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TransferGo Review

TransferGo is an award-winning international money transfer provider founded in January 2012 to help immigrants in Western Europe send money abroad to recipients in the rest of Europe. The company has evolved over time, with services to countries in Asia and Africa, such as India, Kenya, the Philippines, Japan, and Nepal

In this review, we’ll take you through the exchange rate margins and fees charged by TransferGo, how to make a payment on the platform, the company’s credibility and whether you can trust them to help you transfer money to family and friends.

Send Money with TransferGo

TransferGo has served over 3.5 million customers to date, all of whom have used the dynamic platform to send money to more than 160 countries around the world. This is thanks to TransferGo’s partnership with Visa Direct (card-to-card).

Whether you use the website or the mobile app, TransferGo assures you of fastest, cheapest, and one of the best money transfer services. You can send money either as a private client or a business by making a local payment using a debit/credit card or bank transfer. Since it was founded, TransferGo has processed a massive 13.5 million international and local transactions, amounting to over £4 billion in money flow.

TransferGo exchange rates and fees

TransferGo, like other international money transfer companies, charges a small margin above the mid-market exchange rate and a fee that varies depending on the transfer destination in order to generate profits as a business. Here are the rates and fees you should expect when making your transfer.

Exchange rates

The exchange rate margins applied by TransferGo vary depending on the transfer corridor and the amount being sent. Here are some scenarios to give you an idea of the exchange rate margins the provider charges:

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 of between 0.5% and 1.5% on TransferGo, which certainly makes the provider competitive in the money transfer space and is a lot better than the 4%-5% margin you’ll be charged if you transfer money with a bank.


TransferGo also charges a flat fee for transfers on top of the exchange rate margin. The provider has categorised its transfer fees into four subgroups, and your transfer will cost a different amount depending on how fast you need it delivered. Some countries support all the subgroups, others support one or two categories depending on the amount you are sending. Here is a breakdown of the subgroups of fees and the structure of each:

  • Standard: In some corridors, you can choose the standard option for free, while other corridors are as low as £0.99 per transfer. It is suitable for people whose transfers are not time-bound and can wait for up to 3 days for the money to be delivered. When sending to various Eastern European countries such as Poland, the standard option is free and the funds are delivered in one day.
  • Now: Funds are delivered in as little as 30 minutes and the maximum fee is £2.99.
  • Today: Transfers are delivered by the end of the working day and the fees are £1.99.
  • Express: These types of transfers are delivered the following day mostly in the morning hours. The cost is £2.99 across most destinations.

Additional costs

When you pay 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.

TransferGo pros and cons

In the financial services industry, every player comes in with their business model to disrupt the industry. TransferGo’s business model has proved to be innovative and largely successful in international money transfers and in attracting investors. Here is an overview of what users like and dislike about this provider:

Transparent rates and fees: The provider gives a breakdown of the fees and exchange rates applicable to the different transfer destinations on its transfer widget.
Flexible delivery options: You can choose from a wide range of delivery options starting from ‘Standard’ which takes up to 3 days, to the ‘Now’ option where funds are delivered in just 30 minutes.
Competitive rates: When making transfers to countries like Germany and Poland, the exchange rate margin charged is minimal ranging from 0.5% to 0.95%; and even on less popular routes like Kenya and India, the margins do not exceed 1.5%.
Multilingual customer support team: TransferGo has a ‘happiness team’ that you can talk to in Lithuanian, Latvian, Polish, Russian, Romanian, German, English, Ukrainian, or Turkish.
Mobile platform: If you want to transfer money on the go, you can use the TransferGo App available on both Play Store and App Store.
Limited sending and disbursing network: According to the list of supported countries the provider has published on its website, you can send money from 33 countries to recipients in 53 countries. This is less than some other money transfer providers.
Limited transfer payment and payout options: You can only pay for your transfer using a debit/credit card or bank transfer. The funds are then deposited directly into the recipient’s account. The payment options also vary by country, for instance: when transferring from Germany you can pay via SOFORT banking, and in Switzerland, there is no credit card option.
Customer support availability: The provider doesn’t have an app and you can only get live support by calling the customer support team during working hours which are 7:00 am to 4:00 pm GMT, Monday through Friday.

What kind of payments can I make with TransferGo?

Unlike other money transfer providers, TransferGo doesn’t have a very wide array of payment options available for its customers. However, the provider is fewer than 8 years in the industry and customers should expect more options soon. Currently, this is what TransferGo offers in terms of payment and withdrawal methods.

Payment methods available 

You can pay for your transfer via debit/credit card or use the online bank transfer option. When paying from Germany, customers can use SOFORT banking.

Withdrawal options available

Transfers are made directly to the recipient’s bank. TransferGo doesn’t support cash pickups or mobile money transfers, so all your recipient has to do is provide you with accurate account details and wait for the money to be deposited.

How to send and receive money with TransferGo

Sending and receiving money through TransferGo is simple, with a few easy-to-follow steps. Here is what to expect when trading with TransferGo.

How to send money with TransferGo

  1. Sign up for an account: You can register through Facebook or using your email. Give your details which include your name, email, phone number, date of birth, and nationality. You’ll also have to verify your identity by providing your National ID, proof of address, and proof of funds. 
  2. Book a transfer: Enter your transfer details which are the amount you want to send, the transfer destination, and delivery option which can either be standard, Now, Today, or Express. Enter the correct recipient details including their bank account information.
  3. Pay for your transfer: Choose whether you want to pay for your transfer using online bank transfer or through debit or credit card.

