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Sharemoney Money Transfer Review

April Summers
Author 
April Summers
10 minutes
November 23rd, 2023
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Expert Rating
3/10

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 money transfer 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:

Sharemoney works with BDO, M. Lhuillier, Metrobank and BPI in the Philippines to give customers the options of cash pick-ups, bank transfers or doorstep deliveries.

Sharemoney has more than 500 cash pick-up locations in Costa Rica and bank deposits between the US and Costa Rica take on average 15 minutes.

Sharemoney’s partnership with DongA Bank, means customers sending money to Vietnam have three different delivery options for their funds. Sharemoney also has partnerships with ACB, BIDV, Agribank, Techcombank and Vietcombank.

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.

Sharemoney 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.

  • Home delivery: customers can select the home delivery option and have cash delivered directly to their recipient’s door; this is a specialist service not offered by banks
  • Fast transfers: after researching the delivery speed of these transfers, we found Sharemoney is roughly 72 hours faster than the competition; with some customers reporting that funds were deposited within 15 minutes
  • Low minimum: customers can send as little as $1, which is good news for anyone who needs to transfer smaller amounts to contacts across the world; however, the minimum fee of $2.99 still applies to small transfers
  • Track your transfer: customers can track the status of their cross-border transfer by entering the unique Money Transfer number (MTN) into the Sharemoney status tracker

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 4.7 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 Through the Sharemoney App

The only way to send money through Sharemoney is by downloading the Sharemoney app. This app exclusively works in the US and allows users to send money to up to 70 different countries. While debit cards and credit cards provide instant transfers, bank transfers can take between 2-5 business days to clear depending on the location. To get started follow these simple steps:

Sign Up for an Account
Enter Recipient Details
Select the Currency
Track the Transaction

Receiving Money Through Bank Transfer With Sharemoney

Sharemoney has partnered up with banks all over the world, making bank transfers one of the most convenient ways of receiving money. Most bank transfers will take between 2-5 business days to arrive with you, with times varying depending on the location. To get started follow these simple steps:

Provide the Sender With Your Bank Account Details
Receive Funds

Receiving Money Through Cash Pick-up With Sharemoney

Sharemoney has over 41,000 cash pick-up locations located worldwide, making it convenient for payees that would rather receive cash. Cash pick-ups paid for by credit or debit card should arrive within minutes, while those paid for by bank transfer can take between 2-5 days to arrive. To get started follow these simple steps:

Provide the Sender With Your Contact Details
Receive Money Transfer Number
Go to the Pick-up Location
Receive Funds
Present the MTN Number and ID to the Courier
Receive Funds

Receiving Money Through Doorstep Delivery With Sharemoney

Those living in certain areas also have the option of having cash delivered directly to their doorstep. The time it takes for a delivery to arrive depends on several factors, from the remoteness of your location to the payment method that you payee selected at check-out. To get started follow these simple steps:

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 3.9 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.

Summary

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 engineto find out more about your options for sending money overseas.

Frequently Asked Questions About Sharemoney

Can I cancel my transfer?
Which countries does Sharemoney work in?
How can I track my transfer on Sharemoney?
Can I learn how much it will cost before making a transfer?
Are there any Sharemoney Promotional Codes available?

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Contributors

April Summers
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.