Transfast money transfers review July 2018 | finder.com

Review: Transfast international money transfers – July 2018

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Send reliable international transfers from the US or Canada.

Transfast has been providing money transfer services for more than 25 years, boasting competitive exchange rates. With a simple, straightforward transfer process, Transfast sets a locked-in online exchange rate, updated daily, so that the exchange rate you see when you initiate your transfer is guaranteed. You can send money online or through a mobile app.

Product NameTransfast
Min. Transfer Amount$50
Max. Transfer Amount$10,000
Transfer Methods
Online,
Transfer Options
One off payments
Transfer Speed
Minimum transfer time
6 or more days
Banking PartnerTransfast
Customer Service
Phone, Chat, Email
Available CurrenciesBDT, BRL, CAD, CLP, COP, CRC, DOP, EGP, ETB, GBP, GHS, GMD, GNF, GTQ, HNL, IDR, INR, JMD, KES, LKR, MXN, NGN, NPR, PEN, PHP, PKR, PLN, RON, SLL, THB, USD, UYU, VND, XOF
Exchange Rate UpdatesDaily

Choose from several delivery options

Transfast offers transfers from only the US and Canada, and only transfers money to a limited number of countries. But if your desired country is on Transfast’s list of available countries, its strong exchange rates and good reputation make it a solid choice. Its many delivery options are also appealing. Choose from bank transfer, cash pickup, home delivery and more.

Here’s what we found when we attempted to send live transfers to Mexico and France through Transfast:

  • 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.

How much will I pay to send money with Transfast?

Transfast doesn’t advertise a specific fee per transfer on its website, but fees vary based on where you’re sending money, how much you’re sending and your payment method, among other factors.

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 a stronger rate 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.

What types of transfers does Transfast support?

Transfast only offers one-off transfers. But you can select from a variety of payment and pickup options when sending money overseas.

Payment options

  • Bank account
  • Credit or debit card

Pick up options

  • Bank transfer
  • Cash pickup
  • Home delivery (in select destinations)
  • Deposit to a cash card
  • Bill payment (in select destinations)

The pros and cons of using Transfast

Pros

  • Simple transfer process. From start to finish, Transfast strives for easy international transfers for you and your recipient to more than 50 countries.
  • Competitive exchange rates. Transfast boasts some of the best exchange rates in the business.
  • Trusted by users. Transfast garners a four-star rating on TrustPilot.

Cons

  • Limited service. If you’re not a resident of one of the 35 or so US states Transfast services, you’ll need to find another money transfer provider.
  • For individuals only. If you’re a business looking to schedule payments, you’ll need to find another money transfer service.
  • No live chat. You’ll need to call or email for questions or help.
  • No flexible transfer options. Transfast doesn’t offer the flexibility of rate locks, forward contracts or recurring transfers.

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.

4. Enter your recipient’s information and delivery method.
5. Pay for your transfer via bank account, credit card or debit card.
6. Review and confirm your transaction.

Next steps

Once you complete your transfer, you can track the 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.

Bottom line

With up-to-date exchange rates, 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 about Transfast

See how other services compare to Transfast

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.847 EUR 4,233 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 Within an hour USD 3.99 0.841 EUR 4,204 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 100 3 - 5 days USD 0.00 0.849 EUR 4,245 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1,000 1 day USD 0.00 0.844 EUR 4,220 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 50.00 0.852 EUR
4,220
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

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Kelly Waggoner

Kelly Waggoner is a senior editor with finder.com. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma's world domination.

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