Asma Ahmed
Asma Ahmed
Asma is a fintech writer at AskWallet

TransferGo — a top choice with quick and affordable money transfers.

TransferGo acts as a third-party intermediary between senders and recipients and has been used in many countries to transfer money quickly. It currently allows you to transfer money to a bank account of your choice only, which means you can’t send funds to an e-wallet or via a cash pick-up location.

7 min read 23.03.2021

What is TransferGo?

TransferGo is a UK-based digital remittance solution launched in 2012. This service wants to revolutionize the transfer of money abroad by speeding up the transaction while reducing user fees (exchange rate, commission). TransferGo allows people to make local funds transfers into a local bank account; then the service makes a local payment to the recipient’s bank. TransferGo mainly covers the EU region and currently operates in 63 countries.

 

Recently, TransferGo has partnered with MasterCard to offer a new service. It now allows its users to send money in real-time to MasterCard cardholders in twenty countries. These include the EU, the UK, Russia, Turkey, and Ukraine. Users can make a payment from their bank account or card to a MasterCard card (debit or credit card) in these countries.

 

The service is known for its super-fast money transfer service, and it offers quick funds delivery within 30 minutes (depending on the location) along with other flexible delivery options. The fee for this service varies from country to country. You can also choose the “Standard” delivery option and it usually takes 1-3 working days for the funds to reach the destination bank.

 

Is TransferGo Safe?

TransferGo has been authorized and monitored by the UK’s Financial Conduct Authority. It is also overseen by the HMRC; this guarantees that the service is complying with the rules set up for the security of the users’ funds and transactions. Users are also required to register with the service before making a money transfer. In order to comply with AML (Anti Money Laundering) and KYC (Know Your Customer) regulations, TransferGo will perform an identity verification process.

To protect its clients’ personal and financial information, TransferGo uses SSL encryption to secure the data between its servers and user browser.

However, TransferGo is no longer responsible from the moment the money has been collected. It is therefore up to the users to be very careful.

 

Pros & Cons

  • Affordable exchange rate charges and margins
  • Various flexible money transfer options (that vary by country)
  • No minimum/maximum limits on sending funds
  • Guaranteed rates (for 24/48 hours)
  • It is not present worldwide
  • The only option to receive funds is from the recipient's bank

Conclusion

Our opinion on TransferGo is positive on many points. It is clearly an alternative money transfer solution to the dominant players in the market, Western Union, MoneyGram and Ria. We hope that it will expand its services to more countries in the future. Its recent partnership with MasterCard is also beneficial for the users in terms of Fast and Secure Cross-Border Payments.

 

In terms of fees and user experience, TransferGo is proving to be very competitive especially for transfers under 10,000 USD. This can be confirmed with the very positive ratings from customers on certified review platforms, a guarantee of the seriousness and overall quality of this service. 

 

On the downside, we note that it only supports transfer to the recipient’s bank as its funds transfer service to MasterCard debit or credit cards cover only twenty countries. We hope that it will introduce other payment options such as cash pickup points in the near future. Also, TransferGo offers its services in 63 countries which is a limited coverage as compared to Western Union, MoneyGram etc.

 

We also recommend checking similar services on the Askwallet platform before making a final decision. You will be able to compare the services, exchange rate, and charges of various services. You can also request our experts help if you require detailed information about a money transfer service.

TransferGo FAQ

How to make a money transfer using TransferGo?
  1. Create an account with accurate details.
  2. Add your own bank account or card details (the name and address must match with the profile details) as a payment method.
  3. Confirm your account.
  4. Make a payment to TransferGo’s local account with the same amount entered in the transfer order.

 

Please note that the recipient should have an active bank account, as TransferGo does not offer cash pickup.

How long does a transfer take to arrive?

Usually, the standard transfer will reach the recipient’s bank account in one business day. In some countries, TransferGo also offers same-day transfer, and transfer within thirty minutes. If you are making a transfer a day before a bank holiday, your order will be processed on the next working day.

How to cancel the TransferGo money transaction?

You can cancel an order during the booking process. Simply select the transfer you want to cancel, and click the “X” option besides the details button in the upper right-hand corner of your order.

A transfer can’t be cancelled if the funds have reached the destination account, or the credit/debit card payment was unsuccessful.

How to pay with a debit/credit card when ordering a transfer with TransferGo?

Users can transfer to TransferGo’s account with a Visa and MasterCard debit or credit cards without any extra charge. You will see this option during the review step of your transfer order only if it is available in your country.

How to make a money transfer using TransferGo?
  1. Create an account with accurate details.
  2. Add your own bank account or card details (the name and address must match with the profile details) as a payment method.
  3. Confirm your account.
  4. Make a payment to TransferGo’s local account with the same amount entered in the transfer order.

 

Please note that the recipient should have an active bank account, as TransferGo does not offer cash pickup.

How to cancel the TransferGo money transaction?

You can cancel an order during the booking process. Simply select the transfer you want to cancel, and click the “X” option besides the details button in the upper right-hand corner of your order.

A transfer can’t be cancelled if the funds have reached the destination account, or the credit/debit card payment was unsuccessful.

How long does a transfer take to arrive?

Usually, the standard transfer will reach the recipient’s bank account in one business day. In some countries, TransferGo also offers same-day transfer, and transfer within thirty minutes. If you are making a transfer a day before a bank holiday, your order will be processed on the next working day.

How to pay with a debit/credit card when ordering a transfer with TransferGo?

Users can transfer to TransferGo’s account with a Visa and MasterCard debit or credit cards without any extra charge. You will see this option during the review step of your transfer order only if it is available in your country.

4.67 How do we count the overall Askwallet star rating? It's all based on a combination of reviewer’s feedback and our expertise.
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Asma Ahmed
Asma Ahmed
As a fintech researcher and writer, she enriches AskWallet website with new posts and articles. Asma is an MBA graduate from IoBM, Karachi and has been working in the financial services industry since 2013. She loves traveling, listening to music, and watching Netflix.