Review: Transfast international money transfers
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.
Transfast's online service is no longer available
As of February 15, 2020, Transfast stopped accepting and processing online and mobile app money transfers. Users can still send and receive money through Transfast agent locations, where available. To find a new online service to send money now, compare options on our table below.
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.
Transfast is Best for:
- Canadian citizens. Transfast specializes in exchanging US and Canadian dollars into exotic currencies around the globe.
- Credit card payment. Unlike many transfer providers, Transfast allows you to pay for your transfer with a credit card.
How does Transfast compare to other services?
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.
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.
- 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)
You can make transfers to the following countries from the US or Canada:
- Costa Rica
- Dominican Republic
- El Salvador
- Ivory Coast
- Sierra Leone
- Sri Lanka
The pros and cons of using Transfast
- 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.
- 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.
How much can I send with Transfast?
Transfast requires a minimum transfer of $50. The maximum amount that you can send depends on a few variables, including your customer history and the details of your transfer. Frequent Transfast customers are rewarded with higher maximum transfer amounts.
Transfer limits can also vary by the receiving country. While most countries set a limit of $10,000 every 24 hours for new Transfast customers, other countries — including Bangladesh, Chile and Nepal — have a much lower limit of $1,000 or even $500.
If you attempt to send more than the maximum transfer, you’ll see a message in red.
Transfast reviews and complaints
Transfast gets reviews on TrustPilot, with a 3.5 out of 5 TrustScore as of October 8, 2020. You will find a smattering of negative reviews, but each one seems to be followed up with a solution by a Transfast team member.
If you need help with a transaction, you can send a message through its online form or call 888-973-6383.
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.
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.