How we rate and rank money transfer providers

By FXcompared | Thursday, August 8th, 2024

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How do you rank and review money transfer providers?

Different people have different needs from a money transfer provider and at FXcompared, we take great pride in introducing visitors to the right companies. We understand that price is not the only factor that determines which money transfer provider someone chooses, and we make sure that our rankings reflect this.

As a result, our money transfer comparison algorithm combines two factors: the amount received for a transfer – the price – and FXcompared’s rating, which we compile using a number of factors that are selected to reflect the quality and reliability of the service offered. These include:

• The service provided by the broker, such as:
  • Whether there is a forex specialist with expertise in the relevant market available in the sender’s local time zone.
  • Whether they are an online-only provider.
• Whether there is local market settlement available.
  • This means 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 potential additional wire fees.
• How effective the provider is at servicing clients introduced by FXcompared. 
• Internal and external user ratings, which can include user reviews.
• How long the company has been in business.
• How much foreign exchange turnover the company handles each year.
• How the company treats and pays suppliers, partners and affiliates, which can include their relationship with our website.
• Other relevant products that the company can offer.

The ratings stars shown on each company review, as well as the written text, will reflect a mix of these factors and the overall star rating is at the final discretion of the FXcompared team. 

Our default rankings, which rotate the top results, combine this star rating with the price offered, which may vary by the amount sent. Visitors also have the option to sort the results by either price or company rating alone.

In some cases, the price offered by a provider may be discretionary or tiered, meaning that while we work with companies to determine the price to reflect in the results, in some cases that the final price of a transfer may differ from that shown.

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