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The Best Money Transfer Services Ranked By Monito Score

Jun 7, 2021

In today's ever-digitizing world, consumers have more choice than ever for transferring their money across borders. However, while all that choice can be a good thing for you, how do you know you're getting the best deal?

If you're at all familiar with sending money abroad, you've probably noticed transfer services advertising themselves as "the cheapest", "the most convenient", or "easiest to use". And while each service has its merits, you've probably also realised that they couldn't all be the best!

At Monito, our mission is to guide your money across borders by helping you to find the best service to send your money internationally. We’ve spent years independently comparing and reviewing transfer services across the globe. That's why we've launched the Monito Score, the culmination of hours of research by our money transfer experts, multiple tests of each, and leveraging millions of pricing data points from Monito’s comparison engine. 

The Monito Score ranks money transfer companies objectively on twelve criteria in the following four categories to help you make informed decisions:

  • Trust & Credibility: A confidence ranking based on several factors such as authorisation by financial regulators, use of security protocols, company size, and fee and exchange rate transparency;
  • Service Quality: A service score based on a qualitative test of a service's web and mobile apps to determine the ease of opening a new account, making a transfer, contacting customer support, and ordering/managing an associated debit/credit card;
  • Fees & Exchange Rates: A price ranking determined by how often a service is cheapest across hundreds of thousands of searches on Monito's comparison engine and how often the total cost of sending 1,000 US dollars overseas is below 1.5%;
  • Customer Satisfaction: A customer-centric ranking based on how many five-star review ratings customers have given to a service on Trustpilot weighted against the absolute number of four- and five-star reviews the service has received.

Taken together, these four categories combine to form The Monito Score, a score out of 10 awarded to each money transfer service that provides a detailed and nuanced overview of the quality of their service.

In this guide, we explore the top money transfer services on Monito, broken down into each category:

Best Money Transfer Services Overall by Monito Score

1. Wise is a world-class option for money transfers overseas, one we recommend especially for small- to medium-sized transfers destined for foreign bank accounts.

2. TransferGo is ideally suited for users who want to make transparent money transfers quickly and easily from Europe and Turkey to countries all over the world.

3. Remitly is a highly recommended provider for international money transfers, especially when sending money for cash pick-up.

Breaking It Down

As you'll have seen above, the three money transfer services with the best Monito Score are Wise, TransferGo, and Remitly. However, before you go rushing off to either of the three, it's worth having a closer look at where exactly each service is most useful:

  • Wise: Available in the EEA, UK, US, Singapore, Japan, Australia, and New Zealand, we recommend Wise especially for small- to medium-sized transfers destined for foreign bank accounts as its pricing is usually the most competitive of all for these transfers;
  • TransferGo: Available for transfers from Europe and Turkey to countries across the globe, we recommend TransferGo for those looking for a variety of pay-in and pay-out options at very fees and competitive exchange rates;
  • Remitly: Available in Europe, North America, Singapore, and Australia, we recommend Remitly particularly for transfers destined for cash pickup, as its pricing is extremely good for these types of transfers.

Trust & Credibility: Breaking It Down

When it comes to the Trust & Credibility component of The Monito Score, Wise, TransferGo, and Instarem are the strongest services for the following reasons:

  • Wise: Moves more than US$70 billion across borders for more than 10 million customers every year;
  • TransferGo: Around 2.5 million customers and around £1 billion being handled in transfer principal;
  • Instarem: Since its establishment in 2014, Instarem has grown to serve two million customers, employ over 200 people, and transfers over US$4 billion worldwide annually.

Worthy Mentions and Special Considerations

While some providers earn a higher Trust & Credibility score than others, it's well worth keeping in mind that every service you encounter on Monito is completely trustworthy and meets, at minimum, a set of stringent trust and security criteria. These include top-notch security protocols such as segregated user accounts, 128-bit encryption, and HTTPS, as well as due authorisation by the relevant financial regulators.

Other money transfer services that rank well in the Trust & Credibility category, which didn't make the top three include Remitly (8.9/10), CurrencyFair (8.5/10), and Remessa Online (9.0/10).

Worthy mentions also go to Western Union (7.5/10), MoneyGram (7.6/10), and Ria (8.0/10) — which despite seeing their Trust & Credibility scored lowered as a result of non-transparent pricing — remain the largest, second-largest, and third-largest money transfer companies on the globe and are highly credible services as a result.

Service Quality: Breaking It Down

When it comes to the Service Quality score, Wise and TransferGo once again perform well and are joined by Western Union to form the top three services for this scoring category. For each service, the placement came down to the following factors respectively:

  • Wise: Registering an account and setting up a money transfer is speedy and seamless;
  • TransferGo: Setting up a money transfer is straightforward, and customer support is conveniently reachable;
  • Western Union: An almost unmatched scope of pay-in and pay-out methods are available.

