● TransferGo has launched its free service
● The brand is reportedly poised for growth
● TransferGo’s CEO says that the company is offering an “innovative” solution
TransferGo is now offering an international money transfer that is “completely free”. According to the fintech, TransferGo customers can send money abroad at no cost, at a mid-market currency exchange rate. The brand released news about the service in September with TransferGo’s CEO and Founder Daumantas describing it as “innovative”.
In a recent interview, Daumantas said: “Our product innovation is driven by the highest pain points for our customers, which in this case was the fees currently charged by incumbent [and challenger] players in the market. We believe in stripping down the complicated fee structures that can be difficult to understand – we want our customers to have complete confidence that we are providing a service with no transaction fee and no mark up on exchange rates, it’s just free.”
Daumantas added that customers should be able to send money to their loved ones “at no cost” the way they are able to domestically. Money transfer services in general have been working on providing the best prices to customers in recent years, but TransferGo plans on dominating the market by providing a “free” service. Over 700,000 clients have used the TransferGo platform to date. According to observers, TransferGo’s service is almost the same as that of its competitor TransferWise with both brands roughly offering the same exchange rate.
TransferGo was co-founded by Justinas Lasevicius in 2012, and this year, it is aiming to expand its market. The brand is also working on a crowdfunding campaign called Seedrs and it will go live on October 12th. Dvilinskas said that the crowdfunding effort is meant for its customers so that they can “share” the brand’s success. TransferGo executives say that the brand can guarantee international money transfer transactions done through its platform can reach its receiver in 30 minutes. The near-real-time payments service is the brand’s promise to its loyal customers.
TransferGo owes its steady growth to the innovative solutions introduced by its founders. It recently started buying and selling cryptocurrency as well, a move inspired by its partnership with American fintech Ripple. The deal with Ripple has also helped TransferGo provide better money transfer services between Europe and India.
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