How We Review Money Transfer Providers —
Our Methodology
Our Analysis
At Transferly, we analyze big and small money transfer services that are available in the US and worldwide.
We compare and rank them based on merits such as exchange rates and fees, transfer speed, service quality, trust, security, customer satisfaction, and others.
To do so, we evaluate them completely and look into their services, structure, policies and transparency.
We then write our in-depth reviews on them to provide our users with all the knowledge they need to make informed decisions when sending money online.
Our Mission
Money transfer providers are not as transparent as they should be. They often do not clearly reveal all the fees both parties will incur when you send money online. That can complicate the process of transferring money to your loved ones, and can lead to unexpected fees.
At Transferly, we know everyone’s needs are different, which is why our main mission is to help people find the best way to transfer money. We are constantly reviewing and researching the most affordable ways to send and receive money internationally.
That’s why we offer both a quick real-time comparison engine and in-depth reviews of money transfer services. With our online comparison service, you can quickly find the best money transfer options for your next money transfer. On the other hand, our in-depth reviews offer a lot more information so you can learn more about your money transfer service of choice.
How We Rate Money Transfer Services
Finding the money transfer service that fits your needs can be difficult. There are many factors to consider, and choosing the wrong service may lead to your money not arriving on time, or it may result in excessive and unexpected fees.
Our research teams test money transfer providers in five categories:
- We look at the fees and exchange rates, making sure to include any hidden fees, as well.
- We consider the transfer speed.
- We inspect the quality of service.
- We pay attention to whether the transfer service is trustworthy.
- We take a look at overall customer satisfaction.
At Transferly, we rate each service on a scale from one to ten. Those with a score of 10 represent the best available option.
How We Rank Fees & Exchange Rates
For most people, the cost of the money transfer service is the main point on which they base their decision. We give a ranking of fees and exchange rates that we base both on advertised and hidden fees. By looking at a provider’s advertised prices and comparing them to mid-market prices, we determine if any hidden fees can result from a markup on the exchange rate.
We base our ratings on the following criteria:
- If the transfer service offers a flat fee per transfer or it takes a percentage of the money you’re sending
- The percentage of searches on Transferly where the money transfer provider was the cheapest option
- If the provider offers a promotion available to Transferly users who choose to use the money transfer service
How We Rank Transfer Speed
Transfer speed is the second most important point to consider when searching for a money transfer service. Which one you choose will depend on whether you need to send or receive money instantly, or if you can wait a day for the money to arrive.
At Transferly, we look at the time it takes for the money to transfer from one account to another. We compare that time with the expected transfer speed claims given by the service. Additionally, we look at the transfer speeds other money transfer providers offer.
How We Rank Quality Of Service
We rank money transfer services based on their quality of service in the US and abroad. First, we look at the number of countries the transfer service is available in and the number of languages it supports.
Then we look at the availability and flexibility of the provider, based on the following criteria:
- Payment options for sender (bank account transfer, credit and debit cards, online, in-person, etc.)
- Receiving options for the recipient (bank account, storefront cash pickups, mobile money, etc.)
- Any additional services the transfer service offers (standing orders, travel cards, bill payments, etc.)
- Whether the service only provides bank-to-bank transfers, rating higher those who provide other options, as well.
How We Rank Trust & Security
We make sure that each provider listed on Transferly is licensed and authorized. However, that’s the bare minimum for trust and security, which is why we also take into account the credibility of the provider.
We base credibility on the number of positive reviews and the number of customers that use the service regularly. Additionally, we take into account the number of employees the company has. Furthermore, we look at which ID numbers are necessary to send a transfer.
How We Rank Customer Satisfaction
Customer satisfaction is a key indicator of the level of overall service each provider is offering and if they are meeting their users’ needs in an effective way. We rate customer satisfaction based on two criteria:
- Reviews – We look at thousands of reviews that the customers who used the service left on various websites.
- Support – Our researchers look at the quality of customer support. They base this on how responsive and helpful the customer support representatives are.
Kenneth James
- Last updated:
- January 1, 2021
- 1:45 pm
- By Kenneth James
