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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.
- Zero transaction fees: There are no transfer fees charged on all transfers.
- Dedicated account manager: The provider assigns dedicated account managers to its customers for expert guidance.
- Various trading platforms: Customers can trade via telephone, the online platform and through email.
- No mobile app: Privalgo has not developed a mobile application yet.
- High minimum transfer: Customers can only transfer £4,000 and above.
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.
Top Destinations
Here are some of the top destinations to which money is sent using the Privalgo platform:
The United Kingdom is the third largest sender of remittances to the US and 43% of these remittances are sent to friends and family.
Remittances from the United Arab Emirates to the United Kingdom have surged into recent months with migrants taking advantage of the weak pound to send money home.
Switzerland is the third largest sender of outbound remittances worldwide with 80% of the country’s remittances going to cross-border commuters.
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 [email protected].
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.
