Migrant Life

How to Offer Competitive Rates in Money Transfer

At TransferGo we feel that a number of factors are the reason why tens of thousands of people, including a growing number of businesses, have chosen us as their preferred way to send money back home.

Low Competitive Rates

Traditionally, one of the biggest complaints about sending money internationally has been the high fees charged by banks.  These fees were often as high as 25% of the amount transferred, which has a serious impact on the buying power of the money being sent.

TransferGo offers low fixed rate fees based on the country the sender is in.  The reason our fees are so low is to do with our unique local in, local out structure. TransferGo has partnered with dozens of banks in countries throughout Europe, Asia, and North and South America.  When a customer makes a transfer with TransferGo, the funds are deposited in an account in the country where they live; the recipient receives money from an account in their country. This unique structure eliminates many of the fees usually associated with international transfers. TransferGo passes these savings along to our customers.

Fixed FX Rates

FX is the standard abbreviation for foreign exchange, which we have written about previously in our blog.  Recent events in the UK have made FX a fairly major topic of conversation, even with people who have never even considered making an international transfer. These events have shown how volatile the FX can be.  Unlike most money transfer agencies, TransferGo offers a fixed FX rate that is based on the “spot rate” at the time of the transfer and is clearly shown at the time of transfer. The amount received on the other end does not change due to changes in the FX market. This is another major advantage of our local in, local out transfer model.  We feel that the best surprise when it comes to money transfer is our low fees, not receiving an amount that is decidedly less than anticipated.

Security

We take our customer’s security very seriously. TransferGo complies with all UK banking and money laundering regulations. Additionally, we will often go beyond the regulated requirements to further confirm the identity of our customers.  The information we request is not complicated and can be provided easily and submitted electronically. Our customers seem to agree with us that a couple of minutes of effort is well worth it when it comes to protecting their financial accounts.

Fraud and security issues have a direct impact on the costs associated with transferring money. Taking steps to eliminated fraud and account problems help us keep our costs low.

Over the next couple of years, the world financial landscape will experience some interesting changes. Thanks to our unique business model, TransferGo is already prepared to meet these changes head-on, with little to no impact on our fees or speed of transfers.

 

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One Response to “How to Offer Competitive Rates in Money Transfer”

  1. August 02, 2017 at 9:27 am, AKASH GHOSH said:

    Hello
    Greetings of the day, There are lot of information about easy way to send money segment.It was helpful for me.

    Reply