Transfast Money Transfer Review: Rate and Transfer Time


 

If you need to send a payment to someone based overseas, you’ll be able to choose from a range of providers to find the one which suits you best. As well as looking at your regular bank, it pays to check out specialist money remittance services, and modern online alternatives.

Money transfer services use varying processes to support international payments - and take different approaches to fees and exchange rates. This Transfast review covers all the important points you need to get you started, including the fees, processing times and countries available. To help you decide if Transfast is right for you, we’ll also touch on an alternative - TransferWise, and the TransferWise multi-currency account.

Transfast money transfer rate and fees

The cost of sending money overseas with Transfast will depend on a range of factors including  the destination country and the way you want your payment to be received. Typically sending money online directly to a bank account works out cheaper than sending at an agent location, or having your recipient collect the payment in person.

To find out the Transfast fee for your specific payment you’ll need to create an account online, or call into an agent near you.

It’s good to know that the costs involved with sending money overseas don’t necessarily stop with the transfer fee. You might also pay an extra charge which is wrapped up in the exchange rate, or costs levied by your card issuer, intermediary banks, or the recipient’s own bank. If you’re paying for your transfer using a credit card, Transfast also warns that you may be liable for a cash advance fee which is payable to your card company.

Transfast money transfer exchange rate

When you choose a provider for your international payment it is important to look at the exchange rate being offered as well as the upfront transfer fee. That’s because it’s common to find an extra charge added in the form of an exchange rate markup. Here’s what the Transfast terms and conditions say about currency conversion:

“TRANSFAST and its "Payer Correspondents" (defined below) will usually make a profit when a transaction is contracted in one currency, and the underlying funds are paid out to the beneficiary in another. Such profit is realized based on the difference between the exchange rate at which TRANSFAST buys foreign currency and the exchange rate provided to you.”

What this means is that Transfast will take the mid-market exchange rate - the one you find on Google - and add a markup to create the rate that is offered to customers. This is not unusual - but it does make it hard to see exactly what you’re paying for your transfer. If you’d rather send money with the real mid-market exchange rate, and a simple, transparent fee, check out TransferWise.

How long does an international transfer with Transfast take?

If you’re sending money directly to a bank account Transfast can not say exactly when your payment will be received, as the process relies on the recipient’s own bank. Here’s the section you need from the Transfast terms and conditions:

“By sending an international wire transfer, you understand that we have no control over how or when the funds are received or processed by the foreign beneficiary bank and that it could take up to one month or longer for the wired funds to be processed by the foreign beneficiary bank.”

All that said, most international wire payments will arrive within a few days, and you can track your transfer on the Transfast website by logging into your account and entering your transaction number. If you’re sending a payment which will be collected in person, you’ll be able to ask the agent who sets up the transfer when the money will arrive.

A cheap and transparent alternative: TransferWise

If you want a simple way to send money online with the real mid-market exchange rate, you need TransferWise. TransferWise payments are all made using the same exchange rate you’ll find on Google - and just a low, transparent fee per transaction. You’ll be able to send money all over the world, with transfers delivered into your recipient’s account directly for convenience.

And if you need to send and receive international payments regularly, you could benefit even more from the TransferWise multi-currency account. Accounts are free to open online, with no minimum balance or monthly charge. You can hold and send payments in dozens of currencies, and receive money for free using local bank account details for major currencies including USD, GBP, EUR, AUD and NZD. Spending is easy too - make ATM withdrawals with your linked debit card, and shop in any currency wherever you see the Mastercard logo.

How does an international transfer with Transfast work?

You can send money online with a Transfast account, or find an agent location near you, to make a payment in person. You’ll be able to send your transfer directly to your recipient’s bank account, or have them collect it at an agent near them. Not all services are available in all destination countries, though - create an account, or visit a local agent to check if your country is covered.

What are the currencies that Transfast supports?

Transfast supports payments to a range of countries around the world, including India, the Philippines, Pakistan, Bangladesh, Nepal and Uganda. To check if your country and currency are supported, you can contact Transfast directly using the contact details below.

Transfast money transfer locations

To find your most convenient Transfast money transfer location, call the service team on +1 888 973 6383.

Do some research before sending your international transfer, to make sure you’re getting the best available deal for your payment. As well as looking at Transfast, check out TransferWise as a fast, reliable and cheap way to make cross border payments all over the world. You might find you can save.

Disclaimer: This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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