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Current services offered by Transfast
As of now, Transfast only works with customers in - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
If you’re in one of those countries, you can use Transfast to send money to bank accounts and make deposits.
Transfast also has a chain of cash payout networks/terminals across GCC countries. They have over 280,000 pick-up locations around the world.
Transfast does not offer remittance services to US customers as of 2020.
The rest of the article will focus on the services it used to offer in the US and provide you with better alternatives.
Transfast alternatives in the US
| Name | Score | Visit | Fees | Exchange Rate Markup | Speed | Disclaimer | |
|---|---|---|---|---|---|---|---|
 | 9.2 | Visitwise.com | 0.4% | 0% | 1 - 3 days | ||
 | 8.2 | Visitxe.com | £/$1.99 - 2.99 | 0.3% - 2.1% | 1 - 2 days | ||
 | 8.2 | Visitofx.com | No fees | 0.4% - 1.5% | 1 - 2 days | ||
 | 8.2 | Visitglobal66.com | 1% | 1.1 - 2% | 1 - 3 days | ||
 | 6.5 | Visitwesternunion.com | 0.2% - 1.5% | 1 - 5 days |
You can also use our form below to find the right money transfer company for your needs.
Scoring Transfast Before 2020
The key areas of our Transfast reviews are focused on the fees & exchange rates, transfers limits & speed, product offering, ease of use, safety and customer feedback.
Before you choose whether to transfer funds overseas with Transfast, here’s a quick summary of benefits and drawbacks.
- For some currencies, the fees begin as low as $0 to $4.99. Compared to other providers who charge $10+ and banks that charge up to $40 per transaction
- Transfast guarantees you that the rate used in processing your transfer will remain until the transfer is complete
- An extensive payout network of 200,000+ locations around the world
- A wide range of transfer payout options
- Responsive customer support available on phone, email, and chat
- When sending to countries like India, the maximum transfer limit is $2,000
- You can only sign up for an account and send money from the United States and Canada
- The Value+ and Fastrack packages are not available when making transfers to some countries
Transfast fees and exchange rates
Fees and rates
Exchange rates
The exchange rate markups vary depending on the package (Value+ or Fastrack) and the destination.
For instance, when sending $500 to Ethiopia, the Value+ package charges a margin of 0.28% and on the Fastrack package the margin is 0.59%.
Another example, when sending to the Philippines, Transfast offers 3 packages:
Value+ (3.58% markup)
Fastrack by card (3.74% markup)
Fastrack by bank (3.84% markup)
As a comparison, any markup below 2% is fairly competitive in the industry. For example, Wise has no markup on international transfers.
International transfer fees
Transfast has two money transfer packages, Value+ and Fastrack, that differ in exchange rates, transfer fees, and time of delivery.
The Value+ package charges transfer fees starting from $0.00
Fastrack package fees begin from $4.99.
For instance, when sending $1000 to India, you'll pay $0 fees on the Value+ package. There is no option of Fastrack when sending to India.
When sending the same amount to Kenya, the Value+ package has a $0.00 transfer fee and $14.99 transfer fee on the Fastrack option.
Due to the variations in transfer fees, it is always important to carefully check the fees before making a transfer.
In addition, if you use a credit card to pay for your transfer, you may be charged cash advance fees by the card issuer.
Transfer speed
Transfer speed
Transfast transfers are completed within 1 to 7 business days on average.
The factors that determine the time a transfer takes include:
The package you use
Value+ package takes 3 to 5 business days while the Fastrack package delivers transfers within 24 hours.
Account status
Unless the verification is complete and all documents provided including the proof of address and funds, the transfer may be delayed and where there is no communication within 48 hours, it is canceled.
Banking hours
Because of the stringent laws governing financial institutions in Canada and the US, transfers to some markets may be put on hold for manual review.
However, once you have processed a transfer successfully, chances of delays in future transfers are minimal.
Product offering
Product offering
Supported currencies & destinations
Transfast allows you to send money to 125 countries.
They also offer over 200,000 pickup locations and terminals around the world.
Transfer types
Transfast offers a few transfer methods.
Bank transfers
With bank transfers, you link your bank account or cards to the Transfast account and use it to fund your transfers.
Cash transfers
With Transfast you can send cash, and the receiver will get it into their bank account or will be able to pick it up at a convenient location.
