Millions of people across the world who live or work abroad send some of their hard-earned money to loved ones back home to help support them financially. I am one of those people. Over $600 billion dollars in remittances / money transfers are sent across borders according to the World Bank. I was exposed to the money transfer industry at an early age when I moved to the United States from The Gambia as a fifteen year-old. In the summers, I worked at my uncle’s money transfer company in Raleigh, North Carolina.
While working there, I learned the ins-and-outs of the business and also observed the complexity, cost and inefficiency. One thing I realized was how our customers shopped around to get the best possible exchange rate when sending money. They would call our office to find out our quoted exchange rate and then hang up to call our competition to see if the had better compare rates. Sometimes, the difference was a few dollars but when converted to foreign currency it was actually a big difference. That also meant that more money can go towards paying for tuition for your son or daughter, buying medicine for grandma, or to help put food on the table.
Fifteen years later, as a working adult, I found myself in the same position of trying to find the best exchange rates when sending money to my family in The Gambia. Having graduated with a degree in Industrial Engineering, a profession that focuses on the improvement of existing processes, I decided to work on improving the process of how people can find the best exchange rate and transfer money abroad. Inspired by the travel industry and services like Hotels.com or Expedia, I created LumoXchange. Our platform helps you find the best possible exchange rates through an online marketplace; at the same time, LumoXchange’s platform allows you to save up to 50% in fees and currency conversion costs versus current providers in the market. Now anyone can easily comparison shop exchange rates from banks and forex bureaus locally in the country you wish to send money and know that they are getting the best possible rate.
Those of us that send money know that it is not just money you are sending home. It’s love. That is why our company’s mission is to find you the best possible exchange rates, so you can share more of your love. So simply search, compare exchange rates, and send money with LumoXchange.