Money2Anywhere Money Transfer Review
Money2Anywhere is an international money transfer company that does not charge fees for larger transactions. Our Money2Anywhere review will examine the key areas of their remittance services including customer feedback, exchange rates, transfer fees, security, mobile services and payment options. We will be recommending alternative money transfer services where Money2Anywhere falls short of being competitive.
About Money2Anywhere
Money2Anywhere is an international remittance service that has over 530 direct offices and correspondent relationships with 150 banks. It was founded in 1980 and its headquarters are in Abu Dhabi, UAE. The company provides a fee-free service for all payments over $1,000, which is one of the biggest draws for many customers. However, the operator does not offer users a mobile app and can only send money to 12 countries around the globe.
This review will examine the quality of their international money transfer services and compare features to other specialist providers in the remittance industry.
Money2Anywhere exchange rates, fees and costs
This section divulges the exchange rates and fees associated with Money2Anywhere transfers, to help you evaluate the overall cost of this provider. Assessing the various charges incurred for each transfer will ensure you have selected the most cost effective service for your needs.
Exchange rate
Money2Anywhere claims to match the true forex market rates on their website, but the company does not offer total transparency beyond that. This means, unlike other providers, Money2Anywhere does not offer a preview or calculator of what currency exchange rate customers will receive.
Customers looking for a more transparent international money transfer service should consider Wise. This company lets customers view the mid-market rate, vowing to match the true value as closely as possible, to ensure customers get the best available deal.
Transfer fees
Money2Anywhere charges a small transfer fee of $3 for transactions under $1,000 but waives all fees for customers sending transfers that exceed this amount. This fee structure is relatively competitive and favourable to those sending large amounts.
Additional costs
There are no additional costs when using Money2Anywhere to send money overseas.
Top destinations for sending money with Money2Anywhere
It is worth determining which countries are covered by a service, before signing up, to avoid later upset.
The company name Money2Anywhere is somewhat misleading, given the fact the company only supports global transfers to 12 countries: the United States, the United Kingdom, Canada, Ireland, Bahrain, Qatar, UAE, Oman, Japan, Hong Kong, Malaysia and Australia.
Although many popular destinations are included, this is a very limited list of supported countries and customers will need to look for an alternative service that offers wider global coverage if their country is not covered by Money2Anywhere.
As an alternative we recommend considering WorldRemit which offers a far-reaching global network of 150 countries, along with competitive transfer fees and intuitive mobile services.
Take me to WorldRemitPros and cons of using Money2Anywhere
Looking at the pros and cons of a money transfer service helps customers figure out what features are most important to them when moving money from one country to another.
Pros
Cons
What types of transfers can you make with Money2Anywhere?
In this section, we highlight the type of transfers supported by Money2Anywhere. It is a good idea to review these options to see if they match up with your requirements.
Bank transfers: customers can send money via ACH (Automated Clearing House) transfer but this process takes around 1-3 business days, depending what time of day the transfer is executed. It is a secure transfer method but also one of the slowest. Bank transfers can also facilitate third party providers such as Sofort, BPAY and POLi when sending with Money2Anywhere
Cash transfers: Money2Anywhere offers cash pickup services, which means recipients can collect money from more than 100,000 payout locations. This is advantageous in situations where the recipient does not have a bank account
Card transfers: You can send money via Visa or MasterCard and this transfer type is instant, with added security protocols implemented by the major card companies. It is a useful transfer type because most customers will have a Visa or MasterCard at their disposal
How long will it take to receive money using Money2Anywhere?
If speed is one of your priorities this section will help you determine if Money2Anywhere is fast enough for your needs.
Transfer times depend on the method you are using:
Bank transfers will take 1-3 business days
Debit card payments and cash pick up transfers are instant
What payment methods can I use when sending money with Money2Anywhere?
Bank transfers are the primary method of payment for overseas transfers sent with Money2Anywhere. Credit and debit cards are also acceptable payment options; Visa and MasterCard are supported and the transfer time is instant so the recipient will not have to wait to receive funds.
What are the best reasons to use Money2Anywhere?
Before registering for an account with Money2Anywhere you will want to understand the core benefits of using the service to assess whether you’ve made the right choice.
One of the best reasons to use Money2Anywhere is the company’s ability to support multiple payment options, giving users flexibility when sending money. Options include debit card, credit card and bank transfer. This means you can use different transfer methods as your needs change.
Money2Anywhere is also a good choice for users that want to avoid fees when sending bigger transfers as there is no fee for transfers over $1,000. This feature gives Money2Anywhere an advantage over other services that may charge excessive scaling fees depending on the transfer amount.
Furthermore, there is no daily transfer limit when sending funds with Money2Anywhere. This is another great reason to use the service for large transfers as users do not have to wait weeks or months for transfer limits to reset. Other services have strict daily, weekly, and monthly transfer limits which restricts the amount of money you can send.
Can I trust Money2Anywhere?
Many customers want to know the best way to protect their money online so in this section we provide an overview of the various trust factors related to Money2Anywhere to give our readers peace of mind.
Money2Anywhere offers trusted payment options such as Visa, MasterCard and Sofort. Each has its own security steps to reduce the chances of unapproved or unwanted transactions. For example, when using Visa customers will need to enter a secure code and complete 2-factor authentication. In addition to this protocol, 128-bit Secure Sockets Layer (SSL) encryption technology is employed when sending money, which protects personal details from falling into the hands of hackers.
The customer service team can be contacted by phone on +1 (866) 372-3874 with callback options available for ease of access. Ideally, more communication methods should be added such as email and live chat, in order to boost customer confidence in the service. To review the full terms and conditions of Money2Anywhere services please visit this page on their website.
What do users have to say about Money2Anywhere?
Learning about customer experiences will provide insight into what you can expect from the service.
Money2Anywhere has a below average TrustPilot score of 2.3 out of 5. This indicates that there is a lot of room for improvement, as 100% of the reviews are categorised as “Bad.” The negative feedback includes comments about transfer speeds being slower than expected and an unresponsive customer service department.
Ideally, competitive money transfer services should have customer review scores of 4 or above, to reassure you the company is worth entrusting with your money. Leading companies such as Wise, Xe and TorFX have much higher scores on Trustpilot which is why they are included in our Top 10.
Read our guide to the Top 10 International Money Transfer CompaniesHow to get started with Money2Anywhere to send and receive money
We understand that customers may have trouble figuring out how to send and receive money with a new provider, so this section provides a step-by-step overview of how to get started with Money2Anywhere.
Sending money
Step 1: Register for a Money2Anywhere account online: you will need to provide verification documents such as proof of residence and photo ID
Step 2: Next select the money transfer option you would like to use: bank, card or cash
Step 3: Enter the recipient’s details: full name, account details, country of residence etc.
Step 4: Choose the preferred currency and amount you would like to transfer: be sure the rate is competitive
Step 5: Review the transaction details in full before clicking Confirm
Receiving money
Step 1: Provide the required details to receive funds, ensuring all information is correct
Step 2: The details you need to provide will depend on the transfer method: for example, bank transfer will require bank account details which may include SWIFT code and IBAN
Step 3: Await your transfer, this can take between 1 - 3 days depending on the transfer type
Does Money2Anywhere have a mobile app?
Money2Anywhere does not offer a mobile app which is one of the biggest drawbacks of this service. Nowadays, customers expect mobile apps for most services, to ensure easy, on-the-go access, without the need for a desktop computer.
There are many alternative money transfer services that offer stellar mobile apps. For example, Wise offers a highly rated mobile app with an intuitive user interface and multiple bonus features.
Take me to Wise
