TransferGo Review: Fees, Exchange Rates, and Alternatives Explained

TransferGo is a UK-based money transfer company that has built its reputation on offering fast and affordable international transfers, especially within Europe. But how does it really perform in terms of cost, speed, and global coverage?

In this review, we’ll break down TransferGo’s features, fees, and supported countries — and highlight how alternatives like Panda Remit may provide more cost-efficient and wider-reaching services for global users.

What is TransferGo?

Founded in 2012 in London, TransferGo has grown into a popular platform for international money transfers within Europe and beyond. Its main features include:

• Coverage of over 60 countries, with a focus on Europe and select destinations worldwide

• Fast delivery options, including same-day and instant transfers

• Competitive fees, often cheaper than traditional banks

• A simple app and website for managing transfers

👉 While TransferGo is well-suited for European migrants sending money home, its global reach is still limited compared to other digital-first remittance providers.

How TransferGo Works

Sending money with TransferGo involves:

1. Signing up and verifying your identity

2. Adding recipient details and selecting transfer speed (standard, express, instant)

3. Paying via bank transfer, debit card, or credit card

4. Tracking the transaction through the app

5. 

Fees and Exchange Rates

• TransferGo fees:

  • Fees vary by corridor and delivery speed, usually between £0.99 and £2.99.

  • Instant or same-day transfers often cost more.

• Exchange rates:

  • TransferGo applies a margin on the mid-market exchange rate, which reduces the final amount received.

• Panda Remit comparison:

  • Offers fixed, low fees across corridors.

  • Provides Diamond Rate exchange options, often closer to mid-market rates.

  • New users enjoy zero transfer fees on their first transaction.

👉 For those who want transparent pricing and maximum savings, Panda Remit often works out cheaper.

Speed and Delivery Options

• TransferGo:

  • Standard transfers: usually 1–2 business days

  • Express: same-day

  • Instant: minutes (for selected corridors)

• Panda Remit:

  • Transfers typically arrive within minutes to hours, even for cross-border bank transfers.

  • Focuses on digital payout methods (bank accounts, mobile wallets), avoiding delays tied to physical networks.

Countries Supported

• TransferGo: Around 60+ countries, with strongest coverage in Europe.

• Panda Remit: Serves 40+ sending and receiving countries, with strong corridors across Asia, Oceania, Europe, and North America.

👉 While TransferGo is excellent for Europe-focused transfers, Panda Remit provides a more globally balanced network for international users.

TransferGo vs Panda Remit at a Glance

Final Thoughts

TransferGo is a solid option for migrants within Europe who want fast, affordable transfers to their home countries. Its flexible delivery speeds and simple app make it convenient — but its limited global coverage and exchange rate margins may not suit everyone.

For users looking for a broader global reach, lower costs, and transparent exchange rates, Panda Remit stands out as a strong alternative. With fixed low fees, Diamond Rate exchange options, and 24/7 customer support, Panda Remit is a better fit for those who want a modern, cost-efficient international transfer solution.

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