TransferGo Review

TransferGo Review Summary

TransferGo is licensed as an Authorized Payment Institution in the UK. In addition, the service ensures the safety of your funds, as it keeps customer funds separate from its own. To further protect your personal information, it uses modern security technology. We've surveyed a number of customers who have used TransferGo and found it reliable. Besides its fast delivery and fair prices, our customers rate TransferGo highly and recommend it for international transfers.The best thing about TransferGo is that it accepts online bank transfers and debit or credit cards, ensuring that your money reaches its intended recipient within days. Its transparent pricing structure makes it easy for users to compare costs and benefits.

TransferGo review
TransferGo Features

TransferGo Year Established

2012

TransferGo International Clients

TransferGo accepts international clients.

TransferGo Age requirement

18 years

TransferGo Currencies Offered

39 online

TransferGo Minimum Transfer

1.5 GBP

TransferGo Transfer Fees

0.5%-1.5%

TransferGo Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

TransferGo Employees

192

TransferGo Turnover

44500000 USD

TransferGo Regulation

Financial Conduct Authority (FCA)

TransferGo Fees

TransferGo transfer fees are 0.5%-1.5%.

Fees with TransferGo may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by TransferGo, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

TransferGo Client Rating

TransferGo has a rating of 3.

Number of TransferGo customers

2,500,000

TransferGo Website

www.transfergo.com

TransferGo Supported Languages

English, Russian, Lithuanian, Polish, Romanian, Latvian, Ukrainian, German, Turkish

TransferGo Review

TransferGo review
Pros and Cons of Transferring Money with TransferGo

Most of the time money transfers with TransferGo will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with TransferGo money prior to submitting an application to TransferGo.

Can you easily afford the TransferGo fees, are the exchange rate costs reasonable with TransferGo?

TransferGo review
TransferGo Advantages

  • TransferGo has been in business over 4 years
  • TransferGo offers PayPal as a payment method
  • TransferGo offers Neteller as a payment method
  • TransferGo offers Skrill as a payment method
  • TransferGo is availble in many international countries.
  • TransferGo offers a wide range of money transfer currency options.
  • TransferGo offers phone support.
  • TransferGo offers email support.
  • TransferGo offers an Apple iOS mobile application.
  • TransferGo offers an Android Google Play Store mobile app.

TransferGo review
TransferGo Disadvantages

  • TransferGo does not offer PayPal as a payment method
  • TransferGo does not offer Neteller as a payment method
  • TransferGo does not offer Skrill as a payment method
  • TransferGo does not offer a mobile wallet.
  • TransferGo does not offer Home delivery for money transfers.
  • TransferGo does not offer Cash pickups for money transfers.
  • TransferGo does not offer Money orders.
  • TransferGo does not offer Livechat support.

What Is TransferGo?

TransferGo is a financial service company, that offers its clients money transfer services.

TransferGo was founded in 2012 by Edvinas Sersniovas and has offices in London (GB).

TransferGo provides money transfer services to its 2,500,000 customers who are from all over the world including 63 countries.

The London (GB) TransferGo business was founded in 2012 to deliver money orders locally and internationally.

Do TransferGo Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is TransferGo Trusted And Established?

TransferGo is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

TransferGo was established in 2012 in London (GB), and has been in operation for around 10 years TransferGo have a head office in London (GB).

TransferGo review
How much does it cost to send a TransferGo Transfer?

TransferGo money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. TransferGo only charges 0.5%-1.5%, when compared to other money transfer service providers.

TransferGo review
How much can I send with TransferGo?

The maximum transfer amount with TransferGo is up to 1000000 GBP (or its currency equivalent) online.

While TransferGo charges a small percent of transfer fees, the brand offers reasonable exchange rates.

TransferGo review
TransferGo Money Transfer Terms and Conditions

When transferring money with TransferGo, it is crucial to keep tabs on the following:

  1. TransferGo Speediness. Often the need to money transfer may be urgent and time critical.
  2. TransferGo Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. TransferGo Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. TransferGo Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. TransferGo Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. TransferGo customer service should respond to your queries quickly and work with you to resolve any issues that you have.

