Monito Awards 2023: The World's Best International Money Transfer Services, Ranked By Monito Score

Jarrod Suda


Jun 8, 2023
Affiliate disclosure

It's commonly believed that traditional banks are the most secure and optimal way to transfer funds internationally. This old advice no longer applies in today's age, thanks to the advent of online international money transfer companies. Consumers now have access to more options and lower or no fees.

But how can consumers ensure they are getting the best deal? With numerous international money transfer organizations claiming to be the "cheapest," "most convenient," or "easiest to use," it can be challenging to determine the most suitable provider.

To this end, we are pleased to present the Monito Awards for 2023. Extensive background research has been conducted on each money transfer company, and data from our real-time comparison engine has been analysed to calculate the Monito Score for every service provider. We showcase the world's best international money transfer companies, recognised for transparent pricing, quality of service, customer satisfaction, and more.

Monito Awards 2023: Summary

🕵️‍♀️ Companies Reviewed


💰 Monito Readers' Savings

$80 million in fees

🔍 Comparison Engine

25 million comparisons

🥇 First Place
✨ Most Quality Service
💸 Lowest Overall Fees
🌟 Highest Customer Reviews
🏆 Most Awarded

How We Review Money Transfer Providers

With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:

Without further ado, we present the Monito Awards for the best international money transfer companies in the world ranked by Monito Score (with data updated for 2023):

1st Place: Wise (9.5/10)

Wise has established itself as a leading provider by operating on a peer-to-peer model, connecting individuals and businesses looking to exchange currencies directly with each other. Unlike traditional banks and some legacy money transfer providers, Wise's innovative system allows for lower costs and more competitive exchange rates.

What sets Wise apart from many other providers is its commitment to transparency and fairness. One factor that contributed to Wise winning first place is its practice of always applying the real mid-market exchange rate. This means that Wise never adds hidden exchange rate margins to transactions. In addition to its low fees (especially when sending from India or Turkey, and sending to the US, Poland, or the UK), Wise offers a user-friendly multi-currency app that has garnered high ratings from customers across all app stores.

Visit Wise

2nd Place: Remitly (9.1/10)

Remitly is one of the lowest cost international money transfer providers on average around the world. In such as competitive landscape, Remitly stands out with its instant transfer options and targeted focus on key remittance corridors. Moreover, Remitly is often the best choice for sending cash pick-ups to recipients, further enhancing its appeal and convenience among customers.

Remitly's commitment to very low rates for remittances to major receiving countries, including India, Turkey, Mexico, the Philippines, Colombia, and dozens more, played a significant role in its recognition as second place on Monito. Additionally, Remitly's user-friendly app has earned high ratings and reviews from customers for its reliable and fast platform.

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3rd Place: Revolut (9.1/10)

Revolut distinguishes itself in the market with its multitude of unique features. One standout aspect of Revolut's services is its multi-currency accounts, allowing customers to hold and manage funds in different currencies. Additionally, Revolut offers direct debits in select currencies (varying by country).

Revolut secured third place on Monito, notably thanks to its excellent exchange rates, which are also transparent and easy to understand directly in the app. Additionally, Revolut's mobile app has been highly regarded by customers, providing an excellent user experience and receiving thousands of positive reviews.

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4th Place: OFX (9/10)

OFX is known for its comprehensive range of services and reputation as one of the largest and most trusted providers in the world. What sets OFX apart is its ability to offer forward contracts and limit and stop loss orders, allowing customers to manage their foreign exchange risk effectively.

OFX earned fourth place on Monito due to the company's commitment to providing very low exchange rate margins, especially from Mexico and from the United States. Additionally, OFX charges no fixed fees. The service has received praise from customers for its outstanding support and professionalism, solidifying its reputation as a trusted provider.

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5th Place: TransferGo (8.8/10)

TransferGo clinched the spot as the fifth-best money transfer company on Monito in 2023. Available in the UK and Europe, TransferGo consistently supports some of the cheapest rates on international money transfers across the globe, but especially to countries in Europe.

With excellent customer service reviews on Trustpilot, Google Play, and the App Store and very competitive fees and exchange rates, TransferGo stands out as a much-loved and well-priced alternative to banks and many other online money transfer operators.

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Best Service Quality: Remitly

Remitly earned the top score in the Service Quality category of the Monito Score this year. Opening an account with Remitly is a fast and effortless process, and making a transfer through Remitly is equally convenient. Customers can choose to make payments via bank transfer, debit card, or credit card, providing flexibility and ease of use.

Contacting the support team is made easy through 24/7 live chat and phone support. Overall, Remitly offers a reliable and trustworthy product to customers.

