The importance of advice on money transfer services
The money transfer market is huge and very competitive. That’s why it can be difficult to choose the money transfer service you want to use. First, you need to look at which operator is available on the route you are targeting (for example, USD to EUR). Then you have to compare the rates by each of these services to see which one provides the best price. Finally, even if the operator offers the best rate, you must ensure that this service is efficient and secure.
The best thing to do before anything about money transfer services is to look at the opinions of other users. Some comparison platforms can even provide you with complete and detailed reviews with all information regarding price, speed of transfer, user experience, availability on the road, services offered and user reviews.
On Moneytis, we give a score to each money transfer service that takes into account a multitude of criteria that we classify into 6 categories.
The price
The first criterion to take into account is the price of the service. Each money transfer company charges different fees, which change themselves according to different factors such as the method of payment or the country of destination. We carry out a detailed analysis in real-time according to the price if desired by our users.
The delay of the transfer
The speed of the transfer is almost as important as the cost. It depends on the method of payment and receipt, so we start on a common basis to list the different money transfer services. We consider that a bank transfer that takes 2 to 3 days is a good delay.
The user experience
Compare the delay of the transfer and its cost is important. But another important element to consider is the ease of use of the service. Some services are easy to use where others can become nightmares. This is why we decided to rate the user experience by following different criteria: the score is based on our tests of the solutions and the feedback given by our users.
- Ease of access to a quote: is it possible to obtain an instant estimate for a specific transfer online? Or do you have to create an account first and call them?
- Easy to create an account: can all the steps be done online? Or you must also make a phone call? Or a physical identity check? Are additional documents needed? Is the account validation instant?
- Quality of customer service: is it responsive and useful? Is a cat available?
- The conversion rate of our users: overall, to get an idea of the user experience, we can just look at this figure. How many users who have been redirected to the platform have been able to validate a transaction?
The market
Does the money transfer service cover a specific market (eg send US money to India), does it cover an entire country (eg send money from France, does it cover a continent or is it international?
Services
This criterion is about the diversity of complementary services offered.
- Does the service provide different ways to send money (bank transfer, credit or debit card) and receive money (bank deposit, cash, prepaid cards, etc …)?
- Does the service provide additional services such as the ability to settle a regular transaction, make professional payments, to be notified on exchange rate changes?
User Reviews
The opinion of other users is always a criterion to take into account, it is probably the most relevant indicator because it means everything. A trusted source of reviews is Trustpilot.
Here a list of the best money transfer services
SuperCapital: SuperCapital is a very useful and powerful tool that is efficient and secure.
TransferWise: One of the cheapest solutions on the market. The first company using P2P technology for money transfers.
Tempo: Practical service that offers good exchange rates. They are ready to fight for their users.
The Blockchain network: Very powerful and economical if available on your corridor.
Azimo: Among the best user experiences.
WordRemit: Easy to use. Available on many roads.
TransferGo: Simple to use service. Fast transfers.
XendPay: Efficient tool, easy to use and available for many currencies. Can take time.
CurrencyFair: Very good choice to send large amounts. Service dedicated to individuals and companies.
Torfx: Fast and transparent service.
CurrencySolutions: Perfect for sending large amounts.
WordFirst: Offers many services at competitive prices.
WesternUnion: Global coverage but expensive and difficult to use online.
Ria: A good alternative for your money transfers.
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