TransferGo Review: Everything you need to know about TransferGo

TransferGo Review – Overall score 8.9

TransferGo is a highly recommended money transfer service that delivers a seamless and affordable experience for international transfers. Renowned for its competitive pricing and transparent fees, TransferGo offers users cost-effective exchange rates compared to traditional banks. The platform’s user-friendly app is widely praised for its simplicity and accessibility, allowing customers to easily navigate and initiate transfers. Customer reviews consistently highlight TransferGo’s trustworthiness and reliability, further solidifying its position as a trusted money transfer service. With efficient customer service and a track record of successful transfers, TransferGo stands out as a reliable choice for individuals seeking a convenient and cost-efficient way to send money internationally.

What MoneyZoe appreciates about TransferGo:

Consistently provides the most affordable rates for international money transfers, particularly to Europe.
As a licensed and reputable company, TransferGo has successfully facilitated the transfer of billions of dollars annually.
Offers a variety of pay-in and pay-out options, providing flexibility to users.

What MoneyZoe considers as areas for improvement:

All fees are concealed within the exchange rate margin, resulting in a lack of transparency.
Supports a limited number of origin countries, potentially limiting accessibility for some users.

TransferGo is a excellent money transfer service that efficiently caters to the needs of its users while prioritizing trust and affordability.

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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.

How to Transfer with TransferGo, step-by-step instructions:
Create an account

Begin by signing up for a TransferGo account. The process is simple, and you can easily connect using your Facebook or Google account.

Verify your identity

TransferGo requires users to go through an identity verification process. This is mandatory if your first transfer is equal to or exceeds GBP 900 or its equivalent. You will need to upload a copy of your identification document and take a selfie. The specific documents required may vary by country.

Enter transfer details

Provide the necessary information for your transfer, including: The country you are sending from, the amount you are sending or the desired currency equivalent for the recipient.

Transfer speed option

You can choose standard, typically one business day, or opt for the express 30-minute transfer. The available transfer times for the selected country will be displayed

Send the money

Select your preferred payment method and complete the transfer. Bank transfers can be used for all currencies. However, if you prefer to use a credit or debit card, please note that it must be in one of the following currencies: EUR, GBP, DKK, SEK, NOK, or PLN.

Confirm the transfer

Review all the transfer details and ensure that everything is correct. Once you have confirmed, TransferGo will initiate the transfer process.

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

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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
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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. 

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TransferGo Transfer Money
TransferGo Money Transfer
  • Fast and efficient international money transfers
  • Competitive exchange rates
  • Wide coverage of countries and destinations
  • Multiple payment options
  • Transparent fee structure
  • Maximum limits for card payments
  • No physical cash pick-up options are available
Safety & Trust 
Fees & Exchange Rates 
Service & Features
Customer Reviews 

FAQ About TransferGo

How much does TransferGo charge?

TransferGo charges a small fee for each money transfer transaction. The exact fee amount varies depending on several factors, such as the sending and receiving countries, the transfer amount, and the chosen transfer speed. For specific details on fees, it is best to visit TransferGo’s official website.

Is TransferGo safe and legit?

TransferGo is a legitimate and regulated money transfer service provider. They are supervised by HM Revenue & Customs (HMRC) under the Money Laundering Regulations and authorized by the UK Financial Conduct Authority (FCA) as an authorized payment institution.

How secure is TransferGo?

TransferGo takes the security of its users’ information and transactions seriously. They implement various security measures, including encryption protocols, to ensure the confidentiality and integrity of the data. TransferGo is also regulated by financial authorities, which adds an additional layer of security.

How long does it take to receive money from TransferGo?

The time it takes to receive money from TransferGo may vary depending on factors such as the sending and receiving countries, the chosen transfer method, and the processing time of the receiving bank. TransferGo aims to provide fast money transfers within minutes or hours, but in some cases, it may take up to a few business days for the funds to be delivered.

How much can I transfer with TransferGo?

TransferGo has certain limits on the amount that can be transferred, which may vary based on factors such as the transfer method, the user’s verification level, and applicable regulations. To check the specific limits for your transfer, you can visit TransferGo’s website or contact their customer support.

Can I cancel a TransferGo transfer?

TransferGo allows users to cancel a transfer if it has not yet been processed or paid out to the recipient. However, once a transfer is in progress or has been paid out, cancelling may not be possible. It is advised to contact TransferGo’s customer support for assistance with cancelling a transfer.

Which is better: TransferWise or TransferGo?

The choice between Wise and TransferGo depends on various factors, such as the specific transfer requirements, the sending and receiving countries, the exchange rates offered, and the fees charged. It is recommended to compare the services, rates, and fees of both platforms to determine which one aligns better with your needs.

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.

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Christian M
Christian M

Meet Christian - he's a digital entrepreneur with a passion for finance, personal growth, and marketing. He likes discovering new cutting-edge financial products that can help to improve people's lives.