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Transfast Money Transfer Review

Quick FactsPros and Cons

TRANSFAST Logo (PRNewsFoto/TRANSFAST)

Established: 1988 (Re-branded as Transfast in 2007)


International Clients: ✗ American and Canadian only


Currencies Offered: 46


Minimum Transfer: No minimum. Upper cap maximum is $3,000 – $10,000 per transfer depending on level of verification and documents provided.


Trading via: Online – to Bank account or Cash Pickup


Offices In: New York.


Regulation: ✓ Locally by Banking Authorities 30 U.S States


Fees: $4.99 or more for overnight transfer, none for 3 day transfer


Client Reviews: Over 2,000 on TrustPilot.


Client Rating: 8 / 10 on TrustPilot 


Website: www.transfast.com

Awards

🏆 Best Remittances Service 2015, Kalahari awards, Nigeria


Our Rating: 75%

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TRANSFAST Logo (PRNewsFoto/TRANSFAST)

Pros

Generally, Solid Rates

Functioning App for Android and iPhone

Established Firm

Cons

Limited to Clients in the USA or Canada

Strong Limitations on Transfer Amounts

Multiple Client Complaints


Our Rating: 71%

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Read More:

Company Information and Credibility


Company size:  

Transfast was established in 1988, and was acquired by current CEO Samish Kumar together with GCP Capital brothers in 2007. Since the acquisition the company has changed its face from a company focusing solely on the South American remittances market, to a much more global firm, with a reach of more than 50 countries at present moment.

The company, that had a relatively small turnover in 2007 of US $500m per annum, and it is now assumed by us they have passed the 1bn barrier – the barrier between being a small insignificant player to a mid-cap company.

The company takes pride in their auto-approval system that enable them, through sophisticated FX risk management models, to approve 70% of its online transfers on-the-spot and send them instantaneously abroad.

Transfast’s marketing strategy compose of two main elements – the usage of agents, similarly to rival companies Western Union and Moneygram, and empowering  African Diaspora (they hold an annual summit and awards on this topic).


Regulated By: 

Local Banking Authorities in More than 30 States


Awards: 

🏆 Best Remittances Service 2015, Kalahari awards, Nigeria


Conclusion: 

Transfast is a medium-sized remittance business. It’s hard to put it in the same line as niche leaders, and it’s even a far cry from emerging startups like Transferwise and Worldremit by all means – trading volumes, investment, and media exposure. It doesn’t even have a Wikipedia page of its own.

On the other hand, the business has been functioning for almost 30 years now (though less than 10 years in its newest format), and its trading volumes are estimated to be quite large.

To summarize, we deem Transfast as a reliable company, which is truly trying to improve the world’s inequality by creating an immigrant-friendly product, that hasn’t had breakthrough yet.

Credibility Rating

Client Feedback


Research:

 

There are more than 2,000 reviews on TrustPilot for Transfast. The overall score is 8, which is quite OK (much lower than companies like World First or Currencies Direct, but still, a fair grade).

The problem begins when we inspect the number of complaints in comparison with the number of good reviews. There are more than 200  negative comments which could be somewhat of an alarming sign. Another alarming sign is the fact that recently there are more negative comments than positive comments on the page.


Positive:

Approximately 87% of the people ranked the firm with a rating of 4 or 5 stars. These were their reasons to do so:

  • Excellent pricing
  • Prompt execution
  • Easy to perform
  • Helpful support team
Negative:

We discovered more than 200 reviews that were very harsh, even in comparison with angry client reviews. They spoke about the following elements

  • Cancelled transfers that didn’t go through
  • Money held in account even though transfer was cancelled
  • Promotional rate promised by not applied
  • Poor client service
  • Very slow arrival times (8 days in some cases)

Conclusion:

 

Although generally there are a lot more people who were content with their transfer than those who weren’t, complaints are always louder than compliments. It’s hard to ignore the unfortunate chain of events some clients had to bear, sometimes for no particular reason. The Transfast staff is quick to respond to each comment, and in some cases, all they have to do is apologize…. which indicates they acknowledge their wrongdoing.

Although we believe Transfast tries to better immigrant remittances, the scenarios that were described by some clients are the exact opposite of that. If a transfer does not go through due to compliance, money must be refunded immediately.

Overall we are not satisfied with what we read here, and especially since out of last 20 reviews, 70% are highly negative, we believe there’s a problem with the service.

User Rating

 


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Exchange Rate & Fees


Research:

Fees: $4.99 or more for for 24 hour transfer. No fees on up to 3 day transfers.

Exchange Rates: According to our research the markup Transfast takes on popular currencies for our visitors (USD to CAD, USD to GBP, USD to EUR) are at around the 3% mark. That is slightly less expensive than US banks but these are quite wide spreads.

For comparison sakes – Transferwise will charge anywhere between 0.7-1% on these transfers.

