In today’s world, moving money across borders is more common than ever. TransferGo has been a top choice for this kind of transaction, starting in 2012. It has grown to serve over 7 million people, helping both individuals and businesses with their money needs.
TransferGo stands out because it’s clear about its fees and offers good exchange rates. Unlike banks, its rates are much lower, from 0.5% to 1.5%. It also offers fast services, from standard to same-day delivery. Fees start at £0.99 for a three-day service and go up to £2.99 for a quick 30-minute option.
This TransferGo review will explore its features and how it compares to others. With a 4.7 out of 5 TrustPilot rating, TransferGo is a solid choice for those wanting to send money affordably and efficiently.
What is TransferGo?
TransferGo is an online service for sending money across borders. It offers fast, reliable, and affordable transfers. Launched in 2012, it has become known for its low rates and easy-to-use platform.
It lets users send money to over 164 countries in 41 different currencies. With more than 8 million users worldwide, TransferGo is a trusted name in digital finance.
The TransferGo overview shows it has no hidden fees. You can choose between quick transfers that arrive in 2-3 minutes or cheaper bank-to-bank transfers. This meets both personal and business needs.
TransferGo follows EU and UK laws to keep customers safe. The app uses top-notch encryption to protect your data and money. With support in 11 languages, TransferGo aims to make your experience smooth and helpful.
| Feature | Description |
|---|---|
| Countries Supported | 164 |
| Currencies Supported | 41 |
| User Base | 8 million globally |
| Instant Transfer Speed | 2-3 minutes |
| Regulation | FCA, HMRC, Bank of Lithuania |
Review of TransferGo for Foreign Exchange and Transferring Money Internationally
TransferGo offers many benefits for those looking to send money abroad. It works in over 164 countries and supports 41 currencies. This makes it a great choice for many people. The fees are low, often between 0.5% to 1.5%, which is cheaper than banks.
The service is known for its good user experience. It has a 4.7 out of 5 rating from 25 reviews, with 90% giving it 5 stars. People praise the quick and helpful customer service. But, some say there can be delays, like during the holidays.
TransferGo is reliable for sending money to many places. Users have had smooth transfers to Africa and Sri Lanka. While some think the exchange rates could be better, many transfers are free. Money usually arrives quickly, in just minutes.
Security is a big deal for TransferGo. It uses encryption and is regulated by the FCA and HMRC. This makes users feel safe when sending money abroad. Plus, it offers support in 11 languages, helping more people.
If you’re looking for other transfer services, check out this guide. It compares companies with good exchange rates, helping you choose the best option.
| Aspect | Details |
|---|---|
| Total Reviews Analyzed | 25 |
| Average Rating | 4.7/5 |
| 5-Star Reviews | 90% |
| 4-Star Reviews | 5% |
| 3-Star Reviews | 1% |
| 2-Star Reviews | <1% |
| 1-Star Reviews | 3% |
| Most Common Review Date | December 2024 |
| Years Users Have Used TransferGo | Up to 10 years |
| User Base | Over 8 million globally |
Pros and Cons of Using TransferGo
Looking into TransferGo shows both good and bad sides for those thinking of using it. The benefits of TransferGo make it a strong contender for sending money across borders.
- It offers very competitive rates for international money transfers, much lower than what banks charge.
- It has a clear fee structure, showing all costs upfront so users can make smart choices.
- It covers a wide area, allowing transfers from over 30 countries to more than 160 countries, directly to bank accounts.
- Its mobile app is easy to use, making transactions convenient for those on the move.
- It has a good reputation, with over 7 million users happy with its service, ever sine 2012.
But, there are also some TransferGo disadvantages.
- It doesn’t have physical branches or face-to-face support, which might be a problem for those who prefer talking to someone in person.
- Some users might find the online customer service not good enough for complex problems or questions.
It’s important to know the TransferGo pros and cons before using it for money transfers. Its low rates and easy app are big draws. But, users should also think about the lack of customer service and physical locations.
Comparison with Other Money Transfer Services
Looking at the TransferGo comparison, it’s clear that TransferGo shines against big names like Wise and Currencies Direct. Wise has been around for 11 years, known for clear fees and fast transfers to over 50 currencies. It has over 13 million users, focusing on clear pricing, which is key for users.
TransferGo, launched a year after Wise, has won over 7 million customers. It offers transfers to over 150 places worldwide, often at cheaper rates, mainly for European transfers.
Currencies Direct also deserves a mention in this transfer service comparison. It offers competitive rates and personalized service, standing strong against TransferGo and Wise. Traditional banks, like Nationwide, are often criticized for high fees and slow transfers compared to TransferGo. Big names like Western Union and MoneyGram might seem good because of their wide networks. But, their less favorable exchange rates often lead to hidden costs.
Platforms like Monito show that over 15 million users have saved money by comparing services. TransferGo is known for its cost-effectiveness, making it a strong choice for those looking for affordable, efficient transfers. The TransferGo vs Wise debate highlights TransferGo’s value in a market filled with higher-cost options. For more comparison insights, check out alternative money transfer services.
