TransferGo money transfer review

The remittance review team at MoneyTransfers.com has analyzed TransferGo’s money transfer service from head to toe, breaking it down into its costs, service, ease of use, safety and trust, and customer feedback. We’ve also signed up and sent money using the app, so we’re in the best position to give an honest and full picture on how good TransferGo really is.

Our video review of TransferGo

How MoneyTransfers.com rates TransferGo

“TransferGo offers a strong money transfer service, and while they might not be the biggest provider on the market, they certainly put on a good showing. With affordable fees and fast transfers, if TransferGo offers your required route it’s worth checking them out.”

Mehdi Punjwani, Lead Writer and Editor, MoneyTransfers.com

Mehdi Punjwani

Why do we like TransferGo?

How much does it cost to send money with TransferGo?

8.9

Fees & Rates

Here's how we rated TransferGo based on their fees and exchange rates - placing them on our top ten overall providers in terms of cost. Find the best rates for your specific transfer with our comparison tool.

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1

9.8

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2

9.4

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3

9.3

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4

9.1

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TransferGo charges a small markup on the mid-market exchange rate, like many other providers. It also has a basic tiered pricing structure listed on their homepage, and TransferGo sets your fee based on the speed of your transfer. However, there are some variations to the fee structure that depend on different factors:

• How you pay: TransferGo allows you to pay for your transfer by debit card, credit card or bank transfer - but, as with many providers, their fees are higher for card payments. Card payments also incur a different exchange rate, as well as a percentage fee on top of the fixed fee, which leads us to the next point

• How much you send: With card payments, as a result of the percentage fee, larger transfers will cost more. TransferGo recommend themselves that you use bank-to-bank transfers for larger sums, and use the more expensive card payments to send small amounts fast

• The country and currency you use: Lastly, your fees will also depend on the transfer route you’ve chosen - and not all tiers are available for every destination country.

What are TransferGo’s transfer fees?

The tiered pricing structure on their website is as follows:

However it’s important to note that these fees apply for most but not all countries, and not all tiers are available for all destinations. So we looked at the most common TransferGo transfers made through MoneyTransfers.com, to get a better understanding of what you can expect to pay:

It’s a transparent, simple and straightforward fee structure, and the charges certainly aren’t very high, particularly on the promise of a transfer within 30 minutes.

What exchange rate does TransferGo charge for international transfers?

TransferGo charges a small markup on the mid-market exchange rate, like many other providers - and it shows you the rate you’ll get before making your transfer. On their website, they give their conversion rate as being within 0-2.2%.

We had a look at how their rate markups compare to other providers, and found that:

• For transfers from euros to US dollars TransferGo offers one of the best rates going, behind only CurrenciesDirect and OFX

• For transfers from pounds to dollars, TransferGo offers the best rate out of all the providers we checked

TransferGo’s rates are far better than banks, and they’re competitive against other providers too - so we think it’s always worth checking them out when looking to send money.

“With flat fees hitting their ceiling at £2.99, TransferGo is definitely on the affordable side - particularly as there are no limits to how much you can send if paying by bank transfer. It’s worth a look, especially if you can take advantage of their under-30-minute transfers.”

Mehdi Punjwani, Lead Writer and Editor, MoneyTransfers.com

Mehdi Punjwani

How good is TransferGo's money transfer service?

8.5

Product Offering

This is how we rated TransferGo based on the overall quality of service they offer. This puts them high up on our list of top ten providers for their services but slightly behind bigger providers such as WorldRemit, TorFX and Currencies Direct.

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1

9.0

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2

8.8

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3

8.0

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4

8.0

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TransferGo offers a fast and affordable money transfer service used by millions worldwide. Our expert team has taken a close look at its service, looking at its functionality and usability to determine just how good it really is.

How fast are TransferGo’s transfers?

TransferGo has different tiers of money transfers, depending on how much you’re willing to pay in fees. Their standard transfers are usually completed on the next business day, while their fast transfers are usually completed in under 30 minutes. TransferGo also offers a cheaper transfer than can take up to three business days - while on its website, it also lists certain countries where delivery times can take up to one business day longer:

• The USA

• Australia

• Bulgaria

• Canada

• Switzerland

• Czech Republic

• Hong Kong

• Israel

• Mexico

• South Africa

These are varied and affordable options - if you need a fast transfer you’ll likely have it for a comparatively low cost compared to some other providers. However you should check first to see if it caters to your desired route to ensure you can take advantage.

How much can I send with TransferGo?

