Let’s discuss TransferGo money transfers. We will talk about registration, promo code, free money transfer, verification, and business account. Here you will learn how to transfer and receive money. We will also review commissions, limits, safety, and pros and cons of the service.
TransferGo money transfers
TransferGo online money transfer service was launched in 2012. The goal of its creators was to simplify the process of transferring money as much as possible, and they succeeded. Every year, money transfers are gaining more and more popularity. Thanks to transparent commissions and a lucrative exchange rate, the company’s revenue has already surpassed £5,000,000. And it keeps growing!
- TransferGo accepts payments in 22 currencies and operates in 55 countries. Its offices are located in Berlin, Warsaw, Vilnius, London, and Istanbul. Usually, payments can be received in euros and local currency.
The service is suitable for both personal and business transactions. It is especially convenient for migrants who send earnings to their families. Students who study abroad can also easily receive money with TransferGo.
You can transfer money using the website or the app and receive it directly on your card or account. In general, a mobile phone and a credit card are enough.
How to register with TransferGo
To start the transfer, you need to register. In other words, you should create a personal or business account. This is a very quick process. Registration is available for persons over 18 years.
Using the promo code worknpaycom, you will receive a £10* bonus as soon as you transfer £50* or more. Besides, if you navigate to the registration page by clicking on the button below, the promo code will be added automatically. The bonus program does not apply to EUR-EUR transfers.
* or an equivalent of this amount in other currencies.
How to get a bonus from TransferGo? It’s very simple. Right after the first transfer, you will receive a notification about the received bonus in your account. Next, send it to your personal bank card. The payment will enter your account in 3 to 5 days from the moment of withdrawal.
Step-by-step registration instructions
- Get started. You navigated to the registration page. Select the account type: personal or business.
- Select a sign-in method. Use Google+, Facebook, or an email and a password. In order to sign in via G+ and Fb, you need to log in. If you use an email and a password, click “create a new account”.
- Enter your phone number. It is very important to enter your real active mobile phone number. “Continue”.
- Enter the verification code. You were forwarded to the page where you need to enter the verification code. Wait for an SMS with a 6-digit code. Enter it and then “confirm and log in”.
- Verify your email address. An email with an account activation link will be sent to your email address. Follow it to complete the account creation process.
You now have a TransferGo account. But that is not all. After registration, you will need to complete identity verification using your ID document. Read more about this in the next section.
TransferGo account verification
Verification, or data validation, is necessary for fraud and corruption prevention. This is a standard easy procedure. The service may request a photo of documents proving your identity, address, and source of funds. The higher the amount sent, the more documents you need to download.
Transaction processing speed depends on when you upload your ID documents. Namely: before or during the transfer processing.
If you upload a document during a transaction, the additional processing time will be required. Thus, you will increase the transfer delivery time for the recipient. If you upload your documents in advance, your payments will arrive on time.
Please note that the support service checks documents on business days from 7:00 to 16:00.
In what cases do you need to complete verification? I will list the necessary documents below.
Identity verification
It is necessary for the first transfer of £900 or more and the second transfer as well.
Identity verification documents:
- national passport;
- driver’s license;
- international passport;
- residence permit.
What to do:
- in your account, go to the “verify identity” section;
- upload a photo of a fully visible ID document. Make sure that the information in the photo is easily readable. All 4 corners of the document must be within the frame.
- take a clear bright picture of your face. Upload it along with a snapshot of the ID document.
- wait for an email notification about successful verification. This usually takes a few minutes.
Address verification
It is necessary if a one-time transaction or their sum for 3 months has reached £15,000*. As soon as you reach this limit, the support service will contact you and ask you to complete verification.
Suitable documents:
- utility bills or paper bank statements no older than 3 months;
- letter from the Ministry of Internal Affairs/Finance no older than 6 months;
- EU residence permit.
How to confirm your address? Send a snapshot of the document in your account or to hello@transfergo.com. Wait for the confirmation in a couple of minutes.
Source of funds verification
It is necessary if:
- the sent transaction is £6500* or more;
- you transferred £15,000* in 3 months;
- your transactions have reached £30,000*.
* or an equivalent of this amount in other currencies.
Suitable documents:
- payroll with a bank statement showing deposits;
- a bank statement, which indicates the balance and capital inflow;
- an agreement, which indicates the source of loan;
- contract of sale.
You can send the documents to hello@transfergo.com. Verification of the source of income takes several hours.
Transferring money with TransferGo
You can send a transfer with a Visa or MasterCard credit or debit card. The maximum amount you can send is £2500 (equals $3090).
Transfers from a bank account are also possible. The maximum amount is not limited. Indicate your client number in the field “purpose of payment” when creating a transfer.
Important condition! Cards and bank accounts must be in the name of the TransferGo account holder.
This company guarantees a fixed rate. It is valid from the beginning of registration. The higher the amount you send, the higher the exchange rate. Keep in mind that payments are processed during the whole week.
Please note! Payment for the transfer by a card in a currency that differs from the local one is subject to a conversion fee. This commission is charged by the beneficiary’s bank.
Money transfer takes place in three stages:
- you order a transfer;
- transfer money to the TransferGo account;
- and then your recipient receives the payment.
This service does not support regular payments. However, it retains the data of your previous recipients.
Check the countries from which you can send and receive money with TransferGo on the money transfer comparison page.
Step-by-step instructions on how to transfer money
- Prepare the recipient’s data. Find out their first and last name, bank account, or Visa/Mastercard card information. Their email is also necessary.
- Start the transfer. You navigated to the TransferGo money transfer main page. You are at the initial stage of the transaction. Select the “sending from” and “receiver gets in” countries. Enter the amount of the transfer and press the green button.
