TransferGo is a relative 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. Advertising itself as a fast and simple alternative to traditional money transfers and large 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.
TransferGo is a business 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 eight years to encompass 22 currencies and 47 countries. This indicates that company service is mostly used for sending money abroad. 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 all around the world.
As with any good modern money transfer service, TransferGo has mobile applications for both 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. As a London-based company, TransferGo is also regulated under the FCA and HMRC, further adding to its business practices’ trustworthiness and legitimacy. 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.
As a UK-based company, it likely won’t be a surprise to potential customers that the bulk of TransferGo’s focus is on providing money transfer from European countries. Their list of accepted locations to send money from including the UK, Germany, Poland, France, Italy, and more for a total of around 30 different locations. Supported currencies for these transfers include the staples, like GBP and EUR, as well as 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 too is slightly 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 45 countries on its money transfer list. Including popular options like Mexico, The Philippines, Nigeria, India, and the USA, to name a few.
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. To send money abroad, select the country you’re sending from and choosing your transfer speed, and press send.
Typically, TransferGo offers two transfer speeds – express, transfer in 30 minutes, or free, for transfer 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.
As a UK-based company, TransferGo is fully licensed and authorized under both the FCA and HMRC. This, combined with the positive customer TransferGo reviews for their security and credibility, 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, and clean and transparent when it comes to 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 their 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, for particular users, TransferGo won’t provide the services needed for specific countries or currencies.
With excellent customer reviews, UK-based regulation, and an easy-to-use interface, TransferGo is an attractive choice for those looking for dedicated service to transfer money online within Europe. While the currencies and countries may be restrictive for some, if you fall into that niche and you’re willing to wait the 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.