Transfast Review 2019

4 stars based on 2707 reviews

Send Money To Rate
USD PHP ₱ 48.88
USD MXN $ 19.01
USD INR ₹ 70.32

Transfast Review by Exchange Rate IQ

Overall rating
8 /10

At Exchange Rate IQ, we provide an upfront review of “top international money transfer companies” which are assembled after performing complete research on the company and its services, customer satisfaction as well as reliability. So, here is an independent review of Transfast which has been providing its services from the past 25 years and offering competitive rates.

Transfast is an international money transfer company with headquarters in New York. It is a provider of multi-currency, cross-border payments solutions for consumers and businesses around the world. Remittances are processed through the direct-to-bank network, and it offers 200,000 cash payout points across 120 countries. Benefits of Transfast are:

  • High Locked-in Online Exchange Rates
  • Low Transfer Fees
  • Guaranteed Security
  • 100% Money Back Guarantee
  • Choice in Payment Options
  • 24/7 Phone and Online support

Review of Transfast :

Transfast, a New York based service of parent company WyndPay is in business for 29 years and with it’s A+ rating on BBB it has more than 7 million customers trusting its services.

Transfast provides comparable exchange rates for service fee between 0 and 7.99 USD. It offers remittance from US and Canada to 50+ countries with payout option of bank deposit, cash pickup and more. Where available use it’s Value+ product to get best rate and use Fastrack to get instant delivery.

Just like its services are available 24/7 over website and mobile apps it has 24/7 customer support via email, phone and chat.

It employs best in class security so stay worry free about your personal data.

Overall we rate Transfast 8 out of 10.

Pricing : How much does Transfast cost?

8 /10

Transfast sets its money transfer rate once a day. The rate offered to you when you begin transaction is locked in until transfer is complete. Exchange Rates offered by Transfast are comparable to other remittance service providers.

Fees charged by Transfast for money transfer services range from absolutely nothing (FREE) to 7.99 USD. Fee is charged based on option you choose like country you are sending to, how you want recipient to receive money, if you are using bank account or credit card, speed you are expecting etc. Cheapest option is Value+ service for free and most expensive one is Fastrack service for 7.99 USD (see transfer speed review for details on these services).

Even though Transfast offers free transfers to most popular corridors other corridors are charged flat fee of 4.99 USD.

Below is summary of fees Transfast charges for it’s popular corridors

Value+
  • 0 USD to Ethiopia, Gambia, Ghana, India, Kenya, Mexico, Nigeria, Philippines and Senegal
  • 2.99 USD to Israel
  • 4.99 USD to Bangladesh
Fastrack
  • 2.99 USD to Israel
  • 4.99 USD to Ethiopia, Gambia, Ghana, Kenya, Mexico, Nigeria and Senegal

Transparency: Does Transfast have any hidden fees?

7 /10

Transfast is very transparent on its exchange rates and fees. your exchange rate is locked in once you begin the transaction and are good until funds are released to recipient. Fees transfast charges is clearly shown on transaction and is updated with every option you choose. The total amount you see on your transaction is what you pay, not a penny more.

Transfast Tracking

When it comes to transparency on transfer speed Transfast has opportunity to improve. Even though transaction shows how long it may take for funds to be released it does not show if transaction has flags which could delay the processing. But one should note Transfast do provide email and SMS alerts for transaction tracking.

Transfer Speed: How long does it take to send money through Transfast?

7/10

Transfast has variable transfer speed. For qualified transaction funds can be released in few minutes. But to get fastest delivery you have to have your and your bank information validated before hand. Your first transaction may take 3 -5 days, but once sender and receiver validated your transaction can be cleared in a day or less.

Many users on review sites complain about Transfast speed but one must know as with any financial institution in US and Canada Transfast is bound by laws to prevent fraud and funding for illegal activities. For this reason some transactions could be placed on hold for manual review. Having at least one traction completed between sender and receiver with Transfast helps fast delivery when in rush.

Transfast transfer speed is also dependent on how fund is released to recipient. With bank deposit option funds could be released to many banks instantly, if not instantly most bank deposits happen in few hours.

Value+ Vs Fastrack Transfers

Transfast offer two products for select corridors, Value+ and Fastrack with different transfer speeds. Fastrack gives you the fastest delivery method and Value+ gets you best rates possible. These products deliver more value for money by letting you choose if your need is for savings or emergency. Here is comparison of these two services,

Value+ Fastrack
Fees starts from 0.00 USD Fees starts from 4.99 USD
Best exchange rate offered by Transfast Exchange rate is lower than Value+
Good to use when in no rush Good to use when need quicker delivery
Delivery in 3-5 business days Instant to 24-hour delivery
Pay in options - bank account only Pay in options - bank account / debit card
Available to 11 countries - Bangladesh, Ethiopia, Gambia, Ghana, India, Israel, Kenya, Mexico, Nigeria, Philippines and Senegal Available to 8 countries - Ethiopia, Gambia, Ghana, Israel, Kenya, Mexico, Nigeria and Senegal

Coverage: How many Countries & Currencies does Transfast support?

