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About Teledolar
Teledolar is a Costa Rican financial services company that has been around for 25 years. The company’s main demographic is the Latin American market and core services include currency exchange and business transfers. Teledolar strives to simplify the international remittance process by ensuring global money transfers are accessible to everyone.
Teledolar’s key strengths include diverse payment options and a mobile app that allows for convenient balance transfers. Drawbacks of the service include a lack of transparency and limited information available via the company’s official website. They also have a sister company called Casa de Cambio Teledolar S.A., which is used for currency exchange services.
This review of Teledolar will examine the pros and cons so you can decide if it is a good choice for your needs, or going with an alternative specialist provider is better.
Teledolar Exchange Rates, Fees, and Costs
This section evaluates Teledolar’s exchange rate markup and transfer fees to help you evaluate the quality of their international money transfer service. Check to see how the fees compare with other money transfer services.
Exchange Rate
The Teledolar exchange rates are set by their sister company called Casa de Cambio Teledolar S.A. It is not possible to see their exchange rate before sending money. This lack of transparency means that you might want to choose an alternative money transfer service that shares their exchange rate markup.
Transfer Fees
The Teledolar website does not share the transfer fees, which is not ideal for customers who want to know what to expect. You will need to create a Teledolar account and enter the transfer details to discover the fees. Alternatively, you can contact the customer service department to find out more. However, if you want to use a service that provides a transparent fee structure, then consider using WorldRemit. They offer competitive transfer fees and have a global reach of 150 countries.
Additional Fees
There are no noteworthy additional fees for using Teledolar for international money transfers.
Top Destinations for Sending Money With Teledolar
Before registering an account with an international money transfer service it is important to figure out the available countries. Ideally, the list will match your requirements to provide suitable coverage for your money transfer needs.
Teledolar is based in Costa Rica and focuses on Latin American remittances while also serving parts of Europe and the US. However, their website is vague about the specific countries which are supported for sending and receiving money. This lack of transparency may deter customers outside of Costa Rice from using the company.
Instead, service providers like WorldRemit clearly display each country covered by the network, as well as offer various multilingual support options and flexible pay-out methods.
Costa Rica
Teledolar was formed in Costa Rica over 25 years ago and is based in San Jose.
Nicaragua
Teledolar runs a public platform in Nicaragua where citizens can make payments to public service accounts for their water, telephone and internet bills.
El Salvador
Customers in El Salvador can pick up remittances through the Promerica bank network.
Pros and Cons of Using Teledolar
Consider the Teledolar pros and cons to get a balanced overview of what to expect from their international money transfer service. Ideally, the pros will match up with what you are looking for.
- Mobile App: Teledolar has recently released their mobile app called Monis, which can be used to send and receive money internationally. Mobile app transfers are a convenient way of using Teledolar while on the go.
- Multiple Payment Methods: Having options to send money provides customers with flexible options. Customers can use Monis balance transfers, bank transfers and debit cards to make payments.
- Instant Transfers: When using Monis balance transfer the processing speed is instant. However, you will need to use the mobile app to execute balance transfer since no desktop version is available.
- Lack of Transparency: The Teledolar website does not specify the available countries and transfer fees. Also, the exchange rate is not shared, which places customers in the dark. Instead, consider using specialist money transfer services that are transparent with their services such as VertoFX.
- Must Use Mobile App: The Monis mobile app is a good addition to their service. However, for some transfer types you can only use the app, which includes Monis balance transfers. Customers that typically enjoy using the desktop will need to download and install the app to enjoy the advantages of balance transfers, which are usually low cost and fast.
- No Tracking: Teledolar does not provide an option for tracking the status of a transaction; this means customers cannot receive updates unlike with other providers
What Type of Transfers Can You Make With Teledolar?
This section will outline the various types of transfers so you can decide if it matches your requirements. The more options that are available, the more diverse your remittance can be.
Here is a breakdown of the transfer options available with Teledolar:
Balance Transfer: Using the mobile app you can execute balance transfers. Most balance transfers are instant and do not charge fees. However, it can only be executed when using the mobile app. Also, the recipient must have a Teledolar account and use the mobile app to receive payments.
Bank Transfer: Teledolar uses the Costa Rica bank network to handle transactions. Money transfers can take around 1-5 business days. Also, you will need the recipient’s bank account details to execute the transaction.
Debit and Credit Card: You can transfer money using debit and credit cards, which is a convenient method for money customers. However, you will need to check what fees apply to your card.
The notable omission from this list is cash pickups. Some customers that do not use banks will want physical cash pick up points to collect money.
How Long Will It Take to Receive Money Using Teledolar?
Identifying the transfer time of a money transfer service is an important factor. This section will determine the transfer speed so you can evaluate the quality of the international money transfer service.
The transfer speed depends on the method you use to send money. Transfers made with cards and balance transfers are usually instant. This method should be utilized if the recipient needs the money fast.
Bank transfers are slower at 2-5 business days. The specific transfer speed will depend on the banks involved in the transaction and when the money was sent. For example, if your transfer is sent late in the day, then it can take an extra business day for the transaction to process.
What Payment Methods Can I Use When Sending Money With Teledolar?
Understanding the available payment methods allows you to choose the right international money transfer service. This section outlines the payment methods available from Teledolar.
