TransferGo provides a simple, convenient, and cost-effective platform for citizens of the UK and greater Europe, but lacks the advanced features of a full-service currency provider.
|Transfer speed:||1-3 days|
|Trustpilot score:||5 stars|
|Our score:||3 stars|
What we like
- Simple user interface
- Small payments can be completed without full identity verification
- Rates are generally competitive
- Effective customer service processes
What we don’t
- Spot transfers only
- Service only available for residents of the UK and greater EU
- Management is relatively inexperienced
With more people moving throughout Europe to take advantage of economic opportunity, transferring currency across borders has never been more important. TransferGo is trying to reduce the costs for its customers working hard to send money to their friends and family abroad.
The service was initially created to solve the founder’s own problems. They asked, why do international transfers need to be attached to a clunky onboarding process and be tangled up bureaucratic red tape? The answer: it doesn’t.
To learn more about this service and see if it’s right for you, read on for our in-depth TransferGo review.
Affiliate disclosure: If you sign up with a money transfer service after being referred from our website, we might earn a referral fee. Learn more.
About TransferGo Money Transfer
What is TransferGo all about? Let’s begin our TransferGo review with some general information about the service.
TransferGo was established in 2012 by four co-founders; Daumantas Dvilinskas, Justinas Lasevicius, Edvinas Sersniovas and Arnas Lukosevicius. Almost a decade ago, these young entrepreneurial Lithuanians found themselves living and working in the United Kingdom. And like many migrants from Europe, they all ran into the inefficiencies of the banking system when transferring funds abroad.
In response, they shifted their attention to creating a simple online platform for sending payments throughout the United Kingdom and greater Europe, as well as other key international markets. Over the past 5 years, they have grown their business to handle over £500 million worth of foreign exchange deals annually, comprising of nearly a million individual transactions. They have also found support from a variety of backers, having raised over $10 million in venture funding to date.
Today TransferGo continues to be led by its founding team, with Daumantas acting as CEO and Justinas acting as Chief Financial Officer. Arnas has been appointed Chief Technology Officer, while Edvinas assists in a marketing capacity. To help guide the strategic vision of the company, Renier Lemmens was bought on as Chairman in 2017. He brings with him some essential corporate governance experience, having previously held senior roles at GE Capital, PayPal, and Barclays Bank.
TransferGo is headquartered at the following address:
L241 Southwark Bridge Rd
London SE1 6FP
The service has also established local offices in the following countries:
Supported countries and currencies
TransferGo supports the transfer of funds to 56 countries across the world. For the most part, the company facilitates its transfers using the SWIFT network, which provides it with the ability to deliver funds to all corners of the globe. The downside to this network is that there are often charges incurred by the recipient, of which TransferGo has little control of.
TransferGo has a minimum transfer value of £1, which is excellent news if you only need to transfer a small amount. The maximum transfer value is $1,000,0000, which means that the service is suitable for larger personal transfers and also for small business. However, it is worth noting that the service may impose limits subject to satisfying identity verification requirements.
TransferGo rates and fees
What are TransferGo rates and fees? Let’s take a few minutes to explore the foreign exchange market, so we can properly consider this question.
How the foreign exchange market works
Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.
The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of a transfer for you, the customer, is the combination of the two; the spread + transaction fee.
Q. Does the TransferGo rate include a spread?
A. Yes, there is a spread.
Q. What about TransferGo fees?
A: Yes, there is a transaction fee of between £0.99 and £2.99, depending on transfer speed.
But for the moment, don’t pay too much attention to the details. Rather, for the purpose of our TransferGo review, let’s consider the overall cost.
Why focus on overall cost?
If you focus on the spread or transaction fee in isolation, it is easy to become lost in marketing gimmicks. Instead, it is more helpful to consider the overall cost when these factors are combined. For example, a typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.
But what about TransferGo Money Transfer? To determine its overall cost we need to compare a transfer with a benchmark, the mid-market rate, which in theory has no cost. Practically speaking, it is unlikely that you will ever receive the equivalent of the mid-market rate, however, your goal should be to get as close as possible.
If you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research. To find out the mid-market rate of any currency pairing, use this calculator at xe.com.
What is the average cost of TransferGo?
The average cost of TransferGo is 0.84%.
How did we arrive at this figure? To calculate the average cost for our TransferGo review, we received three quotes to exchange British Pounds (GBP) into Australian Dollars (AUD) – for low, medium, and high values. The overall cost of each transaction was then compared against the mid-market rate and represented as a percentage of the transfer value.