TransferGo does not have any limits on how much you can send by bank transfer - but there may be limits with your bank so check this beforehand. TransferGo does have a limit of £10,000 per transaction if paying by card, but you can place an unlimited number of transfers, so in effect there is no limit so long as you’re happy to pay the fees for card payment. There’s also a limit if sending money to a debit or credit card - the maximum is $2500 per transaction.

This makes TransferGo an appealing prospect if you’re depositing money into the recipient’s bank, with essentially no limits on how much you can send.

What kind of transfers can I make with TransferGo?

When you send money with TransferGo, you’ll be able to pay for your transfer via the following methods:

1. Bank transfer: The standard method for paying for international money transfers, this is when you send money to TransferGo’s local bank account in your country. TransferGo will send the same amount from their bank account in the receiving country, minus fees and exchange rate markups, to the recipient.

The money never crosses international borders, so it doesn’t need to go through the expensive and time consuming SWIFT process. Bank transfer payments usually work out the cheapest too.

2. Debit or credit card: You can also pay using a debit or credit card, but keep in mind you’ll get a different exchange rate and will likely face higher fees - especially for bigger transfers. Credit and debit card payments are usually much faster than bank transfers, but their associated fees make them better for smaller transactions.

Card to card transfers

It’s worth noting that TransferGo also offers card-to-card transfers, meaning you’ll be able to use TransferGo’s money transfer service to send money directly to the recipient’s debit or credit card. It offers the benefit of not needing the recipient’s full bank/IBAN details - you’ll just need their 16-digit card number and expiry date. According to TransferGo, this method means you’ll avoid a host of bank charges too.

Card-to-card transfers go through Visa Direct, Visa’s real time push payments platform, so transfers are completed in minutes. You can send money to debit and credit cards in 32 countries, including Ukraine, Turkey, Romania, Spain, Germany and Poland.

Other methods

TransferGo does also offer cash pickup delivery options in certain countries including Nigeria and Morocco, while you can also send money to Nigeria with just the recipient’s phone number.

While bank transfers are one of the most common ways of sending money abroad, the limited other payout options may make TransferGo less appealing for those who don’t rely so much on banks. If you prefer cash pickups or mobile wallets, there are other providers who offer more flexibility.

Where can I send money with TransferGo?

TransferGo operates in over 60 countries, allowing transfers from over 30 and payouts to over 60 countries - they’re listed below:

Send from these countries with TransferGo

Send to these countries with TransferGo

This isn’t the biggest range of countries and currencies by any means, with bigger providers often supporting over 100. However, if they support your specific route(s) and the fees are affordable, then TransferGo can still be a reliable option for you.

How good is TransferGo’s customer service?

TransferGo’s customer support options include a phone line, a live chat, and an email helpline available 5 days a week, as well as an FAQ help center. We tried them all out below:

Phone

We called TransferGo’s customer support team at ten past twelve on a Friday afternoon, and they answered the phone immediately. The agent was very helpful, answering all questions we had to clarify their pricing structure and transfer times, and more specific enquiries about why our bank card was blocked.

Email

We emailed at around 12:30pm on a Friday afternoon, and they emailed back in half an hour. We asked about their payment methods, and whether there were any geographical restrictions, and they informed us that there are only a few - for example, in Scandinavian countries you can only pay by card. Their answer was clear and to the point, and they offered to go into more detail if we had any specific countries in mind.

Live chat

We had to use TransferGo’s live chat feature as when we tried to send money with the provider our card was blocked by our bank. We needed TransferGo to unblock our card on their site, and they did so within 15 mins. After this we were able to transfer the money.

It seemed like a common issue that you might face with TransferGo, but they were able to answer with ease and sort things out fairly quickly.

Help center FAQs

TransferGo’s help center contains plenty of articles with helpful information, organized by topic with a useful search function. We were able to find answers to most of our questions, including details about transfer limits, speeds, payment methods, and pricing.

What else can I do with TransferGo?

TransferGo provides money transfer services for individuals and businesses, allowing customers to send money abroad to over 160 countries around the world. It does not provide any additional services.

“With very affordable rates, fast transfers and the rare ability to make transfers directly to someone’s bank card, TransferGo’s service stands out. The customer support team was very helpful too.”

Mehdi Punjwani, Lead Writer and Editor, MoneyTransfers.com

Mehdi Punjwani

How easy is TransferGo to use?

8

Ease of Use

Here's how we rated TransferGo based on how easy it is to open an account and send money. TransferGo rank high in our top ten ranking for ease of use, alongside other services like TorFX and Instarem.

