Transfast Money Transfer Review

📝 Transfast has announced it is ceasing its online money transfer service. This review is only left here for reference/educational purposes. If you are are looking for a quick alternative check out OFX or Wise.
LogoTRANSFAST Logo
🏛️ Established1988 (Re-branded as Transfast in 2007)
🌎 International Clients✗ American and Canadian Clients Only
💱 Currencies Offered46
💷 Minimum TransferNo minimum. Upper cap maximum is $3,000 – $10,000 per transfer depending on level of verification and documents provided.
📲 Trading viaOnline – to Bank account or Cash Pickup
🏢 Offices InNew York
⚖️ Regulation✓ Locally by Banking Authorities 30 U.S States
🤯 Fees

$4.99 or more for overnight transfer

None for 3 days transfer

Promotional CodeNone
👨‍👩‍👧‍👦 Client Reviews
Over 2,500 on TrustPilot
⭐ Client Rating7.2 / 10 on TrustPilot
Websitewww.transfast.com (offline)
🏆 Awards
Best Remittances Service 2015, Kalahari awards, Nigeria
👍 Advantages

Generally, Solid Rates

Functioning App for Android and iPhone

Established Firm

👎 Disadvantages

Limited to Clients in the USA or Canada

Strong Limitations on Transfer Amounts

Multiple Client Complaints


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Our Rating: N/A (previously 75%)

EU Best For Remittances from USA
Availability:
UK, EU, Australia, USA, Canada and More (Almost Globally)
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
No Minimum
Why Them?
  • 0.5% Margin on Average on Currency Transfers
  • Great Online System
  • Most Recognizable Brand in Money Transfers Today
+Read more

View Rating Breakdown


Read More:

Company Information and Credibility


Company size:  

Transfast was established in 1988 and was acquired by current CEO Samish Kumar together with GCP Capital brothers in 2007. Since the acquisition, the company has changed its face from a company focusing solely on the South American remittances market to a much more global firm, with a reach of more than 50 countries at the present moment.

The company, that had a relatively small turnover in 2007 of US $500m per annum, and it is now assumed by us they have passed the 1bn barrier – the barrier between being a small insignificant player to a mid-cap company.

The company takes pride in their auto-approval system that enables them, through sophisticated FX risk management models, to approve 70% of its online transfers on-the-spot and send them instantaneously abroad.

Transfast’s marketing strategy compose of two main elements – the usage of agents, similar to rival companies Western Union and Moneygram, and empowering African Diaspora (they hold an annual summit and awards on this topic).


Regulated By: 

Local Banking Authorities in More than 30 States


Awards: 

Best Remittances Service 2015, Kalahari awards, Nigeria

Conclusion: 

Transfast is a medium-sized remittance business. It’s hard to put it in the same line as niche leaders, and it’s even a far cry from emerging startups like Transferwise and Worldremit by all means – trading volumes, investment, and media exposure. Until recently, Transfast didn’t even have its own Wikipedia page.

On the other hand, the business has been functioning for almost 30 years now (though less than 10 years in its newest format), and its trading volumes are estimated to be quite large.

To summarize, we deem Transfast as a reliable company, which is truly trying to improve the world’s inequality by creating an immigrant-friendly product, that hasn’t had a breakthrough yet.

UPDATE: TransFast ceased its money transfer services for the time being

Client Feedback


Research:

There are more than 2,500 reviews on TrustPilot for Transfast. The overall score is 7.2, which is OK (but much lower than companies like World First or Currencies Direct.

The problem begins when we inspect the number of complaints in comparison with the number of good reviews. There are more than 300  negative comments which could be somewhat of an alarming sign. Another alarming sign is the fact that recently there are more negative comments than positive comments on the page.


Positive:

Approximately 84% of the people ranked the firm with a rating of 4 or 5 stars. These were their reasons to do so:

  • Excellent pricing
  • Prompt execution
  • Easy to perform
  • Helpful support team
Negative:

We discovered more than 300 reviews that were very harsh (in addition to those that we have received on MoneyTransferComparison.com), even in comparison with the usual type of angry client reviews we see. They spoke about the following elements

  • Cancelled transfers that didn’t go through
  • Money held in the account even though transfer was cancelled
  • Promotional rate promised but not applied
  • Poor client service
  • Very slow arrival times (8 days in some cases)

Conclusion:

Although generally there are a lot more people who were content with their transfer than those who weren’t, complaints are always louder than compliments. It’s hard to ignore the unfortunate chain of events some clients had to bear, sometimes for no particular reason. The Transfast staff are quick to respond to each comment, and in some cases, all they have to do is apologise…. which indicates they acknowledge their wrongdoing.

Although we believe Transfast tries to better immigrant remittances, the scenarios that were described by some clients are the exact opposite of that. If a transfer does not go through due to compliance, money must be refunded immediately.

Overall we are not satisfied with what we read here, and especially since out of the last 20 reviews we checked, 70% are highly negative, we believe there’s a problem with the service.

Exchange Rate & Fees


Research:

Fees: $4.99 or more for for 24 hour transfer. No fees on up to 3 day transfers.

Exchange Rates: According to our research the markup Transfast takes on popular currencies for our visitors (USD to CAD, USD to GBP, USD to EUR) are at around the 3% mark. That is slightly less expensive than US banks but these are quite wide spreads.

For comparison sakes – Transferwise will charge anywhere between 0.7-1% on these transfers.

When it comes to exchange rates for developing countries like Nepal or Philippines, it seems like exchange rates are actually better, and we saw margins hovering at around 1.5%. That’s a very good margin considering the fact these are exotic currencies.

Limits: Transfers are limited at either $3,000, $6,000 and $10,000 a month. Find detail below:

sendinglimitstransfast

 


Conclusion:

Transfast provides services that can prove as useful and even cheap for a certain part of the population – immigrants who need to send money home to developing countries.

Their vigorous limitations and very wide spreads on popular currency pairs won’t even allow any other usage of this service, unlike Transferwise or Currencyfair that don’t have upper sending limits and have better much better prices for sending money to developed countries.