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Moneytrans Review: Sending Money Overseas, Safety, Usability, and Monito's Verdict
Byron Mühlberg
Guide
Monika Macur
Reviewer
Moneytrans is a good money transfer service (7.7/10) that Monito's experts sometimes recommend, particularly for money transfers from Europe to Africa. Although its fees and exchange rates are seldom the cheapest (6.2/10) and few customers have reported feedback so far (6/10), Moneytrans is nonetheless a large and trustworthy money transfer company with a long record of service (8.5/10) that offers a flexible, reliable, and easy-to-use transfer platform (8/10).
What Monito Likes About Moneytrans
- A variety of pay-in and pay-out options;
- An impressive 450 thousand payout locations worldwide;
- A long record of service and a good reputation;
- Customer support is available 24/7 and easy to reach.
What Monito Dislikes About Moneytrans
- Seldom the cheapest service for transfers from Europe to Africa;
- Creating a new account involves a lot of steps.
We recommend Moneytrans for transfers from Europe to Côte d'Ivoire, Nigeria, Cameroon, Kenya, and Senegal, as the service is particularly well-priced for transfers to these countries. However, because Moneytrans is usually not the cheapest transfer of all, be sure to compare services on Monito's real-time comparison before your next transfer abroad to make sure you're finding the best deal of all.
Category | Monito Score | Highlight |
|---|---|---|
8.5/10 | Trusted by 10 million customers across Europe and Africa. | |
8/10 | Signing up can take time, but making a transfer and contacting support are seamless. | |
6.2/10 | Not often competitive or the cheapest service on the market. | |
6/10 | Few (but good) aggregrated consumer review rankings. |
Last updated: 24/07/2021
Key Questions About Moneytrans Answered
Who Is Moneytrans For?
Moneytrans is available to Belgian, Dutch, British, Spanish, French, German, Italian, and Congolese residents. It supports transfers from these seven countries and around 80 foreign currencies worldwide.
See How Moneytrans Stacks Up
How Monito Reviewed Moneytrans' Services
As with all services reviewed by Monito, Moneytrans underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Moneytrans 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, as well as 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 Moneytrans 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, Moneytrans' score was peer-reviewed by at least one Monito expert.
Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission.
Trust & Credibility
Background check
Moneytrans is duly authorised and regulated by the National Bank of Belgium in Belgium and by the relevant authorities in all the countries in which it operates.
Security & reliability
Moneytrans' website is fully secured and makes use of top-notch security protocols, including segregated user accounts and HTTPS.
Company size
Founded in 2002, Moneytrans has a long history and boasts handling around US$72 billion in annual transfers, 10 million customers, and 160 employees.
Transparent pricing
Moneytrans is not fully transparent about its pricing, sliding over half (61%) of total fees into its exchange rates.
Can I Trust Moneytrans?
Moving more than US$72 billion across borders for around 10 million customers every year, Moneytrans is, without a doubt, a trustworthy choice as a money transfer partner.
Is Moneytrans Safe?
The short answer is yes, Moneytrans is safe indeed. Moving more than US$72 billion across borders for around 10 million customers every year, Moneytrans is a trustworthy service that offers institutional-grade security and preventative measures, such as two-factor login and verification procedures. What's more, Moneytrans holds its clients’ funds completely separately from their own business accounts, as per regulatory requirements, meaning that should the company have any financial difficulties, your money will remain safe.
Service & Quality
Opening an account
Opening an account with Moneytrans can take quite a bit of legwork, requiring a large number of signup steps to be followed.
Making a transfer
Making a bank transfer with Moneytrans is fast and straightforward, especially if you're sending money to an existing recipient.
Contacting support
Offering fast, responsive, and multilingual support 24/7 over the phone and on live chat, Moneytrans excels at customer support.
Moneytrans' Service Quality
While opening a Moneytrans account can be a lengthy process involving multiple steps, the money transfer process itself is impressively fast, all taking place on an easy-to-understand user interface.
