Should I Use Privalgo?
Pros:
Cons:
Services Offered by Privalgo
Official Website:
Privalgo Review: Executive Summary
Privalgo is one of the newer online money transfer services out there with a pretty short track record. The service is available in over 50 countries and offers a variety of features, including the ability to track transactions, set up recurring payments, and send money to multiple recipients. Its biggest downsides are the lack of an mobile app and the inability to onboard clients in the US.
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Top Rated Privalgo Alternatives
This Privalgo money transfer review is intended to show our visitors the pros and cons of using this company for their money transfer needs. Our main focus is on aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided. We have Privalgo alternatives who have rated better than them, as per below:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
Is Privalgo Safe?
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, over 26 staff members, and has more than £500 million in transfers as of 2025.
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.
Privalgo Customer Reviews
Research:
233 reviews on Feefo with a rating of 4.6/5 as of September 2024. On TrustPilot, true for September 2024, the company has a score of 4.1/5 but only 15 reviews.
- 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 company boasts a strong rating of 4.6/5 on Feefo from 233 reviews as of September 2024, but it falls short on TrustPilot with a score of 4.1/5 from just 15 reviews. These numbers suggest that while Privalgo is off to a solid start, especially on Feefo, the limited feedback on TrustPilot indicates that the company has yet to fully establish itself across different review platforms.
Privalgo 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.
Privalgo 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: 40.
- 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)
Online trading system
- Easy access to view past deals.
- Easy to fill in the details of the payee’s account and re-use it without having to re-insert it.
- Innovative UI for the system (still requires improvements to be up to par with the best online money transfer websites).
Privalgo Money Transfer Review Summary
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Credibility Score - 80%
80%
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Client Feedback - 90%
90%
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Fees, Exchange Rates - 85%
85%
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Global Reach, Availability, Service - 75%
75%
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Added Values - 75%
75%
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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