In a comprehensive user-experience report published today, Monito explores how easy it really is to send money online in 2018. Based on 50 individual user tests and in-depth analyses of 10 money transfer websites, the benchmark study highlights the key ingredients of what makes a good user experience. TransferWise (#1), TransferGo (#2) and CurrencyFair (#3) are the best ranked providers.
More and more people across the world are turning to online money transfer providers, instead of their bank or money transfer agent locations, to make international transfers. And they’re praising these transfer services for many reasons, most notably for the conveniences and the lower costs they offer.
The comparison data collected by Monito demonstrates that online providers are on average between 4 and 8 times cheaper than international bank transfers or transactions paid in cash. This is a compelling reason to start sending money online, but for many, the switch is still intimidating.
This study was launched to discover how easy, or complicated, sending money online really is and to highlight the providers that are currently offering the best user experience. To do this, Monito’s team decided to wear the shoes of people sending money online with a provider for the first time.
How did we do this? In collaboration with the user-testing company UserBrain, Monito recorded and analyzed a total of 50 users and tested 10 different money transfer companies.
The process enables us to identify several key ingredients of a good user experience. These include a clear cost-calculator on the homepage, a well organized and linear transfer set up that leads the user through the process, forms that are well-thought out and easy to fill out and total transparency on the cost of the transfer.
The common pitfalls and missteps highlighted throughout the report were primarily found in the tedious forms the users sometimes need to fill out as well as how input errors are handled, or in situations where the next step wasn’t clear for our users. The lack of transparency concerning the margin that providers take on the exchange rate was, in many cases, where companies lost points and where there is the most room for improvement.
Monito believes that transparency in the money transfer industry is crucial in providing a good user experience for people sending money abroad. This transparency enables them to make informed decisions about the providers they want to use. This is why those factors are weighted strongly in the analysis.
Overall, Monito found that the quality of the websites is good. Companies listed at the top of the ranking truly offer top-notch user experiences, making sending money online an easy task for everyone.
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The images below give you a peek into the report, you can read the full story here.