The international money transfer market, once dominated by banks and large MTOs (money transfer operators) Western Union, and MoneyGram, has witnessed massive disruption by new fintech startup that are leveraging technology to undercut their competitors in pricing much to the benefit of the consumer. Now, there is a new money transfer startup that has emerged to join the international money transfer market revolution. That startup is called TransferGo.
TransferGo aims to improve the money transfer experience for migrants in many locations across the globe. With more than 45 countries in their network, the London-based start-up is delivering on its vision to promote quick, easy and cheap international money transfers.
“For TransferGo it’s very important to deliver on our promise to make fast and cheap international money transfers accessible to everyone everywhere. Most importantly, we’re helping people to send their money home, wherever their home would be.” – Daumantas Dvilinskas, CEO and Co-Founder of TransferGo
True to their mission, TransferGo has built a reputation for affordable and secure money transfer services to its more than 200,000 users.
TransferGo was founded by migrant entrepreneurs who wanted to provide an alternative means to traditional bank money transfers that are expensive due to the many unnecessary bank transfer charges. With TransferGo, migrant workers can save money, and business transactions worth billions of dollars can be processed through the money transfer platform.
The company has already partnered with 45 banks, including mainstream banks and with over 50 bank accounts, there is no indication they will slow down anytime soon. Recently, TransferGo opened 3 new locations in India, Ukraine and the Philippines to its growing network of countries. Each of these countries receives a large portion of global remittances, with India topping the list at $66 billion worth of transfers.
Save up to 90% versus International Bank Transfers
TransferGo allows you to save up to 90% versus conducting your international wire transfers via your local high street bank. Depending on the country your transaction originates from, the company charges a flat transfer fee of (0.6-1.5) % for the currency conversion per transaction. This may change depending on the transaction amount and the country where the transfer has been initiated. Transactions fees can be as low as £1 as it is the case when sending money from the UK.
When you book a transaction all the fees are included in the deposit and so, you don’t have to worry about sending extra funds to cover the transfer fees. The service is affordable compared to what high street banks charge for international money transfers, not excluding commissions. In the UK high street banks can charge up to £25, with the recipient typically having to pay a fee on the other end.
With TransferGo, you don’t need to be concerned with potential currency fluctuations as the person receiving it will get the full amount you booked.
Normal transaction fees apply to Eurozone transactions, with no charges on the currency conversion.
If you would like test out TransferGo’s service sign up here and make your first money transfer for free!