Monito Reviews

This piece is meant to help Capitec Bank customers (a bank in South Africa) with sending money abroad. However, none of the advice given is actually useful. Remember, Capitec can't handle international transfers. Monito gets that right, but then seems to forget it immediately.

The first suggestion is to use Skrill, but their sign-up page doesn’t even list South Africa in the country options. So, let’s check out option two.

The second option is to go with a forex broker. This section directs you to their article called Foreign Exchange Broker, where you can pick 'country from'/'country to' and enter your currency amount. As of December 2022, I had two choices: CurrencyFair and Xendpay.

I went through the annoying process of verifying my identity with CurrencyFair, only to discover later that I had to deposit money into their British account. After another round of identity checks, Xendpay allows payments via debit card, but they hit you with an extra ZAR2375 fee. That’s just ridiculous! It’s way worse than sending money to a friend or family member who banks with FNB, ABSA, Nedbank, or Standard Bank.

This brings us to option three, which is the priciest choice. If you’re a Capitec customer like me, this is pretty much your only (somewhat reasonable) option.

I gave TorFX a shot, but faced the same issue - their account is in Britain, and they don’t offer alternatives. However, I must say, their customer service was top-notch; the rep called me the same day. So, if you ever need a forex broker, I’d suggest TorFX.

I also tried another forex broker mentioned in the Monito article, but I couldn’t even sign up because they’re “not currently accepting new clients from South Africa.” I didn’t jot down the name of that company, but it might have been Halo Financial or Skrill. That makes four dead ends from the Monito article, which is supposed to assist Capitec customers specifically.

Final thoughts:
- I reached out to Monito support months ago, detailing the issues in their article with links, but got no reply. That misinformation will just linger on their site while others face the same struggles I did.
- Just so you know, when I opened my Capitec account, I had no clue that international transfers would be such a hassle.
- If you’re thinking of opening a bank account in South Africa and might need to do international transfers later, steer clear of Capitec.

I've been using Monito for quite a while, and I just had a rough patch with one of the vendors they suggested. When I brought this up, François from Monito was super skilled at dealing with the vendor and had everything sorted out in no time. It's great to see a company standing firm and boosting their reputation through solid service. I definitely recommend Monito for their offerings, reliability, and customer support.

Monito's complimentary counseling really helped me grasp the entire process. (Neither the transfer services nor my bank could clarify it.). Prior to chatting with M. Briod, I had been browsing their website for rates for ages - super handy tool. Plus, they snag special offers for you if you utilize their site.

I stumbled upon a comparison chart that lays out all the fees, even the sneaky ones, plus what you actually receive in the account at the other end. I couldn't find this info anywhere else but on Monito. Big thanks to the team!

This is an awesome tool for picking the right money transfer service that suits my needs at any given moment (I’m sending cash to various countries). The site is nicely organized, and the reviews on Monito for each provider appear to be spot on and fair. Plus, it’s totally free and super user-friendly. On top of that, their customer support is top-notch.

Being a freelancer in the EU and working solely with international clients, I often suggest they use Monito for payments. It has saved both them and me a good chunk of change. Big thanks to Monito for making this process easier for everyone!

Whenever I'm waiting for cash from overseas, this is my top choice. I've suggested Monito to many of my international clients, and it’s really helped them cut down on transfer costs while also ensuring I get the best deal.

I needed a payment solution for my business to handle transactions in different currencies, and I was torn between several options. With Monito, I made my decision without a second thought. The team was always there for me, taking the time to address all my queries in detail. I trust their expertise, which helps us cut down on those hefty monthly transfer and banking charges.

For years, I struggled with sending cash overseas the traditional way because of the steep fees. Plus, with COVID, there's a curfew at 9 PM here in Dakar, so my only choice was to go online. We all know how pricey Western Union can be. Then I stumbled upon this site that I had no idea served the African market.

It's super easy to use and has a bunch of options. It feels like you're shopping around for the best money transfer rates. I actually found a service that was cheaper than Western Union! Those big names really hit us hard with fees, especially when sending money to and from Africa, so this comparison tool is a lifesaver.

One small hiccup: there aren't many options for transfers between African nations or mobile money services like Free Wave or Orange in their network. If that were the case, I would’ve given it a full 5 stars! But I guess setting up those kinds of partnerships is trickier than it seems.

Monito recommended Azimo for a money transfer to the US, but it was a huge blunder on my part. I seriously regret ever dealing with that company. Don’t be fooled by the so-called 'great exchange rate' they advertise; just go with a reputable transfer service instead.

@Francois from Monito - in response to your comments:
I've been using a trustworthy transfer service for a decade now. Never once did they ask for a contract with the recipient or any similar info. It’s just a straightforward wire transfer between bank accounts. Also, why do the checks come in a staggered manner instead of all at once? It’s always a slow process with a 24-hour response time.

And why do they want me to send my money to Azimo first, only to realize later that they need to conduct checks? They could sort that out before I hand over 8000 €.

As for your glowing ratings, we all know what’s really going on there, right?

I consistently rely on Monito to find the top money transfer services available (the rates and fees fluctuate quickly, so it's smart to stay updated).

Their interface is super friendly and easy to navigate, plus they cover most providers - that’s exactly what I’m looking for :)

I was considering PayPal when I discovered Monito's comparison platform, which is truly brilliant and saves a ton of trouble. Plus, the alternative services highlighted by Monito let you send money directly from your bank or via debit card, and the recipient doesn’t even need to create a PayPal account. They’re way more affordable than traditional banks and have super clear layouts, especially if you’re new to sending cash overseas. Thanks to Monito, I picked Transferwise Ltd, whose site is a breeze to use and their communication and updates are top-notch. Big shoutout to Monito for saving me loads of time by handling all the groundwork.

I recently relocated from the US to a European nation and needed a fast, dependable, and affordable method to send my leftover USD to my new home. Monito promptly provided me with a list of choices, complete with detailed estimates on the time and fees for each service provider. Before I knew it, my transfer was in progress within minutes! I highly endorse the user-friendliness, transparency, and quickness that Monito offers, making it easier for me to navigate the money transfer scene. Big thanks once more!

This service is super helpful! Monito helps me save a ton of cash when I gotta transfer a large sum from dollars to euros. It's really a fantastic service, and they're always there when you need assistance! I totally recommend Monito. Thanks a bunch!

The comparisons of international transfer services were thorough and well-researched. I shot off an email with a question and got a quick, friendly, and useful reply.