LumoXchange, an international payments company that is bringing true transparency to the $600 billion remittance industry, has launched an industry-first money transfer platform that lets you compare exchange rates and send money online.
LumoXchange is the first company in the world to offer its customers the ability to compare local exchange rates and complete the transfer right on their platform. LumoXchange partners with financial intuitions who compete to convert incoming remittances into local currency by offering competitive exchange rates. “Our goal is to bring true transparency to the remittance industry by democratizing the process of sending money abroad,” said LumoXchange Founder & CEO, Maf Sonko. “Just like booking a hotel room abroad, we provide a platform where you can compare exchange rates and save up to 50% on the cost of a transfer versus the competition.”
Small countries like Gambia lack true competition when sending money from the U.S., which is why transfer fees generally range anywhere between $10 to $15 dollars to send $300. In contrast, LumoXchange customers can transfer $300 for as little as $5.99. “As an immigrant, I know firsthand the lack of transparency and expensive costs associated with sending money abroad. Our money transfer marketplace seeks the remove the frustration and expense associated with sending money to the Gambia.” Said Mr. Sonko.
LumoXchange offers it services online through its mobile responsive web-app (www.lumoxchange.com) and is currently available to customers residing in the states of Georgia, Washington, Illinois, New Jersey, and South Carolina. It has partnered with First International Bank, Agib Bank and Bayba Financial Services, a subsidiary of Trust Bank, to provide money transfer services to the Gambian Diaspora.
Headquartered in Little Rock, Arkansas, LumoXchange is a one-stop shop exchange rate comparison and international money transfer company. Through its innovative Local Exchange Networks (LENs) created with local financial institutions in each country, LumoXchange can provide cross-border payments using the real exchange rates at the local level. Easily search, compare, and send money online with LumoXchange.