TranserGo Money Transfer Review

Company Information and Credibility

Company size:

Founded in 2012, Transfergo is an online remittance service that offers transfers free of charge. They have  approximately 42 employees between five offices in the United Kingdom and Europe. They have also attracted $41 million in venture funding, including $17.6 million in Series B funding in 2018.

They are still a startup, with  estimated 2017 revenues of $1.8 million. However, they have gotten positive press from outlets like Techcrunch and Forbes. The latter publication lauded them for offering people “an easy way to send money across borders”, which bodes well for future growth.

Regulated By:

Financial Conduct Authority (UK)

Awards:

Conclusion:

While they have only been around for seven years, Transfergo has received glowing praise from clients and press outlets. The opening of offices in Germany, Turkey, and Poland last year makes it apparent Transfergo is a legit money transfer company.

Client Feedback

Research:

Transfergo has been reviewed over 10,000 times on Trustpilot, more reviews than industry veterans like Moneycorp, on a prominent independent review site. It has achieved a site rating of 5/5 (Excellent) and a trust score of 9.6/10. Client reviews are uniformly positive – a stunning 97% had a great or excellent experience with Transfergo. Only 3% had an average, poor, or bad experience.

Conclusion:

The vast majority of Transfergo clients rave about this service. Repeatedly, they praise this firm for being fast, cheap, and smooth. The rare complaint appears to stem from misunderstandings of Transfergo’s tiered business model. Next/same day transfers costs £0.99 and up, while free transfers take approximately three days to process. Most other issues were external or unforeseen in nature, for which Transfergo was not to blame.

Exchange Rate & Fees

Fees:

Free for regular transfers (processed in 3-4 business days), £0.99 for next day transfers, and a custom fee for same-day transfers. The first two options offer massive savings versus the bank, but even same day delivery charges are competitive with leading money transfer companies.

Exchange Rates:

They offer the interbank rate on regular transfers (processed in 3-4 business days). Next and same-day transfers are charged up to 2.2% above the interbank rate, dependant on the amount.

Limits:

Transfergo has no minimum or maximum transfer limits. However, certain amounts require client verification – ID is requested if your first transaction exceeds £900, proof of address for £15,000 or more, and proof of funds when the transfer is  £6,500 or more.

Conclusion:

If the receiver can wait 3-4 business days, Transfergo is one of the cheapest ways to send money internationally. Even the next day option is affordable – when sending a significant amount, a rate close to interbank is possible.

Global Reach & Service

Research:

• Dedicated Dealer: No.
• Offices: UK, Lithuania, Germany, Poland, Turkey
• Ways to approach: E-mail, telephone
• Translations: Polish, Lithuanian, Latvian, Russian, Romanian, Ukrainian, Turkish
• Accepts clients: In 47 countries
• Currencies Handled: 22
• Client reviews: 97% positive, 9.6/10 TrustScore per TrustPilot.com

Conclusion:

Despite only being in business for seven years, Transfergo now has offices in five countries. They also send/receive funds from 47 nations and speak eight languages, giving them excellent global reach. There is room for improvement, though – they only have 22 currencies, and they have yet to penetrate the American market.

Additional Functionalities

Remittances make up the bulk of Transfergo’s business, but they also offer B2B cash transfers. Costs are similar to their remittance rates, with no fees and interbank rates offered for regular transfers. Faster transfers cost no more than €3, with an exchange rate margin that doesn’t exceed 2.2%. The larger the transfer, the lower the fee and the better the exchange rate.

They also offer a referral program. It offers £10 for every person who signs up with Transfergo through a provided link. By placing it on their social feeds, customers can make side money promoting this service.

Conclusion:

With a business model that moves money between local banks instead of across borders, Transfergo has achieved unprecedented cost savings. Both consumers and businesses have saved considerable sums of money, explaining Transfergo’s high satisfaction ratings.