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:
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
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.
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 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 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.
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.
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.
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.
The company does not offer business transfers to its users. You can only make personal account and do the personal transfers.
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.
Don't use these guys!
Is there a zero star review? Crap company clearly. I just called them for a simple phone number update request which according to their website can be done online. But apparently they wanted me to call from my old number for the reasons they only know which they communicate to me after doing their security checks (dosen't even make any sense if was getting that reply). Apparently they refuse to change my number even after i gave them a call from my number on file. When I asked why it cant be done 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 started laughing. This is probably some sort of data collection scheme and harassment. They apparently have no customer manager's on floor, apparently if a customer wants to escalate things. The customer service people make me feel they are running department from home where they don't care what they say and moreover do what they feel like with zero escalation level in place. For employees it works best because its kind of an government job where they wont get fired ever regardless of what they do.
Transfast is the most stupid money transfer agency, I hate way you treat your customers, at first you guys blocked my account now I had to go send money through the transfadt agent, while I was sending the money they kept asking me stupid question. Why would you want to k ow the reason am sending money to my family out there. You are really meant to hurt close up the co.pany if you cant work well
Oh I hate to say this but there complaint department should be complain. I think this man I talk to on the phone was a racist. When he found out that the money was going to Nigeria. He put a hold on it and I call them becAuse I saw on the tracking it was on hold. When I talk to the complaint department he said I need to go back to the store and fill up some information and fax my ID to them. And the store who was a very nice lady, give her assistance to me. She explain to the complaint department that I know this lady and you need to release the funds and I hear it the one she talks to on the phone said, yes we will release the funds in 15 minutes. And then I thought it was okay, but when I arrived i tracked it again and I saw it was on hold again. And this man who told me to go to store fill up the application he can’t release the funds because he ask me so many questions and he said the transaction was suspicious.. suspicious of what? And he said he needs me to send him the ID of my receiver.. and I told why will I send him the ID of my receiver for I already send him my ID. Isn’t it that the bank in Nigeria should ask the receiver his ID because that is the correct procedure. My god Transfast complaint department please do your job accurately. It’s seems your like an ignorant person. Why will I send out the ID of my receiver, that is the violation of his right.. this man from the complaint department of transfast are not using his brain. If the transfast lose their customer, then the complaint department has no work anymore. Other online money transfer don’t such thing. They only send you a code and wala you can send your money all over the world. Even on bitcoin now we can send the money everyday and everywhere without asking questions. This man I talk to on the phone were so ignorant. And besides the other complaint customers says she will release the funds in 15 seconds while this man is so stupid. Now you lose a good customer.. I will go to world remit or bitcoin. Bye bye transfast.