TransferGO is an international money transfer service provider. They were initially founded as an affordable option for migrant workers. Finding work overseas to send money home to their families is stressful enough without the high interest rates and exorbitant fees offered by traditional financial institutions. They needed a low cost, flexible service provider, and so this dynamic organization was born. Transactions may be done virtually; however, funds are paid out locally. This ensures that transfers are secure, and money never has to leave the country.
This company has been providing online services to consumers for over 6 years. Their business is built around a peer-to-peer model which enables members who utilize their network to trade the currency they have with another user. They also provide consumers with a high level of transparency, and their transactions do not carry hidden fees. TransferGo clearly states on the homepage of their website the markup percentage that will be applied to any potential transactions. An entire breakdown of rates and fees can be assessed before your transaction is finalized, which is fantastic. But how good is their service? This and more will be examined in our comprehensive TransferGO review.
TransferGo is cost effective. They offer mid-market rates on all foreign exchange transactions. Their fees are very straightforward and have no added charges. According to this TransferGo review, transfers via bank deposit are absolutely free of charge if you go for the standard delivery option. A transfer via card incurs a charge of only 0.5%. For consumers whose transactions involve currency conversion, a fixed charge of £0.99 is incurred with a 0-2.2% fee on selected conversions. These charges are deducted before your transfer is completed so your recipient gets the exact amount shown during processing. That way there are no surprises when the money reaches its final destination. And with TransferGo, you can always trust that your money gets where it is going; let’s learn more next about their security.
This online service provider is licensed and authorized to do business in all the countries in which they operate. They are regulated by the Financial Conduct Authority (FCA). The FCA is responsible for ensuring financial institutions in the UK maintain integrity and abide by a strict code of conduct. Their jurisdiction extends to both wholesale and retail firms. TransferGo is also supervised by Her Majesty’s Revenue and Customs Department (HMRC). HMRC has a hands-on approach; they ensure consumer funds are being handled properly. These are just two reasons why they offer the same standard security as traditional banks. They also offer their consumers standard options when it comes to transaction resolution. So we know we can trust TransferGo, but are they fast? How quick can your funds be delivered?.
There is a wide variety of delivery options available through TransferGo. Consumers can choose between standard, cheap, and fast delivery:
- Transaction resolution for standard delivery is 24 hours.Cheap delivery can take up to 3 days to resolve. Fast delivery resolves in 30 minutes or less.
There are limited payment options available in countries such as Poland, Lithuania, Romania, and Latvia. These limits include payment amount and payment type. Countries with limited service may take an additional 24 hours for transaction resolution. These countries include the USA, Australia, Bulgaria, Canada, Switzerland, Czech Republic, Hong Kong, Israel, Mexico, and Africa. In total this company services over 30 countries globally which is almost twice what the average online service provider can facilitate and on par with other leading providers such as TransferWise. To get a better view of this company’s general performance let’s compare them with another leading brand known for their affordable rates and flexibility.
TransferGO vs TransferWise
So let’s compare TransferGo with another company that we love: TransferWise. TransferWise can resolve foreign exchanges within a 24-hour period, and their instant payments can be facilitated with no additional fees. TransferGO is an economy service and have a standard processing period of 24 hours. A charge is incurred for faster payments. Although they are a cheaper option for small amounts, when it comes to larger payment amounts, TransferWise is the more flexible option. TransferGO can fully service up to 33 countries with the other 14 having limited service or limited options. TransferWise can fully service 48 countries worldwide. They also have more extensive currency conversion options.
Below is a comparison of rates and fees to complete a bank transfer from the United Kingdom to Europe using both a small and large payment amounts. Here we focus on the cheapest and as a result slowest options:
|Provider||Sent (Pounds)||Rates||Bank||Received (Euros)||Time|
|Provider||Send (Pounds)||Rates||Bank||Receive (Euros)||Time|
Both providers offer very competitive deals and an adequate exchange rates. TransferGo rates are a little bit lower with a tiny margin added comparing to TransferWise. On the other hand they offer a very economic free transfer option that makes relatively small transfers even cheaper than TransferWise. When it comes to bigger amounts, both providers will present you very similar figures. If you need to send money fast then it’s cheaper to do it with TransferWise.
TransferGO is a safe and affordable payment transfer option for small amounts of money. They are licensed and regulated by governmental bodies such as the Financial Conduct Authority and Her Majesty’s Revenue and Customs Department to ensure they adhere to laws. They also ensure user funds are secure at all times. Their service score is consistently over ninety percent, and they continue to receive great reviews from customers and critics alike. They are a great option for anyone who needs a low cost, flexible way to send money internationally to a variety of destinations. Overall, I believe that TransferGo is a fantastic service that can help many people who wish to send small sums overseas to their families. If this sounds like you, give TransferGo a try!