Transfast Reviews

All the useful information that you need to know before sending money with Transfast!

4 stars based on 2515 reviews

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Overview

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 direct-to-bank network, and it offers 200,000 cash payout points across 120 countries.Benefits of Transfast:
  • 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

Exchange Rate IQ’s Review of Transfast

Overall rating
8 /10

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.

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.

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

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.

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.

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.

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 User Reviews and Ratings

reviews powered by trustpilot

The worst experience ever.

Review published ago

The worst experience ever. They cancel my transaction - reason being, their source said that money cannot be delivered so we cannot do anything. I do not care who your source is. I trusted you and you failed that trust. After multiple calls all the people in customer service have the same answer, their source could not deposit money. It is your source not mine. I did not choose your source. Here is how they are making money; every time you make a transaction they earn interest first by taking 3-5 business days to deposit and then they cancel your transaction and take another 6-7 business days to refund. Imagine millions of dollars and their fees. The worst, avoid it there is no if you can or they are going to run away with your money.

by Aaron

The worst experience ever.

Review published ago

The worst experience ever. They cancel my transaction - reason being, their source said that money cannot be delivered so we cannot do anything. I do not care who your source is. I trusted you and you failed that trust. After multiple calls all the people in customer service have the same answer, their source could not deposit money. It is your source not mine. I did not choose your source. Here is how they are making money; every time you make a transaction they earn interest first by taking 3-5 business days to deposit and then they cancel your transaction and take another 6-7 business days to refund. Imagine millions of dollars and their fees. The worst, avoid it there is no if you can or they are going to run away with your money.

by Aaron

My bank account was just hacked…

Review published ago

My bank account was just hacked using TRANSFAST. I first noticed today and found that some one had deposited .06 cents , then .07 and then a withdrawal of $200 the following day. I recently used a paper check at a nail salon that had been in my wallet for a number of years, and the fraud began on that day. I really feel that someone used all the information on that small piece of paper to rob me. I find it hard to believe that a valid security system was in place the day that these transactions were made. What are the security questions being posed that validate both recipient and sender? DOB, Last 4 digits of ss, the name of your first cat. Shouldn't a transaction of a few cents to an account and then a withdrawal of a much larger amount raise any flags? I did report this fraud to both my bank and TRANSFAST. I will have to wait for the transaction number to be posted before TRANSFAST will even listen to me even though I offered all my personal information as well as insisting that I do not have any account with them and have never authorized any monetary transactions through them .Certainly, they would be able to track down the person that committed the fraud just by virtue of all of the information that I provided. Something very wrong here.

by Leone Crawford

My bank account was just hacked…

Review published ago

My bank account was just hacked using TRANSFAST. I first noticed today and found that some one had deposited .06 cents , then .07 and then a withdrawal of $200 the following day. I recently used a paper check at a nail salon that had been in my wallet for a number of years, and the fraud began on that day. I really feel that someone used all the information on that small piece of paper to rob me. I find it hard to believe that a valid security system was in place the day that these transactions were made. What are the security questions being posed that validate both recipient and sender? DOB, Last 4 digits of ss, the name of your first cat. Shouldn't a transaction of a few cents to an account and then a withdrawal of a much larger amount raise any flags? I did report this fraud to both my bank and TRANSFAST. I will have to wait for the transaction number to be posted before TRANSFAST will even listen to me even though I offered all my personal information as well as insisting that I do not have any account with them and have never authorized any monetary transactions through them .Certainly, they would be able to track down the person that committed the fraud just by virtue of all of the information that I provided. Something very wrong here.

by Leone Crawford

I had to give 1 star

Review published ago

I had to give 1 star, if I could give negative stars I probably would. This is not the app to use to send emergency money. I sent my wife money for my son to get his baseball uniform before it was to late because I was out of town for work. I've returned home after 5 days and she still hasn't gotten the money. When talking to customer service the money will be released tomorrow but I still have to wait 3 to 4 days for it to be given to me based on my bank.thats a total 8 to 9 days. That's crazy. I suggest you guys using Venmo or paypal, they are within min transfer apps.

by monique futrell

I had to give 1 star

Review published ago

I had to give 1 star, if I could give negative stars I probably would. This is not the app to use to send emergency money. I sent my wife money for my son to get his baseball uniform before it was to late because I was out of town for work. I've returned home after 5 days and she still hasn't gotten the money. When talking to customer service the money will be released tomorrow but I still have to wait 3 to 4 days for it to be given to me based on my bank.thats a total 8 to 9 days. That's crazy. I suggest you guys using Venmo or paypal, they are within min transfer apps.

