Transfast - Independent Review

Transfast services to India, the Philippines and 49 other countries reviewed by experts

Low fees and great, locked-in exchange rates Large network of +200,000 payout locations in the World Instant deposit to partner banks in India, Philippines and more

 


Transfast review by Monito

Transfast (formerly known as Trans-Fast) is an international money transfer company founded in 1988. Through its website and mobile apps (Android and Apple), you can send money from the US and Canada to 51 countries in the world 24/7. Their support is available by chat, phone and email, and Transfast provide a money back guarantee if your money is not delivered.

You can pay for your money transfer in US dollars (USD) or Canadian dollars (CAD) via a bank transfer, or pay by debit or credit card. You can choose between various pay-out methods such as bank deposit, cash pickup, cash home delivery, deposit to a cash card, bill payment when available. For cash pickup you can send money to a network of over 200,000 agent locations in the world, thanks to Transfast partnerships with many banks and retail locations.

Transfast’s exchange rates are locked in, meaning that the exchange rate you see when you make your transfer is the same exchange rate that will be applied to your money transfer. No surprises.

With almost 30 years in business, Transfast is a serious and trustworthy digital alternative to the traditional money transfer services or banks. Transfast offers very competitive prices, a strong customer support, and an extensive payout network. You should not expect any additional services or fuss, it’s to the point and effective.


PROS
  • Low fees and great, locked-in exchange rates
  • Large network of payout locations
  • 24/7 customer service available by chat, phone or email
CONS
  • Only a “Good” (7.3*/10) rating on Trustpilot and A+ on BBB
  • Some confusion around their Value+ vs Fastrack services
  • Relatively low transaction limit

 



Can I trust Transfast ?

Transfast is a licensed money transmitter in 37 US states, 5 Canadian provinces, in the EU, and in India.

Transfast takes the security of your money seriously, with a 256-bit encryption of your data, a Norton Secured website and TRUSTe certificate. They will process every transfer using the Verified Visa and MasterCard SecureCode services.

Almost 10% of its workforce is employed in the compliance department to avoid fraud and money laundering.

Transfast is a private company, backed by GCP Capital Partners, a $1.3 billion private equity firm. The company has been in business for almost 30 years, and received various awards such as Kalahari’s “Best Remittance Service Award”.

Transfast is trusted by millions of customers and process over $6.8 billion in transfers annually. 2,327 customers gave Transfast a “Good” rating on TrustPilot with 4 out of 5 stars.




How Transfast works

    1. Select the country you’re sending money to and the amount you would like to transfer.
    2. Select the service you would like to use between Value+ and Fastrack (quicker but more expensive).
    3. Create an account and enter the recipient and payout informations.
    4. Fund your money transfer. You can choose between a bank transfer or paying by debit or credit card.

Some transfers might be held for a brief period because Transfast might need to verify a few things from a fraud and compliance standpoint. You might also need to verify your identity and share some documents (Social Security Number, Driver’s License or Passport, and proof of funds)


 

Transfast India

Transfast is a popular choice to send money to India, thanks to Transfast’s network of partners in India and its own payout network.

Bank deposit in India with Transfast

You can make instant bank deposit 24/7/365 with Transfast to the following banks: HDFC, Yes, Federal, Axis, Andhra, Bank of Baroda, Canara Bank, Catholic Syrian Bank, CUB, Corporation Bank, Dena Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, Kotak, Punjab National Bank, South Indian Bank, State Bank of India, UCO Bank, Union Bank of India.

Transfast can also make deposits to CitiBank, although the instant service is not available.


Cash pickup in India with Transfast

The beneficiary can pick up cash at 34,000+ locations nationwide in India with partners like Muthoot Finance, Manappuram Finance Ltd, Muthoottu, Ahalia, Kosamattam Group and more.


Send money to India with Transfast

Transfast Philippines

Bank deposit in the Philippines with Transfast

You can send money to all banks in the Philippines. Instant credit is available in the Philippines with Transfast for BDO, PNB, and Metrobank accounts. Deposit in a few hours is available for BPI accounts..


Cash pickup in the Philippines with Transfast

More than 15,000 cash pickup locations are available in the Philippines with Transfast’s partners: M Lhuillier, Cebuana Lhuillier, Palawan Pawnshop, BDO, LBC and more.


Other delivery methods to the Philippines with Transfast:

More than 15,000 cash pickup locations are available in the Philippines with Transfast’s partners: M Lhuillier, Cebuana Lhuillier, Palawan Pawnshop, BDO, LBC and more.

  • Bill payment: you can pay bills directly for 150+ partners including SSS, Pag-IBIG and PhilHealth.
  • Home delivery: In metro Manila, key cities and nearby provinces, cash can be delivered within 24 hours.
  • Cash Card: you can instantly credit a NYBR-issued Transfast Cash Card, NYBR-issued BDO Cash Card or a Smart Cash Card.

Send money to the Philippines with Transfast

Transfast Mexico

Bank deposit in Mexico with Transfast

You can send money to all major banks in Mexico. Deposit is made in 1 to 5 business days after the transfer’s approval to: BBVA Bancomer, Banorte, BanCoppel, Banamex, Santander and more


Cash pickup in Mexico with Transfast

More than 22,000 cash pickup locations available in Mexico with Transfast.



Ask questions or share your comments on Transfast




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Key facts about Transfast

Service information

Time to open an account -
Minimum amount -
Maximum amount -
Available languages
English
Personnal transfers Yes
Business customers No
Advanced currency contracts No
Required documents -

Company information

Type of service provider Online money transfer operators
Active since 1988
Headquarter New York

Contact information

Contact support -
Service hour -