6/10

With Transfast one can transfer money from US and Canada to 50+ countries in Americas, Asia, Africa, Europe and Australia. Transfast is licensed to operate in 37 states in US and 7 provinces in Canada. Even though Transfast offers money transfer on world’s leading corridor it still has plenty of opportunity to grow. As United Kingdom, Saudi Arabia and United Arab Emirates are among top outbound remittance countries large customer base is left out on Transfast.

Transfast also allows transferring money to charity in select countries but there is no clarity which charities and countries transfer is permitted.

Transfast Transfer Process

Send money at lowest remittance cost with Transfast

  1. Go to Transfast website.

  2. Select the country where you want to send the funds and write the amount.

  3. You will get the exchange rates of both Value+ and Fastrack as well as transfer fees.

  4. Click on “Get started” and enter your email in the box given below.

  5. Enter all the details of yours and recipient.

  6. Enter your bank as well as debit and credit card details.

  7. Recheck and submit all the details.

  8. After selecting the way of transfer confirm transfer.

  9. You can further track transfers on your dashboard.

Send money with Transfast

Transfast send money to Philippines

The company offers super transfer rates and lower fees for sending money to the Philippines both from USA and Canada. However, it only offers Value+ option for the Philippines and you cannot transfer it through Fastrack option. The minimum transfer fees that you need to pay for transferring money is $0 if paying with the bank, but you need to pay fees if you are transferring money using debit or credit card.

The amount will be reached to recipient’s account in 3-5 working days at a lower cost and high transfer fees compared to most of the banks.

Transfast Canada to India

Transfast worldwide money transfer offers money remittance from Canada and the USA to more than 125 countries out of which India is one of the top countries where the remittance rate from Canada and the USA is high. The company offers value+ transfers to India to most of the banks. The amount transferred will reach the recipient within 3-5 working days. The company allows you to send a minimum of $50 and maximum $1,000 to India from Canada.

Send money to Nigeria with Transfast

Transfast is one of the oldest money remittance companies which is offering its services for more than 25 years with the most competitive exchange rates. Its services are also available in Nigeria, where you can send fast money through its Fastrack services or when there is no emergency, you can send money through Value+ which has lower transfer fees comparing to Fastrack service.

In Value+ transaction you have to pay with bank account only, while in Fastrack transfers, you can make the transfer with a bank account or debit card.

User experience of Transfast

8/10

Transfast is available to customers through its pretty responsive website. You enter the recipient country and amount to remit and exchange rate is presented to you with zero clicks. User sign up is pretty easy too. Transfast offers it’s customer Android and iOS apps as well (please check links at the bottom of this review). One thing I didn’t like on mobile apps is one has to sign in before using or just checking exchange rates on mobile apps (you don’t have to do that on Exchange Rate IQ’s Android App and an iOS App). Transfast website as well as mobile apps allow you to add funding account details instantly with what they call ‘Instant Add’. This feature allows you to login to your bank account and Transfast will pull required details.

Transfast Customer care

When it comes to customer satisfaction Transfast has 24/7 Customer Support via phone, email and chat to address your concerns. Transfast also provides 100% money back guarantee if transaction doesn’t go through. It also has email and SMS alerts for transaction tracking.

About payment convenience Transfast accepts payments from Checking accounts, Visa or MasterCard Debit/Credit cards. Sorry Savings and Money Market account holders, American Express and Discovery card holders as well as crypto currency holders, these are not accepted by Transfast. Bank deposit and cash pickup are it’s widely popular payout options. But for it’s Philippines customers Transfast also offer home / office delivery, cash cards and bill payments.

For user experience we rate Transfast 8 out of 10. We would have given Transfast higher score only if it’s customer had clear insight in its transaction hold and review process.

Security : Is Transfast Safe?

10/10

Security and data privacy are two of the most important factors consumer is worried about in this cyber age. Transfast secures your data by using industry standard SHA2 256 bit encryption technology. Transfast uses Norton security certificates, most trusted security certificate provider. Transfast claims to have physical security equivalent to banks and security practices are monitored and verified by TRUSTe and VeriSign. Transfast has a 24/7 Built-in Transactions Monitoring, if transaction triggers fraud alert a transaction gets placed on hold until Transfast agent verifies transaction with customer over phone or through email. They also ensure customer is using their own account on which they have authority to transfer funds.

We believe with physical and digital security controls equivalent to banks Transfast deserves 10 out of 10 for this category.

