Send money with TransferGo: All you need to know
TransferGo Review - Introduction
TransferGo is a successful young digital remittance solution for migrants workers within Europe. Founded in 2012 and headquartered in London, Transfergo team is today made of 40 employees.
How it works?
TransferGo customers make local money transfers into a local bank account and then the company makes a local payment to the bank account of the recipient.
- 2012: launched
- 2014: licensed as a payment Institution in the european area, 1st fund raising by Practica Seed Capital, launch of their Refer-a-friend program which allows customers to earn extra money.
- 2014: launch of the mobile version and direct debit card payments
- 2015: 2,5M$ seed funding
The story behind TransferGo
Founded by 4 Lithuanian migrants in the UK who wanted to disrupt the international money transfer industry which was for long monopolised by banks and foreign exchange market players. While running an import-export business the idea was born from the frustration of making regular international money transfers to suppliers using their banks.
They started to ask permissions to be allowed to do money transfers but the road to do so was hampered by banks, UK banks at first which did not want to partner with them or accept their bank accounts. Today they have partnerships with 30 global bank brands.
- Firm type: money transfer operator
- Technology used: N/A
- Geographical presence: European coverage – transfer money between 23 European countries
- Payment options: debit card, credit card, bank transfer
- Delivery options: bank deposit
- Size: around 150 employees
- Security: FCA regulated
- Trustpilot rating: Excellent
- Pricing: TransferGo offers competitive rates, especially for transfers of minimum $10’000.
- Transfer time: a transfer with Transfergo can be quite long as the standard delivery time is between 4 and 5 business days.
- User experience: easy service.
- Market coverage: European coverage. Works for both small and large transfers.
- Services: provides a business service. Limited ways to send and receive the money.
- Customer review: Reviews here.
TransferGo Exchange Rate & Fees
TransferGo offers competitive rates, especially for transfers of minimum $10’000.
TransferGo charges a fixed transaction fee of approximately 1 GBP (which depends on the country you send money from) and a variable fee of 0.6%–1.5% of the transaction for the currency conversion (which depends on both the transferred amount and the country you send money from).
All fees are included in the amount you see when you book a transaction. What is good with TransferGo is that you don’t need to worry about potential currency fluctuations because the recipient will receive the exact amount that you book.
Regular transaction fee is applied to your EUR to EUR transactions, without any charges on currency conversion. Also there are no additional fees by paying by card.
TransferGo market coverage
TransferGo has a continental coverage as it allows money transfers between 23 European countries in their own currency.
TransferGo offers its service not only for individuals but only for businesses in need to make transfers abroad, pay suppliers abroad.
TransferGo Pros & Cons
- low and transparent fees
- service easy to use
- fast transfers
- excellent customers reviews
- limited ways to receive money: only by bank deposit
- not a worldwide presence as the company covers Europe for the moment
- no additional services at the moment
How TransferGo works
Steps: on the road of a transfer with TransferGo
- enter your email and receive an email to activate your account
- make and book a quote on the online platform: you can see all the details of the transfer cost (transaction fee and variable fee)
- If you validate click on continue and then fulfill your personal information and upload your documents (an ID and a proof of address)
- Enter the recipient’s details
- Choose the delivery method, the payment method and do the transfer to Transfergo’s account (by credit card or bank transfer)