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Transfast provides international money transfer services. The company is based in New York. However, it operates all over the world, providing 200,000 cash payout points across 120 countries. Remittances are processed through specially designed direct-to-bank network.
The whole process takes place online. Choose the destination country, fill out the recipient's information, and then send the money to Transfast and finalize the payment. They explain that: “Once we receive your order, we pass it through our fraud and security tools. Some transfers will be approved immediately and sent for payment in just a few seconds.”
The company will then take care of the whole process of transferring your money overseas. They have established a network connecting the platform to various banks and financial institutions, allowing to send money easily. They explain that: “Our proprietary payment network, consisting of direct integrations with 300+ banks and other financial institutions, enables person-to-person, business-to-person and business-to-business payments services to our partners via API, SFTP, web, and mobile product applications.”
They cover all of the popular destinations and let you send money to India, Philippines, Nigeria, or Bangladesh, just to name a few.
While the processing costs depend on the payment method, the transfer cost seems to be around $4.99 for most of the destinations. Some countries have better-established routes, and you can send money there for free like India or Nigeria, for example.
Be careful when paying for the transfer via credit or debit card, as your bank may add some extra charges for processing the payment.
The markup is set at around 1% compared to the mid-market currency rates. The customers report that the exchange rates are very competitive.
The minimum transfer amount is $50. For most of the countries, the standard sending limit is set at $10,000. There are also some countries that have a single transaction limit set much lower at $1000 or even $500, like Bangladesh, Chile, and Nepal and some of the European countries like Belgium or Germany. To send bigger amounts, you need to go through additional security measures and verification process. The company may ask you questions like why do you want to send the money there or what is your relationship with the recipient. Apart from this, you will need to provide proof of income, social security number, and passport or driver's license
Transfast is able to provide international money transfer much cheaper than most of the mainstream financial institutions, which processes the payment via SWIFT, which often adds up intermediaries to total costs. However, when it comes to the transaction speed, Transfast can take even up to a week, judging by customer reviews.
You can easily open up the account on the Transfast webpage by locating the “Sign up” button at the top of the page. You will then need to fill out your personal information and undergo a verification process.
To protect user data and secure online transaction processing, Transfast uses 256-bit encryption, which gives the same level and standard of security as mainstream banks. Moreover, they need to comply with all of the financial laws as Transfast is regulated by both state and US and Canadian government and regulatory agencies. They also comply with KYC (Know Your Customer) and Money Laundering Control acts. It’s also worth noting that they have accreditation from Norton, which you may recognize from the popular antivirus software.
The amount of positive and negative reviews is mixed, with more of them rating the platform rather good. People often complain about impolite customer support or frequent money transfer delays, especially while ordering fast delivery payment, which is supposed to be processed up to an hour, but ends up taking even a day:
"It was supposed to be transferred in a hr, it took 1 day.” ~ complains Dinesh on Trustpilot
“For the last 3 transfers I had to call customer care to release my transfer. Everytime I was told it’s because of security reasons. I have been using Transfast for close to 3 years [...] Atleast you guys should call me and let me know that the transaction is put on hold. I have to wait for couple of days and have to call you to release my transaction. On top of that your customer service was rude to my questions for asking for the reasons to hold my transactions and when I told them that my transaction was promised to be delivered in 24hours. The response I got was, we didn’t promise you anything...” ~ Abinand on Trustpilot
Sometimes the delays are caused because of problems with the verification:
“I initiated the transfer with them and they initially mentioned that it will take 5 business days, but even after 5 business days, there was no transfer and they asked me to send the documents again, which I already uploaded on their portal earlier [...]” ~ Vikram on Trustpilot
On the other hand, after the verification process is done and you have already made few transactions, the service seems to become more reliable and consistent with its quality:
“So far so good. The first transfer took a couple days but after everything went through its security check the second transfer was done within the same day. At this point I'm very pleased.” ~ writes Myers in his Transfast review on Trustpilot portal
“I have used TransFast twice now, to send money to India. Though my initial transfer took little time, rest were made very quickly. Also, they offer highest rates in the market. I really recommend their services.” ~ Amey in hist Transfast review on Yelp platform
“It's an easy to use and excellent way of transferring money. It's fast and reliable. I would recommend transfast to all” ~ Nagesh on Yelp
If the well-developed and detailed FAQ section doesn’t solve your problems, you can always contact Transfast via a phone call on their toll-free number. You can also send them an email or contact the customer support via a live chat on their website.
While the overall cost of Transfast is cheap and you can send money to most of the countries easily, the sole quality of the service seems to be lacking. Most of the customers complain about long transaction times, which can take even a week, while the express and fast delivery options also go often not as promised. There are also reports suggesting that the quality of customer support is too low, and they are often unhelpful. When it comes to the sole design of the platform and technical aspects, it’s quite well secured, and the design makes it easy to navigate through the website or mobile app.
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