With more than 200,000 points of payment, Transfast may be able to gets your money where it needs to go, quickly and easily.
Transfast has provided money transfer services for more than 25 years, boasting some of the most competitive exchange rates and transfer fees around. Striving for a simple, straightforward transfer process, Transfast sets a high locked-in online exchange rate, updated daily, so that the exchange rate you see when you initiate your transfer is guaranteed.
What is Transfast?
Transfast is an international money transfer service that currently operates in more than 50 countries, so you can send money all around the world from 37 states in the US and six Canadian provinces. You can send money online, through a mobile app or at an agent location.
- Minimum transfer amount. $50
- Maximum transfer amount. Varies, but loyal customers enjoy higher maximums
- Transfer methods. Online, mobile app or agent location.
- Delivery method. Bank transfer, cash pickup; in some countries, home delivery, deposit to a cash card or bill payments
- Payment options. Bank account, credit or debit card
- Transfer speed. 1 to 7 days
- Customer service. 24/7 phone or live chat
- Available currencies. 50+ countries
- Online transfer fee. $4.99, but fees vary by transfer location, payment method and transfer amount
- Exchange rate updates. Daily online
- We were able to sign up and initiate a transfer in about 5.5 minutes.
- However, Transfast was not able to successfully complete either of our transfers due to “security reasons.”
- Customer service wasn’t able to disclose what these security concerns were that effectively cancelled our transfers.
See how other services compare to Transfast
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
How much will I pay to send money with Transfast?
While Transfast doesn’t advertise a specific fee per transfer on its website, most online transfers will cost around $4.99. Keep in mind that fees vary based on where you’re sending money, how much you’re sending and your payment method, among other factors.
How are Transfast’s exchange rates?
Transfast offers competitive exchange rates that it updates daily online. These rates could be be within 1% of the mid-market rate, which means more money in your pocket.
Let’s say that you want to send $1,000 as a graduation gift to your niece in Italy. If the mid-market exchange rate for US dollars to euros is 1 USD = 0.94 EUR, Transfast might offer an exchange rate of 1 USD = 0.92 EUR. Your family member would receive 920.50 EUR, which is stronger than some other online money transfer services might offer.
Rest assured that the exchange rate you see when you initiate your transfer is the rate you’ll get once the process is complete.
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
Minimum transfer amounts and available countries
The minimum and maximum amounts that you can transfer with Transfast vary depending on the country you’re sending money and your customer history with Transfast. For most transfers as a new member, you can send from $50 to $500 and up to $10,000 every 24 hours, depending on your transfer details.
Transfast operates in 51 countries, 37 states in the US and six provinces in Canada.
What types of transfers does Transfast support?
Transfast offers a variety of payment and pickup options when sending money overseas.
How do I send money through Transfast?
Transfast strives for an easy process that you can complete quickly. (We were able to sign up and initiate a transfer in 5.5 minutes.) To initiate a transfer:
- Visit Transfast’s website.
- Select your recipient’s country.
- Enter the amount you want to send.
- Enter your recipient’s information and delivery method.
- Pay for your transfer via bank account, credit card or debit card.
- Review and confirm your transaction.
Once you complete your transfer, you can track its progress of the transaction at any time by logging in to your account online or using Transfast’s mobile app, where you can also view the estimated delivery date of your transfer.
Benefits and drawbacks of using Transfast
With up-to-date exchange rates and competitive transfer fees, Transfast can help you save when sending money abroad. Depending on the country you’re sending money to and your location, you may want to compare your options to make sure you’re getting the best deal.
Frequently asked questions
Can I send money to charities using Transfast?
Yes, Transfast holds special licenses in some countries that make it easy to send money to registered charities.
Can I send money to a bitcoin or other cryptocurrency company using Transfast?
No, Transfast does not support these types of transfers.
What is considered a “qualified transaction” with Transfast?
A qualified transaction meets all Transfast guidelines, must pass all fraud and security checks and must be paid for using a valid funding source owned by the sender.