TransferGo Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more
TransferGo Review
If you want to send an international money transfer, TransferGo could be a great alternative to your bank. The company was founded in 2012 and allowed senders to send money transfers worldwide. TransferGo is available in about 30 sending countries and 45 receiving countries. It has become popular due to its quick, secure, and low-cost transfers. Customers also love the flexibility that the service offers. If you are looking at your money transfer options, here’s a review of TransferGo Money Transfer.
How Does TransferGo Work?
Sending a money transfer with TransferGo is usually done with a local bank transfer. You can also use a credit or debit card. If you choose this option, the card must be in EUR, GBP, DKK, SEK, NOK or PLN. The money goes to the beneficiary’s bank account and is usually available in one business day. Your recipient can get the money even if they don’t have a TransferGo account. One feature that stands out about TransferGo is the flexible speed of transfers. The processing times and wait times vary according to the country of the sender and recipient. But if you can pay more, your recipient can get the money within 30 minutes. Be aware though, that this option has a currency conversion fee. If you are willing to wait up to three business days, you can transfer money for zero fees.
Sending a Transfer With TransferGo Step by Step
Follow the steps below to send a transfer: The first step is signing up for a TransferGo account. This is fairly easy as you can connect quickly using your Facebook or Google account TransferGo requires the user to pass the identity verification process. If your first transfer is equal to or more than GBP 900 or its equivalent this is mandatory. You must upload a copy of your identification and a selfie. Other required documents vary by country. You will need to confirm:
The transfer speed is an important choice. Generally it will be one business day, but you can choose an express 30-minute transfer. Once you choose the country the exact times will be displayed.
Pick your preferred payment method and send. All currencies can be sent using bank transfer. If you want to use a credit or debit card, the card must be in one of these currencies: EUR, GBP, DKK, SEK, NOK or PLN.
At this point you will confirm that all transfer details are correct. Once you do so, the company will initiate the transfer.
How Long Does TransferGo Money Transfer Take?
TransferGo has one feature that makes it unique in the international money transfer business. This is the fact that you can choose the speed of your transfer.
Yes, that’s right. You control how fast your beneficiary gets the money. However, be sure you choose the right option based on your needs and how much you are ready to spend. Here are the TransferGo money transfer options:
StandardThe standard delivery time is for TransferGo’s main destination countries. It is one business day. This is counted from when the company receives your deposit.
FreeWant to pay even less? If you want to save money the free option is for you. Note this is best when your beneficiary doesn’t need the transfer immediately. This option takes 3 business days from the moment when TransferGo received your funds.
ExpressIf time is of the essence or your beneficiary needs money right now, choose the express transfer. With this option they will have the transfer in less than 30 minutes. This depends on what country you send from, so check before you initiate your transfer.
Limited service countriesOne thing to keep in mind: some destination countries have limited service. When sending to the following countries, delivery may take 1 business day longer than usual: Australia, Bulgaria, Canada, Czech Republic, Hong Kong, Israel, Mexico, South Africa, Switzerland, United States.
Intermediary bank fees and delayed deliveryThere are some countries where delivery to the beneficiary may be delayed; namely Australia, Bangladesh, Bulgaria, Canada, Czech Republic, Hong Kong, Hungary, Indonesia, Israel, Kenya, Mexico, Nepal, Thailand, Russia, USA, South Africa, Sri Lanka and Switzerland.
In these cases it takes more than one business day for the beneficiary to have the money credited to their account. TransferGo will not compensate for additional fees for the beneficiary. It will, however, compensate you as the sender if the intermediary bank applies an additional fee.
Fees and Exchange Rates
According to TransferGo their exchange rate is fixed. The amount you see when you create the transfer is what will arrive. They claim there are no hidden fees. As with most money transfer companies, it may be worth taking a closer look at these claims.
Fixed feesThere are fixed TransferGo Money Transfer fees according to the sender’s country. These are:
- Denmark: 9.99-24.99 DKK
- Eurozone*: 0.99-2.99 EUR
- Hungary: 500.00-1.100 HUF
- Norway: 10.99-29.99 NOK
- Poland: 4.99-14.99 PLN
- Romania: 4.99-15.99 RON
- Sweden: 9.99-29.99 SEK
The company admits that it charges approximately 0.5% to 3.3% margin on the exchange rate. You will know beforehand what the exchange rate is. It is locked in, so that you are confident in the exact amount your beneficiary receives.
