TransferGo Review: Money Transfer Fees, Safety, Usability, and Monito's Verdict

Aug 1, 2021
Affiliate disclosure

TransferGo is an excellent money transfer service, highly recommended by the experts at Monito (9.1/10). Fully transparent, TransferGo is a trustworthy provider (10/10) that makes it easy for customers to see fees and exchange rates in all their details before making a transfer. As a bonus, TransferGo is easy to navigate, its customer service is quick and easy to locate (8.3/10), and the provider is consequently loved by customers (9.6/10).

What Monito Likes About TransferGo

  • Consistently offers the cheapest rates on international money transfers, especially to Europe;
  • Offers a variety of pay-in and pay-out options.

What Monito Dislikes About TransferGo

  • 35% of fees are hidden in the exchange rate margin;
  • Supports a limited number of origin countries.
recommendation icon

Monito's Recommendation

TransferGo is an excellent option for sending money internationally, highly recommended by the experts at Monito. However, Monito always encourages users to regularly check our comparison engine to see how TransferGo ranks against other providers for their specific destination, as rankings and recommendations can change at any given time.

Who is TransferGo For?

TransferGo is ideally suited for users who want to make transparent money transfers quickly and easily from Europe and Turkey to countries all over the world. The provider puts its transparency front and center and allows users many choices when making a transfer. As a bonus, TransferGo made a deal with Mastercard and Visa in 2020, allowing customers in 20 European countries to make international money payments from any card or bank account directly to a Mastercard, making it an appealing choice for many young users.

How Monito Reviewed TransferGo's Services

As with all services reviewed by Monito, TransferGo underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a TransferGo account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, as well as business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed nearly 30 thousand searches on Monito's comparison engine to determine how often TransferGo was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, TransferGo's score was peer-reviewed by at least one Monito expert.

info icon

Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission.  

Learn more

Trust & Credibility


Background check

TransferGo is a registered money transfer provider that is supervised by HM Revenue & Customs (HMRC) and regulated by the UK Financial Conduct Authority (FCA), as well as by all relevant authorities in the countries in which it operates.

Security & reliability

TransferGo’s platforms are fully secured through the use of top-notch security protocols, such as segregated user accounts and HTTPs.

Company size

Since its establishment in 2012, TransferGo has grown to serve 2.5 million customers and 192 employees. TransferGo transfers approximately £1 billion around the world annually.

Transparent pricing

TransferGo is fully transparent in its pricing and clearly displays its rates along with the profit they make in fees.

Can I Trust TransferGo?

Moving £1 billion across the globe annually for 2.5 million customers, TransferGo is a well-established and trustworthy money transfer provider. As a licensed Authorised Payment Institution (meaning it's duly authorized by the Financial Conduct Authority and Her Majesty's Revenue and Customs in the UK), TransferGo offers institutional-grade security for their service, including 256-bit SSL encryption with a 2048-bit signature.

TransferGo's headquarters are located in London, and it employs around 190 people across its offices in the UK, Lithuania, Germany, Poland, and Turkey. Employees give the company a 4.1-star rating on the employer review site Glassdoor and describe TransferGo’s as a place where you are “...surrounded by motivated professionals who are focused to deliver a great product.” that the “team and management is dedicated to help customers.”

Is TransferGo Safe?

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 has raised close to US$41 million dollars from various renowned investors and industry veterans as well as crowdfunding campaigns.

Service & Quality


Opening an account

Opening an account with TransferGo is a straightforward experience, made all the easier by the provider’s smooth and easy-to-use interface.

Making a transfer

Making a transfer with TransferGo is easy and stress-free. TransferGo clearly displays all the details and options for the transfer up front: rates, fees, payment and delivery options, and the provider even allows you to choose the delivery time for your transfer.

Contacting support

TransferGo is quick to respond to chat, email, and phone support, making dealing with customer service a pleasant experience.

TransferGo's Service Quality

Although it does not offer a wide variety of pay-out options, TransferGo provides excellent service on what it offers, with an easy-to-use interface, quick and easy transfers, and smooth customer service. TransferGo ranks high in terms of usability, scoring second place in Monito's benchmark study, which evaluated the user experience of sending money online with ten money transfer providers.

What Is TransferGo?

TransferGo is an online alternative to banks to make international money transfers. Founded in 2012, the company offers low-cost, fast, and secure global money transfers. You can pay for your international transfer with a local bank transfer. Payments can also be made with a debit or credit card if the card from 32 countries in nine currencies, namely the CZK, DKK, EUR, GBP, HUF, NOK, PLN, RON, SEK. These transfers pay-out to 104 different currencies across 163 countries, with the money delivered to the bank account of your choice.

With TransferGo, customers can make fast transfers and send money from a bank account or debit card to the recipient's bank account from over 30 countries to over 45 countries with low flat fees and transparent exchange rates.

