TransferGo is an international money transfer service that allows both businesses and individuals to send money to Africa. TransferGo was founded in 2012 in the United Kingdom.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
How TransferGo Works
To use TransferGo services, you first need to create a profile on the TransferGo website or download the TransferGo app for iOS or Android app.
In the process, you should enter your real name, surname, current address, email address and phone number in your profile. If you plan on paying for your transfer using a card, you need to add a card, which must match the name and addresses you entered in your profile or the transaction won’t go through. If you want to use TransferGo service for business money transfer, you will need to provide additional company documents.
If your transfer exceeds more than 900 GBP (or equivalent), or if you’re making a second transfer, you will need to confirm that the account is yours with additional documents to comply with HMRC and FCA regulations as shown below.
|Document type||Required when…||Frequency||How to provide it|
|ID||1) You order your second transfer2) Your first transfer is for a large amount3) Your first transfer is made to one of the following countries:Bangladesh, Nepal, Uruguay, Ghana, Myanmar, Pakistan, Ethiopia, India, Nigeria or Ukraine.||A one-off procedure until the document expires||Upload in the activity feed|
|Proof of address||You’ve passed selfie or ID verification and you send a large amount of money||Usually once a year||Upload in the activity feed or send it to us|
|Proof of funds||You transfer larger amounts of money||Decided on a case-by-case basis||Send it directly to us|
How Do I Pay for TransferGo Money Transfer? How Does My Recipient Receive Money?
TransferGo only handles bank transfers and card payments. This means that you and your receivers will need active bank accounts. Your beneficiary can only receive via a bank account. One interesting TransferGo’s feature is batch payments, which allows making transfers for multiple recipients easier and faster.
How Long Does TransferGo Transfer Take?
Standard transfers are processed within one working day. With some countries, TransferGo offers same day transfers or transfers within 30 minutes, including on weekends. Transfers are not processed on bank holidays. Cheap delivery time will take up to 3 business days from when your deposit is received.
In some countries, including South Africa, TransferGo services are limited, this means that delivery time takes up to 1 business day longer than in other countries.
Are There Any Transfer Limits?
TransferGo doesn’t set a daily limit. However, your bank might have daily limits. TransferGo may ask you to re-confirm your account when you reach a certain threshold.
What Are TransfeGo Fees?
TransferGo charges a fixed fee depending on which country you’re sending money from, and add between 0.00% and 3.3% commission on the foreign exchange. The fees are included in the amount your receiver gets. You don’t need to send any extra funds to cover money transfer fees. You also don’t have to worry about currency changes after you’ve booked your transfer. Your beneficiary will get the exact same amount as you specified in your order.
For instance, if you send 1000 GBP to Kenya, you will pay £0.99 in fees and your recipient will receive 138,445.03 KES. Your bank may apply additional fees for the transactions.
The fixed fees are as shown in the table below.
|United Kingdom||0.99-2.99 GBP|
Which Countries Does TransferGo Support?
TransferGo allows you to send money to Kenya, Nigeria, South Africa, Ghana, and Réunion from Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
Is TransferGo Safe and Secure
TransferGo is a registered payment service provider supervised by HM Revenue & Customs (HMRC) under Money Laundering Regulations and regulated by the UK Financial Conduct Authority (FCA) as authorised payment institution.
All TransferGo transactions are protected by industry standard HTTPS encryption and SSL technology to keep your information safe. The company is registered with the Information Commissioner’s Office (ICO), the UK’s independent authority set up to uphold information rights in the public interest. Moreover, customers’ money is kept separate from its operational accounts (in special segregated accounts).
TransferGo has a 91% positive rating from over 17,000 reviews on independent review site, Trustpilot. However, 2% of their customers complain of poor customer service, long verification process, wrong deductions, bad exchange rates, etc. Luckily, TransferGo tries to respond to all negative reviews.