Look Out For in International Money Transfer Companies (IMPTs)
At Monito, our mission is to assist with international money transfer by helping you find the most efficient service to send it internationally. That is why, after years of independent comparing and reviewing transfer services across the world, we created the Monito Score, which represents hours of research from our money transfer experts, multiple tests of each service offered, as well as millions of price data points collected through Monito's comparison engine.
Monito Score: How Monito Reviews Money Transfer Services
The Monito Score provides you with an objective ranking of money transfer companies based on twelve criteria in four categories, helping you make better informed decisions:
Trust and Credibility: An assessment of trust based on various criteria such as authorisation by financial regulators, use of security protocols, company size and fee/exchange rate transparency;
Service Quality: An assessment based on qualitative testing of web and mobile apps of services to measure how easily accounts can be opened, funds transferred between accounts, customer support reached out to, orders/managed an associated debit/credit card etc;
Fees & Exchange Rates: Price rankings determined by how frequently a service was the least costly across hundreds of thousands of searches on Monito's comparison engine and whether its total cost for sending 1000 US dollars overseas fell under 1.5%;
Customer Satisfaction Index (CSI): Trustpilot has introduced a customer satisfaction index which measures customer happiness based on how many five-star reviews a service has gotten on Trustpilot relative to how many four and five-star reviews it has accrued overall.
Taken together, these four categories make up The Monito Score; an evaluation score out of 10, which provides a comprehensive and nuanced overview of a money transfer service's quality of service. >> How We Ranked International Money Transfer Companies and Organizations
Monito conducts rigorous evaluations on all services reviewed to ascertain their quality and assess any shortcomings in service provision.
When reviewing a money transfer service, our experts start by creating a user account in order to assess its functionalities, such as ease of registration and speed of transferring money. Once this evaluation has been conducted, several other criteria such as customer reviews, percentage of fees constituted by exchange rate margins fees pay-in options access customer service access volume transferred appropriate authorization and company size are evaluated against it.
Monito's comparison engine allows us to conduct an extensive analysis of hundreds of thousands of searches to understand how often a service was the cheapest or competitive against its rivals, providing a more accurate representation of pricing relative to market demand. As an additional step, this process is then repeated by another reviewer so they may peer-review and cross-reference each other's findings.
Frequently Asked Questions About Money Transfer Services (FAQs)
Can I trust Monito's reviews?
Monito has been using verified data since 2013 to make balanced and actionable recommendations for its users, in the form of consumer guides and reports, but also in-depth consumer reviews powered by The Monito Score; our composite evaluation system that measures 12 criteria across four categories. As a result, Monito has become the industry leader when it comes to international money transfers, exchange rates and neobanks.
How did you select and evaluate the top money transfer services?
When reviewing money transfer services, our experts begin by creating a user account to test its functionality; specifically registering easily and speeding money transfers. This gives them an accurate view of a platform's strengths and limitations. Next, we compare this score against several key criteria, such as customer reviews, fees derived from exchange rate margins, pay-in options, access to customer service and business and legal metrics such as volume transferred, authorization approval and company size. Finally, we analyze hundreds of thousands of searches conducted through Monito's comparison engine in order to assess how often a particular service was the cheapest or competitive with its rivals; providing us with a more complete picture of its pricing in relation to the market. Furthermore, this process is repeated by another reviewer for peer-review and cross-referencing purposes.
Why should money transfer specialists be preferred over banks and PayPal?
International money transfers tend to be much more costly with banks or PayPal than specialist money transfer services, due to them charging exchange rate margin fees of 5-10% of transfer values versus 1.5% charged by specialist money transfer services for comparable corridors. Check out our in-depth guide for more details!
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