Monito's Impressions During Our Test
Our reviewers found Moneytrans' platform easy to use and convenient for making an international payment, especially to an existing recipient. However, the website and mobile app user experience are not quite as polished as those of some of its competitors. For example, we found that we were required to re-login anew from the homepage upon completing an account registration — a minor inconvenience, but an inconvenience nonetheless. On the plus side, we found Moneytrans' customer support to be among the best we've sampled. They're easy to reach through a variety of methods just about every step of the way.
Moneytrans App Review
The Moneytrans app has garnered lukewarm reviews from a rather small number of users across the world. For example, on the App Store, the Moneytrans app has earned 3.6 out of 5 stars from fewer than 10 ratings, while on Google Play Store, the app garnered a similar 3.7 out of 5 stars from around 150 ratings. The Moneytrans app allows users to make international payments to bank accounts and cash pickup locations worldwide using a simple, clean interface.
Fees & Exchange Rates
Transfers to a bank account
Moneytrans was the best deal on a third (33%) of bank deposit transfer corridors analysed.
Transfers to cash pickup
Moneytrans was the cheapest option on 30% Monito cash pick-up transfer corridors analysed.
Moneytrans' Fees and Exchange Rates
Moneytrans is seldom the cheapest money transfer service compared to similar services, with its average cost of transaction cost per US$1,000.00 seldom being under 1.50%. In the end, this makes Moneytrans a poorly-priced money transfer operator, although it occasionally comes out on top.
Moneytrans Transfer Fees
Moneytrans charges a low commission fee for most transfers from Europe. As of July 2021, these commissions are as follows for transfers to various destinations:
- Poland: 1.00%
- Malaysia: 0.49%
- Kenya: 0.30%
- India: 1.00%
- Philippines: 0.80%
- Nigeria: 0.30%
- Côte d'Ivoire: 2.50%
- Cameroon: 2.00%
- Congo (DRC): 0.50%
- Senegal: 2.50%
Moneytrans Exchange Rates
All things considered, Moneytrans offers very fairly pricey exchange rates, the margins on which typically range between 1.60% and 4.00% above the mid-market exchange rate.
These exchange rate margins are levied in addition to the commissions highlighted above, and the combination of the two fees is which leaves Moneytrans a rather expensive choice for many transfers.
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We used a minimum viable amount of data to derive Moneytrans' 'Fees & Exchange Rates' score. The score may therefore change as new data comes in.
Compare Moneytrans' Fees & Exchange Rates
Customer Satisfaction
Customer review score
Garnering an average of 4.5 out of 5 stars from around 150 reviews on multiple platforms, Moneytrans is a well-liked company in the eyes of its customers.
Number of positive reviews
With just over 100 four- and five-star reviews on Trustpilot, Moneytrans doesn't yet have a large number of reviews to its name.
Customer Reviews of Moneytrans
Moneytrans has received overwhelmingly positive feedback from customers, albeit across a small number of total reviews. Among the dozens of reviews we surveyed, the following key themes and sentiments emerged from Moneytrans customers:
Positive Moneytrans Reviews
- Customer support is reliable, responsive, and available in many languages;
- Funds sent arrive quickly at their destination;
- The platform is simple and easy to use.
Negative Moneytrans Reviews
- Speed problems on the website;
- Transfer limits can be restrictive.
How Moneytrans Works
Step 01
Check Moneytrans' Rates
Use Monito's comparison engine to see how Moneytrans' 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 a Moneytrans Account
Sign up for Moneytrans by entering your full name, email address, mobile phone number, and date of birth.
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Step 03
Set Up Your Transfer
After setting up and account, you'll be prompted to choose which service you'd like to use. Click 'Money Transfer', enter your destination country and amount, and click 'Calculate'. In the next page, enter your payment method, reason for transfer, and source of funds.
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Step 04
Add Your Beneficiary
On the next page, click '+ New Beneficiary' and enter the details the person to whom you're sending your transfer. These include their full name, relation, country of residence, telephone number, and optionally their physical address and email address.
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Step 05
Enter Receiving Details
Finally, you'll need to enter your beneficiary's banking details or specify a cash pick-up location, depending on which pay-out method you chose in Step 03.
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Final step
Review and Pay
Go To MoneytransReview your transfer details and click 'All is OK, proceed to payment' to move to the final page on which you'll be required to enter your card details and fund the transfer.
