When you send money abroad, the cost and the speed of your transfer are definitely very important. That's why we built a powerful comparison engine! However, you should also consider more than just the cost and the speed. Here's an example why:
You've found a cheap service which is very easy to use but it's brand new and hasn't build up a great credibility yet. Would you rather use a slightly more expensive but well-known, even if the process of transferring money is cumbersome and takes some time?
There isn't a definite answer to this question, it depends on you, your needs, and how much you weigh the different criteria. To help you in this process, we at Monito have compiled all this information and standardized our criteria to help you compare different money transfer operators at once and make your own opinion.
Of course, choosing which criteria to take into account, defining their relative importance to calculate our Overall Score, and rating money transfer operators based on these criteria is a subjective process. Below, you'll find our list of criteria and how we attribute a score from 0 to 10 for each service we review, as well as the weight each criteria has in our overall score.
To determine the pricing score, we look at the average cost (in %) for a few different send amounts and destination countries. Money transfer operators will usually have many different types of services, each with varying costs (which is why should always compare the different services based on your individual needs). In these cases, we look at the most commonly used services which best represent the operator’s offering.
We look at how fast most transfers arrive at their destination and grade accordingly: 10 if the money is instantly paid out, 0 if the transfer takes more than a week. The speed usually depends on the destination country and the pay-in/pay-out methods used, so here again we consider the combinations which best represent the operator’s offering.
In order to determine the credibility and trustworthiness score for a money transfer operator, we look at several things including:
How enjoyable is it to use this money transfer service? In order to answer this question, we look at:
This criterion gives you an idea of the range of services offered by a money transfer operator and their coverage.
Pay-in/pay-out methods: does the company offer a wide range of ways to pay (bank transfer, debit and credit card, sofort banking, etc.) and receive money (cash pickup, bank transfer, mobile wallet, cash home delivery, etc.)?
Coverage : does the company operate in a single market (e.g. only between the UK and India) or does it have a continental or global coverage?
Additional services : does the company only provide you with a basic money transfer service for consumers, or can they offer more complex products (e.g. to regularly transfer money, protect oneself against exchange rate movements, make business payments, etc.)?
While it's straightforward to understand why the other criteria are important to make your decision if a money transfer operator is right for you, why should you care about how transparent a service is? First of all, you should have the right to know how much you will be paying for a service, including foreign currency exchange rate margins. But it's also our collective responsibility, including yours as an informed consumer, to push for greater transparency in the industry to have money transfer operators clearly indicate all the costs to their customers before each transfer, and to stop using misleading advertising tactics. We believe that by scoring money transfer operators on their transparency, and with your help, we can give them the right incentives to change their practices.