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1

10.0

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2

9.0

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3

9.0

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4

9.0

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We went through the process of signing up to TransferGo on their desktop site and app, as well as sending money on both platforms - we’ve reviewed them in detail below.

Signing up with TransferGo

Signing up with TransferGo was fairly straightforward - here’s how you do it:

Enter phone number

The first step was to enter our phone number, and then enter the six-digit authentication code

Create a passcode

Then we had to create and enter a four-digit passcode to log in

Add email

The next step was to add our email address and choose whether we wanted to receive promotional messages

Personal details

After this it was time to add our personal information, including name, date of birth and citizenship, plus where we’d be sending money from - then we were signed up and ready to go

This process was fast and straightforward - just how we like it.

Sending money with TransferGo

We tried sending money with TransferGo - here’s how we did it:

Choose recipient type

We had to say whether we were sending money to ourselves, someone else, or a business

Add receiver

We were given the option of either sending money to their bank account or sending them an SMS with a link to enter details and collect their money. We chose to send it to their bank account

Add bank account details

We gave their first and last name, and their IBAN

Choose payment method

Bank transfers weren’t available so we paid by card

Add card

We gave our card number, expiry date and CVV

Confirm details

We confirmed the amount to send, the bank account, the delivery option and speed

Review

We reviewed the details of the transfer and paid, and our transfer was confirmed

“We found TransferGo’s quality of service to be quite high, and it was very straightforward signing up and sending money. Customer support was helpful in resolving the card issue, and at the speed and prices it offers, we definitely found it to be a slick operation.”

Mehdi Punjwani, Lead Writer and Editor, MoneyTransfers.com

Mehdi Punjwani

How safe is TransferGo?

8.8

Safety & Trust

This is how we rated TransferGo based on their safety, security, transparency and trustworthiness. They rank on our list of ten providers for safety and trust, alongside other major providers like Wise and XE.

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1

9.2

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2

9.0

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3

9.0

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4

9.0

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TransferGo reached its 5 million customer milestone in 2022, growing as a money transfer provider and building its credibility in the industry. Like all money transfer providers we compare on MoneyTransfers.com, TransferGo is fully licensed and reputable.

We took a deep dive into how TransferGo practices, who they’re regulated by, and what security features they use.

Is TransferGo authorized to provide money transfers?

TransferGo is fully regulated and authorized to provide money transfers in every region it operates in. It is supervised by the HMRC under Money Laundering Regulations (12667079), and regulated by the FCA (600886). It’s also authorized and regulated by the Bank of Lithuania, registration number 304871705, FI code 32400.

Is TransferGo safe and secure?

TransferGo undertakes a process known as Safeguarding, in which all customers’ money is segregated from TransferGo’s funding, so your money won’t be at risk if it goes insolvent. It also uses SSL technology to keep your data protected, and it is registered with the ICO, the UK’s independent authority on information rights for the public - registration number Z316680X.

Is TransferGo transparent?

TransferGo is largely very transparent with its fees and rates, giving their conversion rate range (0-2.2%) and their basic fee structure on their website. There are no hidden fees. You’ll be able to see how fees are affected by the specific country or currencies you select in your transfer, as well as the payment method you choose. You’ll also see the rates you get, and this will be locked in for your transfer.

What do other customers think of TransferGo?

8.8

Customer Feedback

Here's how we rated TransferGo based on their reviews on Trustpilot, the Apple App Store and the Google Play Store. It ranks alongside other providers like WorldRemit, Payoneer and XE.

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Provider

1

9.0

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2

8.7

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3

8.5

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4

8.4

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TransferGo’s growth has seen their customer base grow to five million in 2022, and seeing what those customers think directly is always a useful way to find out more about a provider. We’ve looked at their score on Trustpilot as well as their app reviews for both Android and iOS - here’s what we found.

What is TransferGo rated on Trustpilot?

TransferGo is rated as Excellent on Trustpilot, with a score of 4.7 from over 30,000 reviews when this article was written - and 91% of all ratings are 5 stars. This is an excellent score, especially considering the high number of reviews, showing that TransferGo is an extremely trustworthy company with a great reputation among its customers.

Negative reviews, of which there are very few, cite blocked or delayed transfers, and money going missing - as well as some issues with larger transfers and less than stellar reviews on their customer service. However, many positive reviews call out their fast transfers, low fees and favorable exchange rates.

According to Trustpilot, TransferGo replies to 98% of negative reviews, usually within a week.

What is TransferGo rated on the Apple App Store?

