Finding the right money transfer provider can feel like navigating a labyrinth of fees, transfer times, and exchange rates.
It’s not just about moving money; it’s about finding a solution that fits your unique needs and doing so securely and efficiently.
Founded in 2012, TransferGo has established itself as one of the best options on the market. But is it the right choice for your specific needs?
In this comprehensive review, I will explore the ins and outs of this platform, examining everything from its speed and cost to its global reach and customer satisfaction to help you decide if TransferGo is the money transfer provider for you.
TransferGo – My Verdict in 30 Seconds
In an industry where competitors are racing to the bottom with their rates, TransferGo stands out as one of the most economical options available. Their conversion rates are remarkably close to the market rate, which essentially minimizes the cost of international money transfers.
If you need to transfer money regularly, using TransferGo can lead to substantial savings over time.
TransferGo offers a clear and concise explanation of the costs involved, allowing you to select a transfer speed that fits your budget. Whether you need a same-day transfer or are willing to wait a few days, you’ll know exactly what you’re paying for.
Getting started with TransferGo is a breeze. Their simple and straightforward registration process enables you to create an account quickly without unnecessary hurdles.
Both the website and the mobile app are highly intuitive, making it easy to navigate. With well-organized menus and clear instructions, transferring money becomes a task that even a novice user can accomplish with confidence.
TransferGo offers an option that allows money to reach the recipient in as little as 30 minutes. This fast service is invaluable for those unforeseen circumstances where time is of the essence.
So, who is it for? I would recommend using TransferGo if you plan on making regular transfers and don’t need to move large sums.
Who is TransferGo?
TransferGo was established in 2012 by Daumantas Dvilinskas, Justinas Lasevicius, Arnas Lukosevicius, and Edvinas Sersniovas with the goal of providing an efficient and affordable solution to international money transfers.
Based in London, TransferGo has a strong presence across Europe and is expanding its operations globally.
- 2012: TransferGo was founded, launching its money transfer platform.
- 2015: The company reached a milestone of 100,000 registered users.
- 2018: TransferGo partnered with Ripple, using blockchain technology to enhance the speed and efficiency of international transfers.
- 2020: The expansion into additional markets and new partnerships led to TransferGo reaching over $3 billion in international money transfers.
TransferGo has been recognized for its innovation and customer service excellence, receiving awards like the RemTECH Industry Choice Award in 2017 and being listed in Forbes’ Fintech 50 in 2020.
TransferGo Pros & Cons
- Low Rates– TransferGo offers among the cheapest rates on the market.
- Quick Transfers – TransferGo’s standard transfers take only 1 day, and their fast transfers happen in 30 minutes.
- Fully Regulated – TransferGo is fully regulated and trustworthy.
- Great Support – TransferGo is known for its helpful customer support team
- Versatile – TransferGo offers a large selection of funding and pay-out methods.
- Limited Presence – TransferGo is essentially targeted toward Europe operations.
- Limited for Large Transfers – TranferGo has a limit of £10.000 per transfer when using a card.
TransferGo Fees & Exchange Rates
In my experience with TransferGo, I’ve found their rates to be excellent for bank transfers, both in terms of exchange rates and fees. Specifically, they outperform the competition in around 75% of relevant comparisons, which underscores their strength in this segment.
Their standard fees are a flat 0.99 EUR/GBP or equivalent, making it straightforward and economical for users. Moreover, the exchange rate margin, ranging from 0 to 2.2% below the mid-market rate, demonstrates a commitment to competitive pricing in bank transfers.
However, when it comes to transfers via card, cash, or mobile wallet, TransferGo falls short of leading the pack. For card transfers, they offer competitive rates only 15% of the time, and the fees are variable depending on the issuing country and type of card used.
The situation is similar for cash pickups and mobile wallet transfers, where TransferGo’s rates lag slightly behind some competitors. The fees for these methods are also subject to variation, depending on the pickup location or mobile wallet provider, introducing an element of unpredictability for the user.
With regard to transfer speed, TransferGo offers a range of options to suit different needs. Standard bank transfers are either free or very cost-effective if you’re not constrained by time. For those requiring more urgent service, TransferGo Now ensures 30-minute delivery and TransferGo Today guarantees same-day delivery by 5:30pm GMT. However, these faster options come with fees that are determined by the transfer amount.
