TransferGo Review – Fast And Low-Cost International Money Transfers


Do you have a need to transfer funds on an international basis? If so, then you’ll be pleased to know that the internet is now jam-packed with money transfer companies that charge just a fraction of what you’ll pay with a high street bank. TransferGo Review will allow you to compare and see all this company’s pros and cons and select the best service for you.

Moreover, you’ll often find that transfer times are much faster when using a specialist online-only provider.

With that being said, knowing which money transfer platform to go with is no easy feat, as the choice is plentiful. One such provider that we sought to explore further was that of TransferGo. The platform claims to offer international transfers in as little as 30 minutes at super-low fees.

Fancy finding out whether the provider is right for you? If so, be sure to read our in-depth TransferGo review. We’ll cover the ins and outs of what you need to know – such as fees, transfer times, funding, limits, and more.

Transfergo Review Logo
Transfer Type Online & Phone
Fees 0% to 2.2%
Transfer Speed Under 30 minutes
Mobile App ✔️
Min Transfer €/£/$1

Review What is TransferGo?

Launched in 2012, TransferGo is an online-only money transfer company that is based in the UK. As is the case with most money transfer startups, the founders claim that they went into business with the view of revolutionizing the slow, expensive and cumbersome process of transferring money overseas.

While banks and long-standing providers such as Western Union and MoneyGram are fraught with high fees and never-ending paperwork, TransferGo claims to facilitate fast, low-cost, and burden-free international transfers at the click of a button.

In terms of how the platform works, TransferGo operates in a similar nature to most other money transfer companies active in the online-only space. In a nutshell, you will initially start by entering the amount that you wish to send and to where. Once you’ve filled out a few details, you will then be instructed to fund your payment.

TransferGo Review
TransferGo Review

This is usually done by transferring the funds to a local bank account that is controlled by the team at TransferGo, or by using a debit or credit card. Take note, debit/credit cards can only be used for transactions of less than £2,500 (or local currency equivalent). Finally, once the funds have been received by TransferGo, they will then proceed to transfer the funds to the beneficiary.

However, the key difference with money transfer specialists like TransferGo is that the transfer will usually come from a bank account that is located in the receiver’s home country. This is how the platform is able to offer significantly lower fees than what traditional banks typically charge, and transfer times that are often met on a same-day basis.

When it comes to the money transfer provider’s regulatory standing, TransferGo is authorized and regulated by the UK’s Financial Conduct Authority (FCA) and supervised by HM Revenue & Customs (HMRC). This ensures that the provider meets and complies with all relevant regulations surrounding the safe keeping of your funds.

Guide How Does TransferGo Work?

Although we briefly mentioned how the money transfer process works at TransferGo in the previous section, it’s probably best that we provide you with a more detailed overview. This section will be particularly useful if you have never used an online-only money transfer specialist before.

Step 1: Open an Account

First and foremost, you will need to head over to the TransferGo website and open an account. This will require you to enter some basic information such as your full name, address, and telephone number. You’ll also need to create a password so that you are able to access your account at a later date.

Step 2: Transfer Details

Once you have opened an account, you can then make your first transfer. Take note, you will need to verify your identity on your second transfer, and/or when you reach certain account limits. We’ll cover this later.

To get the transfer process rolling, you will first need to state where you are sending the money to. The respective local currency will update automatically based on the country you choose. For example, if you’re in the UK and sending money to India, then you’ll be conducting a GBP/INR transfer.

You will also need to enter the amount that you wish to send. The local amount that the beneficiary will receive will then update. You will also be able to view a full breakdown of the fees. As we’ll cover later in our review, this will cover the fixed transfer charge, as well as the underlying exchange rate.

Finally, you will then need to enter the bank account details of the receiving party. This will need to be the local bank account credentials and not their SWIFT/BIC numbers.

Step 3: Pay for the Transfer

Once you have entered the required bank account details of the beneficiary, you will then need to fund the transfer. In this respect, you will have two options at your disposal. If you want to use your debit/credit card, you can do this as long as the transfer amount is below £2,500. Alternatively, you can also perform a local bank transfer.

If opting for the latter, then TransferGo will provide you with the local bank account details that you need to send the funds to. For example, if you’re based in the UK, then you will be transferring the money to a UK bank account.

