All money transfer services offer the same basic service of debiting cash from a bank account, converting it to a foreign currency, and remitting it to the intended receiver. But behind the scenes, not all companies are created equal and customers have varying different wants and needs.
Some people who need a money transfer service to facilitate cross-border transactions might only care about the cost — and nothing else. Other customers might be happy to pay a slightly higher fee knowing they have immediate access to exceptional support. Potential clients need to take their time and perform a comparison of the best companies in the money transfer industry to pick what works best for their individual needs.
Let The Experts Do The Research
Consumers count on expert reviewers to help them pick a car, better understand how a mortgage works, and even what food to buy. So why should it be any different for the money transfer services industry?
MoneyTransferComaprison.com (MTC) compiled an in-depth, unbiased, neutral and informative review of the top currency exchange companies. Unlike other review sites, MTC doesn’t offer any potentially misleading promises, such as how much money they can save by using one service over another.
MTC clearly discloses when and if they stand to gain financially. This is detailed in its “About Us” page and validates its dedication towards transparency and honesty with its readers.
What The Pros Look For
Prospective consumers that aren’t sure what they are looking for in a money transfer service may want to consider MTC’s guidelines. MTC offers six attributes that are consistent with only the top-tier money transfer services.
These include: 1) quick and easy signup process, 2) properly regulated with relevant authorities, 3) upfront fees with zero hidden costs, 4) knowledgeable and experienced staff and the ability to obtain a dedicated dealer for high-amount transfers, 5) absence of any high-pressure sales tactics, and 6) ability to complete a transaction how and where the customer wants.
What Matters Most?
MTC reviews each money transfer service based on a combination of qualitative and quantitative attributes. This creates a more consistent review process since all companies are judged and evaluated equally.
The most common components that are reviewed include:
- Level of Service: Is it easy to sign up and are staff eager to help?
- Reputation: Does the company boast large numbers of very satisfied clients?
- Fees and Rates: Are the fees competitive with rivals and are there any hidden fees?
- Features and Functions: Is a mobile app available? Any other ancillary services offered?
- Global Reach: Does the company have a physical presence in key global financial hubs?
The Top Picks
MTC’s unbiased and consistent review of multiple platforms results in an overall scoring system of zero to 100.
As of April 2020, Currencies Direct ranks number one with a score of 97.8%. This is followed by World First at 95.4%, Moneycorp at 92.8%, Global Reach at 90.6%, OFX at 90.4%, and TransferWise at 86.8%.
Consumers should be reminded the top-ranking company might not be best for their individual needs. For example, MTC notes that a client that needs to send £50 won’t qualify for Currencies Direct and World First’s minimum transfer amounts of £100 and £1,000, respectively.
In this specific instance, Moneycorp is MTC’s top-ranked platform for clients that need to send smaller amounts.
As another example, suppose a client is looking for a money transfer service with a physical presence in Canada. According to MTC, the top-ranked money transfer service that fits the client’s unique and specific criteria is OFX.
More Than Just A Review Platform
MTC’s purpose is not only to review money transfer services but help readers understand the underlying industry. A more educated and informed customer is in a much better position to make the right decisions because they simply understand what they are doing.
Uneducated customers are more prone to making costly mistakes and falling victim to the unfortunate unethical practices that some money transfer services are known for.
Beyond all that, understanding how the global financial exchange industry works is important, especially during these volatile times. The global coronavirus pandemic wreaked havoc on the foreign exchange market which had more of an impact on less-informed people.
MTC’s FAQ section includes expert analysis and answers to dozens of the most pressing questions. More advanced readers can take advantage of MTC’s weekly currency update, including predictions and analysis of global currencies and key events to follow.
Bottom Line: Trust, But Verify
MTC and other review sites help customers move in the right direction but they have the ultimate responsibility to act in their best interest. Just because one company is ranked higher than another doesn’t make it the default superior choice for everyone.
As such, consumers are urged to trust MTC’s expert opinion but verify the validity of any and all claims before opening an account and starting a business relationship.