Like many modern money transfer providers, TransferGo uses a local account which you pay into, and then they use their accounts to pay out in the recipient’s country. In that way, they can keep costs lower and transfers faster than banks or traditional money providers. But some online providers still take a good-sized cut from every transaction through either transfer fees or exchange rates. So it is best to always shop around and find the provider that gives you the most transparent and cost-effective way to transfer money. One such provider is TransferWise, which also lets you compare rates to other providers so you can choose the best option for your transfers.
Transfergo is the UK and Eurozone-only online remittance provider. Using TransferGo you can send money to over 40 different countries and can be one option to send money to India. You can send the money through their website, and the money is delivered directly to a recipient’s bank account. But before we go deeper into that, let’s take a look at how to receive and send money with TransferGo.
Receive money internationally with TransferGo
Receiving money with TransferGo is a relatively easy process, that is secure and fast.
Sign-up and process to receive money
As a recipient, you won’t need to download the app or register to get money from your sender through TransferGo. It will deliver directly to your account.
You could get an SMS in case you need to confirm the payout to your selected bank account. All you need to do is¹:
Open the secure link sent via SMS message
Enter bank details where TransferGo will send money
If you don’t enter your bank details within 24 hours, TransferGo will initiate a refund back to the sender. However, in most cases, the money will be deposited in the bank account listed.
Fees to receive money with TransferGo
There are no fees for receiving money with TransferGo. The fees are taken out from the sender’s side of the transaction.
How much time does it take to receive money with TransferGo
The time it takes to receive the money depends on the delivery time that the sender chooses. There are 3 options: immediate, next day, and 3 business days for the payout. Each of these has different fees which we will get into in the sending money section in the article.
Are you outside the EU/UK but looking for the cheapest and most convenient way to send money to India? Join the 5 million people who have used TransferWise for their payments. With no minimum or maximum limits, you can send money easily to Indian bank accounts for family maintenance or special occasions alike. Plus, TransferWise tells you right up front what your fees are and uses the same exchange rate you see on Google. That means that what you see with TransferWise is exactly what your recipient gets.
Send money abroad with Transfergo
You can send money with Transfergo using their website. As mentioned before, TransferGo can only be used by residents of the UK and the Eurozone to send money.
Sign-up and process to send money
To use TransferGo you will first need to create a profile and then sign in. To create a profile you will need to go to the TransferGo site and click on ‘Get Started’. If you are sending more than 900 GBP on your first transfer, or are doing more than one, you will need to upload a government-issued ID as well⁴. An address proof, and a face verification through a photo, may also be needed if you go above £15000 or £3500 in GBP or Euros within 90 days, respectively.² ³
Also, make sure to use your real identity to create your profile. The name and details on your profile must match the details on the bank account you are going to use for the transfer. If the money is coming from someone else’s bank account, then it is best for them to need to create your profile on TransferGo.
Once you have signed up, you will be asked to confirm the account, and then you are ready to go.
You can book a transfer by providing the amount you want to send and your recipient’s details. After booking the transfer, you will need to make the payment through a debit card or bank card into the TransferGo account listed. The money will be sent once the money hits the TransferGo local account.
TransferGo transfer limit
While there is no limit in place with TransferGo, there may be limits placed by your bank⁵. So check with your bank if there are any daily limits or restrictions.
Charges to send money with TransferGo
The fees for sending money with TransferGo depend on how fast you want the money to be deposited⁶.
So depending on how fast you want the money to reach- as fast as 30 mins or as long as 3 business days- there can be a fixed fee and a currency conversion fee.
Transfergo also sets its exchange rate for sending money to India, rather than the transparent mid-market exchange rate. The mid-market exchange rate is the rate you see on Google or Reuters. What many money service providers do is give a rate weaker than the mid-market rate, which in turn becomes a hidden cost to you.
How much time does it take to send money
Once your payment goes through to TransferGo, then it depends on the delivery method you have chosen. Make sure to take into account any extra time that could be added for the payment to reach TransferGo.
Check the status of the money transfer
You can check the status of your transfer under the ‘Transfers’ tab on your dashboard. You will see it either in ‘Pending’ or ‘Completed’. While the payment to TransferGo is processed, the transfer will be under ‘Pending’.
When your recipient receives the money, the payment status will change to ‘Completed’.
Customer support in case transactions are stuck
TransferGo has a support team that is available from 7:00 AM to 4:00 PM GMT, Monday through Friday, or you can send an email at email@example.com. You can also use the Help Center on the TransferGo website to answer any questions you may have too.
Now that we’ve outlined how TransferGo works, let’s take a look to see if it is the best provider for your transfers. Providers like TransferWise can prove to be a better deal than other online service providers due to TransferWise’s low one-time fee and mid-market exchange rate. You can try TransferWise’s honest comparison tool to see how your current money transfer provider compares to others out there. We want to make sure you are getting the best deal for your transfers.