Sharemoney Money Transfer Review
US-based Sharemoney is owned by Omnex Group Inc., a holding company with over 25 years in the remittance industry. Sharemoney is an international money transfer service operating across a network of 70 countries and multiple transfer methods. In this review we will be comparing this money transfer provider to services offered by the banking industry, as well as other modern global remittance companies, as we investigate the legitimacy of Sharemoney’s claims of offering competitive exchange rates and low transfer fees.
About Sharemoney
Omnex Group Inc. is the large holding company behind a number of international global transfer brands, such as Sharemoney, Giromex, LE, Uno Money Transfers. Sharemoney’s mission statement is to simplify sending money internationally for business and personal use. The company does this by offering multiple transfer methods for users, such as bank transfer, credit and debit card, cash pick up and home delivery, as well as being primarily designed to function as a mobile money transfer app that provides fast and reliable international transfer services to customers in over 70 countries worldwide.
This provider may not be the best choice for customers that want to execute large transfers because of the company's restrictive sending limits. This being said, Sharemoney has over 41,000 pay-out locations around the world, with company headquarters based in New Jersey, United States.
Our Sharemoney review will evaluate the pros and cons so you can decide if it matches your needs, or choosing an alternative money transfer service makes more sense.
Sharemoney exchange rate and transfer fees
The best way to identify the true value of a remittance service is by evaluating the exchange rates and transfer fees that the company applies to each transfer, a crucial consideration to make when deciding to use Sharemoney for your next online money transfer.
Exchange rate
Although Sharemoney claims to offer competitive exchange rates, the provider does not readily display the conversion rate applied to each transfer, and this lack of transparency is discouraging. Upon further research we found that other dedicated money transfer services, such as Wise, offer better rates than Sharemoney.
Wise promises to match the mid-market as closely as possible for all foreign currency transfers, making it a great alternative choice for those who want to save money on conversion rates.
Transfer fees
Sharemoney transfer fees start at $2.99 as a minimum, increasing in price as the transaction amount increases. Fees will also vary on a country-to-country basis, depending on how remote the chosen currency and destination is.
Additional fees
Further fees may apply when paying for a money transfer using a credit card, this is worth investigating before submitting payment.
Top countries to send money to with Sharemoney
When weighing up transfer providers you should determine the available countries for sending money, to figure out if it matches your requirements. Sharemoney is competitive when it comes to global coverage: the company facilitates global money transfers to more than 41,000 pay-out locations in 70 countries in Europe, Africa, Asia, North and South America. Of these five continents, the following countries are the most popular money transfers destinations:
This being said, Sharemoney's global coverage does not include many popular remittance countries that other international money transfer services provide. Providers like Cornerstone FX allow transfers to over 200 countries alongside offering competitive FX rates which mean their service is more flexible and globally accessible, depending on whether the sender and receiver are based.
Take me to Cornerstone FXSharemoney pros and cons
It is worth weighing up the following advantages and drawbacks associated with Sharemoney transfer, services before sending any funds with this provider.
Pros
Cons
What type of transfers can you make with Sharemoney?
If you prefer sending money with a specific transfer type, then you need to make sure that it is supported by the service. This section evaluates the available transfer options by Sharemoney for your convenience.
Cards: Sharemoney allows debit and cards to be used for transfers. It is a popular option that many customers find accessible and simple; it is an instant transfer method but you may incur charges depending on your card
Bank deposit: Bank transfers are a secure transfer method and require the recipient account details; the transfer time will be around 2-5 business days
Cash pickup: This method is handy for recipient’s that do not have access to a bank account or other means of receiving money; the cash pick up points vary based on your country. The transfer method is instant, but only if the cash pickup point is open at the time of the transfer. Also, you will need to provide photo ID as proof of your identity
Home delivery: Sharemoney offers a home delivery service whereby cash is delivered straight to your recipient’s address; the speed of service depends on the schedule of the delivery person and local network in the destination country
How long do transfers take with Sharemoney?
