Transferwise, Currencyfair, PayPal, your bank…there are lots of different ways to exchange money into different currencies and, if you’re an expat living abroad, it might be something you’ll have to do quite often. In fact, many expats in Portugal do this on a monthly basis.
These days, most people know that high street banks charge ridiculously high fees and it’s best to use an online money transfer service. Ask most people which site to use and they’ll recommend Transferwise, but is it the best? That’s where Monito comes in.
Monito is a comparison site for sites like Transferwise, Western Union, and PayPal. Simply enter how much money you want to send, and from which currency to which currency, and Monito will work out which service is best.
The best option depends on multiple factors and, interestingly, it varies depending on multiple factors like how much money you’re sending, which currencies, and how quickly you want it.
Interestingly, The companies offering the best rates for sending €100 were often completely different to the companies offering the best rates for sending €100,000.
Also interesting was that Transferwise wasn’t the best option in multiple cases. That said, there’s a lot to be said for convenience. Signing up to new services can be time-consuming, and can often involve delays for ID checks, so if there’s only €0.10 of a difference, some people may not think it’s worth it if they already have a Transferwise account.
Monito is free to use and using it doesn’t add any additional costs to your transfer costs.
Generally, Monito did a much better job of finding the deals and it was a much more user-friendly experience as well. Some, like Wirecompare, only compared around 4 providers compared to Monito which compared 17.
One issue with several sites, including Monito, was that the “best deal” was an offer for new customers (e.g. no transfer fees on your first transfer), which isn’t helpful if you’ve already used that transfer service before as it skewed the results.
Overall, we didn’t find a site that was any better than Monito but, if I was transferring a lot of money, I might use several of them to make sure that I was getting the best deal just in case.