LumoXchange extends money transfer marketplace in the Philippines

The company reported it has built a platform that allows users to compare exchange rate offers from the banks in the Philippines and send money. Users may also get PHP 1-2 more for every US dollar converted when sending money versus existing players in the market.

The company revealed that through its Local Exchange Networks (LENs) it has created a local financial institution for each country and is able to provide cross-border payments. LumoXchange reported that it provides exchange rates from its partner financial institutions in the Philippines and lets users compare exchange rates, review customer ratings, and send money.

LumoXchange also stated that the 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 money transfer concept is the Philippine government-owned Development Bank of the Philippines. The company went on to add that its other bank partners include Banco de Oro and Land Bank of the Philippines, a government-owned bank with an extensive rural branch network.