Privalgo Money Transfer Review


Established: 2018.


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 and mention us as their source of referral. That means they will match any competing rate from a bank or a money transfer company.


Client Reviews: 76 reviews on Feefo


Client Rating: 5 stars / 5


Website: privalgo.co.uk

Pros and Cons

Pros

Dedicated Dealer

Transparent Margins through the Online System

Veteran Staff with Relevant Staff

Forward Contracts for Exotic Currencies

Young and Promising Company

Unique Promotion for MTC Readers

Online System with More Functionality Than Normal

Cons

New Company, Short Track Record

Smaller in Size than Leading Competitors

Doesn’t Accept USA Clients

No Mobile Application

High Minimum Transfer

Online System Still isn’t 100% Flashed Out

Our Rating: 80.0%

Read review and rating summary


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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) in executive position, including Global Reach’s ex-CTO and ex-managing director. The company boasts 6 traders to date, and has started actively trading in November of 2018.

We have visited their offices in September 2019, and we can attest their offices are welcoming, and that the staff is friendly.

Regulated By:

FCA (UK) as an Electronic Money Institution. (Reference number: 900887)


Conclusion:

Privalgo has made a very good impression with us. The staff is highly professional and trained. Since the company has only been in operation since 2018 and less than 100 clients have left reviews about it, as well as lower trading volumes than its competitors and preliminary state of its online trading system, we can’t put it in the same line as Currencies Direct or OFX.

Client Feedback


Research:

77 reviews on Feefo from 2019.


Positive:

Negative:
(None Found)


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 77 users) is a great start and certainly means this is an up and coming company that should be on your radar when it comes to high value transfers. Still, we would optimally want 1000s of reviews that will give a better perspective of how the company operates over time. 

 


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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.

We have spoken to the company’s representative in regards to their average margins which seem in line with industry leaders.

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 and appreciated by us. The very high minimum transfer is problematic, as many clients require transfers below the £4,000 mark.

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

  1. Forward Contracts (for both private and corporate clients)
  2. Non deliverable forwards for exotic currencies (both corporate and private)

 

Online trading system

  1. Easy access to view past deals.
  2. Easy to fill in the details of the payee’s account and re-use it without having to re-insert it.
  3. Innovative UI for the system (still requires improvements to be up to par with the best online money transfer websites).
Review Summary
  • 80%
    Credibility Score - 80%
  • 90%
    Client Feedback - 90%
  • 85%
    Fees, Exchange Rates - 85%
  • 75%
    Global Reach, Availability, Service - 75%
  • 75%
    Added Values - 75%
80%

Bottom Line

This Privalgo review still hesitant to recommend Privalgo as the right company to use with your overseas money transfer needs, but we definitely have a good vibe about the up and coming, promising, technology-oriented company. The company has made tremendous efforts to remain transparent, friendly, and create a strong, functional online trading system. On the negative, the company hasn’t been in operation for long enough for us to learn the ins and outs of it, and is still much less of a safe bet than competitors like MoneyCorp (transferring money across borders since 1979, trading at least x10-20 of what Privalgo does per annum).

 

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