Privalgo Money Transfer Review

This Privalgo money transfer review is intended to show our visitors the pros and cons of using this company for their money transfer needs. Our main focus is on aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided. If you liked reading this Privalgo review, be sure to also check our other money transfer companies.

📝 Privalgo didn’t make the cut for our top 10 money transfer companies for May 2020, based on editorial rankings. That doesn’t mean that Privalgo is not a good company, but we encourage you to have a look at Privalgo recommended alternatives here.
Logo Privalgo logo
🏛️ Established 2018
🌎 International Clients ✓ Accepted Globally, with the exception of USA
💱 Currencies Offered 54
💷 Minimum Transfer £4,000
📲 Trading via Online Platform, Telephone or Email
🏢 Offices In UK
⚖️ Regulation ✓ United Kingdom – Financial Conduct Authority
🤯 Fees No Fees
Promotional Code Privalgo offers a Best Rate Guarantee for clients who have read about them on MoneyTransferComparison and mention us as their source of referral. That means they will match any competing rate from a bank or a money transfer company.
👨‍👩‍👧‍👦 Client Reviews 76 reviews on Feefo
⭐ Client Rating 5 stars
Website www.privalgo.co.uk
👍 Advantages Dedicated Dealer

Transparent Margins through the Online System

Veteran Staff with Relevant Staff

Forward Contracts for Exotic Currencies

Young and Promising Company

Unique Promotion for MTC Readers

Online System with More Functionality Than Normal

👎 Disadvantages New Company, Short Track Record

Smaller in Size than Leading Competitors

Doesn’t Accept USA Clients

No Mobile Application

High Minimum Transfer

Online System Still isn’t 100% Flashed Out

 

Company Information and Credibility


Company size:

Privalgo is a new company in the money transfer space established February, 2018, by industry veterans who previously worked for Global Reach Partners (now Global Reach Group) in executive position, including Global Reach’s ex-CTO and ex-managing director. The company boasts 6 traders to date, and has started actively trading in November of 2018.

We have visited their offices in September 2019, and we can attest their offices are welcoming, and that the staff is friendly.

Regulated By:

FCA (UK) as an Electronic Money Institution. (Reference number: 900887)


Conclusion:

Privalgo has made a very good impression with us. The staff is highly professional and trained. Since the company has only been in operation since 2018 and less than 100 clients have left reviews about it, as well as lower trading volumes than its competitors and preliminary state of its online trading system, we can’t put it in the same line as Currencies Direct or OFX.

Client Feedback


Research:

77 reviews on Feefo from 2019.


Positive:

  • Great customer service
  • Easy and fast
  • Excellent exchange rates
Negative:
(None Found)

Conclusion:

For us client reviews are the bread and butter of deciding whether a company is worth using. The initial feedback Privalgo has received (almost overwhelmingly positive from 77 users) is a great start and certainly means this is an up and coming company that should be on your radar when it comes to high value transfers. Still, we would optimally want 1000s of reviews that will give a better perspective of how the company operates over time.

Exchange Rate & Fees


Fees: No fees.

Exchange Rates: Rates are dynamically applied on a per-deal basis. Unlike most other currency brokers, the actual margin which is applied to each deal is visible on the platform, and the client can know precisely how much he is paying in margin fees.

We have spoken to the company’s representative in regards to their average margins which seem in line with industry leaders.

Privalgo promises to beat any other company for any deal for clients that came through MoneyTransferComparison.

Limits: Min £4,000 per transfer, which is extremely high (higher than any other company we have reviewed).


Conclusion:

No fee transfers are pretty much the standard in the money transfer industry, and so are “dynamic margins”. The fact Privalgo makes a conscious  effort to inform its clients about the actual margins that were applied to each deal is noble and appreciated by us. The very high minimum transfer is problematic, as many clients require transfers below the £4,000 mark.

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: UK.
  • Ways to approach: Email, Telephone and Online Platform.
  • Translations: No.
  • Accepts clients: Internationally, other than the USA.
  • Currencies Handled: 55.
  • Client reviews: None.

Conclusion:

Pretty much what you would expect from any currency broker nowadays.

Additional Functionalities

Hedging

  1. Forward Contracts (for both private and corporate clients)
  2. Non deliverable forwards for exotic currencies (both corporate and private)

 

Online trading system

  1. Easy access to view past deals.
  2. Easy to fill in the details of the payee’s account and re-use it without having to re-insert it.
  3. Innovative UI for the system (still requires improvements to be up to par with the best online money transfer websites).

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