Transfast Review 82

Currencies: 20+
Regulation: FCA
Speed: 1-2 Days
Transfer Method: Bank transfer , Debit Card

Company Information

Transfast is an international money transfer service, provided by one of the industry’s leading money payments enterprises WyndPay. The company employs 700 people, with HQ in New York City, and why, and additional offices throughout the Philippines, India, the United Arab Emirates, and Mexico. Transfast is accredited by the Better Business Bureau (BBB), and boasts an A+ rating. Clients can enjoy Norton Secured™ money transfers with maximum data security and privacy controls in place.

How does Transfast Work?

Transfast makes it easy for customers to send funds abroad. This money transfer service operates in 50+ countries globally and offers customers competitive exchange rates on transactions. Users must choose the country and enter the amount they wish to send. Next, the recipient’s details are entered, as well as the payout information. This includes how the money will be received (cash pickup, or bank deposit). The final step in the process requires the sender to enter information on how to find the money transfer.

Who Should Use Transfast?

This international money transfer service is designed expressly for individuals wanting to send money abroad. The mobile friendly apps for Android and iOS confer many benefits on customers, including 256-bit SSL encryption, TRUSTe certification, and Norton security. Plus, the added benefit of 24/7 access to Transfast services is convenient to customers. A money back guarantee is part of the deal, and clients can expect a 100% refund if the money transfer is not delivered once the funds have been transferred into the account.

Personal Users

Transfast services are designed for personal users. The range of products and services include Fastrack and Value+. Each of these services provides a unique set of benefits to users, and they are available in select markets. With Value +, there are more savings to be had. The fees begin at $0 with bank account transfers, and customers can expect delivery within 3 – 5 business days in the US. With Fastrack services, these begin at $4.99 for bank transfers or debit card transactions. Delivery times range from immediate to 24 hours.

Business Users

This money transfer service is not designed for business users.

Why Should You Consider Using Transfast?

International money transfer services vary from one company to the next. With Transfast, users have several guarantees. For starters, this company is A + rated by the BBB, Norton Secured, and delivered by WyndPay. More importantly, this international money transfer service company has jurisdictional licensing across multiple countries. In the US, it is licensed in multiple states with scores of regulatory agencies. In India, the company boasts license number (CG-FFMC/088/2005). Transfast is also licensed in Canada as a Money Service Business (LLC0000280). In the UK and the EU, this company is licensed by the FCA (Financial Conduct Authority) with license #521565. Security is enhanced by way of 24/7 built-in transaction monitoring protection, bank-level security and global compliance (KYC and OFAC compliance).

How Much Does it Cost to Use Transfast?

Transfast does not explicitly list its fee schedule for money transfers on site. However, a little digging reveals the following:

  • There are different fees for each of the countries listed at Transfast. The main countries include Pakistan, Bangladesh, Nigeria, Mexico, Philippines and India. However funds can be sent to some 50+ countries listed in the drop-down menu.
  • Quick quotes are available by inputting data into the payment calculator. There are 3 blocks to enter information: Sending Money To, Send Amount, and Receive Amount. The current exchange rates will be calculated based on the prevailing rates. The amount of the transfer must be between $50 and $500.
  • The sending limits can automatically be increased as you transact longer with this company. Customers wanting to send $10,000 + will be required to provide additional documentation such as SSN numbers, passport/driver’s license/ID, and proof of income. The fees are less on larger transfers.

How Long Does it Take?

No information is provided regarding the length of time it takes to process international money transfers. There have been multiple instances of customers complaining [BC1] about transactions taking longer than bank transfers.

Transfast Customer Support

Transfast customer support and services are somewhat slow to respond. When available, the live chat function is a useful customer service resource. Other options include the online contact form where you can enter your message and submit it via email to the support team. They do their best to get back to you in a timely fashion. Other contact options include the toll-free telephone number (1-888-973-6383). For stock responses to a host of questions, the FAQ section is probably best.

 Multiple topics are addressed under the FAQ section including orientation with this money transfer service, safety and security, canceling international transfers, account management, tracking money transfers, mobile applications, transaction fees and payments, delivery and processing time et al. unfortunately, many of these categories do not address key issues such as how much the service costs, or how long it will take to receive the funds. For those questions, customer support should be consulted.

Clients Feedback

Transfast feedback on TrustPilot rate average with 3/5 stars from 2518 reviewers. The main issues relate to slow payment processing and unresponsive customer support. This money transfer service does make good on its promises to deliver funds, yet occasional delays result.

Bottom Line

Transfast is a respected international money transfer company. It is owned and managed by WyndPay which boasts many decades of experience in the industry. Further, Transfast is fully licensed and regulated across multiple US states and in several jurisdictions. It is a + rated by the Better Business Bureau, and safe and secure to use. Since the main issues relate to lack of clarity on fees and slow processing, it’s a good idea to contact customer support to gauge their responsiveness before transferring funds.

 

Pros

  • Competitive exchange rates
  • A+ rated on the Better Business Bureau
  • Fully licensed across multiple countries, states and jurisdictions
  • Ideal for personal users for transfers between $50 and $500, with increasing limits for regulars

     

Cons

  • Scant information provided on-site
  • Customer service is not very responsive
  • Lengthy delays have been reported in international money transfers