London-based start-up TransferGo, active in Romania as of last summer, became very quickly appreciated as low cost international online money transfer company. In the last year, over 15,000 Romanians sent money through TransferGo, many of them being migrants working abroad who managed to save up to 90 percent of their transfer costs.
This considering that over 3 million Romanians chose to move and work abroad, Romania becoming the forth country in EU based on the number of migrants, according to United Nations’ International Migration Report 2015. Most of them leave to work abroad in order to support financially the rest of the family remaining in the country.
“TransferGo is dedicated to help the migrants support their families because the company was founded by migrants themselves. Here at TransferGo we are proud to help hard working migrants who need this help the most”, Daumantas Dvilinskas, CEO & Co-Founder of TransferGo declared on Thursday in a press conference in Bucharest.
If bank competitors have an average transfer fee of GBP 10, TransferGo has a fixed transfer fee of GBP 0,99 for money delivered the next business day, GBP 1,99 for money delivered on the same day and GBP 4.99 for money delivered in just 30 minutes. Also, with TransferGo the recipient will receive the exact amount that was booked by the sender, no matter the currency fluctuations, and the exchange rate from TransferGo is extremely advantageous compared to that of the banks.
TransferGo’s innovative system is simple but very effective – local in-local out or sending by not sending. This way the sender makes a local transaction into TransferGo bank account from the same country and the company pays out locally into the bank account of the recipient in the destination country.
However, the Romanian community faces currently uncertainty after Brexit which has a major impact on all migrant communities on this territory.
TransferGo, the fastest low cost international online money transfer company for migrant workers, has turned the start-up into a business of over EUR 280 million worth in transactions between 44 countries since 2012, Romania being one of the main markets for development.