sharemoney

Sharemoney international money transfers review July 2017

Part of the Omnex Group, Sharemoney has specialized in money transfers for more than 25 years. Transferring money is easy, whether you’re taking care of foreign relatives or topping up your BFF’s kayaking emergency fund. And Sharemoney keeps your money safe and secure with a tracking number and a range of delivery options that include door-to-door and thousands of pickup locations. Sharemoney doesn’t cover all locations, but it’s adding new territories, so confirm that your money can get where it needs to.

Our experience transferring money with Sharemoney

Here’s what we found when we sent a live transfer to Mexico through Sharemoney:

  • We paid a low fee and received a competitive rate within 2.1% of the mid-market rate, with rates updated multiple times a day.
  • Our funds were deposited to our recipient’s Mexican bank account within 24 hours.
  • Sharemoney’s easy-to-use website allowed us to sign up and initiate a transfer in 5 minutes. You also have the option of initiating a transfer by phone.
  • Sharemoney provided accurate rate quotes, but we weren’t informed of an additional transfer fee until the end of our transaction.

money transfer awards logo-mobile

We recognize Sharemoney as a winner of two categories in the finder.com Money Transfer Awards 2017: Best User Experience and Fastest Transfer.

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.

Product details

  • Rates. Updated daily; users report strong rates compared with other services.
  • Fees. From $2.99; credit card payments may incur additional fees from your issuing bank.
  • Payment methods. Debit card, credit card and bank account.
  • Payment limits. From $20 to $2,999.99 daily with a cap of $2,999.99 every 15 days and $9,999.99 every six months; send up to $9,999.99 within 15 days by providing additional info.
  • Delivery time. Bank deposit and cash pickup from 15 minutes to 24 hours; home delivery from 24 to 48 hours. Additional delays may apply due to security, banking holidays and the payout agency’s hours of operation.
  • Countries. Argentina, Bolivia, Brazil, Burkina Faso, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Nigeria, Panama, Paraguay, Peru, Philippines, Senegal, Uruguay and Vietnam.
  • Customer service. Online form, toll-free number.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
World First Foreign Exchange
USD 1,000 1 day USD 0.00 17.43 Online MXN 87,150 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
Go to site View details
TransferWise International Money Transfers
USD 1 1 day USD 75.00 17.706 Online MXN
87,203
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
OFX International Money Transfers
USD 150 1 day USD 0.00 17.635 Online, Bank Account to Bank Account MXN 88,177 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
HiFX International Money Transfers
USD 100 2 days USD 5.00 17.627 Online MXN 88,044 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
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What are the benefits of Sharemoney?

With competitive fees and rates along with a simple, fast service, it’s worth keeping Sharemoney in mind for unexpected family emergencies. Supporting your loved ones abroad is easy, because signing up for an account means that once you’ve paid someone, you can repeat the transaction with two clicks. Users report fast delivery times and easy pickups — and Sharemoney can even text you when your money’s arrived.

  • Low transfer fees. Starting at $2.99, fees vary across countries and territories.
  • Exchange rate calculator. See on its site exactly how much your friend or relative will get.
  • Fast service. Buy your pen pal dinner in under 15 minutes.
  • Door-to-door delivery. In as little as 48 hours.
  • Offers and discounts available. You might be able to grab a bargain on Sharemoney’s Facebook page.

Shopping for an alternative? Compare these services to Sharemoney for money transfers.

How to ensure a smooth transaction

According to Sharemoney, they’ve made great improvements in customer service wait times and resolving transfer issues. As with any money transfer provider, set aside time to resolve issues on the phone if you feel you need to talk to a representative. They don’t send money to every location, so make sure your country or territory is covered before you need to send.

  • Limited service. Although Sharemoney is expanding, double-check that your destination is covered.
  • Limited US service. If you’re a resident of one of the 16 states Sharemoney isn’t licensed in, you’ll need to find another money transfer provider.
  • Exact pickup location needed. If you choose cash pickup, you must specify the store — not only a branch — for your friend or family to visit. This could be frustrating if your payee doesn’t live nearby or have transportation.
  • Low maximum transfers. Sharemoney has a cap of $2,999 every 15 days and $9,999 every six months.
  • No live chat option. If you have questions, you’ll need to call or submit an online form for help.

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.

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.

How to transfer money with Sharemoney

To initiate a transfer with Sharemoney, simply visit its website and follow these easy steps:

  1. Click your recipient’s country and your method of delivery.
  2. If you choose cash pickup, select the bank you’d like to send the money to.
  3. Enter your account details and upload your ID.
  4. Enter the details of the friend or family member picking up your transfer.
  5. Enter your payment method.
  6. Confirm your details and click “Done.”

You’ll receive a Money Transfer Number with your confirmation to track the progress of your transfer on Sharemoney’s website.

Steps to transfer your money

Sharemoney.com Step 1 How To Money Transfers

Sharemoney.com Step 2 How To Money Transfers

You’ll see Sharemoney’s “winning rate” compared with two other money transfer services.
Sharemoney.com Step 3 How To Money Transfers

Enter your email address, create a password and click Sign up.
Sharemoney.com Step 5 How To Money Transfers

Sharemoney.com Step 6 How To Money Transfers

Once received, log in with your email and password.
Sharemoney.com Step 7 How To Money Transfers

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.
Sharemoney.com Step 8 How To Money Transfers

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.
Sharemoney.com Step 9 How To Money TransfersSharemoney.com Step 9b How To Money Transfers

Sharemoney.com Step 10 How To Money TransfersSharemoney.com Step 10b How To Money Transfers

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. 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.
Sharemoney.com Step 10 How To Money TransfersSharemoney.com Step 10b How To Money Transfers

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 customerservice@sharemoney.com or call toll-free at 866-819-0119. You can get help in English, Vietnamese, Spanish and Portuguese.

I transferred my money — now what?

What happens next depends on how you’ve specified your method of delivery:

  • For cash pickup, tell your recipient the exact store location you chose for them. They will not be able to request your transfer from any other branch. The money should be available for pickup within 24 hours.
  • For a bank deposit, your money should arrive within 24 hours.
  • For home delivery, the money should be at their door within 24 to 48 hours.

Bottom line

Offering excellent exchange rates and low fees, Sharemoney is ideal if you have friends or family abroad but not such a strong competitor if you need to send $10,000 or more.

Need an international money transfer but aren’t tempted by this offer? Compare other products.

Frequently asked questions

Unfortunately, Sharemoney does not offer the flexibility of rate locks, forward contracts or recurring transfers.

Fees start at $2.99 but vary by country and how much you’re sending.

Online reviewers find that Sharemoney’s exchange rates are strong, especially when compared with other providers like Xoom.

Sharemoney sends to Argentina, Bolivia, Brazil, Burkina Faso, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Nigeria, Panama, Paraguay, Peru, Philippines, Senegal, Uruguay and Vietnam.

You an send from $20 to $2,999.99 daily with a cap of $2,999.99 every 15 days and $9,999.99 every six months. You can apply to send up to $9,999.99 within 15 days, but you’ll need to submit additional information to comply with state and federal regulations.

Sharemoney protects its site using SSL encryption, which keeps your details — and the details of who you’re paying — completely safe. And ID is required when your payee collects your cash pickup.

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.

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.

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.

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.

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