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TransferGo Review: Why is it better to use TransferGo?
Is TransferGo the fastest money transfer provider?
How can I compare TransferGo exchange rates and find cheaper alternatives for money transfers?
The world today has become one global community. Thus, the need for an international money transfer comparison is there. More and more international-money transfer companies are being developed every day. As compared to high street banks, these companies’ charges are quite low. Furthermore, you will often realize that these companies facilitate faster transfers.
With CompareTransfer, you can compare the live exchange rates of money transfer providers and find the best TransferGo alternatives.
What is TransferGo?
Before we dive into a more detailed review of their service, let’s do a quick recap of TransferGo. This online mobile money transfer company was founded in 2012, with headquarters in the UK. As with most similar companies, the founders claimed they started this practice to revolutionize the conventional, cumbersome, expensive, and slow international money transfer process, of well-known specialty providers such as MoneyGram and Western Union by moving it online.
TransferGo Review: Why is TransferGo such a good choice.
When you look for a discount money transfer provider that is really fast and simple to use, look for TransferGo. At Transfergo foreign currency transactions can be as fast and cheap than using Bitcoin, making it possible to enjoy large discounts over Banks, PayPal, and Western Union.
The tariff to look for the cheapest money transfer is “TransferGo Economy”, which can be paid by bank transfer. For just a slightly premium rate the recipient gets the money already within 30 minutes and you can pay for your transfer by Visa or MasterCard.
Is TransferGo safe?
TransferGo is regulated and licensed by the UK’s Financial Conduct Authority and supervised by HM Revenue & Customs. This guarantees users safe handling of funds and the company’s compliance with all relevant regulations. To help users, especially newbies, who might need to use their service, we have prepared a detailed overview of the company’s money transfer process.
How does TransferGo work?
Step 1: Create an Account
The first step is opening an account with TransferGo. You will fill out some basic details, i.e., address, name, and mobile number. Also, create a unique password to use to access the account later.
Step 2: Details of the Transfer
After creating an account, you’ll have to make your initial transfer. To get started, you will indicate where you want to send the money, and the respective local currency will update automatically. For instance, you are sending money from Europe to the UK; this will be a EUR/GBP exchange. After entering the amount you wish to send, the amount the other person will receive will be updated.
You will see the complete breakdown of the fees charged. The last step is entering the receiving party’s account details. Note that the account’s credentials should be that of the local bank and not SWIFT/BIC numbers.
Step 3: Pay for Transfer
After entering the recipient’s account details, you ought to fund the transfer. Here, you can either use your credit/debit card or do a local bank transfer. If you go by the local bank transfer, TransferGo sends you the bank account credentials you will have to send the funds. Let’s say you are in Spain; you will transfer them to a Spain Bank account.
Step 4: The Transfer
Unlike international transfer banks, TransferGo uses the ‘local In-Local Out’ process. Typically, you are transferring money locally, and your recipient will receive funds locally. For instance, if you are in the UK and sending money to Spain, you will be paying the pound through a credit/debit card or transferring to a UK bank account. Once TransferGo receives the funds, they will transfer Euros from their Spain account to the recipient. Through TransferGo, you can transfer money internationally fast at a meager cost.
Summing up, TransferGo offers are reliable and cost-friendly as an international money transfer company. They offer services similar to other online-money transfer platforms. But, they stand out among other companies for charging extra-low fees and being fast.