Here is the calculation:
|Transfer value||Overall cost|
As you can see, the average cost of TransferGo is 0.89% of the transfer value at any given exchange rate. In other words, for every £1,000 sent, on average it will cost you £8.40 in spread + fees. Of course, this is not a perfect representation of all situations, but it does provide a helpful indication for comparative purposes.
Important note on SWIFT: It should be noted that any transfer conducted via the SWIFT network may incur additional hidden charges by correspondent banks; the exact cost depending on the amount of the transfer and the recipient bank. In our experience, these fees can be as high as £25 per transaction.
If you would like to learn more about the rationale of our TransferGo review, take a look at our review methodology.
TransferGo review: Comparison chart
Now that you know about the average cost of TransferGo, how does this compare to other services in the market? To help you determine its relative competitiveness, we have prepared a comparison chart. Beside the name of each service, we have listed its average cost, speed of transfer, receiving countries, and our review score – sorted from highest to lowest.
To sort this table by a specific column, click its heading. If you are reading on mobile, you may need to scroll horizontally to view all fields.
|wdt_ID||Service||Ave. cost||Speed||Countries||Our score||Review|
|1||OFX||1.20%||3-5 days||226||4 stars||Read review|
|2||Azimo||0.89%||1-3 days||200||2 stars||Read review|
|3||Currencies Direct||1.79%||2-4 days||188||3 stars||Read review|
|4||CurrencyFair||0.45%||2-4 days||157||5 stars||Read review|
|5||MoneyGram||3.50%||1-3 days||194||2 stars||Read review|
|6||OrbitRemit||0.43%||1-3 days||43||4 stars||Read review|
|7||Paysera||0.97%||3-5 days||174||3 stars||Read review|
|8||RationalFX||1.16%||1-3 days||201||3 stars||Read review|
|9||Remitly||0.77%||1-3 days||58||2 stars||Read review|
|10||Ria Money Transfer||3.06%||1-3 days||158||2 stars||Read review|
A typical transfer with TransferGo takes 1-3 business days, from sending to receipt. The exact duration will depend on a few factors, including the currency pairings involved, the transfer value, as well as the particular systems of the sending and receiving bank.
How is our TransferGo review affected by its features? Let’s take a look at the capabilities of the service.
A spot contract consists of a single payment from one currency to another at the currently available exchange rate. If you need to send money right away, simply login to the TransferGo website and with a couple of clicks a transfer can be arranged.
TransferGo customer service and phone number
TransferGo customer service can be contacted by phone or email. Here is the contact details for its English speaking office:
+44 13 9269 4030 (United Kingdom)
In our experience, we found the TransferGo customer service staff to be friendly and helpful. We did not have to wait too long to speak with someone on the phone, and our queries by email have been answered in a prompt and professional manner. When we identified an issue with our transfer – the unexpected deduction of SWIFT fees – the issue was immediately rectified by the customer service representative who had this fee refunded to us.
Is TransferGo safe?
As a customer, is TransferGo safe to use? Let’s take a look at some of the security measures adopted by the service.
As TransferGo is headquartered in the United Kingdom, the company is regulated by the Financial Conduct Authority (FCA) and licensed as an Electronic Money Institution under reference 600886.
Customer funds are held in trust
In accordance with the standards imposed by government regulators, the funds of TransferGo customers are held in segregated accounts and are kept separate from the service’s own operating accounts. This ensures the security of customer funds, should TransferGo encounter financial difficulty.
Website is securely protected
The TransferGo Money Transfer website is protected with TLS encryption, which prevents sensitive data from being intercepted during your visit. You can confirm that this is in place by recognising a green padlock next to the website’s URL on your browser.
Does TransferGo scam? A look at its reputation
Does TransferGo scam or is TransferGo legit? Let’s take a look at its reputation.
As of publication, TransferGo has received over 17,000 reviews on Trustpilot with an average rating of 5 out of 5 stars; representing a positive experience in 96 percent of interactions with its customers.
Here are our observations of the feedback posted:
- Simple transfer process
- Competitive exchange rates
- Small payments can be completed without full identity verification
- Long time customers have noticed a reduction of service recently
- Account verification has caused delays for large transactions
- Delays and confusion regarding expected delivery times
Upon viewing the Twitter and Facebook feeds of TransferGo, we can see a range of varied interactions between the company’s customer service staff and its customers. It appears that any queries raised by customers are being addressed within 1-3 of posting, with some taking a touch longer. To engage with their customers there is a TransferGo blog and the service has previously sponsored a podcast focusing on the migrant experience.