Visit Remitly

Best Pricing: XE

XE Money Transfer claimed the top score in the Pricing category on Monito in 2023. Using proprietary Monito data, XE demonstrated its competitiveness and excellent low fees across hundreds of country and currency corridors. Not only does XE cover a vast scope, supporting 130 countries and around 100 currencies, but most of their international bank transfers are completed within one working day.

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Best Customer Satisfaction: Revolut

Revolut earned the top Customer Satisfaction category score on Monito, thanks to its highly-rated and user-friendly finance app. The app has garnered exceptional ratings from millions of users, including a 4.5/5 rating from over 2,220,000 reviews on the Google Play Store, a 4.7/5 rating from 34,000 reviews on the Apple App Store, and a 4.3/5 rating from 129,113 reviews on Trustpilot.

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The Runner-Ups

These runner-up international money transfer companies for the 2023 Monito Awards ranked 6th through 10th by Monito Score. These service providers stand out among dozens worldwide, offering reliable and efficient money transfer solutions:

6. SingX (8.8/10)

SingX offers a reliable and convenient money transfer solution, offering especially cheap transfers from Singapore, Hong Kong, and Australia. Their services are designed to pay bills internationally, send remittances, add money to mobile wallets, and even top up airtime to mobile phones.

SingX often offers low fees and great rates on transfers to Malaysia, the US, Canada, and India.

7. Panda Remit (8.7/10)

Panda Remit provides a convenient and accessible solution for residents of the EU, UK, Australia, Canada, New Zealand, Hong Kong, and Singapore. One notable factor that distinguishes Panda Remit is its emphasis on fast transfers, in some cases arriving in minutes.

Panda Remit earned fifth place on Monito thanks to its excellent exchange rates for transfers to India and China, two prominent destinations for international money transfers. Panda Remit's 24/7 customer support and real-time transfer notifications via SMS, WeChat, and email also garnered good customer reviews.

8. XE Money Transfer (8.5/10)

XE Money Transfer covers a vast scope, supporting 130 countries and around 100 currencies. Additionally, XE is backed by Euronet Worldwide, which gives users the peace of mind that their money is in safe hands. Most transfers are completed within one working day. It is a much-loved platform with many glowing customer reviews.

XE is very competitive for international money transfers to India from either the United States or the UK. It's also great for the popular UK to Poland corridor.

9. Paysend (8.5/10)

Paysend operates an impressive network of around 110 receiving countries. With consistently low and competitive fees and exchange rates, Paysend is highly specialised in sending instant debit card or prepaid card transfers.

Paysend generally offers low fees for transfers from Mexico or Colombia, as well as transfers from the United States to Canada.

10. CurrencyFair (8.4/10)

CurrencyFair stands out with its user-friendly web and mobile app interface. With exceptional customer satisfaction ratings, CurrencyFair has established itself as a trusted choice for individuals and businesses alike.

CurrencyFair has historically offered excellent rates for transfers from the United States to Canada, Poland to the United Kingdom, Germany to the United States, the United States to Spain, and the United States to Germany.

Other Awards: The Best Money Transfer Providers for Various Use Cases

Each money transfer specialist has its strengths and weaknesses, with some being better suited for transfers between certain countries while others shine at particular pay-in methods. Take a look at the breakdown below to discover the top providers for major use cases according to The Monito Score and data from hundreds of thousands of searches on Monito's real-time comparison engine.

Easiest Account Opening: Atlantic Money

Atlantic Money has been recognised as the provider with the easiest account opening on Monito, owing to its seamless user experience across both mobile and desktop interfaces.

The ease of opening an account was evaluated using our comprehensive agony index, which considers factors such as the time required, the number of steps involved, and the level of friction or back-and-forth between devices. We found Atlantic Money to minimise complexity and ensure a hassle-free account opening experience for customers.

Easiest to Transfer Money: Remitly

Remitly is the easiest provider to transfer money on Monito, backed by our comprehensive agony index evaluation.

This index takes into account essential factors such as the setup time, number of steps, and the integration level with banks, mobile wallets, credit cards, and other financial tools. Moreover, Remitly offers a wide range of payout options, including bank transfers, cash pick-up, and mobile wallets, providing users with flexibility and choice.

Easiest to Contact Customer Support: Western Union

Western Union is the easiest to contact customer support on Monito according to our customer support agony index, which assesses the accessibility of customer support representatives.

Western Union offers live chat and phone support available 24/7. Furthermore, Western Union's global presence, with numerous brick and mortar branches worldwide, further enhances accessibility and support for customers.

Best for Card Transfers: Paysend

Paysend often offers the best rates for debit and credit card transfers, earning the company recognition as the best provider for card transfers.

