UK-headquartered Wise, formerly TransferWise, has been named the best money transfer service in the world, ranking the highest in trust and credibility, service quality and customer satisfaction, a research by money transfer comparison website Monito found.
Wise secured the highest Monito Score amongst an extensive list of international money transfer services from all parts of the world, ahead of veterans Western Union and MoneyGram, as well as established fintechs Xoom and PayPal.
The Monito Score leverages millions of pricing data points from Monito’s comparison engine to rank cross-border payment companies objectively on key criteria including business practice, customer experience and pricing.
Wise ranks first with nearly perfect score
With an overall score of 9.5 out of 10, Wise was recognized as the best money transfer service, scoring perfectly in trust and credibility, and the highest in customer satisfaction as well as service and quality.
Monito recommends Wise especially for small and medium-sized transfers destined for foreign bank accounts.
Founded in 2011 by Estonian entrepreneurs, Wise is one of the world’s fastest growing tech companies having raised over US$1 billion in primary and secondary transactions from world leading investors. 10 million individuals and businesses use Wise, which processes over GBP 5 billion in cross-border transactions every month.
Wise is expected to go public later this year in a deal that could value the company at US$6-7 billion, two sources told Reuters in April. It’s currently focused on a London listing and does not favor the option of merging with a special acquisition vehicle (SPAC) at this stage, one of the source said.
TranferGo named second best
With a score of 9.1 out of 10, TranferGo was ranked the second best money transfer service. Like Wise, TransferGo scored perfectly in trust and credibility, and amongst the highest in customer satisfaction, and service and quality.
Monito recommends TransferGo for users from Europe and Turkey looking for a variety of pay-in and pay-out options with competitive fees and exchange rates.
Founded in 2012, TransferGo has established itself as one of the most trusted money transfer services in the world that today services over two million customers.
Amid COVID-19, growth has accelerated drastically for TransferGo, with the firm recording a 60% uptick in cross-border payments last year. The company has been on a global expansion spree, entering more than 10 new markets in 2020 including Singapore and Saudi Arabia.
Remitly takes third position
With an overall score of 9.0 out of 10, Remitly was ranked the third best money transfer service, scoring perfectly in fees and exchange rates, and amongst the highest in customer satisfaction.
Monito recommends Remitly for international money transfers, especially when sending money for cash pick-up as its pricing is very competitive for these types of transfers compared to competitors.
Founded in 2011, Remitly is a US-headquartered company targeting migrant workers from the Philippines, India, El Salvador, and others. Between 2019 and 2020, the company reported a 200% customer growth, reaching three million in mid-2020. It attributed that to more competitive rates compared to incumbents like Western Union and MoneyGram, and a superior digital-first customer experience.
Remitly filed for an initial public offering (IPO) last week at a valuation of around US$5 billion, Reuters reported in May.
Other top money transfer services
Two Swiss companies made Monito’s top 20 best remittance services list: B-Sharpe was ranked 6th with a notable score of 8.3/10; while Exchangemarket.ch took the 10th position, scoring 7.1/10.
Despite being often criticized for their high fees and slow processes, MoneyGram and WesternUnion are still considered highly, offering reliable services that’s got them ranked 15th and 16th, respectively. That’s higher than Xoom and PayPal, two established fintech companies that scored rather poorly at 6.5/10 and 5.4/10, ranking 19th and 20th, respectively.
Top 20 Best Money Transfer Services, Ranked by Monito Score:
- Wise – 9.5/10
- TransferGo – 9.1/10
- Remitly – 9.0/10
- Paysend – 8.9/10
- Azimo – 8.5/10
- B-Sharpe – 8.3/10
- Skrill – 8.2/10
- Small World – 8.1/10
- SingX – 8.1/10
- Currencyfair – 8.0/10
- Instarem – 8.0/10
- Remessa Online – 8.0/10
- WorldRemit – 7.8/10
- Xe – 7.8/10
- MoneyGram – 7.7/10
- WesternUnion – 7.5/10
- Ria Money Transfer – 7.1/10
- Exchangemarket.ch – 7.1/10
- Xoom – 6.5/10
- PayPal – 5.4/10
