How to compare any money transfer in two minutes

Comparing money transfers is easy once you ask the same four questions of every service. It takes about two minutes.

Step 1. Write down what you want to arrive

Decide the amount your recipient needs, in their currency. Compare what you must pay to make that arrive, not what you are sending.

Step 2. Find the mid-market rate

Search "USD to NGN" (or your pair) on any search engine or currency site. The number shown is the mid-market rate. Write it down with the time you checked.

Step 3. Get each service's quote, in full

For every service, note:

• the fee,
• the exchange rate it will actually use,
• the total you pay,
• the amount your recipient receives.

Step 4. Work out the real margin

Divide the service's rate by the mid-market rate, subtract 1, and multiply by 100. A rate 2% below mid-market is a 2% charge, whatever the fee says.

Step 5. Compare what arrives, then speed and limits

The best transfer is the one where your recipient receives the most for the least you pay. Only then compare speed, limits and how your recipient will cash out.

A small habit that saves money

Quotes move. Do the comparison on the day you send, not the week before.

Want a quote with every line shown? Try the Monk Pay calculator.