Best Money Transfer Services by Trust & Credibility
Best Money Transfer Services by Service Quality
Best Money Transfer Services by Fees & Exchange Rates
Best Money Transfer Services by Customer Satisfaction
Frequently Asked Questions About the Best Money Transfer Services
Can I trust Monito's reviews? 🤝
At Monito, we've been using verifiable data to make balanced, actionable recommendations for our users since 2013. Some of these recommendations mostly come in the form of consumer guides and reports. Still, many of them also come in the form of in-depth consumer reviews powered on The Monito Score, a composite evaluation based on 12 criteria in four categories. As a result, Monito is a world leader in comparing international money transfers, exchange rates, and neobanks.
How did you pick and test the best money transfer services? ✍
When reviewing a money transfer service, our experts start by opening a user account to test out its functionalities, including the ease of registration and speed of transferring money. This provides a well-rounded overview of the platform's strengths and limitations. Next, we weigh 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, business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we run an analysis of hundreds of thousands of searches on Monito's comparison engine to determine how often the service in question is the cheapest and how often it was competitive against its rivals, giving a reliable overview of the service's pricing concerning the market. As a final step, the review process is then repeated by a second reviewer to peer-review and cross-reference.
Why are money transfer specialists recommended over banks and PayPal? 💸
All in all, sending money internationally is significantly more expensive with the bank or PayPal than with a specialist money transfer service. This is because both the bank and PayPal frequently levy exchange rate margin fees upwards of 5% of the transfer value, where money transfer specialists levy margins below 1.5% for comparable corridors. Take a look at our in-depth guide to find out more.
Which money transfer services were tested for this article? 💻
To come up with a ranking of top money transfer services ranked by Monito Score, our reviewers tested and compared a total of 29 top-notch money transfer services, with many more to come. Among the services we tested were big-name digital players such as Wise (ex-TransferWise) and Remitly, large, traditional money transfer operators such as Western Union, MoneyGram, and Ria, and even mobile transfer platforms such as PayPal and Skrill.