Sep 24, 2020
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Lithuanian Startup TransferGo Aims To Change The Way We See Money Transfer

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I don t learn about you but I always have a hard time sending money abroad. Banks are still exceptionally slow and expensive. That s why I was searching for a much better solution. Here is when Lithuanian startup TransferGo caught my sight. TransferGo is a money transfer service which was launched in 2012 by Daumantas Dvilinskas Justinas Lasevicius Arnas Lukosevicius and Edvinas Sersniovas

 

Before working in this project Daumantas and Justinas had a traditional import/export business which had a huge set back by way of lost payment for one of the suppliers. In keeping with Daumantas this mistake which nearly cost his business was made by one of the major retail banks inside the UK

 

Soon after that they realised that there’s a big problem to solve. Money transfer across borders must be simple to execute and fast to receive. Daumantas Dvilinskas CEO of TransferGo (Credit: Mantas HeadShooter) Compared to international money transfer which counting on a bank can take from 2 to 7 working days TransferGo guarantees next business day delivery but understand that up to 90% in their transfers are actually transferred same day

 

The quickest transfer that they’ve ever made was 1. 17 min. Regarding transfer fee – many of the banks charge the transfer fee which could go as high as $15. 00 sometimes it also depends upon the amount one is sending. However the largest thing to know and understand that banks hide their cost inside the exchange rate which on average is around 5%

 

TransferGo only charges 0. 2-1. 3% on FX depending at the amount you send and stuck transfer fee of $1. 3. TransferGo uses a digital account-to-account business model. Funds are paid in locally and then paid out locally. This innovative system means that company would not have to send money across borders

 

The sender makes a local payment to TransferGo which then makes a local payment to the recipient from any account to any account. – states Daumantas Dvilinskas CEO of the company. With this mindset TransferGo in 3 years of existence already attracted 100 000 registered customers having transferred more than $150 million

 

Their primary market is the United Kingdom which remittance market in 2014 was worth $ 25 billion. This chart shows Which country sends the main remittances (Credit: Statista) PROMOTED UNICEF USA BRANDVOICE | Paid Program
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Students Get Creative For National Voter Registration Day I was curious to learn more about this London-based startup so I decided to check it with Paypal – leading money transfer service on earth and Bitcoins – most well known cryptocurrency as they’re growing very rapidly especially as they’re fast and cheap

 

TransferGo vs. Paypal In opposition to Paypal TransferGo infrastructure doesn t require neither sender nor receiver to have any special accounts so their service may be used by anyone anywhere who owns a bank account. Therefore TransferGo it s a more accessible service for the consumers. – Daumantas adds. In terms of prices PayPal is way more expensive as it charges 2

 

5% of currency conversion plus 3. 9% of the sum that’s transferred. TransferGo vs. Bitcoins Bitcoins are tricky business for some of us so TransferGo is a less complicated solution. To send bitcoins from one country to any other is quite often free but the deposit/withdrawal in your bank costs around 1% – 2% depending at the service that you are using

 

Also it would take up to three days. Daumantas doesn t see Bitcoins as their competitors: The money physically needs to appear in our client s account as quickly as possible. Cryptocurrency doesn t solve for that. Future plans This year for TransferGo is all about growth. They want to expand from 42 countries to 100

 

This Lithuanian startup is expanding across major markets within Europe with a 20% monthly growth rate. We want to grab market share inside the biggest corridors there and get ready everything for going global. We want to offer our service for all major currencies on earth and help migrants around the globe not just in Europe

 

Our plans are to scale horizontally into other cross-border markets. One example of that’s our latest product TransferGo for Business which serves small and medium businesses with tailored B2B industry leading product offering. – Daumantas shares. Overall TransferGo looks like an ideal solution when you are searching for an ideal way to send money across borders

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