TransferGo Vs. TransferWise: Which Is Better?


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Despite how many options customers have, new money transfer companies are surfacing annually. New entrants aren’t afraid to compete against legacy players and traditional banks. In 2011, TransferGo entered the market, which was around the same time as TransferWise.


TransferGo is an international money transfer company based in the United Kingdom, which is the home of many money transfer/remittance FinTechs. TransferGo doesn’t send money across borders. Instead, through an innovative digital account-to-account business model, its customers make local payments to it and it makes local payments to recipients. Money can be sent to 40+ countries.

How to Transfer Money with TransferGo

  1. Create an account or log in
  2. Enter the transfer details including the currency, amount, delivery time, and payment method
  3. Enter the recipient’s name, address, and bank details
  4. Review your transaction
  5. Confirm your transaction and make a deposit/payment to initiate the transfer

TransferGo Exchange Rates

The mid-market rate is the midpoint between demand and supply for a currency. Mid-market, spot, and Google featured exchange rates are the fairest and best rates available to customers. TransferGo transacts at mid-market rates. Companies that don’t display real-time rates typically quote prices that reflect markups. For example, Western Union states, “Western Union also makes money from currency exchange,” and its rates will frequently deviate by 0.10 to 1 percent from spot rates.

TransferGo Fees

TransferGo has a three-tier pricing model based on delivery times. Its one of a few companies to provide a cost-free money transfer option (Revolut being another). Pricing tiers include:

  1. Express or fast delivery: the recipient will receive her money in less than 30 minutes depending on the country the deposit originates
  2. Standard or normal delivery: the recipient will receive her funds on the next business day
  3. Free or slow delivery: the recipient will receive her money in a few business days, typically up to three workdays

TransferGo Fees


TransferWise is a top-rated money transfer company. It has financial services for people who travel, live, and work abroad. Sending money overseas with TransferWise is up to eight times cheaper than banks, and its borderless account allows users to hold, manage, and spend money in 20+ currencies. It provides the “easiest way to manage your money internationally.” Its excellent rates and low fees have propelled it to “unicorn” status (a unicorn is a privately held startup company that’s valued at over 1 billion dollars).

I’ve been a TransferWise customer for a few years. I recommend it to others over alternatives such as PayPal, Xoom, XendPay, Payoneer, WorldRemit, and at least a dozen other online money transfer companies. TransferWise is a fantastic benchmark to use for exchange rates and cost comparisons.


Exchange Rates

TransferGo and TransferWise use mid-market rates. Both companies are transparent about their fees and calculators are available on their homepages. Customers don’t need to log in or create accounts to get estimates, unlike PayPal, for example.

Fees & Commissions

While TransferGo has a no-cost option, its other two delivery methods—express and standard—attract fees starting at £0.99. Also, express and standard delivery are subject to currency conversion fees of zero to 2.2 percent. All three options are not available for every country/destination.

TransferWise uses a combination of percentage and fixed rates, for example, 0.6 percent of the amount that’s converted + 1.00 USD. Its fees differ for each country.

Supported Currencies

TransferGo customers can send money from mainly EU countries, which is fantastic for sending pounds and euros. People outside of the EU, however, can only receive money transfers, for example, Americans, Canadians, and Indians. TransferWise customers can send and receive a variety of currencies. Therefore, TransferWise supports a lot more currencies than TransferGo.

Single Currency Transactions

TransferGo supports single currency transactions. For example, someone in Germany can send euros to someone in France. TransferWise only supports currency conversions.

I ran several currency conversion scenarios. Given that both companies use mid-market rates, TransferGo will almost always beat TransferWise with its free delivery option. However, when using TransferGo’s standard and express options, TransferWise will usually do much better.

100 GBPIndiaPhilippinesEuroUSD
> Free91556799113129
> Standard89976671110126
> Express8815N/A108N/A
> Standard90846629112127
Final Word

TransferGo’s real-time rates and free money transfer option are excellent for customers. On the flip side, its express and standard delivery methods cost £0.99 to £2.99 plus conversion fees of up to 2.2 percent, which can get costly. Secondly, TransferGo is of very little use to people outside of Europe, where its operations are concentrated. Furthermore, to increase its value proposition and competitive edge, it must expand to support as many currencies as TransferWise and other major players.

Taking supported currencies, rates, and fees into account, TransferGo is competitive with its free option to send money globally. Otherwise, TransferWise is a robust alternative when accounting for fees. Additionally, Revolut offers no-fee transactions at mid-market rates (weekend transactions and low-volume currencies may attract small fees).


Chad Tennant

Chad is an online marketer, consultant, and publisher. He helps businesses and individuals achieve growth and financial success. Learn more at


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