TransferGo is an award-winning international money transfer provider that was founded in January 2012 to help immigrants in Western Europe send money abroad. The company has rapidly evolved over time, developing a powerful network of over 30 banking partners and expanding to include countries in Asia and Africa, such as India, Kenya, the Philippines, Japan, and Nepal. By reviewing the price, speed, security and reputation of this operator, our users can make a well informed decision about whether to send and receive money with TransferGo.
This Euro-centric remittance company has 4 founding partners, all of whom met in the UK, where they were living overseas. Founders Justinas Lasevicius, Daumantas Dvilinskas, Arnas Lukoöevicius and Edvinas Aeröniovas officially launched TransferGo in 2012 and, almost 10 years later, the company has a customer base of 3.5 million people across 35 countries.
The ethos behind TransferGo’s international money transfer operation is “to make sending money home as convenient as possible.” In this review we will focus our attention on assessing the competitiveness of the exchange rates and fees, the processing times and security protocols, as well as providing a guide to arranging a transfer online.
TransferGo, like other international money transfer companies, charges a far smaller profit margin on foreign exchange currencies than most banks. Here we will run through the currency conversion rates, transfer fees and other costs that should be considered before making your transfer.
The foreign exchange spread added to the mid-market rate by TransferGo varies depending on the transfer corridor and the amount of money being sent. Here are a few example scenarios to give you an idea of the type of exchange rate margins applied to popular TransferGo foreign currency transfers:
Sending funds from the United Kingdom to Germany
From the United Kingdom to Poland
From the United Kingdom to India
In general, you can expect to be charged an exchange rate margin between 0.5% and 1.5% for TransferGo FX services. This is certainly a competitive rate and a lot better than the 4% – 6% margin you’ll be charged when sending money overseas with your bank.
The company charges a flat fee for transfers and these fees are categorised into 4 subgroups. Below is a breakdown of the fee structure for each different type of transfer:
When paying via credit card, you may be charged an extra fee to cater for the cash advance facility. Bank deposits in some countries like Kenya may attract Inward SWIFT charges of up to £5 deductible from the transferred amount. TransferGo is not in control of these fees, so please check with your bank before making a transfer to avoid unexpected fees.
At the time of writing (Nov 2021) TransferGo payments can be sent to 63 countries worldwide, from 35 sending countries. For a full list of TransferGo’s supported countries and currencies, visit this page on their website.
According to company data, the most popular destinations for international transfers are:
Unlike other money transfer providers, TransferGo does not offer particularly varied payment options. Transfers can be paid for with debit or credit card, online bank transfer or, for German customers, SOFORT banking. Funds are sent from one bank account to another; TransferGo does not support cash pickups or mobile money transfers.
Transfers can take as little as 30 minutes to as long as 3 working days to arrive in a recipient’s account. It will all depend on the destination, chosen currency and transfer amount. Delivery windows for each transfer type are outlined in the earlier ‘Transfer Fees’ section.
This largely depends on the sending country, but generally bank transfer, debit and credit card are the most popular methods of payment.
Having started out less than a decade ago, TransferGo has done a good job of building solid trust and loyalty among their partners and customers. Incorporated in England as a private limited company – business number 7914165 – the registered address for the company is 241 Southwark Bridge Road, London, SE1 6FP. To date, the company has facilitated money transfers totalling over £1 billion for over 2.5 million customers across 63 countries.
As a UK-based entity, TransferGo is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorized Payment Institution to offer money remittance services. Its FCA reference number is 600886.
It is also regulated by Her Majesty’s Revenue and Customs (HMRC) under number 12667079. This supervision ensures the provider adheres to the government’s anti-money laundering regulations.
TransferGo is required to hold client funds in segregated accounts separate from its business accounts. This ensures the safety of funds even when the provider is facing financial challenges.
Key industry partnerships
The provider has established strategic partnerships with major players across the FinTech sector, these include:
Additionally, TransferGo has partnered with a further 30 global banking brands to allow customers easier access to their services.
Protection of customer data
TransferGo encrypts all customer data using industry-standard HTTPS and SSL technologies. The platform is Norton Secured in all the fields that require your PIN code, CVV, and other contact information.
The provider is registered with the Information Commissioner’s Office under number Z316680X. This is a UK-based independent non-departmental public body established in 1984 to uphold information rights.
Investors and awards
The provider has had several rounds of funding in the process raising a total of $54.4 million. Some of the participating investors include Practica Venture Capital KŪB, Practica Seed Capital KŪB, European Regional Development Fund, Vostok Emerging Finance, Revo Capital among others.
TransferGo has also won different awards further cementing its position in the competitive financial services industry. Some of the awards include:
In addition to these accolades, TransferGo was accepted as a Level39 member in 2013. Level39 is one of the most connected technology platforms for retail, finance, smart-city and cybersecurity businesses.
TransferGo has an impressive Trustpilot reputation with a TrustScore of 4.8/5 and over 23,200 reviews. The following is a rundown of the most important feedback from customers:
Sending and receiving money through TransferGo is simple, and can be easily arranged online. Follow these step by step instructions to move money overseas in minutes:
Once you’ve made your payment, TransferGo will take care of the rest and ensure the funds get to your recipient.
The recipient will need to issue the sender their relevant banking information: this will differ depending on the country the recipient is located in. For more information about what bank codes will be required, check out our helpful guide here.
Yes, TransferGo has a mobile app by the same name that is free to download for iOs and Android devices. The app has been rated 4 out of 5 by over 17,000 users on the Google Play Store; comparatively, only 32 reviews have been left on the App Store but the app’s overall rating is 4.5. If you need help with the mobile app, customer support can be reached via email.
Yes, you can log in to your online account and cancel your transaction under the recent orders. Transfers that have already been paid out to the recipient cannot be cancelled. Depending on your payment method, it takes anywhere between 2-10 business days to get your refund following a successful cancellation. Cash and mobile transfers are carried out too quickly making cancellations almost impossible.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.