Transfast international money transfer review

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.

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
PhoneChatEmail
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

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.

Details

  • 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

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.

See how other services compare to Transfast

I want to send

to

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

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
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting
Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 19.108 Online, Phone, Bank Account to Bank Account MXN 95,538 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 75.00 19.175 Online MXN
94,436
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 100 3 - 5 days USD 5.00 19.088 Online, Phone MXN 95,347 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE 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

Compare up to 4 providers

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.

What is the mid-market rate?

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.

Payment options

  • Bank account
  • Credit or debit card

Pick up options

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

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:

  1. Visit Transfast’s website.
    Transfast money transfer screenshot
  2. Select your recipient’s country.
  3. Enter the amount you want to send.
  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 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

Benefits

  • Simple transfer process. Transfast makes it simple and easy to send money to more than 50 countries.
  • Low transfer fees. While transfer fees vary based on the options you choose, most are under $5.
  • 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.

Drawbacks

  • Limited service.If you’re not a resident of one of the 35 or so 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.

Bottom line

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

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

Related Posts