How to use Monito to save on money transfers

A step by step guide to help you use Monito to find better ways to send money abroad

Written for you by the experts of Monito



At Monito, our mission is to help you save on transfer fees when you send money abroad.

This article will guide you through the three easy steps you have to go through to find the best money transfer operators and send your money.



Step 1 - Tell us where you want to send money

To start, go to our homepage and fill the form: 

  • From - That's where you are
  • To - That's where you want to send money
  • Amount - That's how much you want to send

Then, just click on the orange button "compare". 

Step 2 - Select the best operator for your transfer

You should now see a list of options organised from cheapest to most expensive that you can use to make your transfer.

Each result indicates how much money will arrive in the receiving country in the local currency, that’s what we called “amount received”. The higher this number, the better the deal and the more money that arrives. You can use this amount to compare what is the best money transfer operator.

Just below there is the green button “Send Money”, click on it and you will arrive on the website of the money transfer operator, where you will usually have to sign-up before making your transfer.

Just on the right of the “amount received”, you will find the logo of the money transfer operator, with a 5-star rating underneath and with the number of independent reviews.


Further right, we display additional information, about:

  • the type of service - via an online transaction, an agent location, your mobile phone or a call center
  • the speed of the transaction - in how many days will the money arrive
  • the pay-in option - these are all the ways you can pay the money transfer operator
  • the pay-out options - these are all the possibilities the recipient can use to receive the money

Sort the results by cost, speed or ratings

By default, the cheapest options will be on the top of the results.

If you want, you can order the results by the speed of of the transaction or the rating of the money transfer operator. Use the “order by” dropdown button at the top of the filter column to do that.

Detailed information and break-down of the costs

Under each result, you’ll find a grey bar with “more information” written on it. Click on it to display additional and useful information such as the breakdown of the costs and practical information about how to make a transfer with a particular operator.

The breakdown of the cost gives you a clear idea of how much you pay in transfer fees and how much you pay because of the exchange rate margins taken by the operators.

Which operator should I choose ?

A general rule is to select the cheapest option that covers your specific needs. For example, the absolute cheapest option may be an operator that requires the recipient to have a bank account, but you want to send money to someone that doesn’t have one. Then you will probably want to chose the cheapest operator that offers a cash-pick up option. A good tip is to use the filter to see only the operators that correspond to your needs.

 

Step 3 - Send money and save on transfer fees 

Once you decided which operator you want to use for your transfer and you clicked on the “send money” link, you will be redirected to the money transfer operator’s website.

If the operator offers an online service, you will usually be required to sign-up, and sometimes to upload an official document in order to make your transfer. If it’s an operator with physical agent location, you will find information on their website to find the nearest branch you can use.