When it comes to exchange rates to developing countries like Nepal or Philippines, it seems like exchange rates are actually better, and we saw margins hovering at around 1.5%. That’s a very good margin considering the fact these are exotic currencies.

Limits: Transfers are limited at either $3,000, $6,000 and $10,000 a month. Find detail below:

sendinglimitstransfast

 


Conclusion:

Transfast provides service that can prove as useful and even cheap for a certain part of the population – immigrants who need to send money home to developing countries.

Their vigorous limitations and very wide spreads on popular currency pairs won’t even allow any other usage of this service, unlike Transferwise or Currencyfair that don’t have upper sending limits, and have better much better prices for sending money to developed countries.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: No.
  • Offices: USA.
  • Ways to approach: Phone, Email, Online Platform, App.
  • Translations: None.
  • Accepts clients: USA and Canada Only.
  • Currencies Handled: 45.
  • Client reviews: Mostly positive, but plenty of complainants.

Conclusion:

Transfast’s offering is far from the offering of UK-based currency firms that are tailored for property buyers, investors, and expats. It’s also quite different in its approach than startups in the money transfer domain.

You could say Transfast is just a better version of Moneygram and Western Union online, for a very specific audience.

Global Reach Score

Additional Functionalities

Transfast has a functional mobile application that enables its clients to connect directly to their account and perform transactions on the go. We can’t say it’s too popular, with just 100 ratings, but it has received good scores, and seem to do what it’s built for.

Another thing which is quite unique to Transfast in comparison with other companies, is the fact they enable cash pickups in certain locations, which makes their service even friendlier to their target audience.

 


Conclusion:

Transfast doesn’t have fancy FX options for hedging, because it’s meant for low-value transactions. On that aspect, it offers what you would expect – cash pick-up options, and a functional app.

Special Features Score

Review Summary
  • Credibility Score - 80%
    80
  • Client Feedback - 60%
    60
  • Fees, Exchange Rates - 65%
    65
  • Global Reach, Availability, Service - 70%
    70
  • Added Values - 80%
    80

Bottom Line

Transfast is definitely an OK firm for US based immigrants who need to send money home to their families in Asia or South America. For all other uses, the exchange rate spreads are too high, and service has too many complaints for us to recommend this firm.

71 %

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2 comments

  1. Dennis Parrish

    Before you decided to choose Transfast for transferring money internationally you should be aware of the possibility or your identity being accessed and stolen!

    On January 28, 2017 a data breach of the Transfast client database occurred which resulted in a full scale identity theft. The result of the identity theft has led to many hours of work, and phone calls as I continue to tread though this nightmare. You should be aware that if this happens to you, you should not expect more than a simple apology from the Transfast team.

    The web and database security that Transfast has in place obviously did not prevent this from happening.

    A member of the security team at my home bank which is not associated with Transfast has confirmed that the fraudulent hacker has all of my personal information now which can be used or sold to other hackers which can potentially cause problems for me for the rest of my life.

    I am now having to pay for a service to monitor all three credit bureaus (Transunion, Equifax, and Experidian) to help prevent the hacker(s) from doing more damage.
    My request to speak with a manager at Transfast has gone ignored. The only person I have been able to speak with is Joann at 888-973-6383. She has been apologetic and polite but obviously does not truly understand the havoc that a data breach of this kind can cause in one’s life. She has deactivated my Transfast but says that they will NOT delete the account altogether.

    Update February 7 2017

    Transfast has replied to my complaint which is below, under the dotted line.
    THAT IS ABSOLUTELY FALSE. Their Account Security Team DID NOT CATCH ANYTHING. IT WAS ME THAT CALLED TRANSFAST as soon as I received an email that a new recipient was added and that a $1000 transaction has been scheduled. I do not believe Transfast has a separate “security team”. I have repeatedly asked Joann at Transfast to provide me with a manager contact and direct phone number to the manager. She will not do this! It took Transfast 2 days after I contacted them to recognize that a fraudulent recipient had been added as well as recognizing on Monday that the $1000 transaction had been scheduled. I had called them at least THREE times prior telling them about the data breach. For Joann to say that the perpetrator simply obtained my email address to get in my account is ridiculous. They also would have needed a password, etc. That is why I have maintained that a data breach has occurred due to their substandard security.

    – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

    Reply from TRANSFAST

    Published 18 hours ago
    Dennis,

    We are very sorry to hear about this experience, we have a history of holding our customer’s information to the utmost importance. It seems as if someone was able to gain access to your email which is related to your Transfast account. We are happy to hear this fraudulent transaction was caught immediately by our Account Security Team. Your account has been deactivated so there will be no transactions permitted moving forward. If you would like to discuss this further, please contact us at feedback@transfast.com

    Thanks,
    Your Transfast Team

    Posted on February 10, 2017
    • Compare - MTC Admin

      Dennis thank you so much for your detailed reply. It is horrific to hear there has been such a major data breach. We would be happy to delve into that. Shoot us an email via the about us form and we would be happy to see what we can do.

      Posted on February 14, 2017

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