by monique futrell

cambio erróneo y no devuelven el dinero

Review published ago

Envié 2,965 dólares a España, me dijeron que el cambio estaba a 0.85 y eso es lo que pone en el recibo que tengo. Si multiplicamos 2,965 dólares por 0.85 me deberían haber llegado 2,520.25 euros. Pero solo me llegaron 2,508.98 euros, eso quiere decir que faltan 11.27 euros. Llamé a atención al cliente y me dijeron que les mandara el ticket por email para comprobar el tipo de cambio. Así lo hice pero nadie contestó. Volví a llamar y me dijeron que iban a hablar con el supervisor y me devolverían la llamada. Nadie me devolvió la llamada. Considero que me han engañado y además atención al cliente está ignorando mis emails y llamadas. No recomiendo a nadie que use transfast, te dicen un cambio y luego te aplican otro.

by Lucas

cambio erróneo y no devuelven el dinero

Review published ago

Envié 2,965 dólares a España, me dijeron que el cambio estaba a 0.85 y eso es lo que pone en el recibo que tengo. Si multiplicamos 2,965 dólares por 0.85 me deberían haber llegado 2,520.25 euros. Pero solo me llegaron 2,508.98 euros, eso quiere decir que faltan 11.27 euros. Llamé a atención al cliente y me dijeron que les mandara el ticket por email para comprobar el tipo de cambio. Así lo hice pero nadie contestó. Volví a llamar y me dijeron que iban a hablar con el supervisor y me devolverían la llamada. Nadie me devolvió la llamada. Considero que me han engañado y además atención al cliente está ignorando mis emails y llamadas. No recomiendo a nadie que use transfast, te dicen un cambio y luego te aplican otro.

by Lucas

Great experience, seamless, easy to use

Review published ago

I had a great experience using Transfast., The website was easy to use, and I was able to setup my transaction in less than 10 mins. The document upload process was also easy to use. Overall, my experience using Transfast, this was my first time, was the best among all other money transfer services that I've used in the past.

by suranjan

Personal details compromised using transfast

Review published ago

It’s horrible to use transfast. Customer service is a joke and they kept on asking my personal details. Seriously, do I need to answer whom and why I transfer to complete the transaction. I’m surprised how a finance service calls multiple time to ask personal information like bank account last 4 digits, your address, past address, security questions, DOB and your relation with the receiver. Customer service representative was extremely rude and threatened to cancel the transaction if you don’t share all the information.

by Charumathi Ananthavel

Money that never deposited

Review published ago

My friend from the US sent money to my TD Canada bank account last May 18. She used Transfast. Money is expected to be deposited to my account today May 23. The day before (May 22),my friend who is the sender received confirmation saying Money transfer is completed. So i waited on May 23 but money was never deposited. I chatted with 3 Transfast representatives, with the first 2 representatives not giving me any answer why fund is not yet deposited. Finally the 3rd representative talked to me and said all information is correct. So i asked why my sender friend received an email saying that the branch code is incorrect. The email to my friend and my chat were happening at the same time. I told them we gave the right branch code and i just double checked it again as we speak. And he just said sorry they already cancelled the transaction. Seriously? They cancelled it today which is the expected day of arrival of fund! We felt that they intentionally cancelled it while we were talking to them because we were already impatient. Why will they cancel it when the branch code is correct and today is the expected day? Their representatives are in Marikina, Philippines and all pinoys. I even took screenshots of them and our conversation. So frustrating but Im not taking this sitting down, i’ll make sure they will be held accountable for the inconvenience. They said they will return the sender’s money after 5-7 banking days. Hassle! I even have proof of them telling me all the information is correct and yet they cancelled it.

by Lucky

I wish if there was less than a star to…

Review published ago

I wish if there was less than a star to rate them...The company is legit BUT it should be called TransSlow. Unexperienced people on customer service that will only make your experience harder and harder... If you want to lose your time and energy then you're in good hands!

by Ramy Rashid

Worst transfer company to send money…

Review published ago

Worst transfer company to send money from the USA to India that I used so far. The money will deducted for sure though your transaction has been cancelled by their own team and they will not talk about it when calling and informing about cancellation. I was charged overdraft fee as i moved money from my bank account as they said they cancelled the transaction. But they deducted money, my balance went negative and paying overdraft feed. Customer care is like not caring much of what you speak, they keep repeating of what they do and keep calm for a long time.

by Chocolate-1

recipient has not received…

Review published ago

recipient has not received anything!!!!!! I did my first transfer using transfast and after delay of several days it showed that transaction is complete now but the recipient bank account has not been credited with the money. This company is TERRIBLE, money transfer has no reason to be so complex in this day and age. I won't use it again.

by Emily Gilliland

poor service

Review published ago

poor service. Hold money longer than promised, every time I need to talk to an agent to get it released,They are earning interest by holding funds longer.

