Privalgo Money Transfer Review

Should I Use Privalgo?

Pros:

  • Dedicated Dealer
  • Transparent Margins through the Online System
  • Veteran Staff with Relevant Staff
  • Forward Contracts for Exotic Currencies
  • Online System with More Functionality Than Normal

Cons:

  • Newer Currency Broker, Shorter Track Record Than Competitors
  • Smaller in Size Than Top-Rated Competitors
  • High Minimum Transfers
  • Limited - Cannot Onboard Clients in USA
  • No Mobile App
  • Online System Still Has Glitches

Is Privago Safe to Use?

Safe, 8/10

Official Website:

Services Offered by Privalgo

  • Transfer Money Abroad to a Bank Account
  • Transfer Money Online, via Email or Via Phone
  • Receive Payments from Abroad
  • Business FX & Hedging
  • Dedicated Dealer Assistance
  • Set Rate Alerts
Overall rating80.1%
  • star-100
  • star-100
  • star-100
  • star-50
  • star-0
Updated on Jun 06, 2022
Aggregated User Votes
thumbs-up54
thumbs-down15

Current Rates?

🏆 No Industry Awards

Availability map:

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
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
TorFX
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
moneycorp
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance

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:

200 reviews on Feefo from 2019, but only 10 from the past 12 months (2021). 5 reviews on their facebook page, as well as a few more scattered (6 on TrustPilot). On Feefo, Privalgo’s score is 4.5/5 but it’s only based on the past 12 months of reviews. On TrustPilot, true for May 2022, the company only boasts a score of 3.6/5.


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. 

 

 

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).
Privalgo Money Transfer Review Summary
81%
81 of 100 1 review
  • Credibility Score - 80%
    80%
  • Client Feedback - 90%
    90%
  • Fees, Exchange Rates - 85%
    85%
  • Global Reach, Availability, Service - 75%
    75%
  • 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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