In this TransferGo review, we’ll dive into everything you need to know, from their transfer fees and processing times to the user experience and customer support.
Whether you’re sending money to friends or family abroad, paying international bills, or simply exploring different options for international money transfers, this review will help you decide if TransferGo is for you.
What is TransferGo and How is it Different?
TransferGo is an international payment service that was established with the goal of helping customers avoid incurring high bank charges when sending money abroad.
You can transfer money across 162 countries and 41 currencies with more locations being added in the near future. Unlike many banks, you can use the service uninterrupted at any hour of the day, even during holidays and weekends.
TransferGo’s new customer discount allows for the first two transfers to be free and delivered within three business days. If you need your payment sent urgently, you can pay a fee and have the money transferred in 30 minutes.
The company has designed a diverse, multilingual workforce to provide better support to customers around the world. This level of support is something that’s commonly lacking amongst many international money transfer services.
Pros and Cons of TransferGo
Pros:
- Multilingual customer service.
- Urgent payments can be made with transfer times of 30 minutes.
- Flexible delivery options.
- You can use credit or debit cards as well as Apple Pay and Google Pay to fund transfers.
- No transfer limit when funding transfers directly via your bank account.
- The mobile app is easy to use to make payments on the go.
- Quick registration process.
- Users can opt for a business account.
Cons:
- No cash pickup options.
Who is TransferGo For?
TransferGo is for people in the U.K., U.S., Canada, Europe, Asia, and Africa who want to avoid excessive bank charges when transferring money internationally. It’s also ideal if you need to send money quickly as you have the option to pay a fee to transfer money within half an hour.
TransferGo allows you to make payments with debit cards, credit cards, Apple Pay and Google Pay. Users can also register a personal or business account within minutes through the TransferGo mobile app. This makes them ideal for individuals and businesses who want to transfer money internationally.
The TransferGo app is available for Apple and Android devices. Therefore, it’s easy for people who are on the go to transfer money overseas at any time.
How Does TransferGo Work?
- Start by registering your account on the TransferGo website or by downloading their app.
- You can connect your account to your Facebook or Google accounts for a convenient sign-up process.
- For security purposes, you’ll be asked to share a selfie and verify it with your passport or driver’s license. Based on your country, you may be asked for more documents for verification.
- You can then initiate a transfer to someone by entering the receiver’s information and the amount you want to send. The payment will be sent for free in three business days (as part of TransferGo’s new-customer offer).
- There’s also the option to pay a higher fee to transfer the money within 30 minutes.
- Regardless of the option you choose, you’ll be given the expected delivery time of the payment before confirming it.
- You’ll then be prompted to fund the transfer. This can be done with your bank account, credit/debit card, Apple Pay, or Google Pay.
- You can review your transfer, including the recipient’s details, the amount, currency, fees, and delivery time.
- Once you’ve confirmed the details, your transfer will be sent to the recipient.
Is TransferGo Safe and Legit?
TransferGo’s security measures make it a tough competitor for other payment service companies. The company is a registered payment service and is monitored by HM Revenue & Customs (HMRC). They are also regulated by the UK Financial Conduct Authority (FCA) and are partners to many reliable banks worldwide.
The company keeps user accounts separate from their operational accounts and protects transactions through HTTPS encryption. This means only you have access and control over what you do with your money.
To keep your information safe, TransferGo uses SSL technology and is registered with the ICO (Information Commissioner’s Office). Information is kept safe from third parties by only allowing a few cleared employees access and control of the information.
TransferGo’s registration numbers for each regulatory authority can be found on their website for verification. Due to regulatory requirements, they are permitted to store user information for 5 years.
What are TransferGo’s Fees (for U.S. customers)
TransferGo charges an exchange rate fee that varies from 0.5% to 1.5%. This will vary depending on the amount of money that you want to transfer. The more you transfer, the lower the exchange rate.
What Are TransferGo’s International Fees
For international payment transfers, TransferGo has an FX markup according to the mid-market rate. However, this rate is marginally less than what some banks charge to make international transfers.
TransferGo also charges different fees depending on how soon you want the payment transferred.
You can pay £2.99 for a 30-minute delivery, £1.99 for 24-hour delivery, or £0.99 for next-day delivery.
TransferGo’s Customer Reviews
TransferGo has a 4.8-star rating on Trustpilot. Users mentioned that their problems were promptly attended to by the company’s customer service representatives. Others were happy with the exchange rates offered by the company claiming they were much more favorable than other payment services and banks.
With an average of 3.7 stars on the Google Play Store, the app seemed like a hassle to use for some users. They had problems signing up and found the identification process tedious.
Some Apple users mentioned that they weren’t always notified when the transfer was completed. Having said that, the iOS app has a rating of 4.6/5 stars which shows us that Apple users are happier with the app compared to Android users.
TransferGo Alternatives
If you don’t think TransferGo is the best option for you, or you want to know a little more about its competitors, here are some great alternatives.
PayPal – This is a well-recognized payment service that operates in over 200 countries. Their service is fast, safe, and accepted by many online merchants. You can link your debit or bank account to fund PayPal transactions. The transfer times can vary from seconds up to five working days.
CurrencyFair – Its flexible exchange rates make the payment service unique from others. You can choose your own exchange rate and wait for another user to match it. Once both users have agreed to exchange currencies at the same rate, the payment transfer is made.
Western Union – This is a more expensive service but it can be a great choice if your recipient prefers cash pick-ups. It’s a well-established money transfer service that operates in more than 200 countries around the world.
Verdict
TransferGo is a reliable international transfer service. Being able to fund transfers with your bank account, debit/credit card, Apple Pay, or Google Pay gives it an edge over other money transfer services. It provides you with the freedom to fund your transfers in a variety of ways.
However, the lack of cash pickup options may be disappointing for some. The Android app also seems to be more troublesome than the Apple app. This is a major downside for Android users to consider as it can negatively affect your experience when using the app to transfer money overseas.
All in all, TransferGo is a secure and trustworthy money transfer service. With plans to expand its services in more countries and to support more currencies, it’s likely to become a bigger competitor to services such as PayPal in the near future.
FAQ
What is TransferGo sending limits?
There’s a limit of £10,000 per transfer when paying by card. When you fund transfers directly from your bank account, TransferGo doesn’t have any limits. However, it’s best to check with your bank before processing large transfers as your bank may have a daily transfer limit.
How to create a TransferGo account?
The signup process is easy. Download the TransferGo app on your Apple or Android device and fill in the required information. To keep things safe, you’ll be asked to give proof of identity and a selfie. Once verified, you can start transferring money locally or internationally.
Can you use TransferGo everywhere?
TransferGo is available in over 160 countries and has 41 currencies available. Some of these countries are usually excluded by other payment services so this is a major advantage of TransferGo.