Do you need to transfer funds internationally? If so, you will be pleased to know that the Internet is now packed with money transfer companies that charge only a fraction of what you will pay at a street bank.
In addition, you will often find that transfer times are much faster when using a specialized provider only online.
That said, knowing what money transfer platform to go with is not an easy task, as there are many options. One of those providers that we seek to explore further was TransferGo. The platform claims to offer international transfers in just 30 minutes at super low rates.
Do you want to know if the provider is right for you? If so, be sure to read our detailed TransferGo review. We will cover the ins and outs of what you need to know, such as fees, transfer times, financing, limits and more.
|TransferGo – Visit|
|Transfer type||Online and phone|
|Enrollment||0% to 2.2%|
|Transfer speed||From less than 30 minutes|
|Minimum transfer||€ / £ / $ 1|
What is TransferGo?
Launched in 2012, TransferGo is an online only money transfer company based in the United Kingdom. As is the case with most new money transfer companies, the founders claim that they entered the business in order to revolutionize the slow, expensive and cumbersome process of transferring money abroad.
While long-standing banks and providers such as Western Union and MoneyGram are loaded with high fees and endless paperwork, TransferGo says it facilitates fast, low-cost, and no-load international transfers at the click of a button.
In terms of how the platform works, TransferGo operates similarly to most other money transfer companies active in the online space only. Simply put, you will initially start by entering the amount you want to send and where to. Once you have completed some details, you will be instructed to finance your payment.
This is usually done by transferring the funds to a local bank account that is controlled by the TransferGo team, or by using a debit or credit card. Please note that debit / credit cards can only be used for transactions of less than £ 2,500 (or their equivalent in local currency). Finally, once TransferGo has received the funds, they will proceed to transfer the funds to the beneficiary.
However, the key difference with money transfer specialists such as TransferGo is that the transfer will usually come from a bank account that is in the recipient's country of origin. This is how the platform can offer significantly lower rates than traditional banks usually charge, and transfer times that are often met on the same day.
When it comes to the regulatory position of the money transfer provider, TransferGo is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom and supervised by HM Revenue & Customs (HMRC). This ensures that the provider complies with and complies with all relevant regulations surrounding the custody of their funds.
How does TransferGo work?
Although we briefly mention how the money transfer process in TransferGo works in the previous section, it is probably best that we provide you with a more detailed description. This section will be particularly useful if you have never used a money transfer specialist online alone before.
Step 1: open an account
First, you must go to the TransferGo website and open an account. This will require you to enter basic information such as your full name, address and telephone number. You must also create a password to access your account at a later date.
Step 2: transfer details
Once you have opened an account, you can make your first transfer. Take note, you must verify your identity on your second transfer and / or when you reach certain account limits. We will cover this later.
To start the transfer process, you must first indicate where you are sending the money. The respective local currency will be updated automatically according to the country you choose. For example, if you are in the United Kingdom and send money to India, then you will transfer GBP / INR.
You must also enter the amount you wish to send. The local amount the beneficiary will receive will be updated. You can also see a complete breakdown of rates. As we will see later in our review, this will cover the fixed transfer charge, as well as the underlying exchange rate.
Finally, you must enter the bank account details of the receiving party. This will have to be the local bank account credentials and not your SWIFT / BIC numbers.
Step 3: pay the transfer
Once you have entered the required details of the beneficiary's bank account, you must finance the transfer. In this regard, you will have two options at your disposal. If you wish to use your debit / credit card, you can do so as long as the transfer amount is less than £ 2,500. Alternatively, you can also make a local bank transfer.
If you opt for the latter, TransferGo will provide you with the details of the local bank account to which you should send the funds. For example, if you reside in the United Kingdom, then you will transfer the money to a UK bank account.
Step 4: the transfer process
Unlike the process used by traditional banks, TransferGo will not transfer funds across borders. Instead, the platform uses a process known as "Local input – Local output". Simply put, this means that the financing process will see you transfer the money locally, and the beneficiary will have the funds paid locally.
For example, suppose you are in the United Kingdom and are looking to transfer money to someone in Hong Kong. Initially, you will transfer GBP to a UK bank account (or pay in GBP via a UK debit / credit card).
Once TransferGo receives the funds, the company will transfer Hong Kong dollars from its Hong Kong bank account to the Hong Kong recipient's bank account. This ensures a fast and low cost transfer process.
TransferGo Fees and exchange rates
First, TransferGo is very direct about the rates they charge. When you enter the details surrounding your transfer, the platform will break down the fees you will pay. However, it is also worth remembering that, in some cases, the recipient may incur fees that are beyond the control of TransferGo. This may be because the respective bank charges a transfer fee.
However, you will pay a fee on two fronts at TransferGo: a fixed transfer rate and the exchange rate in the chosen currencies.
|Delivery time||Shipping costs||Conversion rate||Financing costs|
|Next day||£ 0 – 0.99||0 – 2.2%||Included|
|Faster delivery (as fast as 30 minutes of delivery)||Depending on the amount transferred||0 – 2.2%||Included|
Fixed transfer fee
TransferGo charges your fixed transfer fee based on the speed at which you want the transfer to run. If you are looking for the fastest 30-minute option (if available), you will pay only £ 2.99.
Alternatively, a transfer on the same day and the next business day costs only £ 1.99 and £ 0.99, respectively. Regardless of the option you choose, these rates are highly competitive, especially when you consider them to remain constant regardless of how much you send.
As is the case with all money transfer companies, you should make some considerations about the exchange rate offered in your transfer. This is the exchange rate between the two currencies in which you want to make transactions, for example, GBP / EUR or EUR / HKD.
There is no single answer for everything you will pay in your exchange, as this will depend on a number of variables. This includes the amount that is sent, the specific currencies used, the location of the receiving bank and the time of day.
