Sharemoney Transfer: 2024 review

Sharemoney®¹ offers easy ways to send payments to 70+ countries, for deposit to bank and mobile money accounts, cash collection or cash home delivery.

The services available vary a bit depending on where you’re sending a payment to - but you’ll be able to make all the arrangements with just your phone.

This guide looks at how Sharemoney works, including features and fees. Plus we’ll touch on Wise as an alternative worth considering for easy ways to send money to 160+ countries, with the mid-market rate and low fees.

Sharemoney key features

Sharemoney is an international payment app which you can get on more or less any phone, to send payments to 70+ countries in a selection of currencies. Here are the key features of the Sharemoney app:

Ease of use

Sharemoney is available on Apple® and Android® phones. While there aren’t many listed reviews available on either service, the app scores a 3.5 stars out of 5 on both.

Over on Trustpilot® - which aggregates live customer feedback and reviews - Sharemoney gets a rating of 4.8 out of 5 from 3,600+ reviews⁴. Happy customers are pleased to be able to use Sharemoney to send money home to friends and family, and praise the reliability and speed of the service.

Where reviews are less positive, common themes are expired promotional codes and verification issues. Verification is needed for some payments which means customers being asked to provide details and documents to comply with law. This is unavoidable, but can slow down the process - and is understandably frustrating.

Customer service

Sharemoney offers 24/7 phone customer support in English, Spanish, Vietnamese, or Portuguese. Call Sharemoney on (866) 819-0119 toll-free if you need help with a transfer. You can also track your transfer in the Sharemoney app.

Sharemoney fees

Sharemoney fees for sending international payments depend on where you’re sending to, the currency you want the recipient to get in the end, the way you pay and how the money will be received.

You’ll be able to see the payment options and fees in the Sharemoney app or on the desktop site, before you set up a transfer.

To give an example of one payment, we modeled a transfer of 1,000 USD to Argentina. The only method available to receive money was cash collection, but the fee you pay depends on whether you choose to pay with credit or debit card.

Using a debit card was cheaper at 40.99 USD, while using a credit card would cost 82.99 USD. These costs are correct at the time of research - 7th February 2024 - but you’ll need to double check the fees before you transfer, as rates and costs will vary over time.

In addition to these transfer fees, there may be a markup added to the exchange rate used to convert your dollars to the currency needed for collection or deposit. This is a percentage fee, and because it’s added into the exchange rate it can be pretty tricky to spot.

Compare the Sharemoney exchange rate for your currency with the mid-market exchange rate you can get from Google® to see whether a fee has been added in here.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Is Sharemoney safe?

Sharemoney should be safe to use with normal safety precautions. Sharemoney is operated under the Omnex Group, which is a large money transfer service. It holds licenses to operate on a national and state level as required by law⁵.

Sharemoney pros and cons

What are the benefits of Sharemoney?

Sharemoney is a handy app which can help you send money digitally to 70+ countries. There are several different payout options, including having your recipient get the money in cash, or having the payment deposited to a bank or mobile money account.

Not all payout options are available in all destinations. Sharemoney has a reputation for being easy to use and reliable, even when you need to get money to someone without access to a bank account or ATM.

What are the disadvantages of Sharemoney?

Sharemoney has variable fees for money transfers which can be pretty high, particularly if you need to pay with a credit card.

In addition to the transfer fees which apply you may find an exchange rate markup is added to the rate used to convert your USD to the currency needed for deposit or collection. This is an extra fee which pushes up costs - but which is often difficult to see.

Conclusion: is Sharemoney the best choice for you?

Sharemoney has a loyal user base, and a high Trustpilot rating. It’s also backed by a large international money transfer group, making it a safe service to pick for your international payment.

However, Sharemoney fees can be on the high side, and not all services are available in all destination countries. That may mean you can’t make the payment you’d like to make - or that the costs aren’t the most competitive out there for your transfer.

Use this guide to decide if it’s right for you, and remember to compare a few alternative options such as Wise, which lets you send money to 160+ countries with the mid-market rate and low fees.