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

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LumoXchange, a ground-breaking financial technology (FinTech) payments company, announced the launch of its money transfer service to the Philippines -- the fourth largest payment corridor from the United States.

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. “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,” said LumoXchange founder and CEO, Maf Sonko.

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).