TransferGo Business Account Review: International Payments & Money Transfers

If you’re a business that regularly makes cross-border payments, choosing a reliable and cost-effective provider is extremely important. TransferGo offers business accounts designed to support international transfers with a focus on speed and transparency.

It’s also a digital-first platform where companies can manage payments, monitor exchange rates, and access tools for multiple currencies. So with that being said, let’s examine the key features, such as transfer speed, supported currencies, fee structures and compliance measures, so you can have a clear understanding of how it may fit into your operational workflows if needed.

Quick Overview of TransferGo Business Account

TransferGo Business Account Review: Key Features for Companies

A TransferGo business account is used primarily to support businesses that regularly engage in international payments.¹ The service emphasizes speed, especially so users can manage transfers online or through mobile applications.¹

Features often noted as helpful for companies that want more control over cash flows include:

• multi-currency accounts
• payment scheduling
• real-time transaction tracking²

Compliance and regulatory oversight are also part of what's offered, so cross-border transfers adhere to financial standards.¹ While the platform focuses on efficiency and transparency, specific fee structures and limits can vary depending on the country and transfer type, which may require direct confirmation from TransferGo.¹

Overall, the business account is positioned as a pretty decent tool for businesses that regularly make international payments, and it is typically easier to use than traditional banks.¹

Understanding TransferGo Money Transfer Services for Businesses

TransferGo money transfer services are built to facilitate cross-border payments for businesses of different sizes.¹ The platform allows companies to send funds internationally with a focus on clarity in processing times and delivered amounts.¹

Users note that one benefit of a digital interface is that it tracks transfers, provides notifications, and allows scheduling for recurring payments.² The service is designed to reduce delays commonly associated with traditional banking, though certain transfers may have specific limitations or could be delayed depending on the circumstance.³

If you’re a business that makes frequent international transfers, TransferGo provides the tools needed to monitor and manage multiple payments efficiently.¹

TransferGo is also compliant with financial regulations, including anti-money laundering measures, while also supporting secure and traceable transfers.¹ Overall, businesses considering TransferGo money transfers may find the platform suitable for operational needs that require both convenience and reliability.²

TransferGo vs. Other Options

When considering a business account for cross-border transactions, companies often compare different providers to evaluate cost, speed, and accessibility. TransferGo positions itself as a digital-first service, but it exists alongside other well-known money transfer platforms such as Wise, Revolut and Moneycorp. Each provider offers something unique, some focusing on low fees, others on wider global coverage or integrated financial services.

The table below provides a simple comparison of TransferGo and similar platforms, so you can determine what works best for you.

TransferGo Business Fees

It is free to create a business account with TransferGo. You can manage multiple currency balances and receive international and local payments for free as well, but any in-account money conversions and international money transfers will have an exchange margin of at least 0.35%.⁷

Transfers to a bank account are free and are delivered within one business day, and transfers to a credit or debit card will incur a 0.2% markup depending on the type of card and the region it is in.⁷

Companies are advised to review the fee structures carefully, as high-volume or unusual transfers may be subject to different terms.¹ TransferGo also provides exchange rate information upfront, so businesses can compare costs and plan accordingly.¹

The platform is definitely considered cost-effective, but businesses may benefit from confirming fees directly for complex payment flows or multiple currencies, since fees aren’t public.² Overall, understanding TransferGo’s fee model is important for budgeting and financial planning when using a TransferGo Business Account.¹

Wise Business Could Help Your Company Save on Global Payments

Benefits and Considerations for TransferGo

TransferGo can help firms send or receive payments to more than 60 countries with no sign-up or monthly fees. The platform highlights the quick speed of transfers and has a high rating on Trustpilot. A feature that might be convenient for some businesses is the ability to select the specific delivery time, meaning that you can schedule payments according to your needs.

It is important to consider that TransferGo only operates in 35 currencies, mostly European nations, so if your business is working with employees or supplies from another part of the world, this may not be the platform for you. And the quickest transfer option may be more expensive than an option that may get the money to its destination a little later.⁸

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

Final Thoughts

The TransferGo business account provides a straightforward way for companies to handle cross-border payments. Its focus is on affordable transfers and speed, so it’s appealing for small to mid-sized businesses that prioritize efficiency. It may not provide the full range of corporate tools offered by larger FX specialists, but it remains a good solution for many.

Before you commit to the platform, you should assess your own needs, such as transfer volumes, destinations, or compliance, and, like any provider, checking fees and coverage options is extremely important before making a decision. Overall, TransferGo is one of several platforms that can help you simplify payments for your business.

Sources:

1. Fees and Pricing | Wise
2. TransferGo Review | Business Expert
3. Revolut Business Account | TransferGo
4. TransferGo Review | FX Compared
5. TransferGo Review: Fast and Cheap Transfers Abroad | PayToUA
6. Transfergo.com Reviews | Trustpilot
7. Business Pricing | TransferGo