Transfast Money Transfer Review

Our Transfast review is intended to explain the pros and cons of using it for our readers money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided. To view other companies similar to Transfast, check our top money transfer companies list.

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
Awards[/su_icon_text]
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


View Recommended Alternatives:

  • From: UK, USA, AUS, SA, EU.
  • To: Mexico, Thailand, Philippines and all Eastern, Middle East, and Central Europe.
  • Min Transfer:: £/€ 100
  • Automated Regular Payments Enabled
  • Sign Up to Receive Rates.
  • Online or by Phone
  • Bank to Bank Only
  • Top Quality:
    Best Service

  • From: UK, USA, Europe.
  • To: India, Middle East, Parts of South America, and Eastern Europe.
  • Min Transfer:: £/€ 50
  • Automated Regular Payments Enabled
  • Sign Up to Receive Rates.
  • Online or by Phone
  • Bank to Bank Only
  • Top Quality:
    Most Reliable

  • From: UK, USA, Australia and Europe.
  • To: India, Pakistan, and Eastern Europe.
  • Min Transfer:: £/€ 1
  • No Automated Transfers
  • Clear Pricing Before Sign-Up.
  • Online Platform Only
  • Bank to Bank Only
  • Top Quality:
    Cheap & Transparent

  • From: UK, Europe.
  • To: Globally - Dealing with 198 Currencies.
  • Min Transfer:: £/€ 1
  • No Automated Transfers
  • Clear Pricing Before Sign-Up.
  • Online Platform Only
  • Cash Pickup*
  • Top Quality:
    Widest Reach, Cash Pickup

 


Our Rating: 75%

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 empoweringAfrican 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 breakthrough yet.

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 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.

 


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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.

Global Reach & Service


Research:

  • Dedicated Dealer: No.
  • Offices: USA.
  • Ways to approach: Phone, Email, Online Platform, App.
  • Translations: None.
  • Accepts clients: USA and Canada Only.
  • Currencies Handled: 45.
  • Client reviews: Mostly positive, but plenty of complainants.

Conclusion:

Transfast’s offering is far from the offering of UK-based currency firms that are tailored for property buyers, investors, and expats. It’s also quite different in its approach than startups in the money transfer domain.

You could say Transfast is just a better version of Moneygram and Western Union online, for a very specific audience.

Additional Functionalities

Transfast has a functional mobile application that enables its clients to connect directly to their account and perform transactions on the go. We can’t say it’s too popular, with just 100 ratings, but it has received good scores, and seem to do what it’s built for.

Another thing which is quite unique to Transfast in comparison with other companies, is the fact they enable cash pickups in certain locations, which makes their service even friendlier to their target audience.

 


Conclusion:

Transfast doesn’t have fancy FX options for hedging, because it’s meant for low-value transactions. On that aspect, it offers what you would expect – cash pick-up options, and a functional app.

Review Summary
  • 80%
    Credibility Score - 80%
  • 60%
    Client Feedback - 60%
  • 65%
    Fees, Exchange Rates - 65%
  • 70%
    Global Reach, Availability, Service - 70%
  • 80%
    Added Values - 80%
71%

Bottom Line

Transfast is definitely an OK firm for US based immigrants who need to send money home to their families in Asia or South America. For all other uses, the exchange rate spreads are too high, and service has too many complaints for us to recommend this firm.

 

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Dennis Parrish

Before you decided to choose Transfast for transferring money internationally you should be aware of the possibility or your identity being accessed and stolen! On January 28, 2017 a data breach of the Transfast client database occurred which resulted in a full scale identity theft. The result of the identity theft has led to many hours of work, and phone calls as I continue to tread though this nightmare. You should be aware that if this happens to you, you should not expect more than a simple apology from the Transfast team. The web and database security that Transfast has… Read more »

Kumar

I wish I could give zero. I sent money which they put in review I am not sure what was the review for because I used the same account details which I was using earlier. I waited 2 days and then cancelled the transaction when I cancelled, I checked the money was not deducted from my account but after cancellation they deducted it. If the details were not verified than why the money got deducted. Now when I called, they said I should get my money back in 5-7 business days. So ultimately I am not able to use my… Read more »

Amit

It should be named Trans-spam….Transfast is a total waste of time and money. One of the worst experience i ever had. I had booked transaction when the exchange rates were good, after 5 days they cancelled my transaction and asked me to book another transaction. The account representative name “Mike” was found to be extremely rude and arrogant. He arrogantly mentioned that he is the sole hierarchy when i requested to speak with supervisor!!!

An excellent experience using 1) Remitly & 2) Remit 2 India

Uday Maripalli

Terrible customer service. I would give zero rating if I could. It all works fine as long as there are no issues. But if you run into any problem (even when it is created by Transfast) it will take forever to resolve. I have been using Transfast for over 4 years and I transfer money at least twice every month. All of a sudden they flagged one of my transactions for review and asked me upload my ID. I uploaded my ID as soon as I received the email. However, there is no response from them since then. They do… Read more »

Rajesh kumr

Hi I transferred money from India to Australia 15 days ago still not in my account I enquires so many time from trans fast but not any satisfied answer Still waiting to get money in Sydney my account.

Bekim

THEY STOLE MY MONEY!!! Its been one month now that they said that they would return my funds, due to not being able to send my transfer to the destination point. It is really apparent, after speaking to many different agency staff members, that I wont be receiving my funds, they said will be returned to me within 7-10 business days. This company is an awful, corrupt and useless excuse for a business. Your dealing with our money, and you can’t even manage to handle it properly, or give it back. If you want to send your money into thin… Read more »

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