TransferGo provides a convenient and cost-effective service for citizens of the UK and Europe. However, it lacks the advanced features that could take it to the next level.
|Transfer speed:||1-3 days|
|Trustpilot score:||4 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
- Only available for residents of the UK and greater Europe
- Management is relatively inexperienced
- No advanced features
With more people moving throughout Europe to take advantage of economic opportunity, cross-border transfers have never been more important. TransferGo is trying to reduce the costs for its customers working hard to send money home.
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 UK. 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 UK 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 sources, 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
TransferGo has established local offices in the following countries:
Supported countries and currencies
TransferGo supports the transfer of funds to approximately 56 countries. For the most part, the service facilitates its transfers using the SWIFT network, which allows it 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 additional limits subject to satisfying its identity verification process.
TransferGo rates and fees
What are TransferGo rates and fees? It will 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 up to £2.99.
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 cost of TransferGo?
To calculate the cost of TransferGo, 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|
An average cost of 0.84% means that for every £1,000 sent, on average £8.40 will be lost in spread + fees. By using this figure, we can make a general representation of TransferGo across a range of transfer values. Of course, it is not a perfect representation by any means, but it is helpful for comparative purposes.
Important note on SWIFT: You should be aware 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.
TransferGo review: Market comparison
So, how does TransferGo compare to other services in the market? To help you determine its relative competitiveness, we have prepared a 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 chart by column, click its respective headings. 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|
If you would like to learn more about the rationale of our TransferGo review, take a look at our review methodology.
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.
Key payment features
How do payment features affect our TransferGo review? Let’s take a look at its capabilities.
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 TransferGo customer service 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.
Is TransferGo safe?
As a customer, is TransferGo safe to use? Let’s take a look at some of its security measures.
TransferGo is regulated by the Financial Conduct Authority in the UK and is 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 apart from the company’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 4 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 ID
- 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 interactions between the service and its customers. It appears that any queries raised by customers are being addressed within a few days of posting.
To engage with its customers there is a TransferGo blog and the service has previously sponsored a podcast focusing on the migrant experience.
The mainstream media reporting of TransferGo is generally positive. Many articles highlight the benefits of money transfer services over traditional banks.
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 its 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 first need to verify your identity. 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 up to £1,000,000.
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, sign up and login. To begin a transfer, click Get Started.
Step 2 – Select currencies
First, select the country of your recipient and the value of your transfer. You will also need to select the method by which you wish for your funds to be recevied. Click Continue.
Step 3 – Enter recipient details
Enter the personal information of your recipient, including their bank details if that is the delivery method chosen. Click Continue.
Step 4 – Select payment method
The terms of your quote are presented. Select your intended payment method, and provide a payment reference. Once you are happy to proceed, click Confirm Details.
Step 5 – Transfer funds to local account
If you selected bank deposit in a previous screen, now is the time to transfer your funds into the local bank account of TransferGo.
Step 6 – Track payment
When your funds are received by TransferGo, it will complete the final leg of the transfer. You can track its status online or with the TransferGo app. You will also receive email updates throughout the process.
Finally, once the transfer is complete its status will be updated accordingly. The funds should arrive in your recipient’s bank account shortly.
In our experience, the TransferGo platform was simple to use and we were satisfied with the instructions provided along the way. The entire process took 4 business days. However, because TransferGo uses the SWIFT network, our transaction incurred a short payment of $25. Upon querying this discrepancy, its customer service team was apologetic and credited the amount back to us – which was great.
TransferGo review: Final thoughts
TransferGo enables fast payments from the UK and Europe along many popular currency corridors. The service focuses on ease of use, rather than overwhelming its users with complex functionality. In this regard, its greatest strength may also be its greatest weakness.
The service is far from perfect, but it does offer competitive rates and low fees. It lacks the sophistication of Wise and CurrencyFair, so these may be worth looking into if you need more payment features. That said, TransferGo is not a bad option if you’re just getting started out.
If you have any questions or feedback about our TransferGo review, let us know in the comments below.