Interview with TransferGo’s CEO Daumantas Dvilinskas
This article is part of the Spotlight series brought to you by TawiPay, the comparison site for international money transfers. The Spotlight series aims at helping people who send money abroad get all the information they need on key money transfer companies, and follow the latest trends of the money transfer industry.This month, we are putting the spotlight on TransferGo. To find out more, you can read now our in-depth review of TransferGo. We also invited the CEO and Co-founder of TransferGo, Daumantas Dvilinskas, to tell us more about their service.
Tell us a bit about yourself and why you created TransferGo?
I am Daumantas Dvilinskas – a serial entrepreneur, currently holding the position of CEO @ TransferGo. Previously I co-founded Pinevio.com and “Green Trends”, of which I was also the CEO. I graduated in Business Studies from Lancaster University in 2010, a course I took as I was always business-oriented and focused on creating something new, and with an aim to add value to society. As one of the co-founders of TransferGo, I am finally fulfilling my dream, not only of leading a successful business, but also of making a real difference and helping people to enter a middle-class lifestyle. It’s why fin-tech is so fascinating to me.
TransferGo was born out of frustration while dealing with the traditional banks and trying to make international money transfers via them. We faced an unfair and stagnated money transfer sector – with an unreliable and usually unclear destination amount, huge charges and the transaction time stretching up to 7 working days. There was also a general sense that customer satisfaction wasn’t really something that the major UK banks paid a great deal of attention to. Once we saw the problem, we immediately realized that a solution such as TransferGo could help many people like us.
“TransferGo was born out of frustration while dealing with the traditional banks and trying to make international money transfers via them.”
How does TransferGo work?
TransferGo uses a digital account-to-account business model. Funds are paid in locally and then paid out locally. This innovative system means that the company does not have to send money across borders. The sender makes a local payment to TransferGo, which then makes a local payment to the recipient, from any account to any account.
Also, we work with banks rather than against them, giving us a significant advantage over competitors. TransferGo has already built up more than 30 partnerships around the world with mainstream banks.
“TransferGo uses a digital account-to-account business model. Funds are paid in locally and then paid out locally.”
What makes you different from other money transfer companies?
Our settlement model is also very different from competitors. While competitors either apply the P2P model or deal with cash, we apply the local-in, local-out model, which allows us to pay money out to recipients as soon as we receive the funds from the senders. As previously mentioned, We work with banks rather than against them, giving TransferGo a significant advantage over competitors. We’ve already built up more than 30 partnerships around the world with mainstream banks, giving us a huge network of bank partners and bank accounts that allows us to facilitate the quick pay-out of funds to ensure that transfers are made quickly, safely and at the lowest costs.
“We work with banks rather than against them, giving TransferGo a significant advantage over competitors.”
Second, we manage currency fluctuations via our clever back-end system, meaning that our clients aren’t exposed to currency fluctuation risks, whereas our competitors usually ask the client to deposit an extra 3% FX deposit to cover any possible currency fluctuations. As currencies fluctuate daily, this FX deposit can be quite a steep fee if you are unlucky. We’re therefore not only consistently faster than the competition but, if you take the total cost of any transaction into account, we are also cheaper and more predictable.
Finally, we have fully localised the product experience, including our web and mobile products, as well as customer care, making us accessible to more clientele out there who prefer to be offered services in their local language.
How can people who have never used TransferGo trust that their money will be safe from start to finish?
TransferGo’s business model is very different from the competition, since we work with banks instead of against them. Indeed, we work with the most respected and innovative banks across the world and use their local transfer infrastructure to offer an unrivalled service in terms of price, speed and, most importantly, security. Our unique infrastructure means your money is never handled by any third party, and is instead safely handled by us via official banking systems.
Moreover, to comply with all the regulations as well as ensure the safety of funds and the prevention of fraud, we at TransferGo ask you to submit your ID, as well as provide some additional information if larger amounts are sent.
Finally, we are a pure digital business, which means we do not work with cash. The sender pays into a local TransferGo account and we pay our from our local account in the recipient’s country straight to their account, so they can access their money via their regular e-banking or just while using the card connected to that account. One of our missions is to bank people and to make them turn away from costly and unsecure ways of sending cash around.
“Our unique infrastructure means your money is never handled by any third party, and is instead safely handled by us via official banking systems.”
What is your take on the issue of the lack of transparency in the money transfer industry?
Transparency is one of the core values of TransferGo. Therefore, while making a transfer you can see in our calculator the exact exchange rate applied to your transfer. We apply no hidden fees or changes after the booking is made. Indeed, we choose to absorb all FX fluctuations ourselves, instead of exposing our clients to it. Thus with TransferGo, you always know the exact amount that your recipient will receive, with no surprises. Transparent rates and charges is the first step in building a loyal client base and we take transparency very seriously.
What’s next for TransferGo?
This year is all about growth in more markets. We’re now growing quite fast across many of the major markets within Europe. We want to continue to grab market share in the biggest corridors there and to prepare everything for going global. We want to offer our service in all major currencies in the world and help migrants across the globe not just in Europe. Our plans are to scale horizontally into other cross-border markets. One example of this is our latest product ‘TransferGo for Business’, which serves small and medium-sized businesses with a tailored B2B industry leading product offering. Also, we’re launching our iOS application and new delivery time options this month. So I must say, it’s a very exciting time here at TransferGo.
Do you have a message for TawiPay users?
Changes in the finance industry mean that every one of us has an opportunity to find the best service that can deliver our expectations and needs; therefore, making an informed choice is extremely important. This doesn’t mean just listening to those who are beating the drum loudest, but rather ensuring that the service can actually deliver on promises and can ensure that your transfer reaches the recipient at the promised rate and on time. Therefore, sites like TawiPay are very important, because it can help us all make those informed decisions and take the best care with our money.