Flat Transfer Fee
The fees you’ll pay when using TranferGo are based on the speed you’d like to apply to your transfer.
Here are the costs of the different transfer speeds:
One thing to point out is that TransferGo is the most competitive for bank transfers. Their rates are less good for cash pick-ups, mobile wallets, and card transfers.
In addition to the mid-market exchange rate, which fluctuates with the FOREX market, TransferGo will charge a margin which varies between 0.2 and 2.2% of the transferred amount.
This margin varies with the amount you transfer, which means that you will be charged more for small transfers.
What’s The TransferGo Experience Like?
Here’s a closer look at the TransferGo experience from various perspectives.
Registration and Getting Started – Setting up an account with TransferGo only requires basic personal information, proof of identity, and a connection to a bank account or payment method. TransferGo’s adherence to KYC (Know Your Customer) regulations ensures a secure setup, typically completed within a day.
User Interface -TransferGo’s online platform and mobile app both provide a clean interface, simple navigation, and step-by-step guidance, which makes it a breeze to initiate a transfer. If you make regular transfers, you will appreciate the quick-access features that streamline recurring payments.
Speed – One of the standout features of TransferGo is the speed at which it can process transactions. Depending on the countries involved and the chosen transfer option, funds can arrive within 30 minutes. This contrasts with traditional bank transfers that may take several days.
Costs and Fees – TransferGo is quite transparent when it comes to cost: You will be shown the exchange rate, fees, and the total amount that will be received before confirming the transaction. If you are not in a hurry, transfers will remain cheap, and there are no hidden charges. Customer reviews frequently highlight TransferGo’s competitive pricing.
Business Solutions – TransferGo offers tailored solutions for businesses, including batch payments, transfer tracking and integration with accounting software. This expands its appeal to small and medium enterprises looking to manage international payments efficiently.
Safety and Security Measures: Is My Money Safe with TransferGo?
- Regulation and Compliance – TransferGo is regulated by the UK’s Financial Conduct Authority (FCA), which means the company must adhere to stringent rules and regulations designed to protect consumers.
- Data Encryption – TransferGo is registered with the ICO (Information Commissioner’s Office), the UK’s independent authority set up to uphold information rights in the public interest, and uses SSL technology to keep your information safe.
- Fraud Prevention – TransferGo includes identity verification during registration and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to ensure that only legitimate transactions are processed through their platform.
- Segregation of Funds – TransferGo maintains your funds separate from its own operating funds in accordance with legal requirements. This segregation ensures customer money is insulated from any financial difficulties the company might face.
Customer Service at TransferGo: Responsiveness and Problem-Solving Capacity
The available channels for customer support present a somewhat limited approach when compared to their competitors.
TransferGo’s support is accessible through the phone but is restricted only to weekdays from 7 AM to 6 PM. This may be a significant inconvenience if you work outside these hours or on weekends.
Outside these working hours, the only available assistance is through a support form located on their website. While this may be adequate for basic operations, it’s hardly enough, particularly when wanting to transfer large sums of money.
When I called TransferGo during their working hours, I received prompt responses. The agents were well-informed and helpful, a commendable feature, no doubt. But the absence of live chat or 24/7 support is noticeably below the standard most of its competitors set.
TransferGo does not offer a dedicated account manager. This aspect might be more overlooked for those transferring small amounts, but this can be a concerning oversight for those looking to move large sums.
TransferGo has an overall rating of 4.7 out of 5 stars on Trustpilot, based on over 32,000 reviews. This indicates that a vast majority of customers are highly satisfied with the service. In fact, 90% of reviewers gave TransferGo 5 stars.
Positive reviews praise the fast transfer speed, competitive rates, ease of use, helpful support, and reliability of the service. Many customers mention that their transfers were completed within minutes or on the same day. Additionally, customers appreciate TransferGo’s standard bank transfer fees, which are cheaper than many competitors. Invite codes providing discounts are also a popular perk.
A small number of negative reviews complain about delays, errors in recipient details leading to wrong transfers and exposure of personal information. However, negative reviews make up only 3% of the total.