The transfer speed is an important factor when considering an international money transfer service. You may want to send money fast and knowing your options is a plus.
The transfer speed depends on the method you choose to send money. Bank transfer is the slowest method and will take 2-5 business days. Debit and credit cards provide instant transfers. However, your transaction might be held for security reasons. In such cases, you should contact support or wait for around 24 hours for the transaction to complete.
Cash pick up transfers are also instant. If the recipient is near an open pick up point, then they can collect the funds shortly after the transaction was executed. Overall, Sharemoney transfer speeds vary greatly but customers are able to choose based on unique needs and preferred transfer options.
What payment methods can I use when sending money with Sharemoney?
Sharemoney transfers can be paid for using the following payment methods:
Bank transfer
Credit card
Debit card
What are the best reasons to use Sharemoney for?
The ability to send smaller amounts to people around the world: some money transfer companies employ minimum transfer limits which make it hard for customers who want to transfer small amounts of money
Easy to use mobile money transfer app designed for on-the-go use: this is handy and straightforward for anyone making regular, small payments to international recipients
Door to door cash delivery: this is a very appealing aspect for many customers, as banks do not offer this service as do very few money transfer companies
Can I trust Sharemoney?
Based on the reputation this company has garnered online, including an impressive rating of 4.5 out of 5 stars on consumer review website Trustpilot, it seems customers are generally very satisfied with Sharemoney services. The majority of positive feedback is praise for the fast, secure and convenient nature of the service, with very few customers contesting the trustworthiness of Sharemoney transfers.
In addition to this, Sharemoney is owned by Omnex Group Inc., a licensed remittance company with more than 2 decades of experience in the industry.
How to get started with Sharemoney to send and receive money?
Using a new service to send and receive money online can be a daunting process, especially for those who do not have experience with online providers. In this section, we have included a step-by-step overview of how both sending and receiving parties can get started with Sharemoney.
Sending money
Step 1: Open a Sharemoney account and you will need a photo ID with proof of residence for verification.
Step 2: Choose the method of transfer and enter the recipient details.
Step 3: Choose the currency and amount you wish to send.
Step 4: Review the details before confirming the transaction.
Step 5: Use the tracking number to check the transaction status.
Receiving money
Step 1: Provide the sender with the relevant details based on the transfer method.
Step 2: The details you may need to provide include your bank account number, bank name, bank address, home address and preferred currency.
Step 3: Wait for the funds to arrive. It is instant with debit and credit card transfers, while bank transfers can take 2-5 business days.
Step 4: Use the tracking number to check the transaction status.
Does Sharemoney have a mobile app?
Sharemoney offers an excellent mobile app that can be used to send and receive money. The app rating is 4.0 on Google Play and 3.8 on the App Store. Overall, this is a good score, but there is room for improvement on the App Store. Some of the negative reviews mention that the recipient is having trouble picking up money because of identity verification issues.The Sharemoney app allows for money transfers to the entire network of 70 countries and modern security protocols are used. You will need to use secure codes when executing transfers, which differ based on the method.
If you would like to use an alternative money transfer app on the App Store, then consider using the Wise app. It has a score of 4.7, which means iOS users can enjoy an industry-leading experience.
Read our review of the Wise money transfer appSummary
Sharemoney is a company focused on helping customers send money globally, with network coverage extending to more than 70 different destination countries. The company’s mobile app makes it easy to transfer funds across borders which has pleased customers around the world and resulted in a positive online reputation.
However, the flat-fee applied to transfers is inflexible and there are restricting transfer limits that may prove off-putting to certain customers. These transfer limits include caps on transactions above $2,999 (every 15 days) and $9,999 (every 6 months). As a result of these limited services, Sharemoney is a no-go for anyone who may need to frequently transfer large amounts of money abroad.
If mobile money transfers is what you’re looking for, we recommend considering alternative applications such as the ones offered by remittance giants Western Union, WorldRemit and Wise. Each of these companies have higher transfer limits and more varied fee structures, resulting in a more flexible system. Use our comparison engine to find out more about your options for sending money overseas.
