London-based international money transfer company TransferGo, founded by four Lithuanian entrepreneurs, has launched a local money transfer service in Romania.
The service is free and allows TransferGo customers to send money to other TransferGo customers as well as to relatives or friends who don’t have the application installed but own a bank card.
According to a recent survey ordered by TransferGo, 8 out of 10 Romanians send or receive money through mobile transfer applications and most transactions (86%) are carried out between family members.
“The local real-time transfer service has been launched for the Romanian market in the beta version after TransferGo has become the preferred transfer service for Romanians in the UK and other Western countries to send money home. Transfers from Romania and to the country represent about 20% of the total number of transfers made by TransferGo clients globally,” the company said in a press release.
TransferGo launched in 2012 and became available in Romania in 2015. Over 1.5 million Romanians currently use the service, according to company statements.