Founded in 2012 by a group of ambitious young entrepreneurs, TransferGo is a London-based international money transfer service. It has since grown into a thriving business that has served more than two million customers as of January 2021. The company offers high levels of transparency, along with fast and convenient service, low fees, and excellent exchange rates.
One of the unique aspects of TransferGo is the company’s express transfer option. For a modest fee upgrade, you can ensure your international transfer is completed in as little as half an hour.
Speed of service is one of the company’s defining features, but there are plenty of other factors you should consider in deciding whether TransferGo is the right money transfer service for you.
Pros and Cons of TransferGo
TransferGo shines in many regards but could improve in others. This is true of all companies in the money transfer industry, though their relative strengths and drawbacks differ.
Here’s what TransferGo does especially well:
- The company provides transparent pricing policies
- You can lock in conversion rates for up to 48 hours before actually initiating the transfer
- Complete your transaction in as little as 30 minutes with the express delivery option
On the other hand, here’s where TransferGo could do better:
- Its card-based transactions only support a small handful of European currencies
- As a mostly online service, telephone-based customer assistance is limited
The TransferGo story began in 2012 when a group of young expatriate entrepreneurs living in the United Kingdom decided to build a better way to send money internationally. Tired of the inconvenience and high costs of the traditional banking sector’s monopoly on money transfers, they built and launched the TransferGo platform.
According to the company’s founders, it was rough going at first. They struggled to find a traditional bank that would do business with them, due to the disruptive nature of their business. However, they persevered and began to thrive when the banking industry opposition to fintech innovators began to soften a few years later.
TransferGo is now a leading name in the money transfer industry. As of January 2021, TransferGo has served more than two million customers and the total value of the transactions it has handled is fast approaching the US$1 billion mark.
How It Works
TransferGo provides services to both personal and business users. In both cases, customers simply create a new (and free) account or log in to their existing account, then follow an easy three-step process:
- Book the transfer by specifying a recipient and indicating the amount of money you want to send. You can tinker with the amount in both your home currency and the destination currency to ensure your recipient receives exactly as much as you intended.
- Complete the payment in your local currency. As of January 2021, TransferGo accepts payments by debit card, credit card, online banking, and Apple Pay.
- Confirm your transaction, track it in real-time, and wait for confirmation that it has been completed.
That’s it! Customers can access TransferGo through both online and mobile computing systems. Smartphone users can download and install the TransferGo app free of charge. It’s available in both Google Play and the App Store.
Features and Performance
As of January 2021, TransferGo enables customers to send money to recipients in 62 countries around the world. It uses a model called the “local in, local out” paradigm, in which customers pay in the local currency when arranging a transfer. The company then pays the transfer out to the recipient in the local currency of the destination country.
Some of TransferGo’s performance factors vary, depending on your method of payment. As of January 2021, TransferGo offers the most complete and convenient services if you process your transaction through online banking. You will have no maximum transfer limit if you select this option and you will also have access to the company’s full range of supported currencies.
If you elect to pay with a debit or credit card, you will only have access to a relatively limited range of currencies. As of January 2021, these include the British pound (GBP), Danish krone (DKK), Polish zloty (PLN), Norwegian krone (NOK), and Swedish krona (SEK). Debit and credit card customers can also transfer a maximum amount capped at the equivalent of GBP£2,000.
Multilingual customer service is available both online and by phone. The company usually responds to email requests within a few hours. For questions and concerns requiring faster answers, customers are invited to call the company’s telephone-based service center for assistance. However, both online and telephone call centers are only staffed from Monday to Friday during normal business hours.
Costs and Pricing
TransferGo has one of the industry’s leading reputations when it comes to transparent pricing. Its transaction fee structure includes fixed rates that start at $0 and scale up, depending on how quickly you want your funds delivered.
Free transfers are usually completed within three business days, but for a small upgrade of £1 (about US$1.35), you can have your money in your recipient’s hands in one day. Express service costs about £2 (around US$2.70), but your transfer will be completed on the same day, usually in about 30 minutes.
TransferGo also applies a conversion fee, which ranges from 0.6% to 1.5% of the amount you are transferring. This is applied after you confirm your transaction, a step that locks in your exchange rate.
As for the actual exchange rate, TransferGo is very customer friendly. It converts currencies at just 0.2% to 2.2% of the mid-market interbank rate, which is a bargain compared to some competitors in the industry.
Apart from the transaction fees, which are negligible even if they’re not free, a transfer costs as little as 0.8% above the mid-market conversion rate. You’ll be hard-pressed to beat TransferGo for pricing, even if your transaction costs reach the peak margin mark-up of about 3.7%.
What Others Are Saying About TransferGo
TransferGo has one of the most impressive Trustpilot presences of any major money transfer service. As of January 2021, it holds an aggregate rating of 4.8 out of 5 on the platform, with more than 19,000 reviews. Here’s how those reviews break down:
- 91% award TransferGo a perfect 5 out of 5
- 96% rate the company 4 out of 5 or higher
- 97% are positive (3 out of 5 or higher)
The Bottom Line
If you’re seeking lightning-fast, low-cost international money transfers, TransferGo is worth considering on both counts. The savings and speed do come with a few caveats: customer service options are limited, and card-based transactions can only be carried out in a few currencies. However, despite these drawbacks, TransferGo could be a great option for your needs.