How we review money transfer providers
Monito’s mission is to help millions of people around the world find a better way to send money abroad.This often means helping you find the cheapest provider for your transfer with our real-time comparison engine, but also providing you with our in-depth reviews, where we evaluate providers based on the user experience they offer, their credibility, the quality of their customer support or their transparency.
On this page, we explain in details how we evaluate money transfer providers based on a set of more than 50 criteria, to help you make the best decisions.
The Monito Score: a set of 50+ objective criteria to evaluate money transfer solutions
We’ve been reviewing money transfer providers since 2015, creating test accounts on their websites and downloading their mobile apps, going through tons of customer reviews and reading all the FAQs, in order to write our own, well-researched and balanced reviews.
Based on our experience in the industry, we are now launching the Monito Score, a composite evaluation based on 56 criteria organized in seven categories:
- Fees & Exchange Rates
- Ease of use
- Credibility & Security
- Service & Coverage
- Customer satisfaction
- Customer support
As a leading comparison platform in the money transfer industry, our money transfer provider reviews are read by thousands of users each week. Our goal with this more advanced methodology is to ensure that we are fair in our assesments of different money transfer companies and to give our users really detailed insights they can trust.
If you have questions on our methodology, find some innaccuracies in our reviews or want to share your feedback, reach out to us at email@example.com.
Fees & Exchange rates
The cost of the transfer is a key aspect of our rating and is based on the following criteria:
- Percentage of searches on Monito for which the provider is the cheapest option
- Percentage of searches for which the provider is competitive
- Whether or not the provider is offering a promotion to Monito users
- Whether or not the pricing data is made available to Monito in a way that allow the provider to be compared in real-time
Ease of Use
Based on our own review and user tests, we evaluate how easy it is to use a provider's service, and attribute points based on the following criteria:
- Easy to understand a customized landing page
- Straightforward sign-up process
- Configuring transfers is quick and easy
- Many users redirected to the provider make a transfer
- Sign-up and transfer can be done online on desktop and mobile
Credibility & Security
We make sure all providers listed on Monito are licensed and authorized, but in this category we also take into account other criteria that can add to a provider's credibility, such as
- Number of positive reviews
- Total amount transferred for their customers
- Number of employees
Service & Coverage
We look at the geographical coverage of the providers we review as well as the variety of services they offer:
- Number of sending and receiving countries
- Number of available languages
- Pay-in options (bank transfer, credit and debit cards, etc.)
- Pay-out options (bank, cash pick-up, mobile money, etc.)
- Additional services (travel card, bill payment, standing orders, etc.)
It is key for us that the providers we recommend have good and genuine customer reviews.
We look at thousand of reviews from website like Trustpilot to see how good or bad customers rate providers' services.
The quality of the customer support of the providers we review is scored based on how easy it is to contact a provider and get answers to your questions.
Providers also get additional points for offering a live chat or a phone number they can be reached on.
This last criteria is very important for us. We like providers who display their fees and exchange rates clearly to their users.
If providers are making money on the quoted exchange rate, It's also important they make this clear.
Discover our in-depth reviews of selected money transfer companies
User Experience Benchmark Study 2018
We analyzed more than 50 users tests to highlight the key aspects of what makes a good or bad user experience when sending money online.
Based on 10 criteria specific to the user experience, we were able to rank providers and select TransferWise, TransferGo and CurrencyFair in our top 3 of the providers offering the best user experience.
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