Step 4: The Transfer Process

Unlike the process utilized by traditional banks, TransferGo will not be transferring funds across borders. Instead, the platform uses a process known as ‘Local In – Local Out’. In a nutshell, this means that the funding process will see you transfer the money locally, and the beneficiary will have the funds paid out locally.

For example, let’s say that you’re in the UK and looking to transfer money to somebody in Hong Kong. Initially, you will transfer GBP to a UK bank account (or pay in GBP via a UK debit/credit card).

Once the funds are received by TransferGo, the company will then transfer Hong Kong Dollars from their Hong Kong bank account to the Hong Kong bank account of the receiver. This ensures a fast and low-cost transfer process.

TranferGo Guide How Does It Works
TransferGo Guide How Does It Works

Review TransferGo Fees and Exchange Rates

Firstly, TransferGo is very upfront about the fees that they charge. When you enter the specifics surrounding your transfer, the platform will break down the fees that you will pay. However, it is also worth remembering that in some cases, the receiver might incur fees that are out of the control of TransferGo. This might be because the respective bank charges a transfer-in fee.

Nevertheless, you will pay a fee on two fronts at TransferGo – a fixed transfer fee and the exchange rate on your chosen currencies.

Delivery Time Delivery Fee Conversion Rate Costs for funding
Next day £0 – 0.99 0 – 2.2% Included
Fastest Delivery (as fast as 30 mins delivery) Depending on the transferred amount 0 – 2.2% Included

TransferGo Fixed Transfer Fee Review

TransferGo charges its fixed transfer fee based on the speed at which you want the transfer to be executed. If you’re looking for the fastest option of 30 minutes (if available) then you will pay just £2.99.

Alternatively, a same-day and next business day transfer cost just £1.99 and £0.99, respectively. Whichever option you do go for, these fees are highly competitive – especially when you consider that they remain constant regardless of how much you spend.

TransferGo Exchange Rate Review

As is the case with all money transfer companies, you will need to make some considerations about the exchange rate offered on your transfer. This is the exchange rate between the two currencies that you wish to transact in, for example, GBP/EUR or EUR/HKD.

There is no one-size-fits-all answer to how much you will pay on your exchange as this will depend on a number of variables. This includes the amount being sent, the specific currencies used, the location of the receiving bank, and the time of the day.

The team at TransferGo note that this can vary from 0% up to a maximum of 2.2% – above the mid-market rate. However, the team also notes that on average this amounts to just 0.819%, which is very competitive indeed.

Ultimately, the only way to know exactly how much you are going to pay is to enter the details of your transfer. The platform will update the exchange rate as and when you fill out the transfer form.

TransferGo Fees and Exchange Rates
TransferGo Fees and Exchange Rates

How Long Do TransferGo Transfers Take?

The transfer time when sending funds via TransferGo will depend on a number of factors. Firstly, you will have the option of a 30-minute transfer, same-day transfer or next-day transfer – with each option coming with a different fee. If you opt for the 30-minute option, this is only available when sending funds to certain countries.

Moreover, the 30-minute option is capped to transactions of £2,000, and you’ll need to use your debit card. Moreover, the 30-minute option is only available if you have already verified your ID, and you’ll need to execute the transfer between 9.30 am and 3.30 pm – Monday to Friday.

Regardless of which option you go for, TransferGo is only able to execute transfers during standard business hours. As such, anything submitted over the weekend will need to wait until Monday morning before it is processed. You also need to factor in the timezone of the beneficiary’s local bank.

The main thing to remember with TransferGo is its Local In – Local Out’ methodology. The platform needs to manually check that the funds have been received locally (the country you are based in), and then they need to execute the transfer locally in the receiver’s country. This requires manual input from TransferGo, which is why nothing gets done outside of standard business hours.

It is also important to note that certain territories will take longer before the funds are credited in the beneficiary’s bank account. Among others, this includes the likes of Mexico, Russia, Israel, and Hong Kong

TransferGo Verification and Limits

In order to remain compliant with the FCA – which is the body that regulates and authorizes TransferGo as a money transfer business, you will be asked to verify your identity.

Regardless of how much you are sending, you will always need to upload your government-issued ID on your second transfer. However, if your first transfer is for £900 or more, then you’ll need to do this straight away. You can upload a passport or driver’s license, and in some cases, a national ID card.