TransferGo review
How TransferGo Compares To Other Money Transfer Companies

NameTransferGoNetellerScotiabank
Usedby2,500,00050000025,000,000
Transfer Time30 minutes2-6 hourssameday
Min Transfer1.5 GBPnonenone
Max Transfer1000000 GBPup to 50000 USD/transaction 10000 USD
Payment MethodsBank transfer, debit card, credit cardonline banking account, debit, and credit cardBank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS Appyesyesyes
Android Appyesyesyes

TransferGo review
TransferGo Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through TransferGo or imposed by TransferGo. Your TransferGo money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your TransferGo account.

TransferGo review
TransferGo Fees & Exchange Rates

Several money transfer platforms like TransferGo charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case TransferGo may charge for a currency exchange.

TransferGo review
TransferGo Transfer Fees

A transfer fee is the sum of money that a money transfer operator like TransferGo charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

TransferGo review
TransferGo Exchange Rate Margins

Exchange rate margins are how TransferGo, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like TransferGo quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with TransferGo to see what their exchange rate margin is.

TransferGo review
TransferGo Methods to Transfer Funds

A TransferGo fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

TransferGo enables users to transfer money using bank transfer, via none.

TransferGo review
TransferGo Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

TransferGo offers every available world currency to its customers. We list the major TransferGo supported currencies below.

TransferGo Money Transfer Currencies
NameCurrencies
AUD, EUR, BHD, USD, BDT, BGN, CAD, CZK, DKK, HKD, HUF, INR, IDR, ILS, JPY, KES, KWD, MXN, NPR, NZD, NGN, NOK, OMR, PKR, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, CHF, TBH, TRY, GBP, UAH
AED, AUD, BGN, BRL, CAD, CHF, CNY, COP, DKK, EUR, GBP, HUF, INR, JPY, MAD, MXN, MYR, NGN, NOK, PLN, RON, RUB, SEK, SGD, TND, TWD, USD, ZAR
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
EUR, GBP, USD, CAD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW
AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, AED, USD, HKD, RMB
AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, SGD, USD, ZAR, AZN, BGN, BHD, BND, CNY*, EGP, FJD, HUF, IDR, ILS, INR, KRW, KWD, LKR, MAD, MGA, MXN, MYR, OMR, PEN, PGK, PHP, PKR, RUB, SAR, SBD, SCR, TOP, THB, TRY, TWD, TZS, VND, VUV, WST, XOF, XPF
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AUD, BHD, BRL, GBP, CAD, CLP, CNY, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, KES, KRW, KWD, MXN, NAD, NZD, NOK, OMR, PLN, QAR, RON, RUB, SAR, SGD, ZAR, SEK, CHF, XPF, TND, TRY, AED, USD

TransferGo review
TransferGo Transfer Options

TransferGo offers the following transfer options:

TransferGo Money Transfer Options Compared
NameTransfer Options
Bank deposit, debit card, credit card
Bank deposit
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit, cash pick-up , door-to-door delivery
Bank deposit
cash
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, mobile wallet deposit (varies from country)

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with TransferGo. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

TransferGo review
Who TransferGo Services Are Available To

TransferGo offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

TransferGo Country Restrictions

TransferGo does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because TransferGo is not allowed to legally operate in those regions or it is not economically viable for TransferGo to provide money services in these regions.

TransferGo review
TransferGo International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your TransferGo money transfer is quick and simple with the modern TransferGo online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the TransferGo website.

The TransferGo website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

TransferGo review
TransferGo Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. TransferGo has a minimum transfer amount of 1.5 GBP.

TransferGo review
TransferGo Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, TransferGo does not have a maximum transfer limit when the user is paying through phone. There is however, a 1000000 GBP limit per transaction for online transfers.

TransferGo review
TransferGo Money Transfer Fees and Charges

These are the fees charged by TransferGo and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

TransferGo review
How Long Does It Take to Get a TransferGo Money Transfer

TransferGo money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like TransferGo, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from TransferGo.

TransferGo review
TransferGo PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. TransferGo is not a publically listed company. TransferGo is a privately owned company.

TransferGo review
TransferGo Money Orders

The charges for issuing money orders with TransferGo are 0.5%-1.5%.

