TransferGo Review: Everything you need to know about TransferGo

What is TransferGo?

TransferGo is a company specialized in international money transfer services, providing its customers with affordable, reasonable options, and eliminating excess bank fees. Since 2012, this fast-developing brand has expanded its reach across 47 countries, currently serving 22 currencies. TransferGo operates on a digital account-to-account model, allowing for both personal and commercial bank transfers. The company takes pride in the speed, convenience and exceptional value it provides to its clients. TransferGo’s offices are located throughout Europe in cities such as London, Vilnius, Berlin, Istanbul, and Warsaw.

Is TransferGo Safe?

TransferGo prioritizes safety and goes to great lengths to ensure the security of customer transactions and personal information. The company utilizes advanced encryption technology to safeguard data and has implemented various security protocols to prevent unauthorized access. It is worth noting that TransferGo is a licensed and authorized payment institution, regulated by the FCA (Financial Conduct Authority) and supervised by HMRC (Her Majesty’s Revenue and Customs) in England. This means that TransferGo adheres to the same rigorous security standards as commercial banks, providing customers with an added layer of trust and confidence in the safety of their transactions.

Where Is TransferGo Available? 

TransferGo is available in over 50 countries, enabling users to send money to more than 160 countries worldwide. Whether you need to transfer funds to family, friends, or business partners, TransferGo provides extensive coverage across continents.

Where can I send money with TransferGo? 

TransferGo offers a convenient and efficient way to send money from various countries. Whether you’re in Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, or the United Kingdom, TransferGo enables you to transfer funds securely and with ease.

Where can I receive money with TransferGo? 

With TransferGo, you can receive money from various countries worldwide. Whether you’re in Australia, Austria, Bahrain, Bangladesh, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Nepal, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Romania, San Marino, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, United Kingdom, USA, or Ukraine, TransferGo provides a convenient way to receive international payments.

Whether you’re receiving funds for personal purposes or receiving payments for your business, TransferGo offers a secure and reliable platform for money transfers. Simply set up your account and start receiving money from around the world.

How TransferGo Works

TransferGo’s platform is designed to make international money transfers simple and user-friendly. To use TransferGo, customers need to create an account and provide the necessary identification and verification information. Once registered, users can initiate transfers by selecting the recipient’s country and providing the necessary details.

By following these steps, you can easily send a transfer with TransferGo and enjoy their convenient and reliable service.

TransferGo Payment Methods

TransferGo offers a diverse range of payment options that can accommodate most needs. They provide access to the following payment methods for conducting an international transfer:

• Local bank transfer
• Debit or credit card
• Google Pay
• Apple Pay

It should be mentioned that debit and credit card payments are restricted to transfers valued under £2,500. Additionally, bank deposits using their faster payment system can only be made within the UK.

TransferGo Fees, Exchange Rates, and Hidden Costs  

TransferGo is committed to providing its customers with a transparent money transfer service, ensuring that they have a clear understanding of the fees and costs involved. Compared to traditional banks and other money transfer services, TransferGo’s fees are generally lower, making it a cost-effective option for international transfers.

TransferGo Transfer Fee: For each transfer, TransferGo charges a nominal fee. The amount of the fee may vary based on several factors, including the destination country, transfer amount, and selected payment method.

TransferGo Exchange Rate: TransferGo aims to offer competitive exchange rates to its customers. The rates provided are often more favourable than those offered by traditional banks, allowing customers to get the most out of their money when making transfers.

Additional Costs: TransferGo strives to be transparent, ensuring there are no hidden costs associated with the service. When you initiate a transfer, you will see all the applicable fees upfront, so there are no surprises during the transaction.

Delivery Time and Fees: TransferGo offers different delivery options, with varying fees. For standard delivery, funds are typically delivered by the next business day, with fees ranging from £0 to £0.99 plus 0-2.2% of the transferred amount. The fastest delivery option, which can take as little as 30 minutes, also incurs fees based on the transferred amount, ranging from 0-2.2%.

It is important to note that the fees charged by TransferGo are already included in the calculated transfer amount, ensuring transparency in the process. By utilizing TransferGo, customers can benefit from competitive fees, favourable exchange rates, and transparent costs, making it a reliable and cost-effective solution for international money transfers.

How fast are TransferGo’s transfers?

When it comes to delivery times, TransferGo offers different options for their main destination countries. For standard delivery, customers can expect their funds to be delivered on the next business day following the receipt of their deposit. If customers opt for the cheaper delivery option, it may take up to 3 business days for the funds to be delivered after the deposit is received.

For those who are in a hurry, TransferGo also provides fast delivery options. Depending on the country where the deposit originates, customers may receive their money in less than 30 minutes, ensuring a swift transfer experience.

