Are you searching for the most reliable and cost-effective way to send money internationally? In this TransferGo review, we’ll dive deep into the company’s services, highlighting its advantages, drawbacks, and user experiences in 2025.
We’ll also compare it with other popular money transfer services like Wise, PayPal, Western Union, and Remitly to help you make an informed choice.
1. Is TransferGo Right for You?
TransferGo has been a prominent player in the international money transfer market for years. Established in 2012, it has built a strong reputation among users in Europe and beyond. The company focuses on offering fast, low-cost transfers for personal and business clients alike. Here’s what you should know in this detailed TransferGo review:
- Countries Supported: TransferGo offers money transfer services to over 60 countries, including major remittance corridors like the UK, India, Germany, and the United States.
- Currencies Supported: A wide range of global currencies, making it versatile for sending money to most parts of the world.
- Services: Both personal and business transfers are supported, with options for one-time or recurring payments.
Additionally, using the TransferGo referral code will let you earn rewards, get discounts on transfer fees, or receive cashback on your first transaction, depending on the promotion.
2. TransferGo Review: Pros and Cons
When analyzing any service, it’s important to weigh its pros and cons. Here’s a breakdown based on user feedback and features highlighted in this TransferGo review:
Pros of TransferGo:
- Speed: Transfers can be completed as quickly as 30 minutes, which is among the fastest in the industry. However, this option may not be available for all countries or amounts.
- Low Fees: With fees starting from just £0.99/€0.99 for next-business-day transfers, TransferGo offers competitive pricing compared to services like Wise and Western Union.
- User-Friendly Interface: The TransferGo platform is straightforward and simple to navigate, making it easy to initiate transfers.
- Customer Support: Excellent customer service is often mentioned in this TransferGo review, with many users praising the helpful support team.
- Secure Transactions: TransferGo uses SSL encryption to protect customers’ data, and funds are kept in segregated accounts for added security.
Cons of TransferGo:
- Limited Availability: TransferGo is not available in all countries, notably excluding the U.S., Canada, and Australia for outbound transfers.
- Exchange Rate Margin: Like most money transfer services, TransferGo adds a margin to the exchange rate, which can make it slightly less competitive than services like Wise, which offers the midmarket rate.
- Payment Method Restrictions: Transfers can only be funded via Visa and MasterCard debit/credit cards, limiting options for some users.
3. Speed of Transfers
In terms of speed, TransferGo shines as one of the fastest providers in the industry. However, the speed varies based on the transfer type:
- 30-Minute Transfer: Available for some currencies with a fee of £2.99/€2.99.
- Same-Day Transfer: At a lower fee of £1.99/€1.99, this option is typically available for popular routes.
- Next Business Day Transfer: The most affordable option, starting from £0.99/€0.99, but the delivery time can be longer.
In comparison, Wise offers relatively fast transfers, but it typically takes 1-2 days for transfers, especially when bank accounts are involved. Western Union offers fast options as well, but the fees can be significantly higher.
4. Fees, Exchange Rates, and Hidden Costs
Understanding the fees and exchange rate margins is crucial when choosing a money transfer service. Here’s a detailed breakdown of TransferGo’s cost structure:
Fees:
- Next Business Day: £0.99/€0.99
- Same-Day: £1.99/€1.99
- 30-Minute: £2.99/€2.99
Exchange Rates:
- Margin on Exchange Rates: TransferGo adds a margin on top of the interbank rate, which can range between 0.75% and 2.2%, depending on the transfer amount and destination.
- Comparison with Other Providers: While Wise offers the midmarket rate with no markup, TransferGo’s margins are competitive in certain circumstances, particularly for smaller amounts.
In this TransferGo review, it’s clear that TransferGo’s fee structure is straightforward and transparent, unlike some competitors that hide fees in exchange rate markups. PayPal, for example, is known for higher transaction fees and exchange rate margins.
5. TransferGo Review: How Safe Is It?
When it comes to transferring money, safety is a major concern for most users. TransferGo places a high priority on the security of transactions and customer data:
- Regulation: TransferGo is regulated in the UK and Lithuania, adhering to European financial services standards.
- SSL Encryption: Transfers are secured using SSL encryption, which protects sensitive data from unauthorized access.
- Segregated Accounts: Customer funds are held separately from company funds, which adds an extra layer of protection.
Compared to Remitly or Western Union, which are also regulated, TransferGo’s security measures are on par with other established companies in the market.
6. Customer Reviews and Satisfaction
One of the best ways to assess the quality of a service is through customer feedback. Based on this TransferGo review, here’s what users typically say:
- Trustpilot Rating: TransferGo holds an impressive rating of 4.7/5 based on over 37,000 reviews.
- Positive Feedback: Users often highlight the fast transfer speeds and excellent customer service as key strengths of TransferGo.
- Negative Feedback: Some users complain about the exchange rate margins and the limited availability in certain countries, such as the U.S. and Canada.
7. TransferGo vs Other Providers: Which One Should You Choose?
Choosing the right money transfer service depends on your needs. Here’s how TransferGo compares with other leading services in the market:
- TransferGo vs Wise: While both services offer low fees and fast transfers, Wise offers the midmarket rate with no markup, which could be more advantageous for larger transfers.
- TransferGo vs PayPal: PayPal is a more universally recognized brand but comes with higher fees and worse exchange rates compared to TransferGo.
- TransferGo vs Western Union: Western Union offers wider coverage globally but often has higher fees and exchange rate margins compared to TransferGo.
Conclusion
In conclusion, this TransferGo review has shown that the service offers fast, affordable, and secure money transfers, particularly for customers in Europe. The service stands out for its quick delivery times and transparent fees. However, it’s not available in every country, and some users may find the exchange rate margins slightly higher compared to services like Wise.
Whether TransferGo is the right choice for you depends on your transfer needs. For fast transfers with reasonable fees, TransferGo is a solid option. However, if you’re looking for the best exchange rates, you may want to consider Wise. Either way, TransferGo remains a top contender in the money transfer industry in 2025.