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


Client Reviews: 22 reviews on Feefo


Client Rating: N/A due to low sample size


Website: privalgo.co.uk

Pros and Cons

Pros

Dedicated Dealer

Transparent Margins through the Online System

Veteran Staff with Experience Working for Industry Leaders

Forward Contracts for Exotic Currencies

Unique Promotion for MTC Readers

Cons

New and only a modest amount of reviews

Volumes likely to be small and costs of their own FX higher with banking counterparties

Smaller Company than Our Top Choices

Doesn’t Accept USA Clients

No Mobile Application

High Minimum Transfer

Our Rating: Pending

Status: Not In MTC’s Most Recommended List

View Why This Review is Pending


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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.


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 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.

 


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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.

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

  1. Forward Contracts (for both private and corporate clients)
  2. 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.

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