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Profee Review: Fees, Safety, Alternatives, and More in 2023

Byron Mühlberg, writer at Monito.com

Byron Mühlberg

Guide

Nov 20, 2023
Advertiser disclosure

Profee is a very good money transfer service (8.3/10) which our reviewers recommend for your next transfer abroad. Although a small company, Profee is licensed and legitimate (6.8/10) 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 user reviews (7.9/10).

What Monito Likes About Profee

  • Excellent exchange rates on Monito's comparison engine,
  • Simple, easy-to-understand web interface,
  • Fast card-to-card transfers, usually in minutes.

What Monito Dislikes About Profee

  • Some currencies like JPY, PHP, TRY, GHS, and ARS aren't supported,
  • Relatively new service with few customer reviews.
recommendation icon

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.

Key Facts About Profee

📍 Headquarters

Nicosia (CY)

📃 Incorporated

2017

👥 Employees

Around 50

📜 Company Name

Sibilla Solutions Ltd.

💳 Pay-in Methods
  • Bank transfer
  • Credit/debit card
  • SOFORT
🏧 Pay-out Methods
  • Bank deposit
  • Credit/debit card
⬇ Min. Transfer Amount

€5.85

⬆ Max. Transfer Amount

€15,000

💱 Currencies

36

💬 Languages

English, French, German 5 others

How We Review Money Transfer Providers

With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:

Is Profee Available in Your Country?

You can use Profee to transfer money from any EEA or UK bank account. To double-check if Profee works in your country, take a look at the dropdown list below:

Profee

Trust & Credibility

7.8

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 35+ other currencies around the globe. However, it currently doesn't support transfers to a few major currencies, most notably the following ones:

  • Japanese yen (JPY),
  • Philippine pesos (PHP),
  • Turkish liras (TRY),
  • Ghanaian cedis (GHS),
  • Argentine pesos (ARS),
  • Kenyan shillings (KES),
  • Bangladeshi taka (BDT),
  • UAE dirhams (AED)
  • South African rands (ZAR).

Speed is one of the most significant selling points of Profee. Indeed, according to its website, most card-to-card transfers arrive within two minutes of being sent. This makes Profee one of the fastest ways to send money abroad, 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 or credit or debit card deposits.

Profee Wallet

warning icon

As of 21 June 2023, Profee prepaid VISA debit cards and virtual cards are temporarily unavailable and should be restored soon.

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'll frequently spend in a foreign currency.

Fees & Exchange Rates

10

Transfers to a debit or credit card

Extremely cheap and competitive based on our search data.

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

7.9

Trustpilot reviews

4.7 out of 5 stars from over 1,500 reviews.

Google Play reviews

Around 3.7 out of 5 stars from over 1,700 reviews.

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 (over 1,500 on Trustpilot as of June 2023).

However, of these reviews, a majority of them are very positive, with the service's speed, ease of use, and ability to transfer to a wide number of currencies being most frequently praised.

FAQ About Profee

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

  • We've reviewed 50+ money transfer providers
  • We've made 100+ test transfers
  • Our writers have been testing providers since 2013
Learn more about us

Learn More About Profee's Alternatives

Monito.com

Global Impact Finance Ltd
Rue du Pont 22
1003 Lausanne
Switzerland

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