TransferGo Review

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  • Transparent
  • Low fees
  • Business money transfers
  • Fast transfers
  • Many countries supported

Advertising itself as a fast and simple alternative to traditional money transfers and hefty bank fees, TransferGo may be one of the best-known options on the market – but is this platform the best fit for you? 

Read on to find out more about how TransferGo works, the benefits and downsides of this service, and whether it’s the right choice for your transfer needs. But first, here’s our short verdict:

TransferGo has chosen to do one thing and do it well, with a smooth and practical money transfer process without any additional services and options attached to muddy the waters. We wholeheartedly recommend their service. 

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TransferGo Review infographic

What is TransferGo

TransferGo is a veteran in the world of online money transfers, launching in 2012 and quickly making a name for itself for both bank and card transfers to a host of different countries. 

TransferGo is a money transfer service that offers a straightforward service to its customers: quick, secure money transfer. Supporting both bank and card money transfers, albeit, with slightly more limitation, TransferGo has grown its services over the past nine-plus years to encompass 22 currencies and 63 countries. 

With offices in London, Berlin, and Warsaw, it’s easy to see the European focus the company has chosen to pursue. However, the company has undoubtedly extended beyond those borders, allowing its users to send money to a wide range of different countries worldwide.

As with any good modern money transfer service, TransferGo has mobile applications for Android and iOS, making it easy and convenient to transfer money directly from your smartphone. 

This is in addition to their online web-based platform, which also allows for easy transfer. TransferGo is also regulated under the FCA and HMRC as a London-based company, further adding to its business practices’ trustworthiness and legitimacy. 

Pros and cons


As a UK-based company, TransferGo is fully licensed and authorized under both the FCA and HMRC. Combined with the positive customer TransferGo reviews for their security and credibility, it suggests that it is more reliable and trustworthy than some other, less transparent options on the market. 

Beyond their trustworthiness, additional benefits for TransferGo include their user-friendliness. Both their website and mobile apps are easy to navigate, clean, and transparent regarding fees and what you can and can’t do. 

The company also offers multilingual support around the clock, a valuable addition to their customer service.


While TransferGo is transparent about its pricing for transferring money online or sending money abroad, that clarity doesn’t make the platform any more cost-effective for its users.

While free money transfers are, of course, no cost by nature, TransferGo’s Now option has a flat fee in addition to an exchange rate margin of up to 2.2%. Beyond this additional cost, TransferGo also isn’t in the top percentile when it comes to the number of countries supported. 

While they fall well within the average, TransferGo won’t provide the services needed for specific countries or currencies for particular users.


There are a couple of options to choose from when sending your money. A slow option that can take up to three days to complete. There are no fees but you might pay a 0.5% fee if you’re paying by a debit or credit card. And there’s no exchange rate markup.

The standard transfer will get your money delivered the next day in most countries and it will cost you 0.99 Euro, Pounds, or equivalent depending on the currency. The exchange rate margin will be from 0-2.2%.

The fastest method will deliver your money within half an hour or the same day. You can clearly see the option before you send the money. The exchange rate markup is also between 0 and 2.2% and there’s a flat fee depending on the amount that you’re sending. 

What countries are supported with TransferGo?

As a UK-based company, it likely won’t surprise potential customers that the bulk of TransferGo’s focus is on providing money transfers from European countries. 

You can send money from the following countries: all EU countries, Croatia, Iceland, Norway, Switzerland.

Supported currencies for these transfers include the staples, like GBP and EUR, and PLN, SEK, DKK, and NOK. For those working or living within Europe, the range of currencies and countries is higher than average.

The list of countries that TransferGo allows you to transfer money to is more expansive, though there are some stipulations. While the platform does advertise instant transfer and fast delivery, individual countries will have varying processing times and options to choose from. 

All in all, TransferGo is relatively well-rounded, with over 60 countries on its money transfer list. Including popular options like Mexico, the Philippines, Nigeria, India, and the USA, to name a few.

How to transfer money with TransferGo

If you’d like to use TransferGo, the first step in the process is to create an account, either by providing an email address or through your Facebook or Google account for your convenience. 

