Arkansas-based fintech payments company LumoXchange has launched its money transfer service to the Philippines.
LumoXchange has built a platform that lets you compare exchange rate offers from the leading banks in the Philippines and send money on its platform. Users can get 1-2 Philippine Pesos more for every U.S. dollar converted when sending money versus existing players in the market.
LumoXchange provides exchange rates from its partner financial institutions in the Philippines and lets users compare exchange rates, review customer ratings and send money.
LumoXchange founder and CEO Maf Sonko said: “Just like shopping for the best-priced hotel room on Hotels.com, you can compare exchange rates and convert your U.S. dollars to Philippines Pesos while saving up to 30 percent versus the competition.”
LumoXchange’s Director of Marketing and Growth Joshua Ang Price is a second-generation Filipino-American who has personal experience of sending money abroad.
Price said: “My family regularly sends funds to our relatives in the Philippines, and I’ve seen first-hand how much money is lost in exchange rate conversion. Although there are websites that compare exchange rates, no company has been able to combine the comparing of rates locally in the Philippines and send money on the same platform until now.”
Through LumoXchange’s platform, Philippine banks compete to convert inbound remittances to Filipino Pesos by offering competitive exchange rates and options to pay beneficiaries directly into their bank account or cash pick-up.
Among the early supporters of LumoXchange’s innovative money transfer concept is the Philippine government-owned Development Bank of the Philippines (DBP).
First vice president George Inocencio said: “DBP is pleased to work closely with LumoXchange to offer the best possible value to our mutual customers in a transparent, convenient, and secure platform.
“We believe our kababayans (countrymen) will be delighted when they see DBP’s Peso exchange rate in LumoXchange’s platform. DBP completes the transfer chain by providing remittance access to any bank account in the Philippines, and to thousands of cash outlets nationwide.”
LumoXchange’s other bank partners include Banco de Oro (BDO), the largest bank in the Philippines with over 8,000 locations, and Land Bank of the Philippines, a government-owned bank with an extensive rural branch network.
Source: Company Press Release