- When do you need to deliver the payment? Choose the delivery method that suits you. For example, the “standard” delivery costs £0.00. “Continue”.
- Who is the recipient? Go to “a new recipient”. Select who will be the recipient, a person or a company. Indicate the country, name, surname/company name, and bank details.
- Notification of receipt. At this step, you can check the “notify recipient” checkbox. To do this, enter your receiver’s email address. Normally, our promo code worknpaycom will be automatically indicated in the field “promo code”. In this section, you can also specify the purpose of the transaction. “Confirm”.
- Make a deposit. Suppose you need to transfer a small amount. In such a case, use a credit card. Enter the name indicated on it, its number, expiration date, and CVV code. Press the green button. Done!
Money transfer duration
The following delivery options are available for TransferGo money transfers:
- Immediate (the fastest option). £2,99 fee, only on business days from 07:00 до 14:45.
- Standard (the cheapest option). Free if the Sending from and Receiving currencies do not match. If the transfer is EUR-EUR, a small fee will be charged. There is no limit on the amount sent. Transfers without time limits.
- Within a day. £1,99 fee. Available from 07:00 to 14:00, you receive it already at the end of the working day.
- Express. Not applicable for large amounts. £2,99 fee. You receive it on the morning of the next business day.
Important! The average delivery conditions are indicated. They may vary depending on the Sending from and Receiving countries.
How to track a transfer
You can see the status of the transfer in your personal profile. Go to “transactions”. Once the money is delivered, the status will change to “completed”.
Your recipient will receive a notification about the payment sent if during the creation of the transfer you check the “notify recipient” checkbox.
How to cancel a transfer
Cancellation is possible if the payment has not yet been delivered to the recipient. If you have already sent a deposit, contact the support immediately. The cost of the service is not fixed. It depends on the amount sent.
Donations to charities
For making donations to a charity, you need to provide information about it. This may be a link to the website or social networks of this fund. After verification, the support service will determine whether it is possible to make donations to the fund you specified.
Fees, exchange rate, and limits
TransferGo applies a commission of 0% – 7% for currency conversion. As soon as you complete the transfer, the rate will be fixed. The recipient will receive exactly the amount that you sent.
The commission depends on the amount and currency of the transfer. It is immediately included in the amount of payment. You will see data on the commission during the creation of the payment.
The beneficiary’s bank may charge commission for a SWIFT transfer. It is important to remember that banks do not process transactions after hours. This may cause delays in receipt.
The exchange rate changes every 60 seconds. You can find out what rate will be applied to the payment when ordering a transfer.
TransferGo does not set daily or monthly limits. Limits may be introduced by the sending bank.
Receiving TransferGo money transfers
To receive money transfers, registration is not required. You can mostly receive money on a card or bank account.
Provide the sender with your details:
- name and surname;
- bank details;
- email.
The transfer is received without the participation of the recipient. Simply put, the payment is charged to the account automatically. As for the delivery time, it depends on the delivery method the sender selected. Usually, the transfer delivery takes from 30 minutes to 1 day.
It is important to note that TransferGo has no branches. In addition, you cannot receive a cash transfer.
Is it safe to use TransferGo?
In this section, we will analyze the safety and reliability of the company. There are many factors that affect this. Let’s review each of them.
- TransferGo money transfers has an excellent support team that speaks 9 languages. They are easy to reach by phone or email. They work even on weekends and help to resolve any issues. Always polite.
- There is a FAQ page that details key questions.
- The status of the transfer can be controlled from a personal account.
- It is easy to activate two-step authentication for signing in to your account. You can log into your account only after entering the SMS code.
- In 2020, there are more than 15,000 reviews and a 4.8 rating on TrustPilot.
- Personal information in the account is subject to verification.
- The company is regulated by FCA and HMRC. This confirms that the safety standards are at the level of commercial banks.
- Information security is ensured by SSL technology and controlled by ICO.
- Global publications such as Forbes, The Huffington Post, TNW, National Geographic, and Finextra write about TransferGo.
Tax agencies and TransferGo
This service does not share data with tax authorities or third parties. Data transfer is possible only at the request of the police, regulatory, or government agency investigating the alleged illegal activities. Transfers are not taxed.
TransferGo Business account
A business account can only be opened in the EU. With it, it’s easy to send money to employees and suppliers. It supports a convenient function of mass payments.
Commission and rate do not change from the moment of ordering the transaction.
Account verification for business is a simple process. Notably, different types of companies need different documents.
Step-by-step instructions on business account registration
- Start registration. You navigated to the registration page. Select the “business” type of account.
- Select a login method. You can use your G+, Fb accounts, or your email.
- Enter your email and password. Enter a real email address and create a complex password. Press the green button.
- Enter your phone number. And after that, enter the code that you will receive via SMS.
- Confirm your email. Follow the link in the email you received. Done!
Pros
- The lucrative exchange rate for TransferGo money transfers.
- The exchange rate is fixed from the beginning of the creation of the transfer.
- All fees are transparent.
- Fast payments.
- Lots of good reviews on TrustPilot.
- The company is credible.
- A business account is available.
- It is easy to get help from customer support. You can contact the agents by phone or by email.
- There is a mobile application for Android and iOS.
- The website and the app are available in different languages. Using them is very simple.
Cons
- You cannot send or receive payments in cash.
- The service does not provide a bank card.
- You cannot top up your mobile or pay for utilities.
Alternatives to TransferGo
Our money transfer company comparison service will show you all alternative companies. Among these, I especially advise you to have a look at TransferWise and Azimo.
Each of them has its advantages. For example, using TransferWise, you can receive or send money to the USA. With Azimo, you can receive money both on your card and in the company’s office.