Privalgo Review: Exchange Rates, Transfer Fees & Alternatives

Privalgo is an international payment and foreign exchange solutions provider founded in the UK in 2018. Based in London, Privalgo has helped customers move over £500 million in personal, corporate, and property transfers worldwide.

This review will take you through everything you need to know about Privalgo’s services; looking at transfer rates, the types of payments you can make and how trustworthy the company is.

Privalgo offers inexpensive and competitively priced international payments and foreign currency transfers. Here are the costs to expect when making a transfer using their service.

Exchange rates

Rates vary depending on factors such as the currencies involved and how much you are spending, but overall Privalgo charges an exchange rate margin of around 1% above the mid-market rate.

Fees

Privalgo charges zero fees on all transfers, meaning you only have to worry about what exchange rate you’re getting.

Additional costs

When receiving money it is possible that beneficiaries will be charged receiving fees. These would be applied by their bank when the transfer arrives, so it is important to check if these would apply before making a transfer.

Privalgo pros and cons

Privalgo uses proprietary innovations to deliver dynamic cross border payment solutions. Here are some pros and cons to think about as you consider their services.

What kind of payments can I make with Privalgo?

Here is a breakdown of the kind of payments Privalgo supports through its trading platform.

Payment methods available

Customers pay for their transfers using bank transfers. The provider does not support card payments or other payment methods such as cash.

Withdrawal options available

Similarly to the payment options, the only way that beneficiaries can receive money sent through Privalgo is as a payment directly into their bank account.

Does Privalgo have a mobile app?

No. Transfers are conducted using their mobile-friendly online platform, on the telephone, or through email.

How fast are Privalgo’s transfer speeds?

Transfers within Europe can be delivered the same day or within one business day. Transfers to destinations outside Europe take 2-3 business days.

Are there maximum and minimum transfer amounts?

The minimum you can transfer is £4,000 and any large amounts are subject to negotiation with Privalgo.

Can I trust Privalgo?

Over 250 clients trust Privalgo to transfer their funds across borders in a transparent manner using market-leading technology. Here are some of the trust factors you should think about.

History

Privalgo was founded in January 2018 by a team of foreign exchange experts. It was registered in the UK as Privalgo Limited, company number 11219580, and based in London. To date, the company has transferred over £500 million and employees more than 26 people.

Regulatory compliance

The provider is authorised and regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution under registration number 900887.

Encryption and customer data

Privalgo prioritises customer safety. It has bank-grade SSL encryption technologies and robust systems to safeguard clients’ assets and information.

Awards

In September 2019, at the Computing Technology Product Awards, Privalgo was nominated in the Best Business Application and Product of the Year category.

Can I cancel my transfer?

Yes, you can cancel your transfer if it has not been paid out to the beneficiary. Simply get in touch with the customer support team.

Top destinations

Here are some of the top destinations to which money is sent using the Privalgo platform:

Customer support

If you have queries that you want to be addressed, reach out to the customer support team through the following channels:

• Telephone: Call the team on +44 (0) 20 3880 0575 Monday – Friday from 8:00am to 5:30pm.

• Email: You can also email the team via help@privalgo.co.uk.

Summary

Privalgo is a UK-registered and London-based electronic money institution specialising in corporate and private foreign exchange and international payments. Since its founding in 2018, Privalgo has transacted over £500 million and supports more than 250 clients.

Customers pay for their transfers through their bank accounts and payments are sent directly to beneficiaries’ respective bank accounts. Customers can transfer a minimum of £4,000 with no stated maximum.

Privalgo is one of the fastest growing fintech companies in the UK. However, it is always important to compare the services they offer with what other players in the market offer. To help you out with that, we have a money transfer comparison tool that you can use to quickly find out the best companies on your transfer route.

By comparing your options you can see how Privalgo’s service stacks up against competitors in the industry and ensure you find the perfect money transfer provider for you

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