Everything you need to know about TransferGo
Below you will find useful information that will allow you to compare TransferGo with other international money transfer companies allowing you to make an informed judgement.
TransferGo Pros and Cons
|Can be very cheapTransparent of all of fees/costs|
Very quick for (more expensive) card transfers
All Rates guarantee (24/48 hrs)
|Its an online focus, and limits telephone contact|
Bigger transfers can be limited
Is TransferGo the Best Money Transfer Service for you?
TransferGo is a reliable money transfer provider, innovative cash transfer service for UK and European citizens and companies. Some transfers attract charges that are 90% cheaper than other providers and you can pay a little extra for “express” transfers that can be as fast as 30 minutes. The truth is that sending money through TransferGo may well be your best choice in some circumstances. What about transfer speeds? For example, a 30-minute transfer could be a good reason for many of you to use TransferGo. This company may be your solution if speed is what you’re after when sending or receiving transferred money. As far as currency exchange fees and hidden costs are concerned, we discovered that it very much depends on the quantity you send and which nations you are sending money from and to. With regard to customer service, reviews are mainly good from customers although no service, however good is perfect. TransferGo has some of the industry’s highest rankings when it comes down to sending money abroad– 9.5 on TrustPilot.
What are TransferGo Fees and Exchange rates?
As with all money transfer companies, there can be lots of marketing like “fee free”, but when all said and done it boils down to what you end up paying for the service end to end eg the actual“foreign exchange rates” that apply and “hidden fees” which we cover in a moment.
- The Minimum Transfer Fee
- The TransferGo Exchange Rate
This is typically where TransferGo has three transfer fee alternatives available, which can be selected depending on how quickly you want to get the cash. 1. Free: £0 /€0 (takes up to 4 business days) 2. Standard (or Today): £99 /€0.99 (10 SEK, 20 DKK, 20 NOK, 500 HUF, 9 PLN, 9 RON) 3. Express (or Same Day): £99 /€1.99 Additionally, whatever the transfer amount there is a debit or credit card processing charge of 0.5%.The website of TransferGo includes a currency converter, which covers all supported currencies exchange rates in real time, but importantly this is not the rate you get. However, you will be able to see the final TransferGos exchange rate you’ll get before you lock in a transfer. As with nearly every money transfer company, the exchange rate and fees that you pay will include a margin on the interbank rate, which is the majority of the fee that you pay. TransferGo margins differ from zero to 2.2 percent based on the currencies you send, the amount you send and other variables. The average exchange rate margin, according to TransferGo, is 0.819 percent, which is fairly darn competitive, but what matters is what they charge you for your individual transaction. Like other money transfer businesses, as the amounts involve increase in size, the percentage margin decreases.
Here are a couple of examples:
1. Send money from UK to India
- From £0 to £1,000, exchange rate margin is 0.75%
- Above £1,000, exchange rate margin is 0.40%
2. Send money from UK to Europe For very small amounts, below £ 250, the margin of the exchange rate is 2.15% above £ 250, the margins of the exchange rate will be lower. Certainly these charges are much better than a remittance business or bank, and they are also very competitive against other money transfer businesses. As with any money transfer, you should be fully aware of the charges frequently charged by the banks at either end. They’re called hidden fees because although they are not charged directly by TransferGo, they are generally a surprise. TransferGo does have a powerful network of local bank accounts in the United Kingdom and Europe that avoid these types of charges, but if you send cash to one of the following nations there is likely to be a receiving charge: Australia, Bulgaria, Canada, Czech Republic, Hong Kong, Hungary, Israel, Mexico, Russia, USA, South Africa and Switzerland if the receiving currency is CHF. These charges vary extensively from bank to bank and generally range from about 10 EUR/GBP to 25 EUR /GBP. These fees can make up a significant percentage for amounts below a few thousand EUR / GBP (e.g. £ 10 is 1 percent of £ 1000 GBP). If you are planning to send international payment to those countries already stated and the amounts are below a couple thousand in British Pounds for example, there are probably better choices out there if your primary concern is cost. But if speed is also essential for you, TransferGo may still offer the right choice. TransferGo also says in its latest Terms & Conditions that extra charges may apply in the case of: overdraft cancellation cash advance fees for loan cards.
What is the Transfer Process and How To Sign Up For TransferGo?
EASY. Just enter a valid email address and password for registration. If your initial transfer is less than £ 900.00, you can complete your first transfer without verification of identity. You’ll need to complete the identity verification process if your first transfer is over £ 900.00 or the equivalent in another currency. In order to create a second transfer, you will also need to finish this step, regardless of the quantity. Verification is a normal practice called KYC (Know Your Customer) and involves taking a photograph of a valid identity form along with a selfie showing your face obviously. TransferGo is generally very quick at these online verifications, but if they don’t have what they need, delays can be expected.
TransferGo Reviews Including the Good and the Bad
If we could tell you what’s the best thing about TransferGo service, it would be their impressive customer service. From over 11323 reviews, TransferGo has a 9.5 score on Trustpilot. Approximately 1% of their reviews, however, have only one star and another 1% have two stars. It’s these adverse reviews that we can ascertain if there are any particular issues with TransferGo’s business operation. 1. About verification A small number of customers were not expecting to have to go through the process of verifying their identity after having done their first transfer of 900 GBP or above. 2. The Speed of the funds arrival While speed is one of the greatest elements of TransferGo, there are other banks engaged like all money transfer businesses and some individuals discover that the reality is not the same as the expectations as it may take time for funds to clear banks despite the best efforts of TransferGo. Having said that, if you compare TransferGo with other providers, in most instances it’s very hard to beat TransferGo when it comes to speed.
