Xendpay - Independent review

All you need to know before sending money with Xendpay

Excellent exchange rates Fair pricing system (pay what you want) Great customer reviews

7.80/10 Good
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Xendpay review by Monito

Xendpay was founded by Indian migrant and ethical entrepreneur Rajesh Agrawal. The goal of the company is to make reduce the cost of international money transfers for the millions of migrants around the world who regularly send money home.

What makes Xendpay’s money transfer service unique is their “pay what you want” model. Every year, for the first £2000 you send, you can choose what transfer fee 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 173 countries in 48 different currencies. The money is received on a bank account or, in certain countries (including 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 1-4 working days.

  • Xendpay exchange rates are excellent
  • Pay What You Want for transfer fees
  • Great reviews on Trustpilot
  • No Android mobile app
  • Xendpay can only send to bank account or mobile wallets
  • Pay What You Want model only applies up to the first £2000 sent

Xendpay has great customer reviews on Trustpilot, with an average rating of 7.8 / 10. Here’s a summary of what over 1500 customers have to say: :

  • 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
  • Some customers complain that transfers take too long to reach the recipient
  • Xendpay’s customer service was sometimes too slow to respond or provided generic responses

Can I trust Xendpay ?

Xendpay is a part of the Rational Group, which was founded by Indian migrant Rajesh Agrawal and which specializes in foreign exchange and international payments. Xendpay’s money transfers are processed by another company in the group, RationalFX, of which Xendpay is an agent. RationalFX is a licensed Authorised Payment Institution, which means that they are regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) in the United Kingdom. They offer institutional grade security for their platform, including 256-bit SSL encryption with a 2048-bit signature.

As per FCA regulations, clients’ funds are held in segregated accounts, and are therefore kept completely separate from RationalFX’s own business accounts. This means that your money is safe should they have any financial difficulties.

RationalFX employs over 70 people, and is headquartered in London with three other offices in Birmingham (United Kingdom), Lille (France) and Marbella (Spain). They have transacted over $8 billion since they were founded in 2005, and have been growing at 20% year on year for several years.

Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 583155


How Xendpay works

  1. Create an account: Sign up for Xendpay in just a few moments. You can do this by connecting with your Facebook or Google account.
  2. Set up a transfer: Enter how much you're sending and where you’d like the money to be received. If you’ve sent money to them before, just pull up their details - Xendpay has held onto them for you.
  3. Pay What You Want: Check out what you'll be saving by using Xendpay, and pay a fee which you think is fair. If you’ve sent more than £2000 with Xendpay, the transfer fee is no longer discretionary.
  4. Send the money: Send your money to Xendpay with a local bank transfer or by paying with a debit or credit card. When 3rd party charges will be incurred, you’ll see exactly what you will have to pay and Xendpay will recommend a cheaper alternative where possible.
  5. Money on its way: Your money is sent to the recipient’s bank account. You can track the transfer from the Xendpay dashboard.


Xendpay Exchange Rates and Fees

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 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 1.4% with a minimum fee.

Exchange rates: Xendpay’s exchange rates are generally among the best, as confirmed by our research and many user reviews on Trustpilot.

Other fees: 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 1.7% if you’re in Europe and 2.6% elsewhere. Debit card payments are free in Europe and cost 2.6% elsewhere. Finally, SOFORT payments cost a flat £1.50/€2.00 extra fee.

Xendpay mobile app

Xendpay offers a mobile app for iOS devices (iPhone, iPad, iPod, etc.). The Xendpay iOS app allows you to easily open an account, exchange and transfer money, and track your money transfers from anywhere and at any time.

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 are 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.


The story behind Xendpay

Xendpay was founded in 2012 by Indian migrant Rajesh Agrawal, and his business partner Paresh Davdra. Rajesh was earning £50 a month working in India, until a job opportunity with a foreign exchange company brought him to London in 2001. Convinced of the huge potential to improve the way people send money abroad, he borrowed £20,000 from a bank (telling them it was to buy a car) and started a foreign exchange company, RationalFX.

The company was the first to set up an online currency exchange platform in the UK, and quickly became very successful. Frustrated with the high costs he incurred when sending money back to India, Rajesh created Xendpay in 2011. By piggybacking on the existing infrastructure of RationalFX, Xendpay was designed to make migrant remittances as cheap and safe as possible.



Which documents will Xendpay require to verify my identity?

Xendpay has to verify your identity following the anti-money laundering procedures. You may be required to provide your passport number, a copy of an Identification Documents, a proof of your address and some information about the payment.


Identification Documents

It can be a Passport, National ID card or a Driver's Licence.

Proof of address

In order to verify your address, Xendpay will need a copy of a document from a reliable institution showing your name and your address. This document can be a Bank statement or utility bill, a local authority tax bill, correspondence from a regulated financial sector firm, confirmation from the electoral register, a Solicitor's letter confirming recent house purchase, NIHE, Council or private rent card, a tenancy agreement, benefit book or correspondence from benefits agency or correspondence from HM Revenue & Customs.

Proof of funds

You might also need to inform Xendpay about your relationship to the beneficiary (Family member, friend, supplier etc..) and the purpose of the transfer (family support, living expenses etc..).

Xendpay's Offices


United Kingdom

One Canada Square
Canary Wharf
London, E14 5AB
United Kingdom


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Key facts about Xendpay

Service information

Time to open an account A few minutes
Minimum amount -
Maximum amount -
Available languages
Personnal transfers Yes
Business customers Yes
Advanced currency contracts No
Required documents -

Company information

Type of service provider Online money transfer operators
Active since 2012
Headquarter London
Regulated by FCA

Contact information

Contact support -
Service hour -
Twitter @xendpay
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