In the last few months, we have worked hard at rebuilding our comparison engine to achieve our goal of providing our users with real-time exchange rates and fees. Most of our comparison results were already being updated on an hourly basis, however given the volatility of the foreign exchange markets, we wanted more 🙂 This is why we are very pleased to announce that we are now able to compare live data for the providers we list on our platform!
Currently, we have real-time pricing data for dozens of providers, including companies such as Western Union, TransferWise, Azimo, and CurrencyFair. We will continue to roll out real-time pricing for more and more providers, with the goal of getting as close as possible to universal real-time coverage.
How does our real-time comparison work behind the scenes? When you make a search on Monito, we send out dozens of tiny crawlers to the websites of money transfer providers. These crawlers fetch the current fees and exchange rates of all the providers for your exact search parameters (i.e. countries, currencies and amount). This allows us to provide you with results for your exact needs. Simultaneously, we collect the current mid-market exchange rate data from XE.com, the most reliable and recognized provider of market data, to calculate the total cost of your transfer with the best possible accuracy.
Since there’s so much work going on to collect and prepare your search results, this does mean you need to wait a few seconds while we get the results ready for you. We think it’s worth the wait, as you can then decide which provider to use based on current and exact information.
Our results page has also gotten a few upgrades. We now automatically apply smart filters to display only the most relevant services to you. For example, if you’re using our website in Polish, we’ll show you the providers available in Polish first. If you’re on mobile, we’ll hide providers whose websites are not mobile friendly. Of course, you can always turn these filters off to get a full view of all the services available.
To make it easier for you to understand exactly what you’ll pay, we’ve revamped our “More information” section below results. We think they now do a much better job of explaining the total cost of a service, and provide a detailed cost breakdown so you know exactly what you’re paying for.
On top of all these improvements, we’re now launching a smart alert system which you can subscribe to in a single click on any results page. We will notify you by email when prices are particularly attractive on a given corridor, or when a provider offers Monito users a special promotion. You can therefore rest assured that you are never missing out on any opportunities to save money on your money transfers.
We hope you enjoy these new features, and would love to hear your feedback in the comments sections below.
Your Monito team