience to be rather cluttered and filled with a lot of information and prompts. All in all, however, once we'd signed up, we found that making a money transfer was fast and easy, and Xendpay deserves praise especially for its 'Pay what you want' feature.

Xendpay Mobile App

Xendpay's mobile app is available on both iOS and Android devices and offers the full set of services from the online dashboard, including money transfers via bank transfer, SOFORT, and debit or credit card, account registration, and transfer tracking. As of July 2021, the Xendpay app had earned 3.5 stars on Google Play from fewer than 100 reviews and 4.3 out of 5 stars on the App Store from only 10 ratings, meaning app is not widely-used enough to accurately pin down consumer sentiment.

Fees & Exchange Rates

2.7

Transfers to a bank account

Xendpay priced competitively on 16% of Monito bank comparisons and was the cheapest option in 11% of cases.

Xendpay's Fees & Exchange Rates

While Xendpay's transfer fees and exchange rate margins are by themselves rather low, combined, they make sending money abroad comparatively expensive. Fees for sending money internationally with Xendpay can be broken down as follows:

Xendpay Transfer Fees

Xendpay’s unique 'Pay what you want' model means that you decide what transfer fee to pay. This feature is available for the first £2000.00 you send with Xendpay per year. Above that, Xendpay charges a low transfer fee which depends on the currency you’re sending to, in most cases 0.45% or 1.40% with a minimum fee.

Xendpay Exchange Rates

In addition to the transfer we we touched on above, Xendpay charges a highly variable exchange rate margin for many currencies. This fee — which is the difference between the mid-market exchange rate and the exchange rate offered to consumers by Xendpay — is expressed as a percentage of the total transaction and tends to fall between 0.05% and 0.20% of the transfer value, making it comparatively cheap.

Other Fees to Anticipate

If you’re sending to a mobile wallet, the fees are usually higher, and you might have to pay delivery fees on top of the transfer fees. Furthermore, if you’re paying with a credit card, you will incur payment fees of 1.70% if you’re in Europe and 2.60% elsewhere. Debit card payments are free in Europe and cost 2.60% elsewhere.

Compare Fees & Exchange Rates

Customer Satisfaction

9.0

Customer review score

With a 4.5/5 star rating on Trustpilot, there’s no doubt that Xendpay has made a largely positive impression on its customers.

Number of positive reviews

With over eight thousand 4- and 5- star reviews on Trustpilot, Xendpay is much-loved by its customers, speaking to its quality of service.

Customer Reviews of Xendpay

Xendpay has excellent customer reviews all-round on Trustpilot, earning 4.5 out of 5 stars from around 10 thousand independent reviews. Here’s a summary of what many customers have had to say:

Positive Xendpay Reviews

  • Customers were very satisfied with how fast their money was delivered
  • Using Xendpay is an easy, uncomplicated and pleasant experience
  • Xendpay is a quick and easy way to send money
  • Customer service is friendly and helpful

Negative Xendpay Reviews

A small number of customers have had some recurring feedback (though we do see that Xendpay has generally responded to individual negative feedback in an effort to resolve the issues)

  • Some customers complain that transfers take too long
  • Xendpay’s customer service was occasionally too slow to respond

How Xendpay Works

  • Step 01

    Check Xendpay's Rates

    Use Monito's comparison engine to see how Xendpay’s fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.

  • Step 02

    Register for a Xendpay Account

    Sign up for Xendpay by entering your full name, email address, and the country from which you'd like to send money internationally. Enter a password and click forward to register.

  • Step 03

    Set-up Your Transfer

    To set up your transfer with Xendpay, you will be required to choose your recipient's country, the receiving currency, and the delivery method (e.g. bank deposit, mobile wallet)

  • Step 04

    Add Your Beneficiary

    Further down the page, you'll be required to enter your beneficiary's personal and banking details, including their full name and bank account number. Optionally, you'll also be able to enter their email address to keep them up to date on the status of the transfer, as well as a payment reference.

  • Step 05

    Finalize Your Transfer

    At the bottom of the page, you'll be able to choose how much money you'd like to send and specify your payment method. Xendpay will present the exchange rate you'll pay, the fixed fee, the receiving amount, and the total amount to be paid, including fees.

  • Final step

    Review and Pay

    In the final step at the very bottom of the page, you'll be asked to select the purpose of your money transfer (e.g. gift, investment, travel expense, etc.) and then provide your card details. By clicking 'Send money,' you will instruct the money transfer to the destination you specified above.

    Go To Xendpay

Frequently Asked Questions About Xendpay

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