Is It TransferGo Really That Fast?
TransferGo claims to give 30 min transfers on their homepage, therefore, is this really true and what about their “free” service? They tell us the option “Now” or 30-minute transfers can deliver transferred money to 32 nations in 8 currencies in 30 minutes (which is mostly UK and Europe). That’s great, but here are a few things you should know about the 30 minute transfers;
- The maximum amount is £2,000 (or other monetary equivalent
- Pay-in can be done only by customers with credit/debit card or apple device users. Due to their faster payment system, bank deposit is only accessible in the UK.
- Before choosing a fast delivery option, the customer must check their ID. Customers must only provide their ID on the second transfer for other shipping alternatives or if their first transfer exceeds or equals £900 (or the equivalent in other currency).
- 30 minute transfers do not apply at weekends. Instead, the service is available from 9:30 a.m. until 3:30 p.m. Monday to Friday.
They also have the outstanding “Express” and “Today” options (for the UK and Europe). These alternatives can only be used if the transfer is initiated during European business hours and TransferGo has sufficient time to complete the transaction (e.g. morning for evening arrival). Like most global money transfers companies, they don’t handle transfers on weekends or bank holidays, so you’ll have to wait for the funds to arrive until the first business day the banks are open after your transfer. But when sending money online to certain countries (including Australia, Bulgaria, Canada, Czech Republic, Hong Kong, Hungary, Israel, Mexico, Russia, the United States, South Africa, and Switzerland if the receiving currency is CHF), it depends on the country, for example, it may take more than 1 business day for a bank to credit the money to the bank account of your recipient. Free standard transfers can take up to four company days to process (for Europe), which is an acceptable time frame. Add one or two days more for the above mentioned countries. Keep in mind that it effectively takes two working days to finish this. The transfer starts on the first business day and finishes on the second. If a transfer is initiated on a Saturday, it will not be processed until Monday and will not be completed until Tuesday. Transfers on the same day will be completed within 30 minutes of receiving your funds from TransferGo, as long as the receiving bank supports quick bank transfers payments. The transfer will act exactly as a standard transfer if they don’t. These schedules relate only to the transfer policy of TransferGo. The timing of the banks concerned can be significantly affected. This is where there is a large percentage of TrustPilot complaints raised from TransferGo customers.
Is It Safe And Secure To Use TransferGo Transfer Service?
It can be worrisome to send the money to a third party, even if their business model depends on them to do it safely and securely. When your money gets to TransferGo, regulations around transfer method and laws make them to keep your money in separate accounts. This implies that you were to send money with TransferGo and they suddenly experienced a business collapse, your cash will ring fenced from TransferGo and should be returned. They use SSL (Secure Socket Layer) at a technical level, which implies your data is encrypted between your server and your browser. TransferGo is regulated by the FCA (Financial Conduct Authority), the UK’s financial regulator.
Why Should You Use the TransferGo Mobile App?
It took a long time to send money internationally earlier. But with the advent of TransferGo, you don’t have to wait anymore. You can now send money to international clients and customers within 30 minutes. TransferGo, with its brand-new app, allows you to transfer money on the go. Their digital account-to-account business model has changed the face of the international money transfer system. Here are a few more reasons why the app is useful for everyone.
1. Send money fast
The TransferGo app allows you to send money in seconds. All you need to do is add your recipient’s details, confirm the amount you want to transfer, and hit send. The recipient will receive the money in just 30 minutes. It only takes a few taps on your mobile to send money internationally.
2. Transparent process
TransferGo doesn’t believe in shady transactions. Therefore, they don’t have any hidden costs or fees. You can see the total amount from the app’s dashboard. Plus, there are no risks when it comes to currency fluctuations. The entire transaction process is easy to follow. All you have to do is add your recipient’s detail, select the currency, and transfer money in seconds.
3. Safe and secure
Most people think that sending money internationally involves a lot of cyber risks. Please note that HMRC and the Financial Conduct Authority regulate the operations of TransferGo. You don’t have to worry about safety and security because both the site and the app use top-notch malware protectors to keep your account safe. The app has excellent ratings on TrustPilot. It is available both on iOS and Android platforms. The transaction fee is lower than 90% than banks. If you want to send money to international clients, you know what to do. Register on the TransferGo app, link your bank account and start transferring money right away.
Last Words On The TransferGo Money Transfer Services.
TransferGo is a reliable, cost-effective transfer service to consider when sending and receiving money overseas with excellent customer service. While presently focusing on UK and European citizens, TransferGo websites covering desktop and simple mobile payments mean this international money transfer provider is a worthy contender in the universe of global currency transactions.
Here are some details about this company:
- Name: TransferGo LTD (company number 07914165)
- Launched: May, 2013
- Registered: England & Wales
- Address: Level 42, One Canada Square, Canary Wharf, E14 5AB,
- London, United Kingdom
- Regulation: Financial Conduct Authority