Worthy Mentions and Special Considerations

Other services to show their strength in this category include Paysend (8.0/10), Remessa Online (7.7/10), CurrencyFair (7.5/10), and PayPal (7.8/10), the latter of which we don't recommend for international money transfers due to the fees despite its convenient mobile transfer platform.

Fees & Exchange Rates: Breaking It Down

In the Fees & Exchange Rates category, Paysend, Wise, and Remitly show themselves to be the best-priced money transfer services based on data from hundreds of thousands of searches on Monito's comparison engine:

  • Paysend: Cheapest and competitive on 25% and 100% of money transfer corridors analysed respectively;
  • Remitly: Cheapest and competitive on 62% and 44% of available Monito searches for bank transfers respectively over the first three months of 2021;
  • Wise: Cheapest and competitive on 33% and 59% and of available Monito searches for bank transfers respectively over the first three months of 2021.

Worthy Mentions and Special Considerations

The cheapest money transfer service can be very specific from region to region. Therefore extremely well-priced services that specialize in individual corridors may not feature on our global results above.

For example, for transfers from Singapore, Hong Kong, and Australia, SingX is very frequently the best-priced and most competitive service of all, even more so than Wise or Remitly. Similarly, for transfers from Switzerland, specialist services Exchange Market and b-sharpe often offer the best pricing, while for transfers from the UK to Poland, EasySend frequently comes out on top (although Paysend is very competitive on this corridor too.)

Also worthy of mention is Azimo, which has an outstanding global Fees & Exchange Rates score (9.2/10) but did not make it into the top three.

To get around this problem and make sure you're finding the best deal for your specific transfer corridor, we recommend running a search on Monito's real-time comparison engine below:

Compare Money Transfer Services

Customer Satisfaction: Breaking It Down

By Customer Satisfaction, the best money transfer services on Monito are Paysend, Wise, and XE Money Transfer, which consistently impressed their customers by the following metrics:

  • Paysend: Around 89% of 23 thousand customers who gave their feedback on Trustpilot rated Paysend five out of five stars;
  • Wise: Around 85% of 116 thousand customers who gave their feedback on Trustpilot rated Wise five out of five stars;
  • XE Money Transfer: Around 95% of 45 thousand customers who gave their feedback on Trustpilot rated XE five out of five stars.

Worthy Mentions and Special Considerations

Many services on Monito rank very highly with their customers, and some only just missed making it into the top three. These include TransferGo (9.6/10), Azimo (9.6/10), and Remitly (9.5/10).

The Best Money Transfer Services for Various Use Cases

Each money transfer specialist has its strengths and weaknesses, with some being better suited for transfers between certain countries while others shine at particular pay-in methods. Take a look at the breakdown below to discover the top providers for major use cases according to The Monito Score and data from hundreds of thousands of searches on Monito's real-time comparison engine:

Best Money Transfer Services By Service Type

Best overall for bank transfers: Wise

Best for cash pick-ups: Remitly

Best for card transfers: Paysend

Best for mobile money: WorldRemit

Best for coverage: Western Union

Best for desktop transfers: Wise

Best for mobile transfers: Wise

Best for offline transfers: Western Union

Best for customer support: Wise

Best for transparent pricing: TransferGo/Wise

Best Money Transfer Services By Region

Best for sending money from the US to India: Remitly

Best for sending money from the US to Canada: Wise

Best for sending money from the US to Mexico: Remitly

Best for sending money from Canada to the US: Wise

Best for sending money from the UK to Poland: EasySend

Best for sending money within Europe: Azimo

Best for sending money within Asia: Wise

Best for sending money from Asia to Europe: Remitly

Best for sending money from Asia to N. America: Remitly

Best for sending money from N. America to Europe: Azimo

Best for sending money from Europe to N. America: Wise

Best for sending money from S. America to N. America: Global66

Best for sending money from N. America to S. America: Remitly

Best for sending money from Singapore: SingX

Best for sending money from Brazil: Remessa Online

Best for sending money from Switzerland: b-sharpe

Find The Best Service For Your Needs

Regardless of whether security, price, service quality, or other customers' opinions is the most important factor for you when looking for a money transfer service, there is plenty to compare to find the best deal to suit your individual needs.

On Monito's award-winning comparison engine, you'll not only be able to compare money transfer services by the cost, but you'll also be able to rank and select money transfer services by their Monito Score, aspects of their service (e.g. pay-in and pay-out methods), transfer time, and explore the transfer details, as highlighted below:

To get started, simply run a search on Monito's comparison engine and find the best service to suit your needs.:

Compare Money Transfer Services Fees & Exchange Rates

How Monito Reviews Money Transfer Services

All services reviewed by Monito undergo a rigorous evaluation to assess the quality of their service.

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 in relation to the market. As a final step, the review process is then repeated by a second reviewer to peer-review and cross-reference.

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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.

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Frequently Asked Questions About the Best Money Transfer Services

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Learn More About Monito
  • Monito is Trusted by 15+ Millions Users across the globe.

  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

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