TransferGo is also noteworthy for its flexible transfer options. Standard transfers generally arrive within one business day, depending on the country to which you're sending money. You can also pay more for fast delivery (as fast as 30 minutes) or pay zero fees for slower (up to three business days) transfers. Options and processing times vary by country.

TransferGo Mobile App

TransferGo offers mobile apps for both iOS and Android smartphones and tablets. They provide a fantastic user experience and are very convenient--you can send money and obtain immediate updates of the status of your transfer. The apps are rated 4.3 out of 5 in the Google Play Store and 4.6 out of 5 in the Apple App Store.

Fees & Exchange Rates


Transfers to a bank account

TransferGo is priced competitively in 70% of relevant Monito searches, though it is only the cheapest option in 14% of cases.

TransferGo's Fees & Exchange Rates

TransferGo has overall good fees and exchange rates: though the cheapest on relevant searches only 14% of the time over the past three months, TransferGo provides competitive rates in a very respectable 70% of cases.

Insofar as exchange rates go, TransferGo converts funds using the prevailing mid-market exchange rates, minus a margin of 0% to 2.2%. The exchange rate is locked in advance so that you know exactly how much money will arrive. Transfer costs depend heavily on the countries you are sending money from and to, and can generally be broken down into the following three types:

  • "Free (and cheap)": If speed is not an issue, standard transfers to Ukraine, Turkey, Poland, and India are completely free, with transfers to other countries being low-cost.
  • "Standard": For standard transfers (which guarantees next day delivery in most countries), 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 your money from, with the exchange rate margin falling between 0% and 2.2%.
  • "Now/today": For time-sensitive transfers, go for this option. TransferGo Now means recipients will receive money in as little as 30 minutes after the transfer is made. TransferGo Today a same-day delivery option and guarantees money delivery by 5.30 pm (GMT) on the same day a booking is made (the transfer must be made by 12:30 pm GMT). The flat fee depends on the amount your sending, but the exchange rate margin is guaranteed to be 0% to 2.2%.

Compare TransferGo's Fees & Exchange Rates

Customer Satisfaction


Customer review score

With a 4.8/5 star rating on Trustpilot, there’s no doubt that TransferGo has made an overwhelmingly positive impression on its customers.

Number of positive reviews

With an impressive almost 20 thousand 4 and 5 star reviews on Trustpilot, TransferGo is much-loved by its customers, speaking to its quality of service.

Customer Reviews of TransferGo

TransferGo is much-loved by its customers, receiving an overall 4.8 out of 5 stars on Trustpilot and a total of almost 20 thousand 4- and 5-star reviews. TransferGo has excellent customer reviews on Trustpilot, with 90% of the over 7500 customers who have given their feedback rating the company 5 stars. In general, TransferGo is also very good at responding to negative comments in an effort to resolve issues.

Here’s a summary of what many TransferGo customers have had to say:


  • High-speed and low-cost transfers;
  • Customers liked how easy it is to use the service;
  • Customers feel very safe using TransferGo and describe them as trustworthy.


  • In some instances, standard transfers took more than one business day to arrive in countries where they normally should arrive within a day. However, this was due to issues related to security checks and cut-off times with the sending or receiving banks.

How TransferGo Works

  • Step 01

    Check TransferGo’s Rates

    Use Monito's comparison engine to see how TransferGo’s fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.

  • Step 02

    Open a TransferGo Account

    To sign up to TransferGo, you'll need to provide your full name, email address, mobile phone number, date of birth, and nationality. In addition, you'll also need to enter your physical address.

  • Step 03

    Set Up Your Transfer

    Once you're signed up and ready to make your transfer, you can enter your sending and receiving countries and the amount you'd like sent on your dashboard. You'll also be able to choose whether or not you'd like to send your money faster with an additional fee.

  • Step 04

    Verify Your Identity

    If you plan on sending more than £900 (or an equivalent amount in another currency) on your first transfer, then you'll be required to verify your identity. Valid photo ID documents include a passport, a national ID card, a residence permit, or (for UK residents only) a driver's license. Your document will need to be scanned and submitted with a selfie. (Take note that you'll need to verify your identity on your second transfer with TransferGo even if the amount sent is under £900.)

  • Step 05

    Add Your Beneficiary

    On the next step, you'll need to add the details of your beneficiary, which includes their full name, their country, and their bank details or other details of receipt.

  • Final step

    Review and Pay

    In the next page, you'll be able to review all the details of the transfer, including the exchange rate and expected delivery time. If everything is in order, click through to the 'Pay In' tab and pay for your transfer using the payment method you chose.

    Try TransferGo

Frequently Asked Questions About TransferGo

Global Impact Finance Ltd
Avenue de Montchoisi 35
1006 Lausanne

Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.