TransferGo: cheap international money transfer


TransferGo is an innovative, reliable money transfer service for residents and businesses of the UK and Europe. Some transfers attract fees 90% cheaper than remitters and you can pay a little extra for “express” transfers which can be as quick as 30 min.

About TransferGo

TransferGo is a London-based money transfer fintech founded in 2012 by four Lithuanian entrepreneurs, based on their experience when they were running an import/export business and had to make regular international payments to their suppliers. The main goal and vision of TransferGo are helping migrant families to save the money they earn. Saving up to 90% of the transfer costs has a transformational impact on the quality of life for those families, helping them to get out of a debtor’s prison, start some savings, and enter a middle-class lifestyle.

The company currently serves 22 currencies across 47 countries and counting, with offices across Europe, including London, Vilnius, Berlin, Istanbul, and Warsaw. They’ve successfully grown their bank-partner network to over 30 global brands.

In September 2021, TransferGo has announced that it has secured $50 million (£37 million) in a new funding round.


TransferGo was also selected for several awards such as Payments awards 2015, MoneyAge Awards 2017 and Hack Award 2014.

Since 2013, they are supported by Level39, Europe’s largest accelerator space for technology businesses based in London, and Innovate Finance which is an independent non-profit membership association representing the UK’s global FinTech community.


TransferGo is a licensed and authorized payment institution (reference no 600886) regulated by the FCA (Financial Conduct Authority) and supervised by HMRC (Her Majesty's Revenue and Customs) in England.

Currency exchange rates and fees

TransferGo is one of the rare services that offers international transfers completely free of charge. They achieve that by having funds available in every country of operation. For example, when you want to send money to Nicaragua, TransferGo makes the payment to the recipient from their account established in the receiving country. All transactions take place at local levels. This allows the company to bypass the international waiting times set by banks.

Exchange rate

Through their back-end system, they prevent exposure to currency fluctuation risk at the time of the transaction. TransferGo margins vary from zero to 2.2% maximum depending on the currencies you are transferring, the amount you are sending and other factors (they also include bank funding costs). Like other money transfer companies the % margin reduces as amounts increase. In general, you can expect to be charged an exchange rate margin between 0.5% and 1.5% for their services.

Transfer Fees

The currency rate is fixed, so the amount you decide to send to Nicaragua is what will arrive. In total transparency, before you lock in a transfer you will see the exchange rate you will get (TransferGo gives a breakdown of the fees and exchange rates applicable to each transfer destination). All fees are included in the amount you see when you create your money transfer, so there are no additional fees.

However, if you are in a hurry, TransferGo offers to deliver money in 30 minutes for an additional fee (however, for 30 min. transfer the amount limit is 2,000.00 GBP or the equivalent in any other currency).

In fact, the fees depend on the speed of transfer:

  • 0 – money is delivered within 3-4 working days (usually limited to some Eastern European countries such as Poland).
  • £0.99/€0.99 – standard next business day delivery.
  • £ 1.99/€1.99 – delivery within a business day.
  • £ 2.99/€2.99 – express delivery options within the next 30 minutes.

Type of transfer and how long it takes

You can either use you bank account or a debit cards (in that case for payments up to £1000).

In addition, TransferGo made a deal with Mastercard and Visa in 2020, allowing customers in 20 European countries to make international money payments from any card or bank account directly to a Mastercard. Therefore, you can send the money to either a bank account, a Debit/Credit card, or even via SMS!

Pay attention that there are different amount limits set for low-cost and express deliveries. Basically, for significant sums only the standard option is available.

Top destinations for transfers

TransferGo claims to have 3.5 million customers. Payments can be sent to 63 countries worldwide, from 35 sending countries (however at present the service functions mainly in Europe). That could change with their long-planned expansion to include countries in Asia and Africa, such as India, Kenya, the Philippines, Japan, and Nepal.


It is only possible to register when resident in 10 or some destination countries their services are limited, this means that delivery time takes up to 1 business day longer than in the main countries. Limited service countries are:

  • USA
  • Australia
  • Bulgaria
  • Canada
  • Switzerland
  • Czech Republic
  • Hong Kong
  • Israel
  • Mexico
  • South Africa

When it may not be the best choice

  • TransferGo only supports about 22 currencies, which means that most of the countries won't have a transfer in their local currency.

How it works

  1. Create your free account
    • If your initial transfer is under £900.00 or equivalent, your first transfer can be completed without identity verification.
  2. Verify your identity — You need to upload some photo identification and proof of your address.
  3. Add recipient details
  4. Send your money

Register for free

TransferGo has an impressive Trustpilot reputation. They offer great exchange rate margin within their core destination currencies, low fees with the option of very fast transfers.

You can just register online and follow a few instructions instructions to move money overseas in minutes.

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