Mobile transfers
You can send money to mobile wallets and apps. For example, money can be sent to bKash wallet or M-PAiSA.
Payment methods
You can pay for your transfer in one of the following ways.
Bank account deposits
This can be a US or Canadian account. Transfast will validate the account by charging 2 small deposits before you can proceed with your transfer.
Ensure you don't use a savings account as this may cause your transfer to be canceled.
Card deposits
Transfast accepts Visa, Mastercard, and Maestro. The only thing you have to ensure is that the name on the card matches the name on your Transfast account.
The currencies you can pay with are USD or CAD.
Credit cards often attract higher processing fees compared to debit cards.
Receiving methods
Depending on the destination of your transfer, there are different payout options available.
Direct bank transfers and card deposits
With this option, money will be transferred to the receiving bank account. The whole process is automated.
Mobile wallet deposits
Money will be deposited to the recipient's wallet of choice (provided when making a transfer). Similar to bank transfer, there’s nothing they need to do.
Cash pickup
The recipient will need to visit a nearby Transfast agent to collect the cash. They will need to provide their ID and transfer number.
Home cash delivery
Similarly, cash can be delivered to the recipient's door. It is useful when there are no nearby Transfast stores, or they can’t get to one. This option is usually the most expensive (along with credit cards).
Mobile app
Transfast has a free mobile app available on both android and iOS platforms.
On Google Play the app has a 3.7/5.0 rating with 1,267 reviews, but no reviews on Apple App Store.
With the app you can do the following:
Make international money transfers
Add recipient information
Tracking money transfers
Use the 'Quick Send' feature for recurring payments
Check transfer rates and fees
Safety and trust
Safety and trust
Legitimacy of Transfast
Transfast was acquired by Mastercard in 2019.
Currently, the company has a total of 800 employees and serves 125+ markets across the globe.
Regulatory compliance
Key industry partnerships
Protection of customer data
Industry awards
Customer feedback
Customer feedback
Transfast has been reviewed 2,709 times on Trustpilot with an overall rating of 1.2 out of 5 stars.
On the positive, other users have found:
That the service is safe and reliable
Competitive exchange rates
Friendly customer service
Those who weren't happy with Transfast centered their complaints around:
Account blocking following delays in submitting verification documents
Transfers put on hold
Delayed transfers
Making international transfers
To send money with Transfast, you will need the following:
A verified Transfast account
Recipient information
Payment method to fund your transfer
If you are sending money to a bank account outside of the EU, you will also need to provide a SWIFT code.
Sending money abroad
Once you have all the details ready, you can send money with Transfast by following the steps below.
Login to your account
Head over to Transfast and login to your account. Once there, navigate to the "Send Money" section.
Funds transfer
On the transfer widget, select the country you are transferring to and the amount you want to send. The dashboard will show you the exchange rate and the fee you will need to pay.
Add recipient & payout details
Depending on the country you are sending to, the payout details will range from bank to cash pickup to home delivery to mobile wallet.
The recipient information you input should include the name, address, mobile number, and the recipient’s ID.
Pay for your transfer
Select your preferred payment method, and fund your transfer with it.
Confirm and send
Double-check check all the information is correct and click send.
If for whatever reason you want to cancel your transfer, it is as simple as going to the dashboard and hitting the 'Cancel this transaction' tab.
If the transfer is not completed or is still undelivered, you will get your funds back within 5-7 days following a successful cancellation.
How Transfast compares to other transfer services
Considering you can't send money from the US using Transfast, we suggest these alternatives.
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
Transfast: Is it good for transfers abroad?
Transfast used to offer a decent service to US customers. However, even then, there were better alternatives to choose from.
Their fees are fairly high, as well as exchange rates are higher than the average. For example, Wise charges no markup on the transfers, and has a fee of only 0.33%.
If you’re looking to send money from the US, we suggest you use our form below to get the most out of your transfer.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
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Transfast user feedback
Comments
Anwar Zia
I sent money to Bank A/C. time has passed but have no Tracking. Amount still not transfered to Beneficiary's A/C. There is No Contact Number where to raise the Issue. Online Checked Tracking, It shows "Contact to Your Exchange". But I sent through App. Totally Clueless transaction now. Praying for cancellation of this Transaction. Sure, I will advise my colleagues and friends not to send money through TransFast. It looks totally Fraud.