However, it is important for customers to note that TransferGo’s services are limited in certain destination countries. This limitation means that the delivery time for these countries may be extended by up to 1 business day compared to the main countries. The limited service countries include the United States, Australia, Bulgaria, Canada, Switzerland, the Czech Republic, Hong Kong, Israel, Mexico, and South Africa.

From the moment you pay, TransferGo will deliver your money to your receiver in:

• One working day
• End of the same day from when you created the transfer
• The next working day, until noon
• In 30 minutes

TransferGo 30-Minute Transfer Service

TransferGo offers a special service known as the “30 Minute Service” to ensure fast and efficient transfers. This feature guarantees that eligible transfers will be completed within 30 minutes, allowing recipients to receive the funds quickly and securely.

With the “30 Minute Service,” customers can enjoy the fastest delivery option available, with the possibility of receiving their money in as little as 30 minutes with fees ranging from 0 to 2.2% of the transferred amount. These fees are included in the overall service provided by TransferGo.

By utilizing the “30 Minute Service,” customers can experience the convenience and speed of receiving their funds in no time, making it an ideal option for urgent and time-sensitive transactions.

Maximizing Your Transfers with TransferGo: Choosing the Optimal Transfer Method

When you’re faced with the task of choosing the best transfer option to meet your needs, keep in mind that while card payments are undeniably quick and convenient, they tend to be more expensive for the transfer company to process. As a result, card payments come with a different exchange rate which is not under the direct control of the transfer company. Also, you can expect higher fees due to a fixed and percentage-based charge from the service provider, regardless of the amount you choose to send.

On the other hand, bank transfers typically make use of a fixed fee structure and smaller sums of money are consolidated to obtain the most competitive exchange rates. By minimizing costs through every stage of the transfer process, transfer companies need to charge just a few cents to cover the expenses incurred.

If you’re thinking about sending larger sums of money, it’s generally best to opt for bank-to-bank transfers. Conversely, with card-to-card payments, you can transfer smaller amounts of money quickly when time is a concern.

One of the guiding principles of transfer companies is to provide clarity and transparency throughout the transaction process. With the TransferGo pricing structure, you can determine what you’re paying for and which transfer option works best for your specific situation. You will see labels such as “Recommended” and “Best value” placed alongside payment methods to assist you in selecting the best option. Some countries may have alternative payment methods, such as cash payouts, but keep in mind that bank-to-bank transfers continue to be the most cost-effective choice in most cases.

• Bank payment to a bank account
• Bank payment to a card
• Card payment to a bank account
• Card payment to a card

TransferGo Safety & Security

When conducting international money transfers, it is crucial to prioritize the safety and security of your funds. TransferGo, a leading platform for hassle-free money transfers, has specific document requirements in place to comply with regulatory standards and safeguard customer transactions. To ensure a seamless transfer process, TransferGo may request the following documents:

ID: Customers may need to provide a valid form of identification. This requirement typically applies to second transfers, large transfer amounts, or specific destination countries such as Bangladesh, Nepal, Uruguay, Ghana, Myanmar, Pakistan, Ethiopia, India, Nigeria, or Ukraine.

Proof of address: In certain cases, TransferGo may ask for proof of address documentation. This requirement usually occurs after passing the selfie or ID verification process and when sending substantial sums. It may be requested once a year.

Proof of funds: For larger transfer amounts, TransferGo may ask for proof of funds. This requirement is assessed on a case-by-case basis.

It is essential to note that if both proof of ID and proof of address documents are required, they must be submitted separately. TransferGo ensures the secure storage of all customer-provided documents in a private data centre, accessible only by authorized personnel using a two-factor authentication panel.

By adhering to these document requirements, you can have confidence in the safety and compliance of your transfers through TransferGo. 

TransferGo Mobile App

TransferGo offers a user-friendly mobile app available for both iOS and Android devices. The mobile app allows users to send money, track transfers, and manage their accounts conveniently on their smartphones, providing a seamless money transfer experience.

TransferGo Company and Address

TransferGo is a UK-based company with its headquarters located in London. The official address is TransferGo Ltd, WeWork, 1 St Katharine’s Way, London, E1W 1UN, United Kingdom.

TransferGo Customer Support

TransferGo understands the importance of reliable customer support. The company offers assistance to customers through multiple channels, including email and live chat support. Users can reach out to the customer support team for any inquiries or assistance needed. 

FAQ About TransferGo

In conclusion, TransferGo offers a reliable and efficient solution for individuals looking to make international money transfers. With its competitive rates, extensive coverage, and user-friendly platform, TransferGo stands out as a reputable choice for secure and convenient money transfers.