A step-by-step walk-through of transferring money through Sharemoney
Need to send money to someone in another country but don’t know what the process looks like? Here’s exactly how you can get money there quickly with a simple transfer through Sharemoney.
What is Sharemoney?
Sharemoney, part of the Omnex Group, has specialized in money transfers for over 25 years. You can use it to send money to 22 different countries, including 17 in Central and South America and the Caribbean. It is licensed to send money from people in these 35 states.
How does Sharemoney compare to other services?
How much will it cost to send money through Sharemoney?
Like other money transfer services, Sharemoney charges a flat transaction fee plus a small percentage of the amount you’re sending. Sharemoney’s transfer fees start at $2.99 (higher if you’re paying by credit card) and vary by country. It offers competitive exchange rates and can deliver your money quickly — sometimes in minutes.
The mid-market rate is what your dollar’s worth in international trading compared to another currency. “Mid-market” refers to the midpoint between worldwide buy and sell offers for that currency. Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
For example, the mid-market rate for dollars to euros could be 1 USD = 0.95 EUR.
Charging above the mid-market rate means a company will convert your money for less than it’s really worth — reducing the exchange rate to 1 USD = 0.90 EUR, for example.
What do I need to send money through Sharemoney?
Transferring cash through Sharemoney is an easy process. To initiate a transfer, you’ll need:
- A Sharemoney account. You can register for an account as you set up the transaction.
- A valid payment method. Your bank account information or debit card or credit card.
- Your recipient’s name, contact information and banking details. You’ll only need their bank name and account number if you’re transferring money to an account.
- Your contact and banking information. Including the account number and security information for the account you’re transferring from.
If your recipient will be picking up cash in person, let them know to bring along a required ID.
Steps to transfer your money
Step 1. Go to Sharemoney.com. (Sharemoney also offers an app for Android.)
Step 2. At the top of the screen, select the country you’re sending money to from the country drop-down menu.
Step 3. Your screen will vary by destination, but enter the amount you want to send in the “You Send” field. You’ll see Sharemoney’s “winning rate” compared with two other money transfer services.
Step 4. Click “Sign up (It’s free)” to create an account (or log in if you already have an account).
Step 5. Enter your email address, create a password and click Sign up.
Step 6. Continue the sign-up process by entering your first and last name, date of birth, phone number and address, and then select an answer in the “How did you find us?” drop-down menu.
Step 7. Wait for the email from Sharemoney to confirm your email address. Once received, log in with your email and password.
Step 8. Confirm the amount you’ll be sending in the “You send” field to see how much your recipient will receive in their currency.
Under “How much will it cost?” you’ll see separate transaction fees for bank account or debit card and credit card (the credit card fee increases with the amount of the transaction). Enter a promo code, if you have one. Click Continue.
Step 9. Select how you want the recipient to receive your money. (Options will vary by country; for example, a bank deposit may be the only method for your selected country, while others may also offer cash pickup and home delivery.)
For this example, we’ll send money to a bank account. Click “Select a bank” and choose from a drop-down of bank names.
Step 10. Complete the banking details for your recipient, including the bank branch number and account number.
Step 11. Choose how you want to pay. If using a credit card, you’ll see a warning that your bank may charge a cash advance fee in addition to Sharemoney’s higher credit card fee.
Step 12. Enter your payment information and click “Continue.” At the end of the process, you’ll receive a reference number and receipt showing the details of your transaction. Keep this information so you can track your money transfer.
What happens next?
- Track your transfer. Go to Sharemoney’s Money Tracker and enter the reference number at the bottom of your receipt to see details of your transaction.
- Contact customer service. If you need assistance, email email@example.com or call toll-free at 866-819-0119. You can get help in English, Vietnamese, Spanish and Portuguese.
What countries does Sharemoney transfer to?
Can I learn how much it will cost before starting a transfer?
Yes. Go to Sharemoney’s Rates & Fees page, enter the details of your planned transfer, and see exactly what you’ll pay and what your recipient will get.
How can my recipient collect the money?
Sharemoney offers bank deposits and cash pickup at more than 41,000 locations around the world. It also offers door-to-door delivery in some countries. Your options will vary by country.
How long will my transfer take?
If you’re depositing money directly into your recipient’s bank account, most deposits are complete in as few as 15 minutes. Cash pickups are equally snappy. Courier delivery may take a day or two. Allow extra time for banking holidays, security delays and the payout agency’s hours of operation.
How do I know my transaction is secure?
Sharemoney has transferred over $10 billion, is federally and state regulated and uses Extended Validation SSL security to protect your financial information. Learn more about how Sharemoney keeps your transaction safe.