7 Must Knows – Before You Go with TransferGo
In the 5 minutes or less I am going to show you the things you need to consider before you sign up with TransferGo.
This is not just another “TransferGo is all fuzzy and wonderful” type review, I am going to show you where TransferGo may be the best option and when it is better to use another provider.
Yes – the good and the bad – including negative reviews analysed.
Disclosure: This post contains affiliate links. For more information, see my disclosures here.
- Extreme speed (30 min) potential
- Excellent customer service
- 9 languages spoken (European)
- Very quick registration
- Cannot send from the United States, Canada or Australia
- Large transfers
- Only accepts Visa and MasterCard for debit/credit card transfers
- Is TransferGo Best for You?
- Fees, Exchange Rates and Hidden Costs
- Sign Up? (and get a free transfer)
- Customer Reviews (inc. the negative ones)
- Speed (30 min – really?)
- Safety & Security (any worries?)
- Bottom Line
But first you might like this video!
TransferGo is an innovative, reliable money transfer service for residents and businesses of the UK and Europe. Some transfers attract fees 90% cheaper than remitters and you can pay a little extra for “express” transfers which can be as quick as 30 min.
As a bonus you can sign up here (opens a new tab use promo code “transumo” and all delivery options will cost zero on first transfer)
YES, they claim ridiculously fast transfers – some just 30 min.
The reality is that is some situations TransferGo might well be your best option.
To make this easy, you can skip down to what is most important to you.
For example, for many, claims of 30 minute transfers might be a really good reason to use them. Turns out, as we uncovered in our Speed section (below), TransferGo might be your answer – but this is not always available.
As far as Fees, Exchange Rates and Hidden Costs (below) we found that depending on the amounts you are sending and which countries are involved as well as the speed you want it to arrive there are a lot of different results and in some cases they may not be your best option.
A real standout is their customer service but they are not perfect – no service is.
But TransferGo have some of the best rankings in the industry – 4.8 on TrustPilot. There are also 12 languages spoken.
That said, a lot can be learned from the reviews people leave, especially the negative ones (below).
With most money transfer companies when it comes to what you end up paying for a service there can be lots of marketing like “fee free”.
This can tend to diverted your attention from the actually total costs of using a service like the “exchange rates” and “hidden fees” which we cover in a moment.
2.1 Transfer Fee
This is typically where TransferGo has three available transfers fee options, which you can choose based on how fast you want to money to arrive.
- 30 minutes – £2.99/€2.99
- Same-day – £1.99/€1.99
- Next business day – £0.99/€0.99
2.2 Exchange Rate
TransferGo’s website includes a currency converter, which reports exchange rates however this is not the rate you get.
However before you lock in a transfer you will see the exchange rate you will get.
As with almost every money transfer companies the exchange rate you pay will include a margin on the interbank rate, which is the majority of the fee you will pay.
TransferGo margins vary from zero to 2.2% depending on the currencies you are transferring, the amount you are sending and other factors.
According to TransferGo the average exchange rate margin is 0.819% which is pretty darn competitive but what matters is what they charge you.
Like other money transfer companies the % margin reduces as amounts increase.
Example 1 – UK to India
£0 to £1,000, exchange rate margin is 0.75%
Above £1,000, exchange rate margin is 0.40%
Example 2 – UK to Europe (EUR)
For really small amounts below £250, exchange rate margin is 2.15%
Above £250, exchange rate margins will be less.
These fees are certainly much better than a remittance company or a bank and are also very competitive against other money transfer companies.
That said, in the next section there may be more significant costs depending on the receiving country.
2.3 Hidden Fees
Something you should be aware of is the fees that the banks at either end often charge.
We call these hidden fees because although they are not charged directly by TransferGo they are usually a surprise and they can be mostly eliminated by services like TransferGo by having local bank accounts.
TransferGo has a strong network of local bank accounts in the UK and Europe which avoids these, however if you are sending money to one of these countries there is likely to be a receiving fee: Australia, Bulgaria, Canada, Czech Republic, Hong Kong, Hungary, Israel, Mexico, Russia, USA, South Africa and Switzerland if the receiving currency is CHF.
These fees range widely from bank to bank but are usually about 10 EUR/GBP to 25 EUR/GBP. For amounts below a few thousand EUR/GBP these fees can make up a significant percentage (For example, £10 is 1% of £1000 GBP).
If you plan to send money to the countries above and it is likely to be smaller amounts below a couple thousand GBP there are likely better options out there if cost is your main consideration.
However is speed is also important (see below) than TransferGo may still be right for you.
In their most recent Terms & Conditions, TransferGo also states there may be additional charges in the event of:
- Cash advance fees for credit cards
You might also like our page about fees.
