Globally, remittance has grown 7 percent to USD$613 billion in 2017 from 2016, and this growth is expected to continue. The high cost of remittances however, continues to be a problem, especially so since 75% of remittances goes to developing countries.
Accordingly to the World Bank, the single factor that continues to keep prices high is the lack of transparency in the money transfer industry. These costs vary based on both sending and receiving methods, fees charged by money transfer operators and a gamus of other related factors.
Send4x was launched to bring about greater transparency in the remittance industry, so you compare money transfer operators, pay in and our methods, and find the cheapest way to send money. Simply select your country of origin, destination, amount, currency and view all the options offered on how to send money.
Send4x, we aim to make money transfer and its associated costs, easy to understand, and more affordable for all.
Since 2011, 4xLabs has focused on providing services to all players in the foreign exchage industry. We started out tackling the issue of price transparency in the cash exchange industry with Get4x, a platform for comparing cash exchange rates from money service operators. Facing an increasing volume of queries on how to send money abroad from Get4x users, we decided that addressing the issue of price transparency in the money transfer industry, was a natural extension of our services - hence we launched Send4x in 2018.
4xLabs works with money service operators as well to provide them with a plafrom known as Biz4x, to manage all aspects of their businesses from transactions, to compliance, to FX rates, digital storefronts and wholesale trading. Large financial institutions number along our customers, as do the smaller non-bank financial institutions. Our mission is to incrementally digitalize the money service industry to ease their transition to a society that will run on digital payments.
Price transparency and innovation are rooted in our company's DNA, and continue to drive us in our quest to make cash exchange and money transfer more affordable for all.