Transfast was a major player in international money transfers in the U.S. until it stopped operations in 2020. Now, it focuses on sending money across borders, mainly in the Gulf Cooperation Council (GCC) countries. This Transfast review looks at the services it offered, like direct bank transfers and cash pick-ups. We’ll also discuss the fees, exchange rates, and how well the service performed.
In this article, we’ll also talk about other good options for U.S. residents sending money abroad. Services like Wise and PayPal might offer better rates and services.
Overview of Transfast Services
Transfast offers many money transfer options for customers in GCC countries like Bahrain and the UAE. It started in Spain and plans to grow globally. The service is fast and lets users track their money in real-time.
Transfast has a big network of cash pickup spots, with over 280,000 worldwide. This makes it easy for people to get their money. Even though some services are gone, like cash delivery in the U.S., Transfast is focused on keeping people connected.
Security is key for Transfast. It uses strong encryption and multi-factor authentication to protect users. It also has a system to catch fraud. Transfast aims to make sure customers are happy with their service.
Every year, people send over $1 trillion across borders. They pay about $60 billion to companies like Transfast for this service. Transfast helps by making it easy to send money to places like India. For more info, check out this review page.
Fees and Exchange Rates Associated with Transfast
Transfast has a detailed fee system. It includes charges based on where you send money, how you pay, and how much you send. Knowing about Transfast fees helps users save money. The fees can be from $0 to $4.99, depending on the package you choose.
There’s also an exchange rate markup that can be tricky to deal with. This markup can change a lot, sometimes going up to 3.84%.
The Value+ and Fastrack packages meet different needs. They balance how fast you get your money and how much it costs. The time it takes to send money can be from 1 to 7 business days. Faster options might cost more.
For those who want clear costs, Wise is a good choice. Wise uses the mid-market exchange rate without extra markup. This makes it easier to understand the real cost of sending money abroad. Knowing about these fee differences can help save money when sending money internationally. For more on managing fees and exchange rates, check out this guide.
| Package | Transfer Fee | Average Transfer Speed | Exchange Rate Markup |
|---|---|---|---|
| Value+ | $0 – $4.99 | 3 – 5 Business Days | Up to 3.84% |
| Fastrack | $0 – $4.99 | 1 – 2 Business Days | Up to 3.84% |
Review of Transfast for Foreign Exchange and Transferring Money Internationally
Transfast offers both good and bad points for international money transfers. People have mixed feelings about their foreign currency exchange. Some say it’s fast and the customer service is great. But others complain about delays and tough security checks.
In the past, Transfast was known for quick transactions and good rates. But, it was also criticized for unclear fees. People said fees changed a lot, making it hard to know the cost.
Now, Transfast only helps with money transfers in the Gulf Cooperation Council (GCC) countries. It stopped serving the U.S. in 2020. Many former U.S. users are looking for other ways to send money abroad. Wise, PayPal, and Western Union are popular choices, each with their own fees and features.
Transfast’s transfer times range from 1 to 7 business days, depending on the service. Despite this, its overall score is just 3 out of 10. Many have given it low ratings on Trustpilot, with some as low as 1.2 out of 5 stars.
In conclusion, it’s important to weigh your options carefully. Look at what others say and compare services to make the best choice for international money transfers.
Alternatives to Transfast for International Money Transfers
Transfast stopped serving U.S. residents, so it’s time to look at other ways to send money abroad. Wise, formerly TransferWise, is a top pick with a 4.3 out of 5 Trustpilot rating from over 218,000 reviews. It uses the mid-market exchange rate and has low, clear fees. This makes it a favorite for sending money to 160+ countries.
Wise is known for being easy to use and reliable. It’s a great choice if you’re looking for a Transfast alternative.
Currencies Direct is another good option, focusing on bigger transfers. It offers competitive rates and personal support. This is important for handling large amounts of money.
Taptap Send is also worth checking out, with a 4.8 out of 5 Trustpilot rating from 101,000 reviews. It’s all about fast money transfers, with options like mobile money and bank transfers.
When looking for money transfer services, it’s smart to explore different options. Even though Skrill and Western Union aren’t as highly rated, they can work for many people. You can learn more about these alternatives and their benefits by visiting this resource. With so many choices, finding the right one is easier than ever.
