CNN stands for “Cable News Network”, and is one of America’s largest new-based television channels. Owned by WarnerMedia, CNN shows 24-hour cable news (in fact, it was the first to do this) and has been operating since 1980.
They’re not utterly distant from the finance, though. CNN does have some expertise within finance themselves, as they have a whole department CNNMoney, which covers the latest news on financial matters and undergoes its own investigations. Whilst it’s not the same industry, the company certainly has many financial and market experts, which is important for its image.
CNN news is known for being both dramatic and having some political bias. Despite losing ground to Fox News, CNN still regularly draws 1 million viewers and often gets up to the 1.6 million mark. CNN is losing viewers of the important 25 to 54 demographic, as it was down 20% at the end of 2019.
Putting political bias aside, CNN is extremely reputable. It is a regulated, big-hitter in American news, with a long track record of success.
Due to the falling figures though and the scare of social media damaging news channels, CNN decided to diversify its revenue and create a new stream. In 2015, CNN opened up the CNN Money Transfer service.
CNN Money Transfer – Screenshot from the website
The CNN Money Transfer service
Although it’s referred to as CNN Money Transfers, this is essentially an operation completely in the (safe) hands of Moneycorp, who will be handling every aspect of your exchange given their high-end infrastructure. This makes a CNN Money Transfer review somewhat difficult, as CNN seemingly appear to admit that they’re not experts within the financial service industry, so are instead dipping their toe in the water instead.
Instead of facilitating the payment themselves, CNN is merely the door to Moneycorp. This is known as white labelling, where CNN speak as if it’s their service, but then nonchalantly pass you over to the industry veterans Moneycorp. Before looking into Moneycorp’s trustworthiness, let’s explore the services on offer here:
CNN Money Transfer breakdown their Moneycorp services into 3: One-off payments, Fix a rate and finally, Make regular payments. The latter is an automated, scheduled set of payments similar to a direct debit. Within this, they can fix the exchange rate. This alludes to the “Fix a rate” service, which is essentially just a Forward Contract. Finally, the one-off payment service is a simple, single transaction for a specific purpose, such as buying a house, emigrating or a holiday.
“Enjoy exchange rates that are typically 3-4% better than those offered by the banks with CNN Money Transfers powered by Moneycorp. Our customers also enjoy free online transfers, your bank may charge you anything from $30 – $50 each time.” This is a very true statement, as banks are known to have extremely high rates, and this service is a direct alternative to that.
About the Service Provider – MoneyCorp
MoneyCorp is an industry veteran. They are as reliable as they come, with a massive 35 years of experience in remittance and currency exchange.
MoneyCorp has a 4.6 rating out of 5, from almost 700 reviews on feefo.com. There is no doubt around MoneyCorp being a solid, reliable company.
Should I use the CNN Money Transfer?
CNN Money Transfer is a money transfer service set up by the media outlet CNN, but not run by them. So, why not go directly to MoneyCorp? In our opinion, there is no harm in using “CNN Money Transfer”. Why? Because it isn’t CNN who is steering the ship. If it was, then it might be a different story. MoneyCorp, which is the actual backbone of this operation, is one of the highest-rated companies on our best international money transfer comparison. It would make more sense to sign up directly with Moneycorp, just to keep things more clear and confined to one entity.
All White Label Setups in the Money Transfer Industry
- Virgin International Payments service was operated by WorldFirst, but is now operated independently.
- The Telegraph Money Transfer service is operated by Moneycorp.
- Guardian Money Transfers which is also provided by Moneycorp.
- CityAM Money Transfer is also provided by Moneycorp.
- Telegraph Money Transfers which is also provided by Moneycorp.
- CNN Money Transfer which is also provided by Moneycorp.
- Post Office International Transfers is operated by Western Union.