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Global66 Review: Transfer Fees, Safety, Usability, and Monito's Verdict
Byron Mühlberg
Guide
Monika Macur
Reviewer
Global66 is a good money transfer service (8.5/10) roundly recommended by Monito for online money transfers abroad from Latin America and Spain. Offering some of the best fees and exchange rates from available countries (10/10) and garnering excellent feedback from customers in the process (8.6/10), Global66's only major weak point was the time it can take to register, detracting from an otherwise fairly good service quality (6.3/10). However, despite being only a few years old, Global66 is nevertheless a fast-growing and highly reputable money transfer company (9.1/10).
What Monito Likes About Global66
- A nifty fee calculator that includes exchange rate margins;
- Highly competitive fees and exchange rates from Argentina, Chile, Colombia, Ecuador, Mexico, Peru, Spain, Brazil and the USA;
- A large number of receiving currencies across the globe;
- A well-designed and easy-to-use web app.
What Monito Dislikes About Global66
- Activating an account can take long and involves a number of steps;
- Card deposits are not supported as a delivery method;
- Credit and debit card payments are only supported through Webpay.
Global66 is particularly well-suited for transfers from Argentina, Chile, Colombia, Ecuador, Mexico, and Peru to countries worldwide, especially to the US and the Eurozone, where exchange rates are the most favourable. Global66 is also a good option for transfers from Brazil, but competition is tighter with Remessa Online and Wise. Run a search on Monito's comparison engine to find the cheapest service for your next money transfer in real-time.
Category | Monito Score | Highlight |
|---|---|---|
9.1/10 | Exchange rates are displayed very clearly and transparently. | |
6.3/10 | Signing up can take a lot of time, but making a transfer is seamless. | |
9.8/10 | Among the best fees and exchange rates available from South America. | |
8.3/10 | Very good aggregrated consumer review rankings all around. |
Key Questions About Global66 Answered
Who Is Global66 For?
Global66 is available to residents of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and supports transfers from the local currency (and/or the US dollar in the case of Ecuador and Peru) to 28 foreign currencies on every continent.
Trust & Credibility
Background check
Global66 is a member of the Santiago Chamber of Commerce and Fintechile, and its operations are subject to financial regulations in all countries in which it operates.
Security & reliability
Global66's platforms are fully secured and use top-notch security protocols, including segregated user accounts and HTTPS.
Company size
Although a fast-growing money transfer company that handles around USD 700 million in transactions each year for 300 thousand customers, Global66 is still a very new company without much of a track record.
Transparent pricing
Global66 is very transparent in its pricing, linking directly to mid-market exchange rates (constituting only 11% of total fees on average) on its sending page.
Can I Trust Global66?
Yes, Global66 is most certainly a trustworthy and credible money transfer service that has around half a million customers, over two hundred employees, and handles some USD 700 million in money transfers on an annual basis.
Is Global66 Safe?
Yes, Global66 is safe indeed. Not only is the company a licensed financial services provider, meaning it's duly authorized and supervised by the central banks and financial regulators of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, and Peru, but Global66 is also a member of the Santiago Chamber of Commerce and Fintechile, which ensure adherence to global standards of security, compliance, and competition.
Moreover, Global66 also offers institutional-grade security for their platforms, including 256-bit SSL encryption with a 2048-bit signature. This means its platforms are as safe as it gets when it comes to transacting over the internet.
Service & Quality
Opening an account
Opening an account with Global66 is easy enough to do, but it can take long to complete due to the number of regulatory steps involved.
Making a transfer
Having successfully registered for Global66, making a new money transfer is a fast and straightforward process.
Contacting support
Finding help when needed is easy with Global66 through its live chat feature.
Global66's Service Quality
Opening and managing an account, contacting customer service, and funding a transfer is easy to do on Global66's well-designed web platform. However, registering a new account involves many steps, and the relatively small number of pay-in and pay-out options can make the service inconvenient for some types of customers.
Monito's Impressions During Our Test
Our reviewers found Global66's online interface to be clean and well-designed all around, offering clear descriptions (in Spanish) and easy step-by-step tips and prompts. Despite the general lack of pay-in and pay-out methods and the number of regulatory steps involved in signing up — which we found to be Global66's largest drawbacks — setting up a new money transfer is impressively fast and convenient.
