TransferGo Applied an Unfair Exchange Rate to My €500 Transfer
On June 1, 2026, I made a €500 money transfer from Turkey to Germany through TransferGo. At the time of the transaction, the market exchange rate was 1 EUR = 53.508 TRY, but TransferGo applied an exchange rate of 1 EUR = 59.14 TRY to my transfer. This resulted in a difference of approximately 6 TRY per euro, meaning that on a €500 transfer, the exchange rate markup amounted to roughly €53, which I believe is an excessively high foreign exchange margin.
When I contacted TransferGo and questioned the exchange rate they applied, I was given only a generic response stating that they charge “a small FX margin.” However, I do not believe that a difference of approximately 6 TRY per euro can reasonably be described as a “small margin.” In practice, it represents a very significant hidden cost that functions like a substantial transfer fee or commission. Because I urgently needed to send the money that morning, I had no realistic opportunity to cancel the transaction despite these unfavorable conditions.
I request that TransferGo adopt a more transparent and reasonable exchange rate policy, provide a detailed explanation of how the exchange rate for this transaction was calculated, and refund the excessive exchange rate markup that I believe was unfairly charged.