The next step is the verification process. While these requirements will vary from place to place, generally, a form of ID and a selfie will be required for transfers of £900+ or the nearest equivalent. 

Once you’ve completed the steps to get your account set up, you’re good to go. Send money abroad, select the country you’re sending from, and choose your transfer speed and press send.

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How long do TransferGo transfers take?

Typically, TransferGo offers two transfer speeds: 

  • Express, transfer in 30 minutes 
  • Free, for transfers in three business days

However, this may change depending on the specific country. 

TransferGo is entirely transparent about the costs and fees of their transfers, and transfers incur a flat fee in addition to the exchange rate margin for any option other than the free version of the service. 

So it’s worth checking what your costs will be if your transfer is particularly time-sensitive before pressing that send button.

For businesses

TransferGo is not only available for personal use but for business use as well. It offers the same advantages such as fast and cheap transfers. If you need to pay a supplier abroad, for instance, or pay a freelancer or a service, TransferGo is a good choice. Companies also send money to their subsidiaries abroad. 

TransferGo says on their website that they have business clients from 10 countries and from 10+ industries. E-commerce, IT, manufacturing, retail, and automotive are just a few of them. 

Is my money safe with TransferGo? 

TransferGo is a reputable company that served millions of people by now. It’s a registered payment service provider and is supervised by both the HM Revenue & Customs (HMRC) and the UK Financial Conduct Authority (FCA).

Because TransferGo isn’t a bank, it doesn’t speculate with your money as banks. Still, the downside is that the money isn’t insured by the government. 

That last part might sound bad, but not necessarily. You see, TransferGo keeps your money in separate accounts than their operating money in respected banking institutions. This is called ‘safeguarding,’ and if anything happens to TransferGo, you’ll still get all your money back.

TransferGo also works with trusted banks worldwide, and all the transactions are protected by HTTPS encryption which is the industry standard. 

For your information, TG will never ask for sensitive information like your pin code, whole card number, or CVV code over the phone or by email. And you should only enter this type of information in secure fields during the payment process.

Who owns TransferGo?

TransferGo was founded in 2012 by Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, and Justinas Lasevicius. Its headquarters are in London, England.

The company raised more than $69 million from 13 rounds of funding. The last corporate round brought in £4 million in November 2020.

It has 14 investors that include Silicon Valley Bank, Revo Capital, Hard Yaka, Vef, Seventure Partners, and others.

Customer reviews 

TransferGo has a fantastic 4.8-star rating out of 5 on Trustpilot, with 91% of 21k reviewers giving it an excellent mark and only 2% a bad one. With a 4.8 score, TransferGo is placed higher than Wise (4.6), Currencyfair (4.7), Paysend (4.7), and WorldRemit (4.1).




Wise, formerly known as TransferWise got famous for transferring money quickly, cheaply, and transparently across the world. By charging extremely low fees compared with high street banks and other online payment providers and using the real exchange rate when converting currencies, Wise has quickly become a top choice for both personal and business international bank transfers.



Currencyfair was established in 2009. The Irish company has only become more prolific and successful in its specific niche – offering cost-effective exchanges through an innovative customer-to-customer approach. CurrencyFair currently allows the exchange of 20 different currencies through their platform and sending money to and from 150+ countries – a recent increase thanks to their expansion into Asian territories.



First established in 2010, WorldRemit’s service aims to offer their customers cheaper money transfers, a smoother experience, and a more convenient process for all parties involved. Depending on where you’re sending money to, the platform may not be the most cost-effective.



Paysend was established in 2017 and has quickly made a name for itself as one of the latest generations of modern money transfer services on the market. Their streamlined approach allows users to quickly and practically transfer money to other people without confusing choices or complicated processes with different transfer methods.

The bottom line

With excellent customer reviews, UK-based regulation, and an easy-to-use interface, TransferGo is an attractive choice for those looking for a dedicated service to transfer money online within Europe and worldwide. 

While the currencies and countries may be restrictive for some, if you fall into that niche and you’re willing to wait three days for a free transfer, TransferGo is a viable and cost-effective option for many. 

It’s always worth going your research before settling on your platform of choice – but in terms of testing the waters, TransferGo is worth a try.

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