As for the mainstream media, their reporting on TransferGo has generally been positive and provides the company with a handful of vanity pieces, many of which highlighting the advantage of money transfer companies over traditional banking services.
The leading international money transfer service for Central and Eastern Europe migrants.The Next Web
TransferGo looks like a perfect solution if you are looking for an easy way to send money across borders.Forbes
TransferGo is considered a disrupter in the money transfer industry, aiming to break down the barriers that often stand between senders and recipients of money.pymnts.com
TransferGo app and user experience
How does product design affect our TransferGo review? Let’s take a look at the user experience.
The TransferGo website has been designed thoughtfully, with special attention being paid to user experience and simplicity. It is available in 8 languages; English, German, Latvian, Lithuanian, Romanian, Russian, Polish, and Ukrainian.
A TransferGo app has been developed for both Apple and Android devices. By using the TransferGo app you can access your account at any time and use its core features; such as initiating new payments or tracking the status of in-progress transfers.
The registration process is very quick and takes around 1 minute. All you need to do is enter your email address and password. Alternatively, you can sign up with your Facebook or Google accounts.
No identification is required to make transfers up to £900. If you would like to make larger transfers than this, you will need to provide proof of identification so TransferGo can verify your account. Typically this will require providing three types of documents:
- Photo identification, such as a passport or drivers licence, will allow transfers of up to £3,500.
- Proof of address, such as a utility statement, will allow transfers of up to £6,500.
- Proof of funds, such as a bank statement, will allow transfers larger than £6,500.
How does TransferGo work?
As a part of our TransferGo review, we will take you through an example transaction. If you would like some guidance in navigating your own account, you can follow along below.
Step 1 – Sign up and login
Visit transfergo.com and log in. When you enter the TransferGo website, you are greeted with a dashboard. To begin a transaction and add your first recipient, click Get Started.
Step 2 – Select currencies
Select your country and the country of your recipient, as well as the value of your transfer; either in the value of the originating currency or the recipient’s denominated currency. The rate offered will depend on the size of your transfer. Larger transfers will generally be offered better rates. You will also need to select your delivery option. As you can see, in our situation, only Standard delivery is available.
Step 3 – Enter recipient details
You can then add the specific information of your intended recipient, including their bank details.
Step 4 – Select payment method
The specific terms of your quote are clearly outlined, including the exchange rate and fees applicable. If you wish to pay by debit or credit card, this is the fastest method of transferring funds to TransferGo. Other payment methods can also be selected, including Sofort and bank deposit. Once you are sure that you would like to finalise and proceed, click Confirm.
Step 5 – Transfer funds to local account
Once your transaction is confirmed, you are provided with instructions to proceed with your part of the payment. Before TransferGo can complete the transfer, you will first need to send your funds to their local bank account.
Step 6 – Track payment
Once your funds have been received by TransferGo in their local account, they will finalise the transfer to your recipient. You can track your transfer online or with their mobile app. Additionally, throughout the process, you will be provided with email updates as the payment moves within the system.
Finally, once the transfer has been completed, its status will be updated accordingly and the payment will be reflected in your recipient’s account shortly.
In our experience, the TransferGo online platform was simple to use and we were satisfied with the instructions provided along the way. The entire process took 4 business days, and the funds arrived into our account, albeit with a short payment of $25. Upon querying this discrepancy with their customer service team, they were very apologetic and arranged a refund of this fee into our sending account within a few days.
TransferGo review: Final thoughts
On its face, TransferGo provides a relatively straight-forward service, allowing quick and simple payments from the United Kingdom and Europe to a modest selection of countries. The company focuses on usability and simplicity, rather than overwhelming its users with complex functionality. In this regard, its greatest strength may also be its greatest weakness. While it is certainly a clean interface and provides generally competitive rates, there is little additional functionality for the more experienced user.
It seems clear to us that TransferGo has designed their product around their; those relocating to various parts of Europe to pursue enhanced economic opportunity. In that respect, while their service is not perfect, they are contributing to providing a useful solution for sending back home without getting whacked with unnecessary fees and red tape. It’s not going to be all things to all people, so there is still a little way to go, but TransferGo is off to a good start.
If you have any questions or feedback about our TransferGo review, let us know in the comments below.