Launched in the United States, Ria Money is a global leader in cross-border remittance services, with a worldwide network of more than 397,000 cash transfer and pay-out agent locations across 167 countries. Thanks to easily accessible agent locations in the form of bank branches, retail stores, supermarkets, gas stations, and post offices Ria Money Transfer is widely available. In this review we take a closer look at the company’s key features to find out how to get the most out of your international transfer.
According to the United Nations International Migration Report 2020, an estimated 281 million people live abroad. Ria Money opened the doors to their first store in 1987 and have been helping people minimise the cost and speed up the process of sending money to their loved ones, from anywhere on the planet.
Ria Money is a convenient option thanks to the variety of payment and withdrawal options on offer. Beneficiary parties can receive money directly into their bank accounts, pick up cash from designated collection points or have the money delivered directly to their house.
Since establishing a partnership back in 2014, Ria Money has been able to offer Walmart-2-Walmart money transfer services, utilising the multinational retail corporation’s vast network and allowing customers to access services via more than 4,000 Walmart stores.
In addition to their quality remittance services, Ria Money is able to offer customers help and assistance with other financial services like bill payments, cheque cashing, prepaid debit cards, money orders, and mobile top-ups. This review will explain how Ria Money has evolved into one of the leaders in the industry since launching 30 years ago.
Whether you are making your transfer in Euros, Pound, Dollars, or any of the other 100 currencies available through Ria Money, this service provider strives to match the mid-market rate as closely as possible. In this section we will review the value for money customers receive when sending and receiving funds abroad.
When you send money with Ria Money an exchange rate margin will be applied to the mid-market rate for your currency pair. On the site homepage, there is an FX calculator that allows customers to enter the details of their transfer to preview both the exchange rate and fees.
Customers based in Australia, Canada, Spain, the United States and the United Kingdom, can use the online platform to send money overseas. These specialised services available to users in these sending countries mean customers can benefit from far more competitive exchange rates than what local, high street banks offer.
Customers based in all other countries will need to visit physical agent locations to initiate transfers: find a Ria Money agent or representative near you using the Ria Money locator. An exchange rate quote will be provided during your visit.
The exchange rate spread provided by Ria Money will vary depending on the currencies involved and, from our research, we found that mark-ups range from 0.5 – 1.9% above the mid-market rate. Generally speaking, we found that the more exotic currencies (those less commonly traded on the FX market) incur larger mark-ups. However, even mark-ups on the higher end of this scale are more competitive than the 4 – 6% mark-ups applied to foreign exchange services offered by banks.
As with currency conversion, Ria Money fees vary depending on the destination, method of payment and how the beneficiary receives money.
For instance, customers sending $1,000 USD to Egypt will be charged $5.00 if paying via bank transfer, $9.00 if paying in-person using cash, $15.00 if paying via debit card and $35.00 if paying via credit card. Funding transfers with a credit card appears to be the most expensive method of payment, with bank transfers incurring the smallest fee.
Aside from transfer fees, if you are paying for a Ria Money using your bank, you may incur additional charges in the form of processing fees; cash advance fees may be charged when using a credit card. The beneficiary bank may also charge further fees so it is important to check with both the sending and receiving banks for any additional costs, before making your transfer.
Ria Money boasts one of the widest networks of sending and receiving countries, and the following countries are the most popular transfer corridors.
Before you choose whether to transfer funds overseas with Ria Money, it is worth considering the company’s strengths and weaknesses. Here is a breakdown of the key things to note:
Ria Money supports bank-to-bank transfers, cash transfers available via collection or delivery or mobile top up. These can be paid for via bank account, credit and debit card, or in cash.
The length of time it takes a transfer to be delivered depends on the destination, the payment method and the payout option you choose.
If you pay using a debit or credit card, the transfer is normally delivered within 15 minutes. On the other hand, bank transfers can take up to 4 business days to be delivered.