Fees & Exchange Rates
Transfers to a bank account
Often the cheapest transfer provider where it's available on Monito.
Global66's Fees & Exchange Rates
All things considered, Global66 charges very fair fees and exchange rates compared to its competitors. And while they're not the cheapest by global standards, for transfers from Latin America, there are few other money transfer companies cheaper than Global66 — evidenced by its strong performance on these corridors on Monito's comparison engine.
In general, you can expect to pay the following two types of fees when sending money abroad with Global66:
Global66 Transfer Fees
Global66 makes the bulk of its money from a fixed fee that it charges on all international money transfers. These fees vary significantly depending on the currency pairs and the pay-in and pay-out involved, but generally falls into the following ranges for transfers of USD 500.00 or currency equivalent:
- Brazilian real: R$75.00 - R$100.00
- Argentine peso: $0.00
- Chilian peso: $10,000 - $18,000
- Colombian peso: $50,000.00 - $80,000.00
- Mexican peso: $300.00 - $500.00
- Peruvian sol: S/. 60.00 - S/. 80.00
Global66 Exchange Rates
In addition to transfer fees, Global66 charges a highly variable exchange rate margin for many currencies. This fee — which is the difference between the mid-market exchange rate and the exchange rate offered to consumers by Global66 — is expressed as a percentage of the total transaction and tends to fall between 0.00% (Global66 sometimes charges no exchange rate margin) and around 2.00%.
Take a look at the table below to see how Global66's transfer fees and exchange rates impact the total transfer cost:
Destination Currency | Sent (MXN) | Fixed Fee (MXN) | Margin (%) | Margin (MXN) | Total Cost (MXN) |
|---|---|---|---|---|---|
US dollar | 10000 | 300 | 0.0002 | 1.88 | 301.88 |
Euro | 10000 | 400 | 0.0004 | 3.69 | 403.69 |
Colombian peso | 10000 | 450 | 0.0121 | 115.98 | 565.98 |
Brazilian real | 10000 | 403 | 0.0001 | 0.83 | 403.83 |
Venezuelan bolívar | 10000 | 520 | 0.0826 | 782.86 | 1302.86 |
Quoted: 15/06/2021 19:15 GMT +01:00
Compare Fees & Exchange Rates
Customer Satisfaction
Trustpilot reviews
4.4 stars from over 8,000 reviews.
Google Play reviews
4.2 stars from nearly 5,000 reviews.
Customer Reviews of Global66
Global66 is well-received by its users, receiving an overall 4.3 out of 5 stars on Trustpilot and a total of around three thousand 4- and 5- star reviews. Much of the customer feedback on Trustpilot reflected the following sentiments:
Positive Global66 Reviews
- Customer support is friendly and serious about solving problems;
- Transfers are fast and arrive on time;
- The fees are reasonable for the currencies involved;
- Status updates are provided with every step of the way.
Negative Global66 Reviews
- Certain steps of the transfer process could be better explained;
- Credit and debit cards aren't yet supported as a pay-out method;
- Discount codes sometimes don't work as they should;
- It takes time to register due to identification steps.
How Global66 Works
Step 01
Check Global66's Rates
Use Monito's comparison engine to see how Global66’s fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.
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Step 02
Register for an Global66 Account
Sign up for Global66 by providing your email address, a password, and your nationality.
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Step 03
Verify Your Account
In the next step, you'll be required to submit an identification number and upload a valid photo ID to verify your identity. Which documents you're required to upload will depend on whether you're a resident of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, or Peru.
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Step 04
Set-up Your Transfer
Once you're verified, you'll be able to start sending money. To do so, confirm your sending and receiving currencies, enter the amount you'd like to send, and then click 'Continuar' to reach the next step.
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Step 05
Add Your Beneficiary
Add the details of the person to whom you're sending money. This includes their full name, date of birth, email address, and physical address. In addition, you'll need to specify your relation to them (e.g. friend, relative, etc.) and enter their complete banking details.
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Final step
Review and Pay
Go To Global66In the final step, you'll be able to review your transfer to make sure everything's in order. Once you're done, click through to confirm the transfer, and then make the payment from your online banking to Global66's bank account as instructed.
