Trust and Credibility Analysis
Wise, TransferGo and Instarem stand out when it comes to trust & credibility for The Monito Score due to several reasons. These services excel because:
Wise moves over US$70 billion annually across borders for over 10 million customers; TransferGo provides services to 2.5 million customers and manages around PS1 billion of transfer principal funds each year;
Since Instarem's establishment in 2014, they have rapidly grown to serve two million customers, employ over 200 people, and transfer over US$4 billion worldwide annually.
Worthy Mentions and Special Considerations
Even though some providers earn higher Trust & Credibility scores, it is worth remembering that all services on Monito are completely trustworthy, meeting at minimum stringent trust and security criteria such as segregated user accounts, 128-bit encryption and HTTPS as well as authorisation by relevant financial regulators.
Trust and credibility rankings were also impressive for Remitly (8.9/10), CurrencyFair (8.5/10), and Remessa Online (9.0/10).
Western Union, MoneyGram and Ria also deserve special mention. Their Trust & Credibility scores were reduced as a result of non-transparent pricing practices; nonetheless they remain among the world's three largest money transfer services and remain highly reliable services as a result.
Breaking It Down By Service Quality
Wise and TransferGo both excelled when it came to their Service Quality score, joining Western Union as top three services in this category. Their positions can be explained by several factors including:
Wise provides fast and straightforward registration and money transfer processes; TransferGo offers intuitive money transfers with customer support readily accessible; whilst Western Union provides an almost unmatched variety of pay-in/pay-out methods.
Worthy Mentions and Special Considerations
Paysend (8.0/10), Remessa Online (7.7/10), CurrencyFair (7.5/10) and PayPal (7.8/10) also stand out as strong options, although due to fees we do not recommend PayPal as an international money transfer service despite its convenient mobile transfer platform.
Deliberating Over Fees & Exchange Rates
Fees & Exchange Rates is where Remitly, Wise and Global66 shine as top performers among money transfer services; their offerings have been used by millions of searches on Monito's comparison engine to establish this.
Remitly is most cost-effective and competitive among Monito searches for bank transfers (14%) and cash pick-up (64%); Wise offers similar results on 19% of available searches for bank transfers within all 12 months of 2022;
Global66 ranks first and last for Monito searches that include bank transfers for each month of 2022, at only 10% of available bank transfer searches.
Worthy Mentions and Special Considerations
Money transfer services that specialize in specific corridors may not appear among our global results above due to being priced competitively for that corridor alone.
SingX is often the lowest-priced and most competitive transfer service between Singapore, Hong Kong, and Australia - even more so than Wise or Remitly - while for transfers from Switzerland specialist services b-sharpe and Wise often offer competitive pricing while from UK-Poland corridor TransferGo is often best (though XE Money Transfer may offer similar prices.)
WorldRemit should also be mentioned, as it was the cheapest for 15% of available Monito searches for cash pickups but did not rank among the top three services.
To ensure you find the best offer for your specific transfer corridor, we advise using Monito's real-time comparison engine to search. Break It Down By Customer Satisfaction
By Customer Satisfaction metrics, Paysend, Wise and XE Money Transfer stand out as being among the best money transfer services on Monito. These providers consistently exceeded customer satisfaction metrics with impressive performance as measured by metrics such as:
Paysend: Over 89% of 23 thousand customers who gave feedback to Trustpilot gave Paysend five out of five stars; Wise: 81% of 116 thousand customers gave Wise five stars out of five on Trustpilot;
XE Money Transfer: Roughly 95% of customers who gave feedback on Trustpilot gave XE five out of five stars rating their experience as excellent.
Worthy Mentions and Special Considerations
Many services on Monito are highly-rated with customers, with some only narrowly missing making it into the top three - such as TransferGo (9.6/10), Azimo (9.6/10) and Remitly (9.5/10).
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