Once you’ve made your payment, TransferGo will take care of the rest and ensure the funds get to your recipient.

How to receive money with TransferGo

Since the funds are deposited in the recipient’s account, there is no documentation needed from the recipient. The recipient can access the funds right away and spend as they wish.

Does TransferGo have a mobile app?

Yes, TransferGo has an app. It is available as a free download on both the Android and iOS platforms. Apart from sending money, the TransferGo App has other functionalities as summarised below.

  • Register for an account
  • Add or delete recipients
  • Check exchange rates and fees.
  • Check transfer history
  • Add or delete payment methods
  • Cancel a transfer

On Play Store, the app has a 4.0/5 rating and a total of 7,586 reviews. On the App Store, it has a 4.8/5 score with 21 ratings.

How fast are TransferGo’s transfer speeds? 

Transfers can take from as little as 30 minutes to 3 days depending on the destination, amount and choice of delivery timelines. Here is a quick summary of the delivery options:

  • Standard: Funds take between 1-3 days
  • Now: Transfers are delivered within 30 minutes provided they are made between 06:30 and 18:45 GMT on business days.
  • Today: Transfers are delivered by the end of the working day provided they are made between 00:00 and 18:00 GMT on business days.
  • Express: The funds are delivered the following day, mostly in the morning hours

Are there maximum and minimum transfer amounts?

The provider has placed limits based on the currency you are transferring from. Below are the limits for popular currencies.

  • British Pounds (GBP): You can transfer from £1.50 to £1,000,000
  • Euro: The minimum limit is €1.57, and the maximum limit is €1,000,000
  • Polish Zloty (PLN): You can transfer from PLN 7.61 to PLN 999,999.99

To enjoy these sending limits, ensure you verify your National ID, proof of address, and proof of funds.

Can I trust TransferGo?

Whether to use any provider to send your money depends on several factors – key among them being trust. With Slightly over 8 years in operation, TransferGo has built solid trust and loyalty with its customers. Here’s a summary of some of the boxes that the provider has checked as far as credibility is concerned.


TransferGo Ltd is incorporated in England as a private limited company number 7914165. The founding directors are Justinas Lasevicius and Edvinas Sersniovas. A year later in 2013, they were joined by Daumantas Dvilinskas in the position of director and CEO. 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 1.8 million customers in 53 countries. While it is a relatively new name on the scene, TransferGo has established a good reputation for itself since being launched in 2012. 

Regulatory compliance

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 entered strategic partnerships with players in the financial services and technology industries. Here are some of the collaborations worth looking at.

  • Currencycloud: The partnership with this global payment platform is projected to help TransferGo reach and serve 14 new markets including Kenya, Malaysia, Japan, and the United Arab Emirates.
  • Onfido: Through Onfido’s machine learning technology TransferGo has automated customer identity verification to enable 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.

Also, TransferGo has partnered with 30 reputable global bank brands to enable its customers to access their funds with ease.

Encryption and customer data

Customers personal data are encrypted using industry-standard HTTPS and SSL technologies. The platform is Norton Secured in all the fields where you enter your PIN code, CVV, phone and email 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. Your data stays with TransferGo for up to 5 years.

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:

  • 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, Hargreaves Lansdown, OFX, World First, 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.

Customer satisfaction

TransferGo has an impressive Trustpilot profile with a TrustScore of 4.8/5 and over 13,600 5-star reviews. Here are the general positive and negative impressions that came through in the provider’s customer reviews:


  • 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.

Can I cancel my transfer?

You can cancel your order anytime through the transfer history dashboard. There is an ‘X’ sign on the right-hand corner of the order which you are to click on. However, you cannot cancel an order if the payment has already reached the TransferGo. You can call the customer support centre for further assistance if needed.

Top destinations for using TransferGo

At the moment, you can send money to 53 countries with TransferGo. However, here are the most popular destinations on the platform:

This list is likely to change soon thanks to the emergence of new markets such as Bangladesh, Sri Lanka, Kenya, Indonesia, and Japan.

Customer support

If you have a query and you want it addressed by the customer support team, the following are the channels you should use:

  • Email: You can email the customer service team at hello@transfergo.com.
  • Phone: Telephone support is available during working hours which are 7:00 am to 4:00 pm GMT, Monday through Friday. The phone numbers are grouped based on the language support you prefer. For support in English call +44 13 9269 4030. All numbers are toll numbers so check your international call rates.
  • Social media: You can message the team on Facebook and Twitter at any time and as soon as they can, they’ll respond.

Support is available in English, Lithuanian, Latvian, Ukrainian, Russian, German, Polish, Romanian, and Turkish.


As a company, TransferGo has made tremendous progress within just 8 years of being in the industry. Despite the stiff competition from established players, the provider has so far managed to process over £ 1 billion to 53 countries around the globe.

Through strategic partnerships with leading banks and players such as Currencycloud, Onfido and Ripple, the provider is accelerating its global expansion drive. New markets like Indonesia, Kenya, Bangladesh, and Sri Lanka are beneficiaries of these partnerships.

TransferGo has simplified the money transfer process with a simple and transparent website and mobile app platforms. You can choose how soon you want your recipient to get the money from the several delivery options available, meaning depending on how much you’re willing to pay you can have a transfer delivered in anywhere from 30 minutes to 3 days.

Having said that, it’s always recommended that you shop around, see what other providers offer before making up your mind. To help you out, we have a money transfer comparison tool that will enable you to do a quick analysis of the providers supporting your transfer destination. TransferGo will likely feature prominently among your best options, but comparing is always the best way to ensure you get the best rates.

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