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In the digital age, when every second counts, the ability to transfer money abroad quickly and affordably is becoming a key aspect of financial freedom and success. TransferGo offers a solution that not only speeds up this process but also makes it as cost-effective as possible for every user. In this review, we will look at how TransferGo makes international transfers fast, accessible, and secure.
TransferGo in brief.
TransferGo is a British international transfer service. It stands out for its ease of use and offers competitive exchange rates. TransferGo lists more than 160 receiving countries; available sending countries and currencies are shown in the service's calculator. In the United Kingdom, TransferGo Ltd is authorized by the FCA as an electronic money institution (EMI), registration number 991295. In the EU, services are provided by UAB TransferGo Lithuania, an electronic money institution supervised by the Bank of Lithuania. For transfers to other countries, the service works in partnership with MasterCard.
TransferGo was founded in 2012. Although the platform has not become the largest financial services provider on the market during this time, it has certainly delivered good results. In 2018, TransferGo was even nominated for a TechCrunch Europe Awards prize in the “Fastest-Growing Startup” category. The platform was also recognized as one of the best cross-border payment services at the PSM Awards in Ukraine in 2023. TransferGo now reports more than 9 million users. This is the service's total audience, not a measure of active customers in a given year.
TransferGo took second place in the “Best Cross-Border Payment Service in Ukraine” category at the Payspace Magazine Awards (PSM Awards). Source: the TransferGo blog
Key features.
Services for individuals
For individual users, the company offers two services: holding currencies and making money transfers. The holding service does not stand out from its competitors. For international transfers, however, TransferGo uses an “account-to-account” model rather than the traditional “account → bank → bank → account” route. This approach helps save substantially on currency conversion and makes the transaction itself much faster.
Services for businesses
TransferGo also offers business services designed to simplify and optimize international payments:
Currency transfers:
Fast cross-border transfers that are ideal for working with overseas counterparties.
Bulk payments:
Allows businesses and freelancers to send several payments to different countries at the same time.
Supplier payments:
Allows businesses to pay for goods and services received from suppliers abroad. This helps optimize processes and reduce the cost of cross-border payments.
Payment tracking:
A business account lets you track any transfer and share its status through a dedicated link.
Employee payments:
TransferGo also offers an employee payment service that allows businesses to pay salaries to employees working abroad.
Transfers to Ukraine.
In 2023, TransferGo became one of the most popular services for sending money to Ukraine. More than 2.5 million Ukrainians used its services, 63% more than in 2022. In 2023, TransferGo's popularity in Ukraine was supported by fee-free transfer offers.
Here is how you can transfer money to Ukraine through TransferGo:
Standard offer:
TransferGo offers card-to-card transfers; the fee and available speed are shown for the specific transfer. You can find out the cost of transfers to other countries using a special calculator on the service's website.
Transfer to a bank card:
For a transfer to a hryvnia account, TransferGo shows the fee and expected delivery time before payment; they depend on the payment method and the recipient's bank.
Transfer to a phone number:
TransferGo has an option that allows you to transfer money from a foreign card to a Ukrainian phone number. Check the availability of this method, the fee, and the expected delivery time during checkout.
SWIFT transfer:
This service is currently unavailable for Ukraine.
Fees and limits.
For sending from the United Kingdom to Ukraine, TransferGo lists up to 5,000 GBP per transfer to a card and up to 10,000 GBP to a bank account, or the equivalent in another currency. For other sending countries and payment methods, the limit is checked in the transfer quote.
TransferGo separates the cost by transfer method. Bank transfers carry a fixed fee, while card transfers carry a percentage fee, so a bank transfer may be cheaper for a large amount. The available speed and total cost are shown before payment.
In addition to the fee, compare the exchange rate offered by TransferGo and the final amount received: they depend on the currency, amount, destination, and payment method.
Conclusion.
TransferGo is a good option for people who want to send money abroad. The platform offers competitive fees and good exchange rates, as well as several delivery options, including transfers to a bank account, card, and mobile phone. TransferGo also has a convenient mobile app and customer support in several languages. Before choosing TransferGo, however, it is advisable to study all the terms and limitations carefully to make sure it is the most suitable option for your needs.