Teledolar offers bank transfers as a payment method. This is one of the most popular payment methods that most customers will already have at their disposal. You can use your bank details to send funds directly to the recipient or upload money to your mobile app balance.
Credit and debit card transfers are also possible but the fees may differ based on the card issuer. Card transfers are instant and simple to execute. You may need to enter security codes based on what measures are set up.
What Are the Best Reasons to Use Teledolar?
You should examine the top reasons to use money transfer services to figure out if it is viable. This section covers the top reasons why Teledolar might be the best choice for your international money transfer needs.
Teledolar is a good choice if you need money transfers in Costa Rica and other Latin American countries. Their service specializes in this region and you can expect support such as Spanish customer service.
Teledolar is also a good choice if you want to send money using a mobile app. The app allows for balance transfers, which is a convenient method of sending money instantly. You can download the app on Google Play and App Store.
Customers that want to use a proven service, which has been around for a longer time should consider Teledolar. With 25 years of experience and a solid financial infrastructure, you can count on the reliability of their service.
Can I Trust Teledolar?
Make sure to do your due diligence on a money transfer service before using it to send money internationally. Background checks can help you spot red flags and avoid potential scams.
Teledolar has 25 years of experience, which is more than most money transfer services. This should give you confidence since they have been around for a long time and have not run into trouble continuing their services.
Teledolar offers a card backed by Visa, one of the most trusted payment solutions available. You will need to use a secure code when executing transactions, which reduces the risk of false payments.
You can contact Teledolar customer support on their international mobile number, send them a message on WhatsApp, Facebook, Instagram and email.
What Do Users Have to Say About Teledolar?
To get a preview of what you can expect with Teledolar you should read user reviews. This section gives an overview of the positive and negative comments that will help you get an idea of what Teledolar is about.
Teledolar has a score of 3 out of 5 on Facebook based on 145 people. The negative comments share that it is difficult to use customer support to solve problems, and sometimes the money never arrives at the destination.
The positive comments share that they enjoy the competitive transfer fees and decent currency exchange rates. However, there are far too many negative comments for Teledolar to be a great choice based on the customer review score.
If you are looking for an international money transfer service that has a great reputation, then consider choosing Key Currency. They have a score of 4.9 out of 5 on TrustPilot and every customer receives a dedicated member of the customer service team.
Sending and Receiving Money With Teledolar
Getting started with a new international money transfer service can be tricky. Therefore, we have created a step-by-step list that you can use to send and receive money with Teledolar.
Sending Money Through the Monis Online App
The Monis app remains the best option for sending money to other Monis users and once your account has been approved, the whole process should take just under 10 minutes.
Step 1: Download the Monis mobile app and create an account. You will need a photo ID and proof of residence for verification.
Step 2: Choose the transfer method you wish to use when sending money
Step 3: Select the amount and the currency.
Step 4: Review the exchange rate and details before confirming the transaction.
Sending Money Through a Teledolar Authorised Agent
If you prefer to make your remittances in cash, sending through a Teledolar agent is a good option for customers in Costa Rica and Nicaragua. Once you’ve found your nearest branch the process will take under ten minutes; but if you’re not sure of your nearest store you may need to wait a while for your email request to be answered.
Find Your Nearest Agent
Visit the Branch
Select the Transfer Method
Review and Confirm
Does Teledolar Have a Mobile App?
Teledolar has recently released a mobile app called Monis. You can download it on Google Play and App Store. They have ratings of 3.3 and 3.8, which means there is a lot of room for improvement. Customers share that the app has glitches and the money does not always arrive as expected in time.
The app allows for balance transfers, which supports instant transfers between Monis users. Typically, balance transfers are free, which is great for customers that want to save money when transferring funds internationally. Monis can also be used for bank transfers using their SNIPE network. The overall average mobile app reviews of Monis might put you off from using Teledolar. If that is the case, then consider using Wise for international money transfers, which has a highly-rated mobile app. Their service matches the mid-market rate and provides various transfer options.
Sending Money Through the Monis Online App
The Monis app remains the best option for sending money to other Monis users and once your account has been approved, the whole process should take just under 10 minutes.
Set Up an Account
Choose the Transfer Method
Select the Amount
Review and Confirm
Sending Money Through a Teledolar Authorised Agent
If you prefer to make your remittances in cash, sending through a Teledolar agent is a good option for customers in Costa Rica and Nicaragua. Once you’ve found your nearest branch the process will take under ten minutes; but if you’re not sure of your nearest store you may need to wait a while for your email request to be answered.
Send an Email to Find Your Nearest Teledolar Authorised Agent
Visit the Location of the Authorised Agent
Select the Transfer Method
Review and Confirm
Receiving Money Through the Monis Online App
The Monis mobile app is a convenient way to receive money on the go. Users can receive instant payment from other Monis users, with other payment methods taking up to five days.
Download the App and Set Up an Account
Give Your Payee Your Relevant Details
Wait for the Funds
Receiving Money Through an Authorised Agent
If you would rather receive cash from your beneficiary, Teledolar gives the option of collecting payment from authorised agents. Transfers made with cards can be instant, although depending on the method used some remittances can take up to five days to arrive.