As a specialist in utilising popular payment processors such as Mastercard, Visa, China UnionPay, and others, Paysend allows individuals to send money directly to bank accounts or even prepaid cards. By leveraging bank-level security measures, Paysend ensures the safety and integrity of card transfers.

Best for Bank Transfers: Wise

Wise stands out as the top choice for bank transfers in 2023 according to Monito's comparison engine.

Our data showed that Wise consistently offers one of the most affordable options for sending money from bank to bank, providing competitive rates worldwide. What sets Wise apart is its commitment to transparency, always applying the real mid-market exchange rate without any hidden margins.

Best for Cash Pick-Up: Remitly

Remitly is the most cost-effective option for transfers to cash pickups worldwide based on our data in 2023 using Monito's comparison engine.

Remitly also has extensive cash pick-up location networks in major remittance-receiving countries around the world. Whether you need to send money for emergencies, support loved ones, or fulfil financial obligations, Remitly stands out as the go-to choice for affordable and reliable cash transfers.

Best for Mobile Wallets: WorldRemit

WorldRemit is the top choice for mobile wallet transfers in 2023, according to our data.

With its seamless integration with various local mobile wallets, including GCash in the Philippines and M-Pesa in Kenya, WorldRemit provides a convenient and efficient way to send money directly to mobile wallets worldwide. In addition to its extensive wallet network, WorldRemit also offers among the most competitive rates on international transfers to those mobile wallets.

India Award: Panda Remit

Panda Remit clinches the India Award on Monito's comparison engine in 2023. Panda Remit was the most affordable provider in 27.5% of all searches for remittances to India since January to June this year. This surpasses the second-ranked provider, Remitly, which was the cheapest option for 16.9% of searches to India.

Mexico Award: Remitly

Remitly secures the Mexico Award this year, claiming the top spot with an impressive 40.4% share on Monito's comparison engine in 2023. In contrast, the second-ranked provider, WorldRemit, trails behind as the cheapest for 16.4% for remittances to Mexico. This difference highlights Remitly's dominance in affordability for transfers to Mexico from January to June 2023.

Nigeria Award: Instarem

Instarem earns the Nigeria Award as the cheapest option on 27.8% of searches to Nigeria on Monito (from January to June 2023). WorldRemit secured second place with a close 25.7% share for remittances to Nigeria. Instarem's success has been largely thanks to its dominance in affordability when customers send US Dollar ($) transfers to Nigeria.

Philippines Award: Remitly

Remitly wins the Philippines Award on Monito's comparison engine for 2023, being the cheapest option for an impressive 35.1% of searches. In comparison, second place WorldRemit garnered a 21.1% share for cheapest remittances to the Philippines. Remitly is a top choice for customers seeking affordable money transfers to bank accounts, cash pickups, and GCash mobile wallets in the Philippines.

Bangladesh Award: Wise

Wise takes the Bangladesh Award on Monito's comparison engine for 2023, securing its place as the cheapest provider for 26.7% of searches to Bangladesh. Remitly follows closely in second place with 21.2% from January to June of 2023. Wise is notably affordable for international transfers from India to Bangladesh.

10 Best Money Transfer Companies at a Glance

With the Monito Score update for 2023, see the international money transfer companies with the best fee rates in the world. Compare their services, customer reviews, and other capabilities too.











Bank deposit, mobile wallet deposit



0.5% - 2%




Bank deposit, cash pick-up, home delivery, mobile wallet deposit.


0.5% - 2%

$0.00 - $3.99




Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)


3% - 5%





Bank deposit, mobile wallet deposit







Bank deposit, debit/credit card


0% - 2.2%





Bank deposit, debit/credit card


0% - 2.2%





Bank deposit, debit/credit card







Bank deposit


0.4% - 1.6%





Bank deposit, debit card, credit card, Paysend Wallet


0.2% - 5%





Bank deposit


0.1% - 0.6%



Monito: The Go-To Money Transfer Comparison Engine

Regardless of whether security, price, service quality, or customer satisfaction is the most important factor when looking for a money transfer service, there are plenty of companies to compare to find the best deal to suit customer needs.

On Monito's award-winning comparison engine, customers are not only able to compare money transfer services by the cost, but they are also able to rank and select money transfer services by their Monito Score, aspects of their service (e.g. pay-in and pay-out methods), transfer time, and transfer details.

International money transfer companies often specialise in a geographic area or country. This is one big factor behind why rates vary widely depending on country of origin and the recipient's country. Have a look at our recommendations (with data from January 2023 to June 2023) for a few of the more popular country corridors by clicking the sections below:

Naturally, we recommend customers double-check the best rates since they change frequently. To get started, simply run a search on Monito's comparison engine and find the best service in real time:

Find the best fees & exchange rates:

FAQ About the Best Money Transfer Services

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You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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