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| Monday, August 3rd, 2015

How do you rank and review money transfer providers?

At FXcompared, we take great pride in introducing the right clients to the right brokers. We understand that many more factors other than price are important when a client decides what provider to use for their money transfer needs.

Our money transfer comparison algorithm takes account of a much broader variety of factors that are important to an individual or business sending money internationally. The factors that we take into account of in our listings, both the comparison results and reviews include:

  • The service provided by the broker
  • This includes items such as whether there is a local market forex specialist available for the local market time zone or whether they are an online-only provider.
  • Whether there is local market settlement available so that if a client is sending money from a particular country, they can send their initial funds to a bank account in that same country. This both speeds up the process and helps avoid the potential of additional wire fees
  • How effective the provider is at servicing clients introduced by FXcompared. This may differ by both size of the transaction and the currency pairs for the transaction

The ratings stars shown on each company reviews as well as the written text will reflect a number of items and the overall star rating is at the final discretion of the FXcompared team. The trust and credibility of the broker can be shown by factors such as:

  • How other users of that broker have rated the broker which can include user reviews
  • How long the broker has been in business
  • How much foreign exchange turnover is handled each year
  • What the credit rating is for a broker
  • How they treat and pay suppliers, partners and affiliates which can include their relationship with our website such as transparency of information provided
  • Other products that the broker can offer

For larger items such as overseas property purchases or for businesses, forward contracts and hedging products can be extremely valuable to reduce exchange rate risk. We will look at solutions that are available for international business payments and receipt of funds from overseas.

In some cases, the price offered by a broker may be discretionary or tiered and we work with the brokers to decide what price to reflect in the results noting that the final price of a transfer may differ from that shown in the results.

Our rankings, which rotate, is a combination of all the factors above and we review these every month. Different brokers are shown for different currency corridors and different values of transfers. We also appreciate that for each client, certain factors may be more important than others so we have provided you the information to make a decision using the factors that are most important to you.

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.