London, Nov 5 (IANS): To the delight of the diaspora community, who send a significant amount of their income back home, a London-based Indian-origin entrepreneur has launched a unique "pay-what-you-want" money remittance service.

The brainchild of India-born Rajesh Agrawal, Xendpay online international money transaction platform could save customers in the developing world a whopping 60 million pounds (Rs. 585.80 crore) over the next five years.

With $71 billion (Rs.4,36,579 crore), India was the largest recipient of remittances in the world last year.

"Xendpay is now potentially the first genuinely no fees international money transfer service to bank accounts, offering you the best exchange rates usually only available to multinational corporations, without compromising on transfer times or reliability," said the website of the money transfer service.

International money transfer is the largest overall source of external financing to developing countries - $436 billion (Rs.26,80,964 crore) in 2014 according to World Bank estimates.

"But every year 9 percent of money transferred is swallowed up by fees and bad exchange rates and never reaches it's intended destination," the website added.

The users of the service can pay what they think the service is worth.

"When you use our service you will see that we recommend a customised, voluntary charge based on the cost to us of delivering the service, and all we ask is that you pay what you think the service is worth," the website concluded.

Xendpay is part of the Rational Group of Companies, which offers low-cost money transfer services.