Awarded with the World Bank Certificate is one of 11 price comparison websites for migrant remittances worldwide that has been certified by the World Bank for price transparency and user-friendliness.

In a review of all national and regional price comparison portals operating worldwide, the World Bank found that the methodology for collecting data and calculating costs as well as the availability and quality of information differed greatly, depending on the database. To assure compliance with specific quality standards, it devised a standardised procedure for price comparison.

These World Bank standards are intended to do the following:

The World Bank has defined 12 minimum requirements to be met for the certification of a price comparison portal:

  1. At least two different transfer amounts can be queried for each remittances corridor on the portal.
  2. The portal displays transfer fees.
  3. The portal displays the exchange rate applied by the financial service provider.
  4. It displays the total costs.
  5. It shows the transaction speed.
  6. It shows the type of financial service provider (bank or other provider).
  7. Taken together, the providers listed on the website make up at least 60% of the market share of money transfer services to the respective recipient country.
  8. The data collector is independent and impartial.
  9. Data are collected by so-called ‘mystery shoppers’.
  10. The website is free of advertisements.
  11. The website has a clear financing model and is not funded by transfer service providers.
  12. The website has links to other databases certified by the World Bank.

You can find further information on the World Bank Certificate here (English):

Worldbank Website on Comparion Websites for Remittance Prices