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Profee Review: Fees, Safety, Alternatives, and More

Byron Mühlberg, writer at Monito.com
Nov 23, 2022
Affiliate disclosure

Profee is a very good money transfer service (8/10) which our reviewers recommend for your next transfer abroad. Although a small company, Profee is licensed and legitimate (7.3/10) and offers an excellent product and service on its app (8.5/10) for low fees and exchange rates (10/10). However, because it's still a small money transfer platform, Profee doesn't yet have many reviews from its users (6.7/10).

What Monito Likes About Profee

  • Excellent exchange rates on Monito's comparison engine.
  • Simple, easy-to-understand web interface.
  • Fast transfers, usually in minutes.
  • Option to open a multi-currency wallet and card.

What Monito Dislikes About Profee

  • Some major currencies such as USD and AUD aren't supported.
  • Relatively new service with few customer reviews.
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A fast and well-priced money transfer option, we recommend Profee for transfers from Europe. However, if you'd like to transfer money for cash pick-up or make sure you're getting the best deal of all, then we recommend running a search on Monito's real-time comparison engine to find the best deal.

Where Is Profee Available?

Profee is available to residents of the EU/EEA

How Monito Reviewed Profee

As with all services reviewed by Monito, Profee underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Profee 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 over 100 thousand searches on Monito's comparison engine to determine how often Profee was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, Profee's score was peer-reviewed by at least one Monito expert.

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Trust & Credibility

7.5

Background check

Valid authorisation from all relevant financial authorities.

Security & reliability

Segregated accounts, HTTPS, Tier4 data centers, etc.

Company size

Founded in 2017, Profee is still a small and new company.

Transparent pricing

Exchange rate margin isn't displayed transparently on the homepage calculator.

Can I Trust Profee?

Yes, Profee is a safe and secure money transfer platform that you can most certainly trust to deliver your funds from A to B.

Profee is a Cyprus-based money transfer company that's duly licensed as an Electronic Money Institution (EMI) by the Central Bank of Cyprus, making it a legitimate company that's fully compliant with EU standards and regulations. Among these regulations is the requirement that your funds as a customer be held in a "segregated safeguarding account". This means that your money is always held separately from the company’s business accounts and will therefore not be used to run the company.

Aside from its legal and regulatory status, Profee is also a highly secure platform that adheres to the latest security protocols on the internet, such as secure servers, HTTPS, and more.

The only reason we didn't score Profee higher in this section is because it's (1) a relatively young company with a small corporate size and (2) it isn't totally transparent about making money on the exchange rate, instead being ambiguous on its homepage about whether or not the exchange rate displayed is the same as the mid-market exchange rate.

Service & Quality

8.5

Opening an account

Opening a new account is fast simple, requiring only a phone number and a few personal details.

Making a transfer

The interface makes transferring money simple and easy to do in just minutes.

Contacting support

Support is available by phone, email, and live chat.

Profee's Service Quality

Profee provides a fast, seamless, and clean experience for sending money abroad, and we found it to be an excellent all-around money transfer platform in our tests.

With Profee, you can quickly send money from the EU/EEA to 27 other currencies around the globe. Interestingly, Profee is one of the few money transfer platforms supporting transfers to RUB in Russia. However, it currently doesn't support transfers to a few major currencies, most notably the USD and AUD.

Speed is one of the biggest selling points of Profee. Indeed, according to its website, most transfers arrive within two minutes of being sent. This makes Profee one of the fastest ways to send money abroad of all, on par with the likes of Wise and Remitly.

Profee supports transfers by bank transfer and debit or credit card and pays out funds to foreign bank accounts as a local deposit.

Profee Wallet

In addition to international money transfers, Profee also offers you the option to open a digital multi-currency wallet and get a prepaid Visa debit card (and virtual cards) for no additional cost (unless you order the physical card which costs €9.99 to be delivered).

This account is a complete and versatile offering. For example, the cards come integrated with all the bells and whistles such as contactless payments, Google Pay, and Apple Pay. The online account allows you to spend online or in-person in multiple foreign currencies at Profee's low exchange rates, making it an excellent addition to the money transfer service if you know you're going to be spending frequently in a foreign currency.

Fees & Exchange Rates

10

Transfers to a bank account

Transfers consistently cost below 1.5% in total fees.

Profee's Fees & Exchange Rates

There are no two ways about it — Profee is a very cheap way to send money to a foreign currency from Europe.

Like most international transfer platforms and banks, when you send money internationally with Profee, you'll be charged two types of fees: (1) a fixed fee and (2) an exchange rate margin (meaning Profee will offer you a slightly worse exchange rate than the 'real' mid-market exchange rate and pocket the markup).

At Profee, the fixed fee is usually around €1 or currency equivalent per transfer and the exchange rate margin is around 1% of the total transfer amount. This means that for a €1,000 transfer, you'll pay around 1.11% (or €11.10) in total fees. This is much cheaper than the bank, which typically charges anywhere between 3% and 9% in total fees for a similar transfer.

Compare Profee's fees to those of other leading platforms:

Customer Satisfaction

6.7

Customer review score

A rating of 4.7 out of 5 stars on Trustpilot.

Number of positive reviews

Fewer than 1,000 four- or five-star reviews in total.

Profee Reviews

Profee is a relatively new service that's only recently begun to pick up in terms of popularity. As a result, there are few independent reviews from consumers to date (fewer than 1,000 on Trustpilot as of October 2022).

However, of these reviews, a majority of them are very positive, with the service's speed, ease of use, and ability to transfer to Russia being most frequently praised. This is because many popular services like Western Union have suspended their services to Russia, making it difficult to send money to the country.

FAQ About Profee

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Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.