All you need to know before sending money with TransferGo
How can you use TransferGo to send money abroad? Is their service reliable? Can you trust TransferGo with your money? How good are their fees and exchange rates?
Our independent review of TransferGo
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 by using your credit or debit card at no extra charge, and the money will be delivered to the bank account of your choice. They have helped 2100,000 customers send over £100 million, and have excellent reviews on Trustpilot.
TransferGo is a top choice for fast transfers to a bank account. The company can transfer money to 45 countries for a very low flat fee and with transparent exchange rate margins. Standard transfers are guaranteed to arrive by 5:30pm BST the next business day. Faster options are available for most transfers from the UK, with funds being delivered the morning of the next business day (Express service), the same business day (Today service) or within 30 minutes (Now service) for an additional fee of £1 - £4.
What we like about TransferGo
Totally transparent fees and exchange rate margins
Fast: next business day delivery with faster options available from the UK
Excellent reviews on Trustpilot
What we dislike about TransferGo
Can only send to a bank account
Not the best solution for sending large amounts
How does TransferGo works
Open an account
Visit TransferGo's website and open a free account
Enter the details about your recipient
Tell TransferGo where you need to send money and to whom.
Set-up your transfer with TransferGo
Enter how much money you want to send and how you want to pay for your transfer.
Pay for your transfer
Fund your transfer by making a local bank transfer or pay by debit or credit card
Let TransferGo do the rest
TransferGo will convert your money in the recipient's currency and send it to him through the selected pay-out option.
Fees & Exchange Rates
Fees & Exchange Rates 6.6/10
Average
TransferGo is often the cheapest option
This indicator is based on the percentage of searches on Monito for which TransferGo is the cheapest provider
TransferGo fees and exchange rates are often competitive
This indicator is based on the percentage of comparisons on Monito in which TransferGo offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).
TransferGo offers special promotions for Monito users
Monito can access real-time pricing information from TransferGo
The points above are added to calculate the "Fees & Exchange Rates" score of TransferGo, who scores 6.6 points on a maximum of 10 points.
Transfer fees: TransferGo charges a flat fee of 0.99 EUR / 0.99 GBP / 10 SEK / 20 DKK / 20 NOK / 500 HUF / 9 PLN / 9 RON, depending on which 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 2.2%. 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 credit or debit card.
Ease of Use
Ease of Use 9.5/10
Excellent
A lot of Monito users going to TransferGo end up making a transfer with them
TransferGo's homepage is clear and very easy to understand
It's very easy to open an account with TransferGo
Setting up your transfer is quick and easy
It's easy to sign up and make a transfer both on mobile and desktop
The points above are added to calculate the "Ease of Use" score of TransferGo, who scores 9.5 points on a maximum of 10 points.
Credibility & Security
Credibility & Security 8/10
Great
TransferGo is fully licensed and authorized
TransferGo has a good number of positive customer reviews
A very large number of customers already trust TransferGo
TransferGo employs a very large number of employees
TransferGo has already transferred between 1-5 billion USD for their customers
TransferGo has been mentioned in countless recognized media outlets
TransferGo is part of Monito's network of trusted partners
TransferGo is a long-established company
The points above are added to calculate the "Credibility & Security" score of TransferGo, who scores 8 points on a maximum of 10 points.
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 60 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 close to $8M 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
Service & Coverage
Service & Coverage 4.8/10
Bad
TransferGo allows you to send money from an average number of countries
TransferGo allows you to send money to a limited number of countries
TransferGo is available in many different languages
It is possible to pay for your transfer by local bank transfer
It is possible to pay for your transfer by credit/debit card
TransferGo doesn't offer additional pay-in options
It is possible to send the money to your recipient's bank account
TransferGo doesn't offer a cash pick-up service
TransferGo can’t send money to a mobile phone (airtime top-up or mobile wallet)
TransferGo doesn't offer a bill payment service
TransferGo doesn't offer additional banking features
TransferGo doesn’t offer a multi-currency debit card
TransferGo doesn't offer guaranteed exchange rates
It is not possible to set up repeating transfers / standing orders
There is no minimum amount (or very low)
There is a relatively high maximum amount
The points above are added to calculate the "Service & Coverage" score of TransferGo, who scores 4.8 points on a maximum of 10 points.
Customer satisfaction
Customer satisfaction 8.4/10
Great
TransferGo has a very high percentage of excellent customer reviews
TransferGo has a very low percentage of negative customer reviews
TransferGo has a good number of positive customer reviews
The points above are added to calculate the "Customer satisfaction" score of TransferGo, who scores 8.4 points on a maximum of 10 points.
TransferGo has excellent customer reviews on Trustpilot, with 90% of the over 1900 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.
Positive
- 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
Negative
- 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.
Customer support
Customer support 8/10
Great
The FAQ and help center of TransferGo are easy to understand
TransferGo doesn't has any live chat
TransferGo offers email support (even to noncustomers)
TransferGo offers phone support (even to noncustomers)
It's very easy to get in contact with TransferGo
The FAQ and help center are translated in all languages
Monito cannot contact TransferGo on behalf of our users
The points above are added to calculate the "Customer support" score of TransferGo, who scores 8 points on a maximum of 10 points.
Transparency
Transparency 7/10
Good
The exchange rate margin makes up a significant share of the total cost of your transfer
It's very easy to understand the fees of TransferGo
TransferGo doesn’t charge a margin on the exchange rate
A real-time quote can be obtained without registering
TransferGo applies the same fees and exchange rates to all customers
The pricing information of TransferGo is made available to Monito
The points above are added to calculate the "Transparency" score of TransferGo, who scores 7 points on a maximum of 10 points.
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.
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.
Why you can trust Monito's reviews
Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.
We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.
We have partnerships with many money transfer providers (TransferGo included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.
We put a lot of efforts to review money transfer providers like TransferGo in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.
Compare TransferGo to 300+ other providers
Questions you may have
Read our guides on sending money abroad
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