TransferGo Review

TransferGo Fees and Rates 

At the time this review is being written, TransferGo has a promotion that allows all new users to try their service with zero fees for their first two transfers.

TransferGo charges a fixed transaction fee and an exchange rate margin. The fixed transaction fee is £0.99 for standard delivery, £1.99 for same day delivery (up to £2,000 or £4,000), and £2.99 for express delivery to the recipient’s bank account within 30 minutes of the transaction. When sending from euro, zloty, or other currencies, the fee is the currency equivalent (i.e. €0.99 for standard delivery).

The exchange rate margin varies from 0% to around 4%, depending on the currency pair and amount being exchanged and is proportional to our partner fees. The more money you send in one transaction, the better the FX rate we can obtain and offer. Having said that, even if you’re transferring just a few pounds and paying the higher margin due to higher partner costs they face, TransferGo is still much cheaper than a traditional bank transfer.

Here are a few examples of TransferGo’s charges, based on a mid-market rate of £1 to €1.17 and standard next-day delivery from a UK bank account to a euro-area bank account:

As the above table demonstrates, TransferGo’s service is great for large transactions. If you need to pay a small amount to someone living or working abroad, then you’ll end up paying a higher rate. But if you’re living outside the UK and are looking to make regular payments to your bank account in the UK, or if you’re an expat in the UK and are looking to send money back home on a regular basis, you’ll save the most money by making larger payments on a less frequent basis.

How Does It Work?

TransferGo allows users to send money from the UK and Europe, in pounds, euros and a few other European currencies, including Polish zloty and Hungarian forint. Money can be received in 110 currencies, including AED, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, MXN, NOK, PHP, PLN, RON, RUB, SEK, TRY, UAH, USD, and ZAR.

Send money through the TransferGo website or app via the following steps:

• Register for a TransferGo account, register your identity by entering your mobile number for one time passport (OTP), enter your details and your are good to go.
• Select your currency and your recipient’s currency. Provide the recipient’s bank details or card number and the amount you want to send. Select method of delivery, i.e. standard, same-day, or now (half-hour delivery). Same-day and instant delivery are only available for certain currency pairs and at certain times of day.
• Send the funds to TransferGo, using local bank transfer. Debit card is also accepted for payments of up to £1,000. (When sending money to a debit/credit card, you can send up to $2,500 USD per transaction)
• Once TransferGo receives your payment, the money will arrive in the recipient’s bank account within half an hour to next business day—depending on the delivery option you selected.

How Long Does It Take?

Currency transfers consist of 2 actions: first, you send TransferGo the funds; then, it sends the agreed amount in the recipient’s currency to the recipient’s bank account.

TransferGo offers users a choice of instant, same-day, or standard delivery. With instant delivery, the recipient receives the funds in their currency within seconds of TransferGo receiving the funds from you. With standard delivery, the recipient receives the funds within 1-3 business days of TransferGo receiving your transfer.

Instant and same-delivery are only available during business hours and only for certain currency pairs, such as pounds to euros. If you wish to transfer money from a UK bank account to a French bank account during business hours, then you can pay a couple of extra pounds to have TransferGo deposit the funds in the recipient’s bank account within half an hour. But if you’re looking to send pounds outside of business hours or to send money into the UK, then your only option is standard delivery.

TransferGo Top Highlights

TransferGo offers an express payment option, which takes all the hassle out of waiting for funds to appear in a recipient’s bank account. 

Here are some of the other TransferGo highlights:

• Debit card feature. Many money-transfer services only allow their users to send money to them by local bank transfer. But TransferGo offers added convenience by accepting debit card payments for transfers of £1,000 or less.
• Referral program. TransferGo doesn’t just save you money on bank fees. You can save even more with the £20 bonus for referring friends and family.
• App. If you prefer to do things from your smartphone or tablet, TransferGo offers a sleek app.

Customer Support 

The TransferGo website offers a comprehensive support section with answers to most frequently asked questions. In addition, support staff are available through the following channels:

• Phone: between 7:00am to 4:00pm UK time.TransferGo has multiple support numbers, including local numbers. TransferGo also operates separate phone lines with support in 9 languages including Russian, German, Turkish, French, Ukrainian, Polish, Romanian, Lithuanian, and Latvian.
• Email: hello@transfergo.com
• Facebook messenger

Privacy and Security

Using TransferGo is as safe and secure. TransferGo Ltd is a registered payment service provider in the UK. It is supervised by HM Revenue & Customs under British money laundering regulations and regulated by the UK Financial Conduct Authority as an authorised payment institution.

Bottom Line

TransferGo offers speed, convenience, and affordability when it comes to overseas money transfers. It differentiates itself from rival money-transfer services by offering express transfers from the UK to Europe, allowing people to get funds from their British bank account to a European one on the same day and often in seconds. Unlike banks, TransferGo doesn’t charge any hidden fees. When you confirm a transfer, it shows you up front how much the recipient will get. It also has high customer reviews on Trustpilot with a current ranking of 4.7 out of 5 stars.