TransferGo seems highly responsive to negative reviews, replying to 97% of them quickly. They also claim their profile and pay for Trustpilot features.
Is TransferGo Safe for Large Amounts?
Yes, TransferGo is perfectly safe for large amounts of money. The company is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has a good reputation for security.
There is no limit for transfers with this provider.
However, I would not recommend TransferGo for frequent large transfers because of their limited customer support availability and the absence of a dedicated account manager.
TransferGo App Review
TransferGo’s app is an embodiment of convenience and simplicity, tailored to make international money transfers a breeze. With an interface that is both intuitive and user-friendly, it’s designed to take the hassle out of sending money abroad.
The registration process is a snap; you can sign up with just a click using your Facebook or Google account. This eliminates the need to fill out tedious forms and simplifies the login process, allowing you to get started in seconds.
Once you’re in, setting up a transfer is incredibly straightforward. The app allows you to select your country and currency within moments. All the options are clearly displayed, making it easy even for someone new to the process.
The app clearly lays out different delivery options (transfer speeds), allowing you to make an informed choice according to your urgency and budget. This transparency in showing various transfer speeds ensures that you’re never left in the dark about the timeline for your money to reach its destination.
The app might offer only basic functionalities, but that’s its greatest strength. There’s a refreshing ease to navigating an app without fuss, where everything you need is right at your fingertips. TransferGo’s app doesn’t try to overwhelm you with too many features; instead, it focuses on what’s essential for an effortless money transfer experience.
What are the alternatives to TransferGo?
|Provider||Exchange Rates||Fees||Processing Times||Currencies Supported||Limits||Customer Support|
|TransferGo||Mid-market rates + 0.2-2.2% margin||From £0 to £2.99 per transfer||From 30 minutes to 3 Days||60||No Limit||Weekdays from 7 to 6 via email, and phone support|
|Wise||Mid-market rates + small margin||Varies (amount/currency)||Typically 1-3 business days||50+||Up to £1,000,000 per transfer||24/7 live chat, email, and phone support|
|Western Union||Mid-market rates + 2-5% margin||Flat: £10 + 0.4% of the transfer amount||Typically 1-2 business days||130+||Up to £500,000 per transfer||24/7 live chat, email, and phone support|
|MoneyGram||Mid-market rates + 3-4% margin||Flat: £3 + 2% of the transfer amount||Typically 1-3 business days||100+||Up to £9,999 per transfer||24/7 live chat, email, and phone support|
|WorldRemit||Mid-market rates + 2-3% margin||Flat: £0.30 + 3% of the transfer amount||Typically 1-2 business days||70+||Up to £100,000 per transfer||24/7 live chat, email, and phone support|
|PayPal||Mid-market rates||Varies (amount/currency)||Varies||200+||Up to £10,000 per transfer||24/7 live chat, email, and phone support|
|Revolut||Mid-market rates||Flat: £0 + 0.5% of the transfer amount||Typically 1-3 business days||30+||Up to £10,000 per transfer||24/7 live chat and email support|
|Remitly||Mid-market rates + 1% margin||Flat: £0 + 0.5% of the transfer amount||Typically 1-2 business days||150+||Up to £100,000 per transfer||24/7 live chat and email support|
|CurrencyFair||Mid-market rates||Flat: £0 + 0.5% of transfer amount||Typically 1-3 business days||50+||Up to £500,000 per transfer|
How long does it take to send money with TransferGo?
You can choose the transfer speed you need when making a transaction with TransferGo. Standard transfers take between 1 and 3 business days, but you can pay to get a transfer done in as little as 30 minutes.
Can I cancel a transfer?
Yes, you can cancel a transfer with TransferGo, but the ability to do so may depend on the status of the transfer. If the money has not yet been sent to the recipient, you can request a cancellation by contacting TransferGo’s customer support. Refunds will usually be processed to the original payment method, but some fees may apply depending on the stage of the cancellation.
Does TransferGo accept credit cards?
Yes, TransferGo does accept credit cards as a payment method for sending money. However, fees and limits may vary depending on the type of credit card, the countries involved, and other factors.
What languages does TransferGo support?
Remitly provides customer service and website/app translations in 11 languages, including English, Spanish, French, German, Ukrainian and more.