The quote that you are given from TransferGo will include all fees. You will not need to send anything more to cover fees. In order to confirm, pay in the exact amount entered in your transfer order.
Things to keep in mindIt is possible that your bank may charge fees for your bank transfer.
This sometimes makes it hard to judge what the real cost of a transfer will be.
TransferGo states that they are not liable for these fees. Be aware of what your bank transfers cost by contacting the bank beforehand.
Ways to lower your feesYou can pay lower fees by choosing a slower transfer option. TransferGo offers three ways to send, each with different fees - standard, cheap and express.
Here they are in further detail.
Same day or instant transfers are the priciest option. However, they are also the quickest way to get the money to your beneficiary. It can take less than 30 minutes from the time TransferGo receives your money. With this option there is a flat fee based on the amount you are sending.
Standard transfers are the default option. Using this option means your beneficiary gets the money the next business day. It attracts a flat fee according to your country:
- EUR 0.99
- GBP 0.99
- SEK 10
- DKK 20
- NOK 20
- HUF 500
- PLN 9
- RON 9
The commission is the same as stated above.
Free transfers are the lowest cost option when it comes to fees. There will be no commission on the transfer. However, it will take three business days for the money to reach the beneficiary. There is also no flat fee. Note that you may pay card fees if you fund the transfer using a credit or debit card.
Note that all options may not be available, depending on the sender and beneficiary countries.
Other fees to considerThere is a possibility that your bank will apply fees for payments made by credit card. This is usually a cash transaction charge, which means your bank sees it as a cash withdrawal and not a purchase. TransferGo will not assume responsibility for the charge if it is applied.
Pros and Cons
Pros
TranferGo’s fees are transparen
Does not charge much different to mid-market exchange rate
Many flexible options for transfers
Can transfer money in as quick as 30 minutes
Trustpilot reviews are excellent
Cons
Payouts only possible to bank accounts
Only works well for transfers of small amounts
Transfers can take up to 3 days if you choose the cheaper option
Services are not available in Canada and the United States
WorldRemit
WorldRemit is one alternative you may consider. However, it is not cheap for larger transfers. Potential customers should also know that WorldRemit is not transparent about fees.
Its money is made by charging an exchange rate margin.
Skrill
Skrill’s fees are some of the lowest in the industry and the company has glowing customer reviews.On the other hand, the payouts are limited to beneficiaries with bank accounts or Skrill's mobile wallet.
The service is also available in only a limited number of countries.
Transferwise
Transferwise is a popular alternative. It is not a great choice if you want to contact the company with issues as it focuses only on online customer troubleshooting. It is reported that Transferwise is also not a good option for larger transfers.
On the other hand its fees are low and transparent. Transferwise offers the real mid-market exchange rate.
Sending Money Transfers Using a Bank
Traditionally, banks are seen as a secure option for sending money. Many people don’t know of an alternative way to do transfers.
However, nowadays, banks should definitely not be the main choice. A bank is actually the most expensive and slowest option for sending international money transfers.
Considering the costs and slow speed as well as lack of efficiency, banks don’t really measure up. You have to spend valuable time locating a branch and standing in line. Your beneficiary also needs to have a bank account.
With online international money transfers and apps, you can send money in minutes. You’ll also pay less fees and keep more money in your pocket.
Traditional Money Transfer Companies
You have probably seen other money transfer companies in your local area. They are usually located in grocery stores, in corner shops, and more convenient areas. These companies include Ria, Western Union, MoneyGram.
They seem tempting. After all, you don’t need to go out of your way. You can do a transfer in a spot close to you, and the beneficiary gets the money fairly quickly.
Still, these companies offer only limited options for sending and receiving money. Their fees are high to compensate for the convenience they offer. Those high fees, especially if you’re only sending a small amount, mean this option may not be for you.
