Xendpay comes in 1st for Rio Remittances

Xendpay, the world’s first free money transfer service, today announces its launch in Brazil ahead of the Rio 2016 Olympics. The fastest cost-free way to send money to Brazil, Xendpay is the number one choice for Brazilian expats worldwide.


The news comes just in time for the Rio 2016 Olympics, which will see around 500,000 people attending. As the world’s gaze shifts towards Rio, Xendpay has acted to address the remittance needs in the area.


With 1.5 million Brazilians living abroad, and over 100,000 in the UK alone, Xendpay offers a better value for money option to Brazilians sending money home.


Xendpay’s conversion figures are first-rate, with its money transfer services being more cost-effective than major competitors in the area – in fact, Xendpay rates are as much as two per cent more favourable than its competitors.


In addition to the best rates, Xendpay has made it possible to transfer money to Brazil in the same day. When tested, Xendpay was the quickest compared with four other leading money transfer services in the region. As a result, Xendpay ranks the cheapest and quickest money transfer service operating in Brazil.


In its third consecutive year of negative economic growth, Brazil’s unemployment and poverty rates continue to rise, if slowly. Decreasing GDP means Brazilians are focused on saving money – Xendpay therefore aims to help expats using its humanitarian values. It understands the need for quick, efficient services when families and friends are in need.


Paresh Davdra, Co-Founder and CEO of Xendpay, commented: “Every year 9% of money transferred is swallowed up by fees and bad exchange rates and never reaches its intended destination. Xendpay is the answer to the problem, aiming to provide an ethical solution to remittance industry and placing the money where it is truly needed, with our loved ones.


“We hope Xendpay can make a difference to the Brazilian community at a time when economic concerns are rife.”