The TransferGo team points out that this can vary from 0% to a maximum of 2.2%, above the average market rate. However, the team also notes that, on average, this amounts to only 0.819%, which is very competitive.
Finally, the only way to know exactly how much you will pay is by entering the details of your transfer. The platform will update the exchange rate as you complete the transfer form.
How long do the transfers take?
The transfer time when sending funds through TransferGo will depend on several factors. First, you will have the option of a 30-minute transfer, a transfer on the same day or a transfer the next day, with each option at a different rate. If you opt for the 30-minute option, this is only available when sending funds to certain countries.
In addition, the 30-minute option is limited to £ 2,000 transactions, and you must use your debit card. In addition, the 30-minute option is only available if you have already verified your identification, and you must execute the transfer between 9.30 and 3.30 pm, Monday through Friday.
Regardless of the option you choose, TransferGo can only execute transfers during standard business hours. As such, everything sent during the weekend must wait until Monday morning before it is processed. You must also take into account the time zone of the beneficiary's local bank.
The main thing to remember with TransferGo is its "Local Entry – Local Exit" methodology. The platform needs to manually verify that the funds have been received locally (the country in which it is located), and then they must execute the transfer locally in the recipient's country. This requires the manual entry of TransferGo, so nothing is done outside of standard business hours.
It is also important to keep in mind that certain territories will take longer before the funds are credited to the beneficiary's bank account. Among others, this includes the tastes of Mexico, Russia, Israel and Hong Kong
Verification and limits
To comply with the FCA, which is the body that regulates and authorizes TransferGo as a money transfer business, you will be asked to verify your identity.
Regardless of how much you send, you should always upload your government-issued ID on your second transfer. However, if your first transfer is for £ 900 or more, then you must do so immediately. You can load a passport or driver's license and, in some cases, a national identification card.
You must also provide proof of address when you exceed £ 3,500 in a single money transfer, or collectively within a period of 3 months. This increases to £ 15,000 if you provide a selfie of yourself with your ID. Finally, you may be asked to provide proof of the source of funds in case you transfer £ 6,500 or more in a single transaction, £ 15,000 within 90 days or £ 30.00 in total.
Take note, the document verification team only works Monday through Friday (7 am to 4 pm GMT). As such, if you violate the above limits outside these hours, your international transfer will remain on hold until the documents have been verified.
Which countries are compatible with TransferGo?
TransferGo currently operates in 53 countries. However, 8 of the countries on this list only allow you to send funds to, but no since, the country in question.
This covers Canada, Hong Kong, India, Israel, Mexico, the Philippines, South Africa and the United States.
Using your debit or credit card
One of the easiest ways to pay for your international TransferGo transfer is to use your local debit / credit card. By doing so, the platform will be able to confirm the receipt of the funds instantly, which means that it will probably benefit from a much faster transfer time. However, there are a couple of additional considerations you should make before using your card.
First, debit and credit card payments have a limit of £ 2,500. Something else about this and you will have to choose the bank transfer option. TransferGo accepts Visa and MasterCard cards issued in your home country, and the currencies supported include GBP, EUR, PLN, NOK, SEK and DKK. You cannot use a prepaid card, so it must be a full debit / credit card issued by a recognized financial institution.
In terms of rates, TransferGo will not charge you anything to use your debit or credit card, which is excellent. However, it is almost certain that your credit card provider will charge you a cash advance fee, as this is how the transaction is likely to be classified. If so, this averages about 3% of the transaction amount, so it is best to verify this with your provider before continuing.
Paying by bank account
If you prefer to use your bank account to pay your money transfer, TransferGo will provide you with the account details once you complete the transfer process. For example, if you are sending funds from the United Kingdom, this will include both the classification code and the account number.
Please note that it is crucial that you use the unique reference provided by TransferGo so that the team can link the transfer to your account. Otherwise, delays will occur.
Customer service and public comments
If you need to speak with a member of the TransferGo support team, you can do so by email or phone. Emails should be sent to email@example.com.
The phone support number will depend on the language you need. This includes English, Lithuanian, Polish, Romanian, Latvian, Russian, Ukrainian, Turkish and German. Alternatively, you can also send a direct message to TransferGo through Facebook.
In terms of reviews available in the public domain, Transfergo has a 5/5 rating of "Excellent" in Trustpilot. This is based on more than 13,000 individual reviews, indicating that the money transfer company is highly qualified.
Does TransferGo offer a mobile application?
TransferGo offers a complete mobile application on Android and iOS devices.
The application can be downloaded for free from the store of your respective operating device. The application allows you to perform the same account functions found on the main desktop site. Crucially, this includes the ability to send money and track the progress of your transfer.
Like the platform rating on Trustpilot, TransferGo has a high rating on both Google Play and Apple app stores. The first has a rating of 4.4 / 5 in more than 7,000 comments, while the second has a rating of 4.8 / 5 in 551 comments.
TransferGo Review: The Verdict?
In summary, TransferGo operates in the same way as any other money transfer service only online. When comparing with the main street banks or traditional suppliers such as Western Union, TranferGo is significantly cheaper. In addition, the provider is, in most cases, capable of executing a much faster transfer time.
So how does the provider compare to other money transfer companies that operate in the online space? Well, if we based our verdict solely on rates and speed, it definitely lives up to the best. This is especially true when considering the 30-minute express rate of only £ 2.99 and an average exchange rate of 0.819% above the mid-market rate. In general, TransferGo meets most of the requirements.
- Low rates
- Competitive rates
- No limits on bank transfers
- Card transfers
- Not available in the US USA, Canada or Australia
- Remittances to bank accounts only
- Lower limits for card transfers
Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.
Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.[ad_2]