Other Money Transfer Providers
The History Behind TransferGo
The history of TransferGo is an interesting one. It was actually founded by four immigrants in the UK. Like many other immigrants they were frustrated with how expensive and complicated it was to send money internationally. They had been using their bank to send transfers and finally had enough. Their aim was to disrupt the sector and make international money transfers painless and convenient.
In 2012, they started TransferGo.
Is It Safe to Send Money With TransferGo?
TransferGo has been in existence for a while, and the company has been covered in many media publications.
Currently TransferGo is rated excellent on TrustPilot with a 4.8 out of 5. The many glowing reviews by customers indicate that many already put their trust in TransferGo.
TransferGo is also licensed in the UK. It is regulated by the UK’s Financial Conduct Authority (FCA) as well as the country customs and revenue authority. TransferGo also claims great security for their transfer service.
The FCA regulations require that all money is held in separate client accounts. Therefore, even if the company runs into difficulty, your funds will be safe.
It is a large company with a number of employees at its registered office in London. Additionally, there are around 150 people at its various global offices. In addition to the UK, these include Turkey, Poland, Lithuania, and Germany.
Even the employees rate the company highly. On Glassdoor TransferGo has a 4 star rating with glowing reviews of it as a great place to work.
Countries
TransferGo operates in 63 different places around the globe. This means no matter where you may want to send from or to, many countries will be on the list.
You can send money from:
- Austria
- Belgium
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Monaco
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- San Marino
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- United Kingdom
You or your beneficiary can receive money in:
- Australia
- Austria
- Bahrain
- Bangladesh
- Belgium
- Bulgaria
- Canada
- China
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hong Kong
- Hungary
- Iceland
- India
- Indonesia
- Ireland
- Israel
- Italy
- Japan
- Kenya
- Kuwait
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Mexico
- Monaco
- Nepal
- Netherlands
- New Zealand
- Nigeria
- Norway
- Oman
- Pakistan
- Philippines
- Poland
- Portugal
- Qatar
- Romania
- Russia
- San Marino
- Saudi Arabia
- Singapore
- Slovakia
- Slovenia
- South Africa
- Spain
- Sri Lanka
- Sweden
- Switzerland
- Thailand
- Turkey
- United Kingdom
- USA
- Ukraine
Sending Money With TransferGo Mobile App
TransferGo’s money transfer app is user-friendly and convenient. Sending money on the go is easy with the app. And you also get instant updates on your transfer’s status once it’s sent. The app enjoys high ratings from users. On the App Store it’s rated 4 out of 5, and on the Google Play Store 4.3 out of 5.
FAQs About TransferGo
How do I send money overseas with BMO?
TransferGo has been doing international money transfers since 2012. It currently offers services in 47 countries. It is fast-growing and will most likely expand to even more markets in future.
The company’s offices are across Europe, and include Warsaw, Berlin, and Istanbul. TransferGo was started in the UK, and is regulated just like a British commercial bank. It is supervised by the Revenue and Customs agency (HMRC) and regulated by the Financial Conduct Authority (FCA).
What does TransferGo do?
The transfers provided by TransferGo are for both personal and business needs. Their mission is to offer quick and easy money transfers at a good value.
Is using TransferGo expensive?
The prices the company charges are competitive and you can choose options that make your transfers cheaper. Their rates vary according to how long you can wait for the transfer to go through. If you are able to wait, you get a better deal.
I have a business, can TransferGo work for me?
Yes. TransferGo even offers special rates if you send money as a business.
Why does TransferGo ask for additional documents for verification?
In order to comply with regulations, and keep the service safe, you'll sometimes have to provide TransferGo with documents.
These documents include ID, proof of address, and proof of funds. Proof of funds is usually only required if you are transferring large amounts. In the case of ID and proof of address you can upload it easily on their site or app. You’ll only need to do this once.
Can I cancel a TransferGo transfer?
You can cancel a transfer except in the following situations:
- TransferGo has already received your payment, or
- The credit or debit card you used was declined.
If you have not completed a transfer, it will expire automatically.
Additional TransferGo Services
Finally, if you own a company TransferGo can also meet some of your needs. It caters especially to business customers. It can assist with paying salaries or freelancers abroad, for example. The advantage over sending as a retail customer is that you get a lower margin on the exchange rate. This means more money for your business.
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