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Privalgo Review

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BestMoney Staff
Bestmoney Staff
Jun. 18, 20214 min read

Privalgo summary

Privalgo is an online money transfer service authorised by the Financial Conduct Authority that facilitates quick bank-to-bank transfers between countries and currencies. Founded in London in 2018, Privalgo combines the latest FinTech to ensure swift onboarding in minutes and human interaction with expert personal relationship managers.

Pros

  • No fees
  • No maximim transfer
  • Bank level security

Cons

  • No credit card option
  • Not suitable for small transactions
  • No cash pick-up for transfer recipients

Privalgo Fees and Rates

The company doesn't charge any fees, offering exchange rates better than you'll get at a bank. There are also plenty of currency rating tools on the website to help you transfer funds when the conversion rate is optimal. Registered clients can use their dashboard to check rates and make transactions in real time. 

Privalgo's rates require that you register for the service to find out the exact rate, limit, and transfer times. When we say register, we mean creating an account and getting approved. Once you’re approved, you’ll have access to a dashboard with live rates and a dedicated account manager who can provide more information about your transfer.

How Does It Work?

Transferring money with Privalgo is simple and transparent.Here are the basic steps to follow in order to make your first currency transfer.

  1. Set up a FREE account in minutes and long in
  2. Confirm the currencies you would like to exchange
  3. Enter the amount of your transaction
  4. Get rate and agree to the transfer
  5. Tell Privalgo the destination you want
  6. Fund your Privalgo account via bank transfer
  7. Privalgo then transfers the money to your recipient and emails you the confirmation
  8. Track the status of the transfer in your personal dashboard

How Long Does It Take?

Privalgo's market leading onboarding makes opening an account swift and simple. A majority of transactions take 1-2 business days. 

Privalgo Top Highlights

Here are some of Privalgo’s best currency transfer features:

  • No fees
  • 100 currencies
  • Bank level security
  • Market leading FinTech
  • Personalised dashboard to track your transfers
  • Personal and business accounts

Customer Support

Privalgo was only founded in 2018, so it’s too early to comment on the level of customer satisfaction. What we’ve seen has impressed us. Privalgo offers full customer support by phone or email during regular British office hours. And like a growing number of money transfer services, it promises each new customer a dedicated customer service agent. When you register with Privalgo, your agent or “relationship manager” will be by your side to assist with onboarding and keep you updated on your first transfer.

Here are Privalgo’s contact details:

  • Phone: 020 3880 0575
  • Email: help@privalgo.co.uk
  • Address: 25 Eastcheap, 2nd floor, London, EC3M 1DE

Privacy and Security

Privalgo is authorised by the UK’s Financial Conduct Authority as an Electronic Money Institution, reference number 900887. This gets a tick from us as the FCA is the regulatory body tasked with protecting British consumers in all matters related to the financial services industry. Privalgo ticks all the other necessary boxes as well. Its site is SSL-secured, meaning any information you send to Privalgo is encrypted and can’t be viewed by malicious third parties.

Bottom Line

At first glance, Privalgo offers much the same as other new online currency transfer services. It beats the banks for speed and cost, and offers a myriad of other useful features such as rate alerts and forward contracts. Where Privalgo differs from many of its rivals is in the sheer number of currencies on offer. No one money transfer service can lay claim to being the cheapest for all currency pairs, but Privalgo is certainly up there with the best of them when it comes to having generally low rates. As long as you don’t mind taking a few minutes to register and upload proof of identity, it’s well worth your time registering to Privalgo and finding out their rates for your currency pair. If you transfer money regularly, there’s a decent chance their rates are close to the lowest and quickest for your preferred pair.

BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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  • author
    E. Mclaren
    Oct 28, 2021
    Richard was fantastic

    Richard was fantastic, he always answered my calls when I had questions and the service was seamless. I absolutely recommend Privalgo to anybody wanting to have peace of mind and reassurance when making transactions. Much appreciated and I’ll be in touch again soon

    ...

  • author
    GN
    Aug 30, 2021
    Louis service is second to none.

    I Made my first exchange with Privalgo this week. Louis was excellent. Walked me through the process, explained to me the rate and how Privalgo make their money. With the service I received the rate became secondary, even though they were a lot cheaper than the competition. Will be using again!!! Extremely happy.

    ...

  • author
    Alex Hunt
    May 15, 2020
    Perfect for business

    Used this company today, works perfect for business needs

    ...

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