Sending money to Africa is a complex and opaque business, there are hundreds of money transfer services, with their own fees and exchange rates with no clear explanations as to why they charge the fees they do, still many other’s can’t just be trusted.
Launched in 2003 in Switzerland, TawiPay, a transparent and easy to use money transfer comparison website, showing users a reliable list of options to send money abroad launched to end this menace. The firm has now rebranded to Monito as it moves away from just price comparison to being the first search engine for money transfer services complete with reviews and guidelines on how well to send money abroad.
“We are also launching the first search engine for money transfer services, allowing you to search for the provider or bank of your choice and find in-depth analyses, customer reviews, and how they rank in our Monito global score: a summary of all the provider’s strengths and weaknesses,” wrote François Briod, Co-Founder TawiPay.
The move will help TawiPay not only to help its users decrease remittance fees but will also allow more money to arrive abroad.
“When Pascal, Laurent and I decided to join forces over 3 years ago to change the world of money transfers, we had scarce knowledge about where it would lead us and how we would get there, but we certainly knew why it was worth trying,” Pacal wrote. “We knew too well the frustration of paying hefty transfer fees. We got screwed ourselves, and we later discovered that reducing the unfair cost of remittances would have a huge impact on the life of millions of migrants and their family.”
The firm isn’t changing much apart form the name. It aims to focus on its mission of helping users find and compare all the options to send their money across the world. Depending on a users needs, ‘Monito ranks money transfer services based on their cost, speed or trustworthiness from its database of more than 450 money transfer operators across 170 countries.