TransferGo review
TransferGo Mobile Top Up

TransferGo offers mobile top ups.TransferGo mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

TransferGo COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with TransferGo directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are TransferGo Money Transfers Best For

There may be many reasons you are looking to action a money transfer with TransferGo. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

TransferGo money transfers are best for people looking for looking for a reliable fast money transfer service.

TransferGo Guide for Fast Money Transfer Approval

For TransferGo to be able to process your money transfer application as quickly as possible make sure you have everything TransferGo need. If you and TransferGo need to go back and forth it may delay the TransferGo application process. Make sure every piece of information you give TransferGo is accurate.

Please note that you must have at least a minimum of one active bank account for TransferGo to process your money transfer.

TransferGo Application Time

Application time refers to the amount of time you have to wait for your TransferGo registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the TransferGo system.

TransferGo Approval Time

It is the time it takes for TransferGo money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

TransferGo Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your TransferGo money transfer has been approved the money should be in your account within four working days.

TransferGo review
Things to Check Before a TransferGo Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering TransferGo money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

TransferGo review
TransferGo Customer Support

TransferGo support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. TransferGo customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a TransferGo money transfer you will want to speak to a TransferGo representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

TransferGo review
Does TransferGo Offer Live Chat?

Customers can reach out to TransferGo through live chat to resolve TransferGo money transfer account issues or difficulties with their TransferGo account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

TransferGo review
How does TransferGo Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like TransferGo you will want to know how TransferGo compares with other leading online money transfer companies. See how TransferGo compares below.

  1. Visit TransferGo alternative Neteller

    Used By: 500000
    Currencies Available: 28
    Transfer Fees: none
    Payment Methods: online banking account, debit, and credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: up to 50000 USD/transaction
    Year Founded: 1996

  2. Visit TransferGo alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  3. Visit TransferGo alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  4. Visit TransferGo alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  5. Visit TransferGo alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  6. Visit TransferGo alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

  7. Visit TransferGo alternative Currencies Direct

    Used By: 325,000
    Currencies Available: 22
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 25000 GBP
    Year Founded: 1995

  8. Visit TransferGo alternative OFX

    Used By: 1000000
    Currencies Available: 54
    Transfer Fees: 15 AUD below 10k AUD
    Payment Methods: ETF, BPAY (Australia), Direct debits
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1000 USD
    Max Transfer: none
    Year Founded: 1998

  9. Visit TransferGo alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  10. Visit TransferGo alternative Western Union

    Used By: 15000000
    Currencies Available: 38
    Transfer Fees: up to 3%
    Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: $1.00
    Max Transfer: $10,000.00 (varies)
    Year Founded: 1851

TransferGo review
TransferGo Website and Mobile Apps

TransferGo has a website available online but it may be useful to manage your TransferGo account from your mobile device like your tablet or phone.

TransferGo offers an Android mobile application on the Google Play store.

TransferGo offers an Apple IOS mobile application for iPhones and iPads allowing TransferGo to users to check their TransferGo accounts on their iOS mobile devices.

TransferGo review
TransferGo Deposit and withdrawal Methods

TransferGo offers the following Money Transfer payment methods: Bank transfer, debit card, credit card. All of significant bank systems are all acknowledged with TransferGo.

TransferGo offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that TransferGo may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from TransferGo.

TransferGo review
Is My Money Safe With TransferGo?

TransferGo is a reliable, secure, and trusted option for sending money overseas. TransferGo are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by TransferGo customers.

TransferGo review
TransferGo Financial Regulation and Safety of TransferGo Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like TransferGo that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that TransferGo is fully licenced as a money transfer company.

TransferGo review
TransferGo Payment Services Regulations and TransferGo

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

For UK clients, check the money transfer company is registered with the Financial services register. TransferGo is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that TransferGo Possess a responsibility of care to their clients.

Is TransferGo Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like TransferGo are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on TransferGo and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

TransferGo Segregation of Client Funds

TransferGo as part of their regulation are required to segregate client funds from TransferGo company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

TransferGo regulatory requirements mean that TransferGo Money Transfer funds and your funds should be totally separate. TransferGo cannot use any money that is still legally yours to conduct TransferGo daily business like paying TransferGo suppliers and costs. Your funds should be kept by TransferGo in a segregated bank account.

