International Clients: ✓ Accepted Globally, with the exception of USA. Currencies Offered: 54. Minimum Transfer: £4,000. Trading via: Online Platform, Telephone or Email. Offices In: UK. Regulation: ✓ FCA Fees: No Fees Promotional Code: Privalgo offers a Best Rate Guarantee for clients who have read about them on MoneyTransferComparison Client Reviews: 22 reviews on Feefo Client Rating: N/A due to low sample size View Why This Review is Pending
Established: 2018.
Pros and Cons
Our Rating: Pending
Status: Not In MTC’s Most Recommended List
Read More:
Company Information and Credibility
Company size:
Privalgo is a new company in the money transfer space established February, 2018, by industry veterans who previously worked for Global Reach Partners (now Global Reach Group). The company boasts 6 traders to date, and has started actively trading in November of 2018.
The company has attractive and detailed brochures explaining the service and the people behind the company but we haven’t seen any notable media mentions yet.
Regulated By:
FCA (UK) as an Electronic Money Institution. (Reference number: 900887)
Conclusion:
Privalgo appears to be a serious company but hasn’t been operating for long enough or trading sufficient volumes for us to say anything beyond that.
Client Feedback
Research:
22 reviews on Feefo from 2019.
- Great customer service
- Easy and fast
- Excellent exchange rates
Conclusion:
For us client reviews are the bread and butter of deciding whether a company is worth using. The initial feedback Privalgo has received (almost overwhelmingly positive from 22 users) is a great start and certainly means this is an up and coming company that should be on your radar, but from a review perspective we can’t recommend the company just yet.
Exchange Rate & Fees
Fees: No fees.
Exchange Rates: Rates are dynamically applied on a per-deal basis. Unlike most other currency brokers, the actual margin which is applied to each deal is visible on the platform, and the client can know precisely how much he is paying in margin fees.
Privalgo promises to beat any other company for any deal for clients that came through MoneyTransferComparison.
Limits: Min £4,000 per transfer, which is extremely high (higher than any other company we have reviewed).
Conclusion:
No fee transfers are pretty much the standard in the money transfer industry, and so are “dynamic margins”. The fact Privalgo makes a conscious effort to inform its clients about the actual margins that were applied to each deal is noble. The very high minimum transfer is problematic, as many clients require transfers below £4,000.
Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK.
- Ways to approach: Email, Telephone and Online Platform.
- Translations: No.
- Accepts clients: Internationally, other than the USA.
- Currencies Handled: 55.
- Client reviews: None.
Conclusion:
Pretty much what you would expect from any currency broker nowadays.
Additional Functionalities
Hedging
- Forward Contracts (for both private and corporate clients)
- Non deliverable forwards for exotic currencies (both corporate and private)
Bottom Line: Privalgo Money Transfer Review
Seems like Privalgo has all the good intentions you could have in this industry, strong higher management with dozens of years of experience in total, and a nice functionality that helps clients understand precisely what margin was taken from them on each deal.
On the other hand it is simply too new and small be recommended by us, but we will continue watching.
New review for 2019!