Fintech payments company LumoXchange has introduced money transfer service to the Philippines, one of the largest payment corridors from the US.

The service, which utilises a LumoXchange-developed platform, will enable customers to compare exchange rate from leading Philippines banks and then transfer funds.

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The remitted amount will be converted into the local currency Philippine Peso (PHP) and then transferred directly into the beneficiary’s bank account.

The beneficiary can also procure the funds in cash from the bank branch, the company said.

Besides enabling the users to compare exchange rates, LumoXchange will also allow users to review customer ratings.

LumoXchange founder and CEO Maf Sonko said: “Just like shopping for the best-priced hotel room on Hotels.com, you can compare exchange rates and convert your US dollars to Philippines Pesos while saving up to 30% versus the competition.

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The platform also allows the participating Philippine banks to compete for all inbound transfers by offering competitive exchange rates thereby ensuring the optimum transfer value to the recipient.

State-owned Development Bank of the Philippines (DBP) is also associated with this remittance service.

DBP first vice president George Inocencio said: “DBP is pleased to work closely with LumoXchange to offer the best possible value to our mutual customers in a transparent, convenient, and secure platform.

“We believe our kababayans (countrymen) will be delighted when they see DBP’s Peso exchange rate in LumoXchange’s platform.

“DBP completes the transfer chain by providing remittance access to any bank account in the Philippines, and to thousands of cash outlets nationwide.”

Apart from DBP, Banco de Oro (BDO) and Land Bank of the Philippines are also associated with this LumoXchange payment service.