Privalgo Money Transfer Review

Established: 2018.

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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). 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.

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:

No client feedback online.

Conclusion:

For us client reviews are the bread and butter of deciding whether a company is worth using. As Privalgo money transfer is a new company with no client reviews to  be found, we cannot recommend the firm 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 concise effort to acknowledge 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)