If you're trying to find your next e-money service, chances are you've heard of MuchBetter. But does it hold up? Read on to learn what MuchBetter offers and if it's right for you.
October 29, 2022, London
MuchBetter is, while new to the scene, an excellent e-money transfer service. They offer excellent rates and limits for account holders and provide a swathe of services. From P2P and merchant transactions to FX, crypto, and online gaming, there's very little that MuchBetter doesn't offer.
But is it worth the hype? There's only one way to find out - keep reading.
Table of Contents:
Let's start with the simplest stuff first - definitions.
MuchBetter is an e-money transfer service that was founded out of the UK in 2016. They initially offered P2P and merchant payment processing, though they quickly branched out into a number of other fields. Today, MuchBetter is your one-stop-shop for just about everything; forex, crypto, online gaming, and yes - P2P payments - are all commonplace.
This is all great to hear, but that doesn't mean anything if MuchBetter isn't safe - so, is MuchBetter safe?
Yes! MuchBetter is fully regulated in the UK by the Financial Conduct Authority (FCA) and Gambling Commission. This means that they follow all UK laws very carefully, and the same applies to every country in which MuchBetter operates.
Add in their top-tier security features (detailed here), and it's really hard to ignore how great MuchBetter's offerings really are.
MuchBetter is entirely legit. As mentioned above, they're fully regulated by multiple governmental bodies, and have built a name for trustworthy payment processing. While I can't just say they're legit and expect you to believe me, it's the truth.
And the millions of annual users over the past six years really only back up that claim. If you want even more proof, click here.
And now, we make it to the really fun bit - the actual review. Let's start with MuchBetter's fee and limit structure, as that's most likely to affect everyone. After that, we'll hit MuchBetter's security, rewards, and acceptance before calling it a day.
The fees that MuchBetter charges and the limits they apply to your account are the most likely factor to affect you on a daily basis. It's worth noting that we've covered MuchBetter's fees and limits in depth in another article, so check that out if you want all of the details.
Today, we're only hitting the big ones, as this article would be a lot longer if we went full-on into things. Here are the most important fees and limits associated with MuchBetter accounts:
|Fee/Limit Type||MuchBetter Fee/Limit||Industry Standard Fee/Limit|
|Deposit via Bank||Free||1-3% and/or flat fee|
|Deposit via Pay-by-Bank App||Free||1-3% and/or flat fee|
|Deposit via Debit Card||Free||1-3% and/or flat fee|
|Send/Receive Money (w/ other MuchBetter users)||Free||1-3%|
|Currency Conversion (FX)||0.99%||2-4+%|
|MuchBetter MasterCard: Online Payment||Free||1-3%|
|MuchBetter MasterCard: Contactless Payment||Free||1-3%|
|MuchBetter MasterCard: In-Person Payment||Free||1-3%|
|MuchBetter MasterCard: Per-Day Limit||5 transactions per day of £300 or less|
|Crypto Withdrawal||2.0%||3-5% + flat fee|
|Verified Account Limits||Verified limit drastically (~5x) higher than unverified.||Verified limit drastically (~5x) higher than unverified.|
|ATM Withdrawal Limit||£4,500 (daily), £22,500 (monthly), £90,000 (yearly)||£100-400 per day, £1,000-10,000 per month, less than £50,000 per year|
|Contactless Payment Limit||Up to 5 per day||Contactless not offered.|
In short, MuchBetter's fees and limits are well within industry standards, often actually beating out their larger, more established competition.
Security is the next most important bit after fees and limits; in fact, one could argue that it's more important. So, how does MuchBetter protect your money?
|Security Feature||MuchBetter's Version|
|Encryption||State-of-the-art Secure Socket Layer (SSL)|
|Secondary Security||Biometric locking (mobile app) & Two-Factor Authentication (2FA)|
|Software||Device pairing + a secure, modern mobile app|
|Transaction Safety||All MuchBetter transactions are reviewed for accuracy|
|Other Features||Dynamic Security Codes (CVV) - a proprietary, patent-pending security measure that's the first of its kind.|
In other words, MuchBetter offers exactly what they claim - state-of-the-art, truly modern security in all they do.
This is where MuchBetter stumbles a bit. Most of their competitors offer wonderful VIP programmes that provide reduced fees, higher account limits, and a number of other benefits, often including free transactions and even cashback!
MuchBetter, on the other hand, has two services - neither of which is quite as good as their competitors' versions:
If you want to become a VIP for MuchBetter, I have some bad news - you can't apply, nor really work your way into it. You'll either be selected, or you won't. In other words, you'll know if you're a MuchBetter VIP.
This is really a bummer. While prize drawings are all well and good, VIP programmes should offer tangible rewards; reduced fees, higher limits, cashback - literally anything that's guaranteed would be nice.
Finally, we need to talk about where you can use MuchBetter. This section will be rather barebones, as MuchBetter is actually accepted in most parts of the world. They offer full service to most of Asia, Africa, Europe, and Latin America. MuchBetter does not service the Middle East, the United States, and a handful of other countries listed here.
And if you're hoping to get your hands on a shiny MuchBetter MasterCard, you'll need to live in the EU - users everywhere else aren't eligible for a MasterCard.
Ultimately, MuchBetter is an excellent e-money transfer service in just about every sense: they're incredibly secure, offer excellent rates on a number of handy services, and make understanding and using their platform truly seamless. While MuchBetter's rewards/VIP programme does leave a bit to be desired, there's more to the picture.
They let you invest in crypto and forex, gamble for leisure, and send/receive money to and from friends. And best of all, it happens pretty much instantly. If you plan to use MuchBetter to make a living (maybe trading forex or crypto), then you may want to find a service with a more comprehensive VIP programme - otherwise, you're set.
Up To €100 Cash Bonus from Skrill
Up To $30 Bonus from EwalletBooster
Get Skrill “Fast Silver VIP” status for FREE
Get Skrill “Silver VIP” for only €5,000
FREE Verification (no deposit required!)
Priority verification (less than 12 hours!)
FREE P2P (peer-to-peer) transfers
Discounted 2.89% FX Fee (usually 3.99%)
Exclusive eWalletBooster REWARDS dashboard