TransferGo Vs. TransferWise: Which Money Transfer Company Is Better?

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

How to Transfer Money with TransferGo

  1. Create an account or login
  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 the 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 their rates will frequently deviate by 0.10 to 1 percent from spot rates.

TransferGo Fees

TransferGo has a three-tier pricing structure based on delivery times. They’re one of a few companies to provide a cost-free money transfer option (Revolut being another).

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

TransferGo Fees

TransferGo Versus TransferWise

TransferWise is a top-rated money transfer company. They have financial services for people who travel, live, and work abroad. Sending money overseas with TransferWise is up to eight times cheaper than banks, and their borderless account allows users to hold, manage, and spend money in 20+ currencies. They provide the “easiest way to manage your money internationally.” Their excellent rates and low fees have propelled them 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 often recommend them to others over alternatives like PayPal, Xoom, XendPay, Payoneer, WorldRemit, and at least a dozen other online money transfer companies. TransferWise is a fantastic benchmark to use for exchange rate 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 login or create accounts to get estimates, unlike PayPal.


While TransferGo has a no-cost option, the other two delivery methods—express and standard—attract fees starting at £0.99. Express and standard delivery are subject to currency conversion fees of 0 to 2.2 percent. Furthermore, all three options are not available for every country/destination. TransferWise uses a combination of percentage and fixed fees, for example, 0.6 percent of the amount that’s converted + 1.00 USD. Their 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, Indians, and so on. 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 their free delivery option. However, when using TransferGo’s standard and express options, TransferWise usually does 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, their express and standard delivery methods attract £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, which includes me. I hope the folks at TransferGo are working feverishly to support as many currencies as TransferWise to increase their value proposition and competitive edge. Taking supported currencies, rates, and fees into account, TransferWise is a tier-one provider despite not having a cost-free option. Alternatively, Revolut offers no-fee transactions at mid-market/interbank rates.


Chad Tennant

Chad is an affiliate program consultant, online marketer, and content creator. His primary goals are to help businesses and individuals achieve growth and financial success. Learn more at

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