Transfast Exchange Rate

Transfer Type And Modes

Pay In Options

Bank
Credit Card
Debit Card
Cash Card

Pay Out Options

Bank
Cash Card

Service Mode

 Online

Exchange Rate Type

Fixed

Transfast FAQ's

What is the minimum and maximum transfer limit of Transfast?

You can transfer minimum of USD $50 and maximum up to USD $10,000 or equivalent amount in other currencies at a time. You can send more than USD $10,000 and for this you have to provide your driving license, Social Security Number and Proof of Income to the company.

Discuss this question

Can I transfer funds using debit card and credit card at Transfast?

Yes. You can transfer funds through Transfast using your own debit as well as credit card, but that may attract higher fees compared to the one which you are paying while transferring through a bank account.

Discuss this question

Can I make business transfers through Transfast?

The company does not offer business transfers to its users. You can only make personal account and do the personal transfers.

Discuss this question

Can I cancel my transaction on Transfast app or website?

Yes, you can cancel your transfer directly from app or website without contacting the support team. The company will make refund of your money in the next 5-7 working days, but that amount will take another 24-48 hours to be available in your account.

Discuss this question

Alternatives to Transfast

Transfast User Reviews and Ratings

reviews powered by trustpilot

Is there a zero star review?

Review published ago

Is there a zero star review? Crap company clearly. They supposedly verified my account and sent me a confirmation that my money transfer was being initiated, and then cancelled the transfer within the hour. When I called today to inquire why they asked me for all of my personal information, which was correct and then told me they had to cancel it for "security reasons", that they were unable to verify my account, and that my account was deactivated and I'd be unable to use it to send money again. When I asked why it couldn't be verified they gave me another canned "security reason" response. When I asked to speak to someone who knew what they were talking about they put me on hold and never picked up the phone again. This is probably some sort of data collection scheme. Don't waste your time.

by Mayda del Valle

Is there a zero star review?

Review published ago

Is there a zero star review? Crap company clearly. They supposedly verified my account and sent me a confirmation that my money transfer was being initiated, and then cancelled the transfer within the hour. When I called today to inquire why they asked me for all of my personal information, which was correct and then told me they had to cancel it for "security reasons", that they were unable to verify my account, and that my account was deactivated and I'd be unable to use it to send money again. When I asked why it couldn't be verified they gave me another canned "security reason" response. When I asked to speak to someone who knew what they were talking about they put me on hold and never picked up the phone again. This is probably some sort of data collection scheme. Don't waste your time.

by Mayda del Valle

The worst money transferring service I…

Review published ago

The worst money transferring service I have ever used. They accidentally canceled my transaction because they thought I was sending money through a savings account. Then they were telling me to send a screenshot of the current bank account online activity with my name on it when I already submitted the bank statements. Also this time I tried using my card and they are still asking the bank statement info. Horrible horrible I will never set this bogus transfer system.

by Iresha Anderson

The worst money transferring service I…

Review published ago

The worst money transferring service I have ever used. They accidentally canceled my transaction because they thought I was sending money through a savings account. Then they were telling me to send a screenshot of the current bank account online activity with my name on it when I already submitted the bank statements. Also this time I tried using my card and they are still asking the bank statement info. Horrible horrible I will never set this bogus transfer system.

by Iresha Anderson

Transfast is a crap money transfer…

Review published ago

Transfast is a crap money transfer service when it comes to a 'fasttrack' transfer. Usually their normal timeline is higher than others and I don't have a problem with them. This time I needed the money in my India account at urgent basis & I compromised with the transfer rate (lower than normal mode) being under impression that the '24Hrs' is what they are committing to. However I did not receive the money and when called the customer service, they told Saturday is not considered in their business calendar (why don't you tell me that while making the transaction) and when I told Xoom deposited money on Saturday, they person told we work under a different policy. Just know my bank in India allows deposits on Saturday. On top of that when you make a transaction, an agent will call you every time and in the name of security, they ask you all personal & financial details over phone - why the hell you have a website then, start a telephonic service.

by Sayan Ghosh

Transfast is a crap money transfer…

Review published ago

Transfast is a crap money transfer service when it comes to a 'fasttrack' transfer. Usually their normal timeline is higher than others and I don't have a problem with them. This time I needed the money in my India account at urgent basis & I compromised with the transfer rate (lower than normal mode) being under impression that the '24Hrs' is what they are committing to. However I did not receive the money and when called the customer service, they told Saturday is not considered in their business calendar (why don't you tell me that while making the transaction) and when I told Xoom deposited money on Saturday, they person told we work under a different policy. Just know my bank in India allows deposits on Saturday. On top of that when you make a transaction, an agent will call you every time and in the name of security, they ask you all personal & financial details over phone - why the hell you have a website then, start a telephonic service.

by Sayan Ghosh

I have not had any problems from this…

Review published ago

I have not had any problems from this company with my transaction. Their efficiency outdoes all their competitors. Would definitely recommend to friends and loved ones.

by Bertha K.

