Transfast Reviews 2019

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

4 stars based on 2542 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

They say i didnot pass their initial…

Review published ago

They say i didnot pass their initial verification still they charged my account. while other services take half-hour to one day for refunds they said it will appear in my account again in 5- 7 days. It's already on my posted transaction. Don't use this service. Customer service is very bad.

by Terrence Sutton

They say i didnot pass their initial…

Review published ago

They say i didnot pass their initial verification still they charged my account. while other services take half-hour to one day for refunds they said it will appear in my account again in 5- 7 days. It's already on my posted transaction. Don't use this service. Customer service is very bad.

by Terrence Sutton

Trustable and on time

Review published ago

Trustable and on time when you use their fast track service!! Rates are competitive as well.

by vineesh t vijayan

Trustable and on time

Review published ago

Trustable and on time when you use their fast track service!! Rates are competitive as well.

by vineesh t vijayan

Fast, reliable, and good rates

Review published ago

I was referred to Transfast by an Aunt, and I’m just mad she didn’t tell me about them earlier. The rates are good, the transfer times are quick. Done quite a number of transfers to them and sometimes, it was a matter of hours or even less than an hour for the money to show up in Nigeria. Their customer care are also very responsive without sacrificing security. I’ll recommend them to anyone trying to send money to Africa.

by Chinomnso Obiora Awazie

Fast, reliable, and good rates

Review published ago

I was referred to Transfast by an Aunt, and I’m just mad she didn’t tell me about them earlier. The rates are good, the transfer times are quick. Done quite a number of transfers to them and sometimes, it was a matter of hours or even less than an hour for the money to show up in Nigeria. Their customer care are also very responsive without sacrificing security. I’ll recommend them to anyone trying to send money to Africa.

by Chinomnso Obiora Awazie

It took too long to send my money

Review published ago

It took too long to send my money. I will not use this service again

by Dan Beiler II

It took too long to send my money

Review published ago

It took too long to send my money. I will not use this service again

by Dan Beiler II

Very satisfied

Review published ago

My experience with transfast is been very quick and efficient. My first time I sent money, I chose the wrong plan. But now I don't have any problems with their services. Very reliable and very efficient service. I'd refer my friends and family. Thank you for your service.

by Edwin Munyan

Fast transaction

Review published ago

Fast transaction

by Paresh

Best Money transfer Service

Review published ago

Best Money transfer Service

by Manoj Bondugula

Excellent service at reasonable prices

Review published ago

Excellent service at reasonable prices, you can depend upon TransFast to do it right every time!!!

by David Gatling

Consistently best rate, but takes a little more time

Review published ago

Transfast gives the best rate consistently. There is no transfer fee or hidden fees. The transfer takes more time than all other services known to me, but I can wait for getting a better rate. Adding recipients and funding sources is also very easy and the website is easy to navigate too. I love Transfast and use their service as much as possible.

by Chitralekha Chakraborty

Amazing exchange rates

Review published ago

Amazing exchange rates with no transaction fees.. can be trusted and used if you can wait to send money within 3-4 days

by Chandan Jhalani

Excellent service to send money abroad

Review published ago

Excellent service to send money abroad. Their system is convenient, their service is fast and their support is reachable. Thank you

by Shahzad Yaqoob

i have had a great experience ,with…

Review published ago

i have had a great experience ,with your service , been very pleased with your service , i have used other money transfer service,s .but this one has been the best i have used , . i will tell family and others how happy i am with your service. tell them to use your service . thank you for your great company , sincerely Joseph Lade

by joseph Lade

Tranfast is the best for sending money…

Review published ago

Tranfast is the best for sending money over sea no wait time the person receiving fast to me this company is better than the rest and the people are very good and helpful 33TF385061862

by Night

Great Service!!

Review published ago

Great Service!!

by Apurva Sonawane

Its safe and good way to send money.

Review published ago

Its safe and good way to send money

by Shabbir

Transfast has been by far the best…

Review published ago

Transfast has been by far the best choice for me to send money back. Its very fast and has one of the best exchange rates compared to other available options

by Saurav Chakraborty

Rates were not competitive nor service…

Review published ago

Rates were not competitive nor service is not fast enough so that when I initiate a transaction, I expect the funds to be delivered within HOURS not DAYS. That's why I am choosing other providers. Have a nice day.

by jojy valikodath

Super fast and excellent

Review published ago

Excellent service at great rates on currency transfers. Would love to use this service always and delfinately recommend to everyone to got for it.

by Dhaval

Great service

Review published ago

Excellent timely service. They have a good verification system. Customer support at Transfast has been very helpful and to the point. I would highly recommend the service to anyone.

by Arjun Nair

Total mess

Review published ago

Total mess. Do not trust this company. The business process is fake and will confuse you and leave you hanging. Run away from them

by Fatmata
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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
Apps