Our new, fairer pricing

We’ve started using a new, fairer pricing model for our transfers, giving our customers even cheaper ways to make international money transfers.

Now, as well as offering low fees on instant card-to-card transfers, we’re showing our customers how to make bank transfers for even less.

We’re rolling it out in a few select markets before we expand it further.

By offering this kind of transparency, we hope to help them control their finances, and make their hard-earned money go further.

Here’s how our new fairer pricing system works.

What needed to change?

Our old delivery fees were based on delivery speeds. But the true cost isn’t based on speed alone. 

In fact, the cost mainly depends on which payment methods customers choose. Paying with a card (and sending to a card) costs TransferGo more than paying from or to a bank account. 

Why? Because it takes a whole lot of infrastructure (partnerships, apps, etc) to make card payments so quick and easy. That infrastructure is expensive—and gets even more expensive if, say, one of our partners raises their card fees.

Under our new pricing system, we still offer those card-to-card payments for the same low fees, and they’re still the fastest way to send money.

But we also show when there’s an even cheaper way. So our customers know exactly where the costs are, and can make a fully informed decision.

How are the fees worked out now?

Under the new system, the fees reflect the cost of the payment method chosen by the customer. They can still see which transfer is fastest, but they can also see which is the cheapest.

The app makes clear which transfers are ‘Best value’, which will get there first, and which are ‘Recommended’—maybe the ideal combination of speed and cost.

Card payments cost the same as before. Larger transfers by card cost more than smaller ones, because we are charged a percentage fee on top of the fixed fee.

Bank transfers, on the other hand, have a fixed fee, so no matter how much you send, we only charge a few cents. 

The cost of the transfer also depends on whether you’re sending the money to a card, or to a bank account. 

Which one should I use?

It all depends on what you’re after.

Card payments are fast. They don’t just arrive quicker, but they’re easier to perform in the app. It’s still an excellent, fair fee for a super slick experience. 

Bank payments require a few more steps, and cost much less. It’s like asking a no-frills airline to get your money from A to B: a bit less smooth, but it costs you less and it does the job.

We recommend you pay by card when:

• You want the fastest, easiest option

We recommend you pay by bank transfer when:

• You want to send large sums with the lowest possible fees
• You’re happy to take a few steps to secure the cheapest option

Was this the right thing to do?

We’ve given our customers more control over their transfers, passing on our savings to them where possible. We’ve also made our options more transparent than before. 

Change is always tricky, but we believe these changes make good on our promise to provide fairer financial services to our customers.

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Ready to send money? Sign up to TransferGo today for fast and easy money transfers with our new, fairer pricing.