Monito has been founded with the explicit purpose of helping migrants send money as cheaply and conveniently as possible to their relatives in their home countries. We believe that the best way to achieve this goal is to empower them with the information they need to select the right operators for each of their transaction and that a comparison website is the best way to provide this information.
We are also convinced that to reduce the cost of remittances on a global scale, we have to build a successful company with a strong business model, able to reach a great proportion of migrants sending money helping them in the most efficient way. The best way to ensure a prolonged creation of social value is to pair it with private value. This is the premise of social entrepreneurship.
This post formalizes Monito’s commitment to its users for a transparent, independent and free comparison website.
Transparency is at the core of our idea, our mission and our business. We want to provide migrants with fully transparent results and therefore pledge the following:
To always display all the payment service providers for which we have data
Payment service providers do not have to pay to be featured on the website. We will always display all the recognized payment service providers for which we have reliable data on our results page, without discrimination.
Monito offers additional services to payment service providers in order to generate revenues and sustain its operations. We will never remove – or threaten to remove – a payment service provider which doesn’t want to remunerate the traffic we bring to his platform.
To always display complete information on costs and type of transfers
We will always display all the costs of the transfer (transaction fees, exchange rate margin, etc…) for at least two different amount, ideally for the whole spectrum of possible amounts.
In addition, we will also always display as many information as possible about the type of service (type of transfer, speed of the transaction, geographical coverage) offered and allow users to filter the results based on those criteria.
To always display our data in a clear and unbiased fashion
The options for sending money displayed on our results page are always ranked by objective criteria, such as their costs. The results order will never be altered to promote some payment service providers over another. The existence of an affiliate agreement between a payment service provider and Monito will never interfere with the order of the results.
Always display special offers or advertising clearly labelled as such
Among the premium services offered by Monito to payment service providers are the possibility to make special offers to Monito’s users (reduction of the cost of the first transfer for example) or to buy an advertising space alongside the results. Those offers and promotions will always be clearly labelled as such, in order for our users to be able to recognize them and differentiate them from the results.
The independence of Monito is essential to guarantee the integrity of the information displayed on our platform and thus to the trust of our users; we therefore pledge the following:
To always stay independent from payment service providers
Payment service providers are our source of information and our customers. Monito will always be independent from payment service providers in order to ensure the integrity of the platform and avoid any possible conflict of interest.
To always control and display the sources of our data
Data displayed on Monito come from various sources, including directly from the payment service providers themselves. This allow us to display always up-to-date and complete information. To ensure that we always display accurate data information, we regularly test the information we receive from payment service providers by “mystery shopping”. In addition, the source of the data is written under each results.
Monito’s information and services will always be free for individual users of our platform.