You can sign up (opens a new tab use promo code “transumo” and all delivery options will cost zero on first transfer) for an account in under thirty seconds – that is what it took us.
This video (which does not need audio) shows sign up. Don’t forget to enter the code to save some money.
To register, simply enter a valid email address and password.
If your initial transfer is under £900.00, your first transfer can be completed without identity verification.
If your first transfer is over £900.00, or the equivalent in another currency, you will need to complete the identity verification process. You will also need to complete this step, regardless of the amount, in order to make a second transfer.
Verification is a standard practice called KYC (Know Your Customer) and includes of taking a photo of a valid form of identification, along with a selfie that clearly shows your face.
TransferGo is usually very fast at these verifications, however delays may be encountered if they don’t have what they need.
If we could pinpoint one exceptional part of TransferGo’s service, it would be their impressive customer service.
TransferGo has a 4.8 rating on Trustpilot from over 12000 reviews.
However about 1% of their reviews only have one star and another 1% have two stars.
It is these negative reviews where we can really see how good a service is!
After categorising the small number of negative reviews we found that two issues stood out.
A small number of people are not expecting to have to go through the process of verifying their identification on the second transfer or above 900 GBP on the first transfer.
4.2 Speed of funds arriving
While speed is one of TransferGo’s best aspects, like all money transfer companies there is other banks involved and some people find that the reality is not the same as expectations as it can take time for funds to clear banks despite TransferGo’s best efforts.
Bigger picture, in most instances TransferGo is hard to beat.
On their home page TransferGo claims to offer 30 min transfers, but what is it reality and what about their slower “free” service?
However there are a few things you should know about 30 min transfers:
- Amount limit is 2,000.00 GBP (or the equivalent in other currency)
- Customers can only pay-in by credit/debit card or iOS users – by apple pay. Bank deposit is available only in the UK because of their faster payment system.
- The customer has to verify his ID before choosing a fast delivery option. For other delivery options, customers have to provide his ID only on the second transfer or if his first transfer exceeds or equals 900 GBP (or the equivalent in other currency).
- Available 9:30 a.m. to 3:30 p.m. Monday to Friday.
30 min could be a big reason for using TransferGo.
The also have the “Express” and “Today” option (for the UK and Europe) which is exceptional.
But that is not the whole story.
These options can only occur if you initiate the transfer during European business hours and with enough time for TransferGo to do the transaction (for example, morning for afternoon arrival).
Like most transfer companies they don’t process transfers on weekends or bank holidays, so you will have to wait until the first business day that the banks are open following your fund transfer for the funds to arrive.
However when sending money to certain countries (including Australia, Bulgaria, Canada, Czech Republic, Hong Kong, Hungary, Israel, Mexico, Russia, USA, South Africa and Switzerland if the receiving currency is CHF), it may take more than 1 business day for a bank to credit the money to your recipient’s account.
As we saw above in the costs section it is these same countries where the banks in these countries may also charge fees.
Free, “Standard” transfers can take up to four business days to process (for Europe) which is pretty standard industry wide. Add a day for the countries mentioned above.
Keep in mind that this actually requires two business days to complete. The transfer is initiated on the first business day and completed on the second. If you initiate a transfer on a Saturday, it will not process until Monday, and it will not complete until Tuesday.
Same-day transfers will be completed within 30 minutes of TransferGo receiving your funds, as long as the receiving bank supports fast payments. If they don’t, the transfer will act exactly like a standard transfer.
These timetables only pertain to TransferGo’s transfer policy. Timing can be greatly influenced by the banks involved. This is where a big proportion of complaints on TrustPilot occur.
Sending money to a 3rd party can be worrisome, even if their business model relies on them doing it safely and securely.
When you payment goes to TransferGo regulations require that your money is held in segregated accounts.
This means that if TransferGo suddenly had financial difficulties your money is ring fenced from TransferGo and should be returned.
At a technical level they use SSL (Secure Socket Layer) which means that your information is encrypted between their server and your browser.
Upholding standards, TransferGo is regulated by the FCA (Financial Conduct Authority) which is the financial regulator of the UK.
TransferGo (opens a new tab use promo code “transumo” and all delivery options will cost zero on first transfer) is a trustworthy, cost effective transfer service with extremely good customer service. Although they are currently focused on UK and European residents, additional countries, simple mobile transfers, and local transfer ability make TransferGo a worthy competitor in the world of global currency transfers.
Name: TransferGo LTD (company number 07914165)
Launched: May, 2013
Registered: England & Wales
Address: Level 42, One Canada Square, Canary Wharf, E14 5AB,
London, United Kingdom