Global66 Review: Transfer Fees, Safety, Usability, and Monito's Verdict

Byron Mühlberg, writer at Monito.com
Jun 16, 2021
Affiliate disclosure

Global66 is a good money transfer service (8.2/10) 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 (9.4/10) and garnering excellent feedback from customers in the process (8.3/10), 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 (8.4/10).

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.
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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.

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.

How Monito Reviewed Global66's Services

As with all services reviewed by Monito, Global66 underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Global66 account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, and business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed hundreds of thousands of searches on Monito's comparison engine to determine how often Global66 was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of its pricing in relation to the market. As with all Monito Scores, Global66's score was peer-reviewed by at least one Monito expert.

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Global66 at a Glance

Trust & Credibility

8.9

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 US$300 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 one hundred employees, and handles some US$300 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

6.3

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, although no live chat option is available.

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

9.4

Transfers to a bank account

Global66 was the cheapest option on 83% Monito cash bank transfer comparisons over the past three months.

Transfers to cash pick-up

Global66 was the cheapest option on 99% Monito cash pick-up comparisons over the past three months.

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 US$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:

Compare Fees & Exchange Rates

Customer Satisfaction

8.3

Customer review score

With a 4.3/5 star rating on Trustpilot, there’s no doubt that Global66 has made a very good impression on its customers.

Number of positive reviews

With over three thousand four- and five-star reviews on Trustpilot, Global66 is liked by many of its customers.

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.

  • Step 02

    Register for an Global66 Account

    Sign up for Global66 by providing your email address, a password, and your nationality.

  • 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.

  • 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.

  • 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.

  • Final step

    Review and Pay

    In 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.

    Go To Global66

Frequently Asked Questions About Global66

Monito.com

Global Impact Finance Ltd
Avenue de Montchoisi 35
1006 Lausanne
Switzerland

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