TransferGo Money Transfer Review

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.

About 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 Exchange Rates and Fees

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.

Exchange Rates

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

  • If you transfer £1,000 the margin will be 0.95%

  • If you transfer £5,000 the margin will be 0.68%

From the United Kingdom to Poland

  • If you transfer £1,000, you’ll be charged a margin of 0.68%

  • If you transfer £5,000, you’ll be charged a margin of 0.54%

From the United Kingdom to India

  • If you send £1,000 the provider will charge you a margin of 1.24%

  • If you send £1,000 the provider will charge you a margin of 1.18%

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.

Transfer Fees

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:

  • Standard Transfer: For some transfer corridors, you can choose the standard option for free, while other corridors the fee will be as low as £0.99 per transfer. This type of transfer is best suited to customers who are not time-bound and are happy to wait up to 3 working days for funds to arrive. When sending to various Eastern European countries such as Poland, the standard option is free and funds can be delivered within 24 hours

  • Now Transfer: Funds are delivered in as little as 30 minutes for a maximum fee of £2.99.

  • Today Transfer: Funds will be delivered by the end of the working day for a flat-fee of £1.99

  • Express Transfer: These types of transfers are delivered the following working day for a fee of £2.99

Additional Costs

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.

Top Destinations for Sending Money with TransferGo

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:


TransferGo is especially popular in Germany where customers have the option of making free instant transfers using the SOFORT banking system.


Poland is one of the key markets for TransferGo and in February 2022, the country accounted for over a quarter of TransferGo’s transfers in terms of money flow.


With many UK migrants moving to Spain for a more relaxed way of life, the UK to Spain remittance corridor is one of TransferGo’s most popular

TransferGo pros and cons


Transparent rates and fees: TransferGo gives a breakdown of the fees and exchange rates applicable to each transfer destination
Flexible delivery options: You can choose from a wide range of delivery modes; from ‘Standard’ which takes 3 days, to ‘Now’ which is nearly instantaneous
Competitive rates: When making transfers to countries like Germany and Poland, the exchange rate margin charged is minimal (0.5% to 0.95%) with few mark-ups rising above 1.5%
Multilingual customer support team: TransferGo has a ‘happiness team’ that provides support in several languages; Lithuanian, Latvian, Polish, Russian, Romanian, German, English, Ukrainian and Turkish
Mobile platform: If you want to set up a quick and convenient payment, the TransferGo App is an optimised, intuitive and easy to use on-the-go option


Limited sending countries: According to the list of supported countries the provider has published on its website, you can send money from 35 countries to recipients in 63 countries, which is less than other money transfer providers
Limited transfer payment and payout options: The variety of options differs greatly depending on country; for example, when transferring funds from Germany customers can pay via SOFORT and in Switzerland, there is no credit card option
Limited customer support: The customer service team is only available during working hours of 7:00 am to 4:00 pm GMT, Monday through Friday

What Type of Transfers Can You Make with TransferGo?

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.

How Long will It Take to Receive Money Using TransferGo?

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.

What Payment Methods Can I Use When Sending Money with TransferGo?

This largely depends on the sending country, but generally bank transfer, debit and credit card are the most popular methods of payment.

What Are the Best Reasons to Use TransferGo?

  • Euro transfers: Borne from the frustrations of 4 European immigrants living in the UK, who were struggling to find suitable transfer options, this company caters to the European market specifically

  • Quick delivery windows: Now Transfers send money to a recipient’s account within 30 minutes for a small fee of £2.99

  • Competitive fees and rates: The structure of both the exchange rates and transfer fees are very reasonable and far cheaper than banks

Can I Trust TransferGo?

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.

Regulatory Compliance

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:

  • Currencycloud: This partnership will see TransferGo go beyond its current reach through new ventures in foreign markets such as Kenya, Malaysia, Japan, and the United Arab Emirates.

  • Onfido: Through Onfido’s machine learning technology TransferGo has been able to automate customer identity verification to offer a fast and secure onboarding experience

  • Ripple: The provider entered this partnership to help Indian migrant workers send money home to their families. However, the partnership has now extended to cover European countries

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 funding rounds and has raised a total of $126 million in the process. 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:

  • 2013 Most Innovative Business Talent Award: This award was presented by the Danish Chamber of Commerce and DELFI, a leading Lithuanian news portal

  • Bronze and silver awards at BalticBest: The provider scooped these awards at the BalticBest 2014 festival of creativity put together by Cannes Lions

  • Payments awards 2015: TransferGo was shortlisted in the ‘Payments Startup of the Year’ category

  • MoneyAge Awards 2017: The provider was nominated in the ‘Money Transfer Provider of the Year’ category alongside Currencies Direct, OFX, WorldFirst, and Xendpay

  • 2014 BBVA Open Talent Awards: TransferGo was listed as a finalist in the new banking category

  • Hack Award 2014: The provider won a silver innovation prize at the Hack Osaka 2014 global innovation conference

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.

What Do Users Have to Say About TransferGo?

TransferGo has an impressive Trustpilot reputation with a TrustScore of 4.7/5 from over 27,000 reviews.The following is a rundown of the most important feedback from customers:


Great Exchange Rate Margins _ If you are sending money to countries like Germany and Poland, the difference between the rate they give you and the mid-market rate is about 0.5%
Low Fees _ Compared to high street banks and other providers, TransferGo has one of the lowest fee structures. You can send money from as little as £0.99
Fast Transfers _ In some transfer routes such as the United Kingdom-Spain, it’s possible to get funds across to your recipient in as little as 30 minutes


Delays in Updating Exchange Rates _ The exchange rates TransferGo provides are at times not updated to reflect the ever-changing mid-market rates. This delay may make customers get poor rates

How to Get Started with TransferGo to Send and Receive Money

TransferGo allows users in 35 countries to make online money transfers to 63 destinations. These countries are largely situated around Europe. 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:

Sending Money Online Through TransferGo

Sending money through TransferGo is simple and once you’ve signed up, you should be able to send funds in minutes.

Step 1: Sign Up
Step 2: Book a Transfer
Step 3: Pay for Your Transfer
Step 4: The Funds Get to Your Recipient.

Receiving Money from TransferGo

TransferGo currently only offers the option of having the funds deposited straight into a bank account. 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’ section.

Step 1: Give the Sender Your Banking Information
Step 2: Wait for the Funds

Does TransferGo Have a Mobile App?

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 22,300 users on the Google Play Store; on the App (iOS) Store, the app’s overall rating is 4.7. If you need help with the mobile app, customer support can be reached via email.

Sending Money Through the TransferGo Mobile App

The TransferGo mobile app is super convenient for users who wish to send money whilst out and about. Serving users in 35 countries, you can make online money transfers in under 10 minutes.

Step 1: Sign Up
Step 2: Enter the Details
Step 3: Pay for Your Remittance
Step 4: Track Your Transfer

Can I Cancel My Transfer?

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.

Other Money Transfer Providers


Will the TransferGo App Work on the iPad?
Is There a TransferGo Referral Program?
My TransferGo Transfer Got Rejected, Can I Amend the Receiver’s Details?
How Do I Use My TransferGo Promo Code?
Can I Make a Payment From a Joint Account?
April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.