TransferGo money transfer in the UK: fees, rates, and how it works?

Want to send money from the UK to another country? There are lots of options available, including money transfer services like TransferGo.

Launched in 2012, TransferGo has around 2.5 million users worldwide. It offers both local and international transfers in multiple currencies to over 60 receiving countries.¹ But is it the right option for you?

We’ll cover everything you need to know about using TransferGo here in this guide. This includes supported currencies, limits, security features, exchange rates and of course, the lowdown on TransferGo fees.

And if you’re currently shopping around for the best provider to use for your international transfer, make sure to check out Wise. You can send money worldwide in just a few clicks, for low fees and a fair exchange rate. It’s convenient, secure and could save you a bundle.*

Learn more about the Wise International money transfer

What is TransferGo money transfer?

TransferGo offers quick and easy online transfers within your own country, and internationally too. It’s handy for paying friends and family, bills and business payments.

Unlike using a bank to make an international transfer, TransferGo doesn’t send your money across borders. You’ll make a local payment to TransferGo, then one of its branches overseas will make a local payment to your recipient.

This means the process should be quicker and cheaper than using a bank. In fact, the company claims that transfers could arrive in as little as 30 minutes.¹

Who owns TransferGo?

TransferGo is an independent company. It was founded in 2012 by Lithuanian entrepreneurs Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas and Justinas Lasevicius.²

What currencies TransferGo supports?

You can send money from the UK in a choice of currencies, including:³

• Euros (EUR)
• US dollars (USD)
• Australian dollars (AUD)
• New Zealand dollars (NZD)
• Canadian dollars (CAD)
• Singapore dollars (SGD)
• Swiss francs (CHF)
• South African rand (ZAR)
• Indian rupees (INR)
• Swedish kronor (SEK)
• Turkish lira (TRY)
• Thai baht (TBH)
• Sri Lankan rupee (LKR)
• Pakistani rupee (PKR)

How to transfer money with TransferGo from the UK?

To send your first money transfer with TransferGo, simply follow these steps:⁴

1. Go to the TransferGo website or download the app and register for an account
2. Check the exchange rates for your transfer
3. Book your transfer, providing the recipient’s details and the amount you want to send
4. Choose a delivery speed - bearing in mind that faster/express delivery is likely to come with extra fees (more on this later)
5. Make a local payment via debit card or bank transfer to TransferGo UK
6. Receive confirmation that your payment has been sent and received.

This is how it works for personal transfers, but TransferGo also has a product for making business payments.⁸

Are there any transfer limits with TransferGo?

There are no limits on how much you can send with TransferGo.

However, if you pay for your transfer by card, you’ll only be able to send a maximum of £10,000 at once.⁵ You can make as many payments as you like though. There are no transfer limits for bank transfers, except those set by your bank.

Is it safe to transfer money with TransferGo?

Transfer Go is authorised and regulated by the Financial Conduct Authority (FCA) here in the UK. It’s also supervised by HMRC under the Money Laundering Regulations.⁶

In addition, the company has a number of security features in place to protect your personal information and your money.

All transactions are protected by industry standard HTTPS encryption, and TransferGo uses SSL technology to keep your information safe. It’s also registered with the UK’s Information Commissioner’s Office (ICO).⁶

What are the fees for using TransferGo?

It isn't free to use TransferGo to send money locally and internationally. There are some fees involved, based entirely on how quickly you want your money to arrive.

You should also factor in exchange rates offered when considering using a transfer provider, as this can make a big difference to the overall cost. We’ll look at both fees and exchange rates with TransferGo next.

TransferGo transfer fees

TransferGo’s fees are based on delivery speed, with two options available:⁷

TransferGo exchange rate

Another key thing to consider with international transfers is the exchange rate.

Many providers including TransferGo add a margin or mark-up to the mid-market rate. This is the rate you’ll find on Google or currency sites like exiap.co.uk. In TransferGo’s case, the conversion rate is between 0% and 2.2%.⁷ This could mean that your recipient gets less of the money on the other end.

If you’d like to make your money go further, consider using an alternative like Wise. It uses the mid-market exchange rate without a margin or mark-up.

TransferGo vs Wise (formerly Wise)

TransferGo and Wise both use a similar method of delivering money to international recipients. By avoiding the need for payments to cross borders, the whole process becomes much quicker and cheaper.

Both are UK regulated money transfer providers, with sophisticated security measures in place to protect you. And both offer convenient online transfers, with a choice of payment methods.

However, there are a few key differences. Wise only ever uses the mid-market exchange rate, while TransferGo can add a margin. This might make a difference of only a few pounds, or it could add up to a significant extra cost - especially if you send large amounts or make regular overseas payments.

What’s more, Wise offers more than just a way to send money overseas. You can open a Wise multi-currency account to send money in 40+ currencies, and even get a debit card for spending in 150+ countries.

Register with Wise today

And that’s pretty much everything you need to know about TransferGo. We’ve looked at fees, transfer times, currencies, exchange rates and how it compares to alternatives.

You should now have all the info you need to decide if TransferGo is a right fit for your international money transfers.

Sources used:

Sources last checked on date: 09-Nov-2022