TransferGo - Independent review
All you need to know before sending money with TransferGo
One of the fastest ways to send money Good exchange rates Simple and transparent fees
TransferGo review by Monito
TransferGo is an online alternative to banks for making your international money transfers. The company offers low-cost, fast, and secure money transfers across Europe and other global destinations. You can pay for your international transfer with a local bank transfer or debit card, and the money will be delivered to the bank account of your choice.
TransferGo is a top choice for fast transfers to a bank account. The company offers a guaranteed next-day delivery to 39 countries for a very low flat fee and with transparent exchange rate margins. They have helped 100,000 customers send over £100 million, and have excellent reviews on Trustpilot.
- Totally transparent fees and exchange rate margins
- Fast: next business day delivery
- Excellent reviews on Trustpilot
- Limited number of supported countries
- Can only send to a bank account
1,802 customer reviews on TransferGo on Trustpilot
22 hours ago
by Kranthi Kumar
Couldnt feel more helpless.. I have used at least 5 different money transfer services and none of them made me feel more helpless than TransferGo did. ...Read more
Couldnt feel more helpless.. I have used at least 5 different money transfer services and none of them made me feel more helpless than TransferGo did. It is a startup and so might not have enough resources to give good customer service or experience.
2 days ago
by Mehmet KIZILASLAN
Turkey Gaziantep Sahinbey 27020 45.000 $ Discover Bank Application 2793879 MTCN NO ?
TransferGo has excellent customer reviews on Trustpilot, with 92% of the over 900 customers who have given their feedback rating the company 5 stars.
They are even in the Top 5 companies in Trustpilot’s Money Transfer category. Here’s a summary of what TransferGo customers have to say.
- The speed of the transfer is what is loved most
- Cost is an important strong point as well
- Customers feel very safe using TransferGo and describe them as trustworthy
- Some customers were annoyed by having to go through TransferGo’s verification process (which they are required to carry out by law).
- On very rare occasions, the transfer took more than one business day to arrive. However, this was due to issues related to security checks and cut-off times with the sending or receiving banks.
Can I trust TransferGo ?
TransferGo is a licensed Authorised Payment Institution, which means they are regulated by the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) in the United Kingdom. They offer institutional grade security for their service, including 256-bit SSL encryption with a 2048-bit signature.
As per FCA regulations, clients’ funds are held in segregated accounts, and are therefore kept completely separate from TransferGo’s own business accounts. This means that your money is safe should the company have any financial difficulties.
TransferGo employs 35 people across its UK and Lithuania offices. Employees give the company a 5 star rating on the employer review site Glassdoor, and describe TransferGo’s team as “ambitious, hard working and talented” that they are “very proud to be a part of”. The company is headquartered in Europe’s largest technology accelerator Level39 in Canary Wharf, London.
TransferGo has raised over $2.7M dollars from various renowned investors and industry veterans, which has helped the startup sustain its 20% monthly growth rate. It holds the record for the largest investment in a financial services startup in Lithuania so far.
Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 600886
How TransferGo works
1. Create a free TransferGo account in only a few moments
2. Set up a transfer by specifying how much you want to send and your recipient’s details
3.Make a local bank transfer to TransferGo’s account or pay instantly using your debit card
4. TransferGo will transfer your money to your recipient from a local account in their country
TransferGo exchange rates and fees
Transfer fees: TransferGo charges a flat fee of approximately 1 GBP in most cases (but never more than 2.1 GBP), depending on which country and currency you’re sending from.
Exchange rates: TransferGo will convert your money using the prevailing mid-market interbank rates, minus a margin of 0.4% to 1.5%. The exchange rate is locked in advance, so that you know exactly how much money will arrive.
Other fees: Since TransferGo uses local accounts to collect and disburse funds, there should be no fees charged by the sending or receiving banks, and no intermediary bank fees. Furthermore, there are no additional fees incurred to pay instantly by debit card.
Which documents will TransferGo require to verify my identity?
To comply with anti-money laundering regulations, TransferGo must verify your identity for your second transfer or if your first transfer exceeds £700. You may be required to provide a copy of an ID (if your first transfer exceeds £700), a proof of your address (if the amount you transferred exceeds £2,000) and you will need to explain the source of funds when a transfer exceeds £5,000 or when you reach a total of £10,500 transferred through multiple transactions with TransferGo.
Identification Documents
It can be a Passport, National ID card with photo, a driving licence (UK, EU or International).
Proof of address
In order to verify your address, Transfergo will need a copy of a document from a reliable institution showing your name and your address. This document can be an Identification document containing your Address, a Financial statements (Bank, Credit Card or Building Society), Letters from Government Bodies (Home Office, Treasury, Revenue & Customs), or a utility bills (Gas, Electricity, Landline Telephone, Water, Council tax, Uk mortgage statement).
Proof of funds
A proof of fund can be Pay slips (with the bank statement showing the deposits), Loan agreements, Sales contract or a Bank/savings statement.
Additional services
Do you own a business? TransferGo also cater to business customers, and can help you to pay international suppliers and freelancers, transfer money to a foreign subsidiary, or pay salaries abroad. Transfer fees are the same as for retail customers, however exchange rate margins are lower and decrease the more you send.
The story behind TransferGo
TransferGo was founded in 2012 when four Lithuanian migrants in the UK got fed up with the frustration and cost of making international payments to suppliers with their bank in a previous business. Their goal? To disrupt the international money transfer industry by relying on a superior consumer experience, and making sending money home as convenient as possible. The company now employs 35 people, has raised over $2.7M dollars, and is headquartered in London’s prestigious financial district Canary Wharf.
Blog posts
Interview with Daumantas Dvilinskas, co-founder and CEO of TransferGo
In this article, Daumantas explain how TransferGo works with banks rather than against them, giving TransferGo an advantage over competitors and allowing them to offer fast and cheap money transfers.
How to ensure your security when you send money abroad
Discover TransferGo's tips and approach to stay safe when you choose an international money transfer operator.
In this article, TransferGo tells us more about foreign exchange and how they handle FX rates for their customers.
Step by step guide on how to send money with TransferGo
TransferGo's Offices
United Kingdom
Level 42
One Canada Square
Canary Wharf
London
E14 5AB
NEW!
Ask questions or share your comments on TransferGo
Key facts about TransferGo
Service information
| Time to open an account | A few minutes |
| Pay-in options |
Credit card Debit card Bank Account |
| Pay-out options |
Bank account |
| Minimum amount | - |
| Maximum amount | - |
| Available languages |
English Polski Română |
| Required documents | - |
Company information
| Type of service provider | Online money transfer operators |
| Active since | 2012 |
| Headquarter | London, United Kingdom |
| Regulated by | FCA/HMRC |
Contact information
| Contact support | - |
| Service hour | - |
| @TransferGo | |
| TransferGo | |
| Youtube | TransferGo |