You will also need to submit a proof of address when you exceed £3,500 in a single money transfer, or collectively within a 3 month period. This is increased to £15,000 if you supply a selfie of you holding your ID, Finally, you might be asked to provide proof of source of funds in the event that you transfer £6,500 or more in a single transaction, £15,000 within 90 days, or £30,00 in total.

Take note, the document verification team only works between Monday and Friday (7 am to 4 pm GMT). As such, if you breach the above limits outside of these hours, your international transfer will remain on hold until the documents have been verified.

Review Which Countries are Supported at TransferGo?

TransferGo currently operates in 53 countries. However, 8 of the countries on this list only allow you to send funds to, but not from, the country in question.

This covers Canada, Hong Kong, India, Israel, Mexico, the Philippines, South Africa, and the United States.

Using Your Debit or Credit Card

One of the easiest ways to pay for your TransferGo international transfer is to use your local debit/credit card. In doing so, the platform will be able to confirm receipt of the funds instantly, meaning that you’ll likely benefit from a much faster transfer time. However, there are a couple of additional considerations that you need to make before using your card.

Firstly, debit and credit card payments are capped to £2,500. Anything over this and you’ll need to choose the bank transfer option. TransferGo accepts both Visa and MasterCard cards that were issued in your home country, and supported currencies include GBP, EUR, PLN, NOK, SEK, and DKK. You won’t be able to use a prepaid card, so it needs to be a fully-fledged debit/credit card issued by a recognized financial institution.

In terms of fees, TransferGo will not charge you anything for using your debit or credit card, which is great. However, it is all but certain that your credit card provider will charge you a cash advance fee, as this is how the transaction is likely to be categorized. If it is, this averages around 3% of the transaction amount, so you’re best off checking this with your provider before proceeding.

Paying by Bank Account

If you prefer to use your bank account to pay for your money transfer, TransferGo will provide you with the account details once you go through the transfer process. For example, if you’re sending funds from the UK, this will include both the sort code and account number.

Take note, it is crucial that you use the unique reference that TransferGo provides you so that the team is able to link the transfer to your account. Failure to do so will result in delays.

TransferGo Customer Service and Public Review

If you need to speak with a member of the support team at TransferGo, you can do this via email or phone. Emails should be sent to

The telephone support number will depend on the language that you require. This includes English, Lithuanian, Polish, Romanian, Latvian, Russian, Ukrainian, Turkish, and German. Alternatively, you can also send TransferGo a direct message via Facebook.

In terms of reviews available in the public domain, Transfergo has a 5/5 rating of ‘Excellent’ on Trustpilot. This is based on more than 13,000 individual reviews, which indicates that the money transfer company is highly rated.

TransferGo Customer Service and Public Review
TransferGo Customer Service and Public Review

TransferGo Mobile App Review

TransferGo offers a fully-fledged mobile app across both Android and iOS devices.

The app can be downloaded free of charge from your respective operating device’s store. The app allows you to perform all of the same account features as found on the main desktop site. Crucially, this includes the ability to send money and track the progress of your transfer.

Much like the platform’s rating on Trustpilot, TransferGo is rated highly on both the Google Play and Apple App stores. The former has a 4.4/5 rating across more than 7,000 reviews, while the latter is rated at 4.8/5 across 551 reviews.

TransferGo Mobile App Review
TransferGo Mobile App Review

TransferGo Review Summary

In summary, TransferGo operates much in the same way as any other online-only money transfer service. When making the comparison to high street banks or traditional providers like Western Union, TransferGo is significantly cheaper. Moreover, the provider is, in most cases, able to execute a much faster transfer time.

So how does the provider compare to other money transfer companies operating in the online space? Well, if we were to base our verdict purely on fees and speed, it’s definitely up there with the best of them. This is especially true when you consider the 30-minute express fee of just £2.99 and an average foreign exchange fee of 0.819% above the mid-market rate. All in all, TransferGo ticks most boxes.


  • Low Fees
  • Competitive Rates
  • No Limits on Bank Transfers
  • Card Transfers


  • Not Available in USA, Canada, or Australia
  • Remittance to Bank Accounts Only
  • Lower Limits on Card Transfers

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