Finding the cheapest provider to send money abroad

International money transfers to Asia

It's not surprise that as the most populated continent by far, Asian countries are among the biggest recipient of international money transfers. India, China and the Philippines are the top 3 recipient countries of remittances (international money transfers).

Some countries in Central Asia are among the most reliant on remittances, which represents for example more than 30% of Kyrgyzstan's GDP.

The financial inclusion is rising very quickly in Asia and the range of options to send money to most Asian countries is very diverse, from bank accounts pay-out, to mobile-phone top-up or even home-delivery of cash transfers.

International money transfers to Africa

The African Diaspora sends very significant amount to their home country each year. Those money transfers play an important role in the development of the continent and are often a very important source of foreign-exchange earnings.

The biggest recipient of remittances in Africa is Nigeria, followed by Sudan, Kenya, Senegal and South Africa.

The majority of money transfers to Africa are still cash-based, but the rise of mobile money in many African countries combined with the increasing availability of online money transfer deserving Africa from Europe and North America make it easier for many to save on their transfers to Africa.

International money transfer to America

The biggest international money transfer corridor in the world is between the United States and Mexico, with more than USD 25 billion transferred each year between the two countries.

Big receiver of remittances in Latin America and the Caribbean include Brazil and Chile, it's also worth noting smaller countries relying heavily on money transfers from abroad, like El Savador, Honduras or Haiti.

Nothern America is of course a big "sending" region of the world, but due to their very international population, may people also need to send money to the United States and Canada.

International money transfers to Europe

There are important cross-currency money transfers flows from, to and between European countries.

Germany, the United Kingdom and France are at the center of many of these flows. The European country with the biggest diaspora around the world is Poland, which is therefore also a very big recipient country.

Overseas money transfers to Oceania

As the biggest economies in the region, Australia and to a lesser extent New Zealand are the biggest receiver of international money transfers. Overseas money transfers from Australia totalled USD 16 billion in 2016 with the largest beneficiaries from these transfers were China, India, Vietnam and the Philippines.

The way forward, reducing the cost of international money transfers

Every day, million of people around the world are sending money to another country. Be it to support their families on a regular basis, moving their savings with them when they move abroad or purchase a property abroad.

The World Bank estimates that each year, more than 200 million migrants send money to their parents, husband, wife, children, supporting the livelihood of more than 700 million people worldwide, 10% of the world's population!

But because most people still use expensive banks or money transfer providers to make their transfer, an estimated 28 billion USD is lost each year in bad exchange rates and transfer fees.

Monito's mission is to help everyone sending money abroad find the cheapest. We do that by comparing the fees and exchange rates of money transfer providers in real-time and reviewing their services, to bring transparency to the money transfer market and help you make the right choice for your next transfer.