TransferGo Regulation Checklist

  • Check whether TransferGo has authorisation to offer consumer credit
  • Check the type of activities that TransferGo are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of TransferGo list on their website and the regulator match.

TransferGo Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it’s gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

TransferGo goes to great lengths to protect your TransferGo account from fraudulent use. We explain some of TransferGo anti-fraud features below:

  1. TransferGo has SSL encryption that protects the customer’s private information.
  2. TransferGo has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The TransferGo platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their TransferGo account, as you are instantly aware of every TransferGo transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with TransferGo, the TransferGo accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and TransferGo delivery instructions.

TransferGo Monitors Your Account for Suspicious Transactions

TransferGo has systems and controls in place to detect fraudulent activity and protect TransferGo client accounts from misuse. If TransferGo detect a questionable transaction on your TransferGo account, TransferGo will contact you to verify the transactions legitimacy to ensure your TransferGo funds are safe.

How Does TransferGo Make Money?

TransferGo and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. TransferGo also earn money via foreign exchange rates.

Money transfer companies like TransferGo and banks need to survive, so they make money on interest from accounts and money transfers.

TransferGo Frequently Asked Questions

We list some of the most frequently asked TransferGo questions below.

Is there a limit to how much I can transfer with TransferGo?

You can transfer up to 1000000 GBP at a time.

When will I receive my TransferGo transfer?

It normally takes 3-5 business days.

Is it possible to cancel my TransferGo transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number +49 30 2000 42053.

How old do you have to be to sign up to a TransferGo account

To signup to a TransferGo account you will need to be at least 18 years old.

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Is TransferGo a Scam?

TransferGo have been in operation since 2012 and have over 2,500,000 customers and 192 employees. TransferGo is not a scam.

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Sending money online with TransferGo

Sending money with TransferGo is a single process once you have registered and verified your TransferGo account and payment methods.

  1. Go to the TransferGo website
  2. If you have a TransferGo account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell TransferGo how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the TransferGo exchange rate and any fees.
  7. Pay for your TransferGo transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a TransferGo money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your TransferGo account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive TransferGo money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. TransferGo allows for a deposit directly into your bank, credit union or other financial account.

TransferGo Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. TransferGo allows you to pick up money in person at a TransferGo agent location.

TransferGo Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

TransferGo Does not support mobile wallets.

TransferGo Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. TransferGo do not offer home delivery money transfers.

When was TransferGo founded?

TransferGo was founded in 2012.

Is TransferGo Any Good?

TransferGo have a rating of 3 and are financially regulated, TransferGo can be considered a good money transfer company.

Is it easy to close my TransferGo account?

It’s is easy to close you TransferGo account. You will have to make sure any outstanding payments and fees due to TransferGo are paid in full Before TransferGo will fully close your account. Make sure when closing your account TransferGo send you an official confirmation that your account is closed and no more monies are due to TransferGo.

Does it take long to setup a TransferGo account?

No, setting up a TransferGo account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your TransferGo account in 1-3 days.

Where are TransferGo based?

TransferGo are based in London (GB)

Countries where TransferGo is legal?

TransferGo is legally allowed to operate in over 63 countries.

How do I track a TransferGo Money Transfer

You can track a TransferGo money order by calling TransferGo or by tracking the order online. Call TransferGo number on +49 30 2000 42053. The TransferGo automated phone system will take a few details and give you a status update. You can go online to the TransferGo website and check the status of a money transfer at any time.

If you have a TransferGo online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the TransferGo transaction, use the TransferGo payment reference number on the TransferGo website to check the status of the transfer.

Can I cancel my TransferGo transfer?

The way that you cancel a TransferGo transfer depends on how you created and sent the TransferGo money transfer originally.

You may need to contact TransferGo by phone on +49 30 2000 42053, through their website at www.transfergo.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by TransferGo.

If you made the TransferGo transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the ‘Transaction Details’ page. If you do not have a TransferGo account, use the ‘Track a Transfer’ tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a TransferGo transfer on their website.