Ranking of Money Transfer Companies Based on Customer Ratings
Money Transfer and Remittance Apps: A Look at Customer Ratings in 2023
In 2023, a comprehensive study was conducted to compare the customer ratings of major money transfer and remittance companies' apps. The analysis took into account ratings from Apple's App Store, Google's Play Store, and Trustpilot in the US and UK.
The latest study continues to underscore the significance of customer ratings in driving app downloads and marketing strategies for these companies.
Leading Players in Customer Ratings
XE, Wise (formerly TransferWise), TorFX, Western Union, and Remitly are some of the top-performing brands in terms of online customer ratings for money transfer and remittance apps.
XE has an excellent customer rating on Trustpilot, with over 70,000 reviews and an overall score of 4.3/5 as of mid-2025. The company has seen a growth in customer usage and satisfaction, amassing about 10,000 new reviews in 2023, up from 8,000 in 2022.
Wise, although not detailed in the latest data, is noted for having amassed more reviews than XE on Trustpilot overall, indicative of very high usage and generally strong customer ratings.
TorFX has an excellent Trustpilot rating of 4.9/5 but from a smaller pool of roughly 7,000 reviews.
Western Union, the oldest and one of the largest remittance companies with a huge global presence, has over 100,000 Trustpilot reviews. However, its customer ratings show mixed results, with some inconsistent customer service issues and higher fees compared to more customer-focused online services.
Remitly is well-regarded for affordability and speed in certain corridors but has mixed user reviews, with customers reporting both positive experiences and complaints about customer service and payment blocking.
Performance Changes Over Two Years
XE has grown in customer base and reviews from 2021-2023, improving its footprint without major drops in satisfaction. Wise continues to lead in overall volume of reviews and presumably maintains high ratings due to its online-only, cost-effective transfer focus.
Western Union’s rating remains mixed with a consistent reputation for broad coverage but challenges around fees and service complaints persist. Remitly shows variability with both positive and negative feedback increasing, indicating some fluctuations in service quality.
The Future of Money Transfer and Remittance Apps
As of 2023, digital money transfers have become the primary source of growth for most money transfer and remittance companies. Even those companies that are still heavily cash-based have included digital as a key part of their future strategies.
Customer ratings are a critical factor for app downloads and are important for the marketing of any money transfer or remittance company's digital strategy. The latest study on customer ratings for money transfer and remittance apps reflects the increased importance of digital strategies for these companies.
However, the study does not discuss the role of digital in the future strategies of traditional, cash-based companies. The study does not specify the exact companies with the highest ratings in the latest analysis.
In conclusion, XE, Wise, and TorFX lead in customer ratings with positive growth trends, while Western Union and Remitly have stable yet more mixed reviews compared to two years ago. Customers prioritizing volume and consistency may prefer XE or Wise, while those needing worldwide physical pickup might still use Western Union despite higher fees.
[1] Source: Trustpilot [2] Source: App Store and Google Play Store [3] Source: ConsumerAffairs [4] Source: Remitly reviews 2023-2025 [5] Source: Western Union reviews 2023-2025
In 2023, the significance of customer ratings for money transfer and remittance apps is evident, as these ratings drive app downloads and marketing strategies for companies. (finance)
Among the top-performing brands, XE, Wise, TorFX, Western Union, and Remitly have garnered impressive customer ratings, with XE standing out for its excellent customer rating on Trustpilot. (finance)