Mobile top up transfers are almost instant and cash delivery will also become available to the recipient within minutes.
Ria Money offers customers a wide range of transfer payment and pay-out methods, and few competitors can match these dynamic offering. Below we look at how to pay for your transfer and how your beneficiary can access the funds sent.
You can pay for your transfer using any of the following methods:
Ria Money offers 4 different ways to withdraw funds, some of these options may be restricted to certain regions. These include:
We will now look at the trust factors that make up Ria Money Transfer as a business, to find out how reputable and reliable the company is.
Having first started out in the financial services and electronic funds transfer sector in 1987, launching in New York City, this company has grown exponentially.
Between 1993 and 2006, the Ria Money network expanded into new markets across Europe, including Spain, UK, Italy, France, Switzerland, Austria, Belgium and Germany.
In November 2006, Ria Money was acquired by Euronet Worldwide, Inc. for $490 million. The acquisition brought Ria Money into a huge family of sister companies like XE and ePay and in 2018, the group processed $115 billion in global payments, amounting to more than $2.5 billion in revenue.
In 2012, Ria Money launched its online money transfer platform, RiaMoneyTransfer.com, designed to help customers send money from the comfort of their homes and offices.
As an American corporation, Ria Money is regulated by the Financial Crimes Enforcement Network (FinCEN). As part of the compliance, the provider is required to hold funds in a segregated client account to cushion customers against loss of funds in times of financial crises.
Also, the provider adheres to all United Nations and European Union directives as well as communication from the Office of Foreign Asset Control (OFAC). It has put in place an Anti-Money Laundering (AML) framework and a host of other procedures.
Key industry partnerships
Ria Money has grown through strategic partnerships with banks, retail stores, independent outlets and post offices. This has enabled it to bring services closer to people, especially in hard-to-reach areas. The following are some of the recent partnerships it has entered into:
Protection of customer data
The payment services industry is extremely sensitive and the safety of customer details is at the forefront of every provider’s mind. In light of this, Ria Money has put in place security measures to ensure its clients’ information and funds are safeguarded.
Ria has adopted the Payment Card Industry Data Security Standard (PCI DSS). The standard helps in fighting credit card fraud by targeting controls around cardholder data.
The Ria Money Transfer online platform also has an Extended Validation SSL Certificate. This is a newer form of SSL certificate that Ria has put in place to safeguard its website and create confidence among its users that they are accessing the right website.
Over time, Ria Money has bagged several industry awards and accolades some of which include:
Ria Money has more than 5,800 customer reviews on Trustpilot: 81% of these reviews are rated 4 or 5 stars, resulting in an overall rating of 4.1 out of 5. Despite many comments being positive, some shared mixed customer experiences. Here’s a summary of recurring comments:
Ria Money has simplified the process of sending and receiving money. In a few easy to follow steps, you can set up your account and transfer money. If you are sending through an agent, you don’t need to sign up for an account.
There are four ways your beneficiary can receive money with Ria Money. The funds can be deposited in their bank account, mobile money wallet, delivered at home, or collected in cash from a cash pickup point.
Bank deposits and mobile money transfers do not require the recipient to do anything. However, for home deliveries and cash pickups, the following information is required to receive money:
Cash pickup and home delivery
If your recipient is receiving their transfer through either of these methods, they will need:
Yes, Ria Money offers a free mobile app which is available to download from both Google Play and App Store. On Google Play, the app has over 15,000 ratings, with an overall ranking of 4.7 out of 5. On the App Store, it has over 16,500 user reviews, with a score of 4.8 out of 5. Ria Money Transfer app has lots of helpful features that enable customers to:
Yes, you can log in to your online account and cancel your transaction under the recent orders. Transfers that have already been paid out to the recipient cannot be cancelled. Depending on your payment method, it takes anywhere between 2-10 business days to get your refund following a successful cancellation. Cash and mobile transfers are carried out too quickly making cancellations almost impossible.
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