International money transfers
If you want to send money to Poland or around Europe, transferGo can be a good option. TransferGo charge is only 99p and the exchange rate is higher than a high street bank. So how do they work?
Let’s say you want to send 20,000 pounds to Poland as a deposit on a Polish property purchase. You’ve contacted your bank but the service is expensive. You’ve also checked out a money transfer firm but, again, the charges are high. You therefore decide to use a transferGo.
Set up an account
First, you have to register to set up an account with the transferGo.
Now you can send the money.
The money you have sended should be next day on the receiver account.
TransferGo set up very low fee for transfers and the first transfer will be for free. TransferGo generally offer better exchange rates than the high-street banks. For example, you might need to send £500 to Poland If you use transferGo you will receive 2862.65 zl, using high street bank you will receive 2766 zl (Based on average exchange rate May 2015).
The bank would also charge a fee on top, which could be much higher than the transferGo fee which is only 99p.
Security is paramount if you are sending money overseas, so you should always check that your broker is authorised or regulated by the Financial Conduct Authority. The firm must then operate within certain guidelines to safeguard consumers. Ideally, the firm should offer the protection of the Financial Services Compensation Scheme, so you are not guaranteed to get your money back if something should go wrong.