TransferGo’s ratings across multiple iOS App Stores is very high, and in the store with the most downloads - the UK - it’s rated 4.9 out of 5, while in the US it’s rated 4.7 out of 5. Many of the positive reviews praise the app’s functionality, the overall transfer service including its speed, and the ease in which they can send money. However negative reviews cite lost money and delays in the transfer process.

What is TransferGo rated on the Google Play Store?

TransferGo is rated very highly on the Google Play Store, its Android app given 4.9 stars from over 28,000 reviews and one million plus downloads. Many of the positive reviews comment on their fast transfers, easy to use money transfer app - however negative reviews again cite delays, bugs, missing money and poor customer service.

These are common themes across all review platforms, which tells us that TransferGo is, for the most, a trustworthy and reliable company. However the common themes of missing money or delayed transfers aren’t ideal - remember to always be careful and accurate when inputting details and providing verifying documentation.

“TransferGo may not be the biggest provider on MoneyTransfers.com, but they offer a solid money transfer service, with plenty of flexibility and choice. We found the overall experience with TransferGo to be positive, and would recommend them as a provider if they offer the best rate for your transfer.”

Jonathan Merry, MoneyTransfers.com Founder

Jonathan Merry

Frequently asked questions about TransferGo

Our final verdict

The team of experts at MoneyTransfers.com rates TransferGo as a strong money transfer provider, joint third on our list of top ten providers on the market. With consistently high scores across the board and a particularly strong showing for its service quality, they’re worth considering - especially for transfers within the EU.

Compare TransferGo with other providers

Fees & Rates

Transfer Speed

Safety & Trust

Product Offering

Transfer Limits

Ease of Use

Customer Feedback

MoneyTransfers.com Score 2024

TransferGo

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Fees & Rates

8.9

Transfer Speed

9.0

Safety & Trust

8.8

Product Offering

8.5

Transfer Limits

6.5

Ease of Use

8.0

Customer Feedback

8.8

MoneyTransfers.com Score 2024

8.4

Wise

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Fees & Rates

9.4

Transfer Speed

9.0

Safety & Trust

9.2

Product Offering

8.8

Transfer Limits

9.5

Ease of Use

10.0

Customer Feedback

8.5

MoneyTransfers.com Score 2024

9.2

Currencies Direct

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Fees & Rates

9.8

Transfer Speed

9.0

Safety & Trust

9.0

Product Offering

8.0

Transfer Limits

9.0

Ease of Use

9.0

Customer Feedback

8.4

MoneyTransfers.com Score 2024

8.9

TorFx

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Fees & Rates

9.3

Transfer Speed

9.0

Safety & Trust

9.0

Product Offering

8.0

Transfer Limits

9.0

Ease of Use

9.0

Customer Feedback

8.7

MoneyTransfers.com Score 2024

8.9

WorldRemit

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Fees & Rates

9.1

Transfer Speed

8.0

Safety & Trust

9.0

Product Offering

9.0

Transfer Limits

8.0

Ease of Use

9.0

Customer Feedback

9.0

MoneyTransfers.com Score 2024

8.7

OFX

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Fees & Rates

9.4

Transfer Speed

8.0

Safety & Trust

8.5

Product Offering

8.8

Transfer Limits

9.5

Ease of Use

8.2

Customer Feedback

8.3

MoneyTransfers.com Score 2024

8.7

Key Currency

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Fees & Rates

9.0

Transfer Speed

8.9

Safety & Trust

8.5

Product Offering

8.0

Transfer Limits

8.8

Ease of Use

8.5

Customer Feedback

8.8

MoneyTransfers.com Score 2024

8.6

Xe

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Fees & Rates

8.5

Transfer Speed

7.0

Safety & Trust

9.5

Product Offering

8.8

Transfer Limits

9.0

Ease of Use

9.5

Customer Feedback

8.0

MoneyTransfers.com Score 2024

8.6

Regency FX

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Fees & Rates

8.8

Transfer Speed

8.8

Safety & Trust

8.6

Product Offering

8.2

Transfer Limits

8.5

Ease of Use

8.2

Customer Feedback

8.5

MoneyTransfers.com Score 2024

8.5

Atlantic Money

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Fees & Rates

9.3

Transfer Speed

7.0

Safety & Trust

8.5

Product Offering

6.5

Transfer Limits

9.0

Ease of Use

9.5

Customer Feedback

8.7

MoneyTransfers.com Score 2024

8.4

PassTo

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Fees & Rates

9.1

Transfer Speed

9.0

Safety & Trust

8.0

Product Offering

8.0

Transfer Limits

7.0

Ease of Use

9.0

Customer Feedback

8.3

MoneyTransfers.com Score 2024

8.3