I have not had any problems from this…

Review published ago

I have not had any problems from this company with my transaction. Their efficiency outdoes all their competitors. Would definitely recommend to friends and loved ones.

by Bertha K.

Worst ever money transfer company

Review published ago

Do not even try to send money through this they have worst customer service and they don’t know how to treat there customer they don’t deserve even one star They giving you all rubbish resign not to do there job

by Yogiraj Patil

Very safe and trustworthy

Review published ago

Very safe and trustworthy company like using this company

by Amy Cartwright

I have used it once and I had a good…

Review published ago

I have used it once and I had a good experience. The amount got delivered in five days time (as estimated) without any extra fees.

by Namitha Pradeep

Slow service

Review published ago

Email received before transaction is over They are slow, sometimes they don't do anything for days and when you call them they say security issue and clear the security issue when you call. It is ridiculous how they slow process this whole thing

by Aaditya

Excellent

Review published ago

like it ! Good service!

by Pijush

Ridiculous and Frustrating

Review published ago

I got to know why xoom, Ria and others have grown like anything. Will never transfer with transfast again. It let me believe that ancient age hasn’t gone yet. So many days to receive fund. Oh my god, ridiculous and frustrating

by Animesh Ranjan

My experience with Transfast.

Review published ago

My experience with Transfast has been amazing. They got the money there when they said they would. They were very transparent and dependable. I told all my friends about Transfast and from now they have agreed to change from other money sending business to Transfast. I am very pleased with the service of honesty, integrity and reliability as provided by Transfast.

by Cletus Agbo

Sometimes money transfer LATE

Review published ago

Sometimes money transfer LATE. You're will prefer same day short time.

by Qamar Awan

Not to be trusted with transfer options provided

Review published ago

worst experience. Opted for fast transfer but they changed to value+ which takes 3 to 5 business days. Wouldnt have initiated the transfer if i know that they would change the terms during transfer.

by Anil

Like Transfast

Review published ago

It's my pleasure to review Transfst, One of the best remit service I have seen. I have tried many other services, but I received an email from my bank (The Federal bank) to choose Transfast, very competitive because I opt the Value+ option. Thank you Transfast Team.

by Shihab

The recipient better not need the money for 2 weeks if it’s your first transaction

Review published ago

Set everything up on a laptop and cellphone, and connected my bank account in the bank account of my recipient. I Pressed “send“ on a $51 transfer, and got a confirmation that it was successful. 10 minutes later I get an email saying it had failed. I called customer service and they told me I had to wait 4 more days and then try again. They said the problem was probably with the receivers bank account. The receiver was my wife. I called our bank and there was no problem on our end. I just wanted to test the service with a smaller transfer before sending a larger amount to her father overseas. Seems Transfast takes a long time before they decide to trust you, and if you have a failed transaction, then the agent told me that they won’t process it again for at least a week when it’s your first one. My advice is don’t try to use this service unless you’ve got a minimum two week lead time on your first transaction. seems Transfast takes a long time before they decide to trust you, and if you have a field transaction they won’t process it again for at least a week - at least when it’s your first one! (At least that the explanation I got from their customer service)

by Lg

Pretty cumbersome and outdated…

Review published ago

Pretty cumbersome and outdated verification process and slow refund times. While others have moved on to online verification, these guys are still stuck in the 90s wanting a scanned copy of everything. Also They probably make money out of the time they keep my money stuck during the refund process as they say it takes 7-10 business days for a refund when it should take max 2 days.

by Harsh L

Transfast has very poor service

Review published ago

Transfast has very poor service, very slow and the person asking a question for verification she very rod and you cannot guarantee that your family will receive the money even you pay extra for fast transfer. Will never recommend transfast and will never do any transaction again

by 8643444755

Worst service, no guarantees

Review published ago

Worst service, money never gets on time. I have tried xoom, transferwise, remitly and other known services and my experience with Transfast is the worse

by Amit

Awesome

Review published ago

Awesome , fast , reliable and trustworthy . will go for it all the times

by vikas rajabhoj

The entire experience was very smooth

Review published ago

The entire experience was very smooth. I will recommend everyone who wants to send money to Pakistan to use TRANSFAST. Sometimes rates are a bit low which I think TRANSFAST should improve.

by Fahad
show more >>

Compare Transfast With Other Money Transfer Companies

Transfast Company & Contact Info

Address:- Worldwide HQ, 44 Wall Street, 4th Floor, New York, NY 10005, USA
Email:- [email protected]
Phone:- 1-888-973-6383
Social Links:- Exchangerateiq Facebook Link ExchangerateIQ Twitter Link Exchangerateiq Linkedin Link
Apps
// //