Money transfer app ratings methodology

Finder’s experts assess 19 money transfer apps across five key categories to help you objectively evaluate a provider’s overall features and suitability for your unique needs.

The five categories we measure are:

1. Costs for a high-volume transfer destination
2. Costs for a medium-volume transfer destination
3. Delivery speed and flexibility
4. App experience
5. Service scope

Data collection

We downloaded the 19 money transfer apps and tested the features ourselves.

Category weightings

To ensure our ratings align with user priorities, we use a weighted scoring model. Providers are evaluated in individual categories, and these scores are then aggregated based on the specific weightings detailed below to produce the final overall rating.

1. Costs for a high-volume transfer destination — 30%
2. Costs for a medium-volume transfer destination — 20%
3. Delivery speed and flexibility — 20%
4. App experience — 20%
5. Service scope — 10%

Scoring and rating

Wondering how we work out the Finder Score? We look at 19 money transfer apps, and we compare them against each other to get our simple score out of 10. Metrics like transfer fees, exchange rates and user ratings are weighted and added to come up with individual Finder Scores.

Money transfer apps are evaluated on the five key categories outlined on this page. These categories are broken down into over 23 data points.

9+ Excellent – The crème de la crème of money transfer apps. These products offer the best mix of features across the four categories.
7+ Great – The mix of features across categories is great but not optimal.
5+ Satisfactory – Typically average in the features department.
Less than 5 – Basic – The least competitive in terms of features.

Data points

Data points are weighed differently, depending on their importance. Examples of data points we look at when comparing money transfer apps include the following:

• Exchange rates
• Debit card fees
• e-Transfer fees
• Transparency
• Transfer minimums
• Transfer maximums
• Delivery methods
• Time in business

No single app will be the best choice for everyone, so thoroughly compare your options before picking one for your needs.

Written by

Leanne Escobal

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 192 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• Short-Term Loans
• International Money Transfers
• Make Money Online