by saumik gupta

Not reliable took money from card and…

Review published ago

Not reliable took money from card and cancelled transaction

by Ali Snow

Garbage

Review published ago

I sent 300 dollars to my cousin in nigeria and was asked for bank statement and id....for ONLY 300 BUCKS? REALLY?? First they told me to send this documentation within 4-8 hours or else they would cancel my transaction. They charged my debit card and thought I would just automatically be refunded as soon as they canceled the transaction. Thank goodness I chatted with them online two days later. On that Saturday night, I online chatted with them and they said the transaction is still in limbo unless I send them the documents. I told them just cancel it. So FINALLY they did after two days. I wish they told me in their email to call them to cancel the transaction instead of saying that it would be canceled after 4-8 hours of not getting the documents! Finally I got my refund today after 3 business days. Its amazing how a company can take 3 seconds to take your money but takes 3 days to give it back! These remittance companies are such a joke! Even moneygram and western union! Its MY MONEY and I should be able to send it to WHOEVER I want to!

by Susan

Below poor service and pathetic customer service

Review published ago

I wish I could give zero. I sent money which they put in review I am not sure what was the review for because I used the same account details which I was using earlier. I waited 2 days and then cancelled the transaction when I cancelled, I checked the money was not deducted from my account but after cancellation they deducted it. If the details were not verified than why the money got deducted. Now when I called, they said I should get my money back in 5-7 business days. So ultimately I am not able to use my own money for 10-15 days. I would highly recommend not to use Transfast at least in case of emergency or need. They can put your transaction on hold or deduct it whatever they can do. And on the end, the customer care - they also talk like there is no option etc. Also the rating which they have received is from past but in recent if you see than most of them are 1 star.

by Suresh Kumar

I would like to follow up on my …

Review published ago

I would like to follow up on my transaction Jazz Aquino

by Jazz Aquino

A totally unreliable service

Review published ago

A totally unreliable service. You never know whether the money they take from your bank will be sent to the intendent recipient. The way it was explained to me: you entered the information, review the information and click submit, at this point the money is taken out of your account; then the ‘system’ does an automatic verification [they would not tell me what kind of verification] proprietary process; then they could decide to “Cancel” the transaction; however, the refund process could take at least 7 business days. It sounds very fraudulent to me. Why couldn’t they do their verification process before taking the money. And by-the-way, the only way I knew about the cancellation was by checking on the status. I did not get any text, call, or email about the cancellation. Their customer response time is another uncertainty. I sent an e-mail, waited 2-3 days for their reply and nothing. Then I called their number 1(888)973-6383 and was on hold for 59 minutes – I hanged up. Tried another day or two and finally was able to talk to a person that was just reading a script. When I talked to the supervisor “Jason” he was arrogant and gave me no answers as to why the transaction was cancelled, and why my money had not been refunded yet. His answer was “you agreed to our process and that is our internal process and cannot be disclosed.” Patricia

by Patricia Cofre-Stone

Pathetic customer and Tech support. Switching to other financial institutions!!

Review published ago

I am quitting transfast after using it for an year. Reason is worst and unprofessional customer / Technical support team. For one of my recepient bank account, the IFSC code changed. When I try to update the same in transfast website, transaction failed for around 5 times. On checking with customer support they advised me that my recepient account information was still using the old IFSC code and it fails to capture new IFSC code. It has been frustrating since the time I emailed customer support, because they are not even reading the problem and all they tell me is either go ahead and update the receipient account on transfast website or they keep telling me to reach out to receipient bank account instead of fixing their website as to why it was not capturing new ifsc code. I understand now why companies with good business model fail to impress customers because of unprofessional customer support teams. Sridhar

by Sri

I've been using Transfast for a while …

Review published ago

I've been using Transfast for a while now. Their website is easy to use and the money is transferred within 24 hours. Sending the same amount again is very fast to do on the website.

by Tim Webster

I like the express money transfer

Review published ago

I like the express money transfer. Money is delivered to the account within 24hours. Perfect!

by Abraham Omeyoma

I still have the same issue that I …

Review published ago

I still have the same issue that I cannot add one more new recipient at my recipient’s list. Eventhough, you kept saying you had transfer this issue to your IT management. That’s why I sent $ 50 to my old recipient instead of new recipient. I asked my old recipient to give the money to new recipient. So, I decided just use my only one old recipient then. I am glad you had raised my limits of sent money, from $ 200 to $ 350.

by Narcis Paruntu
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Transfast Transfer Process

  1. Create your free account

  2. Choose the receiving country and enter amount

  3. Enter recipient details

  4. Select product Value+ or Fastrack if offered along with Pay-In Method – Bank Account, credit or Debit card

  5. Review & Confirm the Transfer

There is also QUICK SEND option with which you will be brought to a review screen where you can edit details pulled from your previous transaction and hitting SEND NOW submits the transaction.

Transfer Type And Modes

Pay In Options

Bank
Debit Card

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed

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:- Facebook Twitter LinkedIn
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