This review tackles specifically to Covercy’s transfer service. We focus on describing the company’s products and services along with its pros and cons. Also, we designed a complete list of all money transfer providers that you can check in this section on our website.
Covercy – Company Information
Covercy is a company that aims to provide a dynamic international money transfer services. They believe in exercising efficiency in the financial markets. The company offers two primary products and one of which is Covercy Payments. They both cater to individuals and businesses.
The company was established in 2015 with the purpose of providing cross border and cross-currency payments. In 2017, the company launched Covercy Terra to make capital calls simpler for GPs and streamlined their investment focus towards real estate last 2018. Later on, in 2019, the company launched Covercy GP, which has an end-to-end investment management platform.
The company is equipped with licenses and authorization by the Financial Conduct Authority in the UK. They’re using the aid of Altair VC, Mindset Ventures and SGVC.
Covercy is regulated to offer international money transfer services in Israel under Covercy Technological Trading Limited. They are authorized by the Israeli Ministry of Finance for Currency Services Provision. The company also has regulatory compliance in the United Kingdom and Europe.
Moreover, Covercy’s online money transfer services comply with all data protection and registration requirements in Europe and in the UK. Their clients information are protected with 256-bit bank-level encryption that has fraud monitoring and verification provided by E&Y and many law firms including Barnea & Co, and Howard Kennedy.
Costs of Using Covercy Money Transfer
The fees for using Covercy will depend on the currency you’re sending. The fixed fees for AUD and CAD are $6.00, while the EUR cost is €9.00, and the Japanese Yen cost is ¥616.00. The company will provide you with the fixed fees upfront, so you will know how much you’ll be paying for your transfer. You have to be cautious with the extra fees that you might incur when bank declines. This fee is around 0.15% of the amount sent. Also, the exact exchange rate will be based on the daily rate along with a small margin that will be added by Covercy.
There are several factors that contribute to the speed of international money transfer. Obviously, one of which concerns banking hours. The verification process, currency pair and countries involved in the transfer also matters. However, if you fund your transfer using a local source, it just a matter of 1 working day to complete the transaction.
Besides, it’s possible that the transaction could take up to 3 business days. if using SWIFT transfers, it can take approximately 4 banking days. In usual circumstances average the transaction can be completed within 24 hours, as they are committed to delivering the money within 72 hours.
Pros and Cons of Using Covercy Money Transfer
The following are the pros and cons which can help you determine whether covercy best suit your money transfer needs.
- Reliable and secured
- Fully regulated by the FCA in the UK and has the authorization to carry out the services they offer
- Easy to follow processes when sending money overseas
- Cost-effective and transparent with their services
- Only supports over 25 currencies in more than 20 countries
- Global reach and coverage is not broad as other providers
- New in the money transfer industry unlike other money transfer providers
- Possible bank fees from the recipient’s bank are not included in the costs
How Covercy Works
You can easily initiate money transfer with just 4 easy steps when using Covercy. This entails indicating how much you will send, the currency and the receiving country. It may also require you to provide essential information to verify your identity. Following are the steps to starts a transfer:
- Open an account
- Enter the details about your recipient
- Set-up your transfer with Covercy
- Fund your transfer
- Covercy will convert the money and send it to your recipient via the payout option you chose
Who Should Use Covercy
Covercy is intended for individuals and companies. This global money transfer service is designed to secure an easy way of transferring funds across borders in an affordable and speedy manner. This provider allows individuals and businesses to move their funds at insured exchange rates.
Covercy offers personal users Covercy Payments to facilitate international money transfers. The company states and assures personal users to profit from lower costs and practical money transfers.
Businesses can also utilise Covercy Payment, even if Covercy Terra is designed for businesses with foreign clients. This service is intended for faster international money transfers, to aid speedy deals, through an electronic verification, tracking transfers real-time.
Alternatives To Covercy
Azimo allows you to send money to more than 190 countries around the globe. They also handle 80 different currencies. Your recipient can also get the money in several ways. Azimo allows cash pickup in over 270,000 locations.
- Transfers are quick
- They provided high-level of service
- The online system is reliable
- Rates are closer to interbank
- Allows you to send money to over 190 countries
- Variety of pay-out methods
- Available in 10 different languages
- Excellent reviews as per Trustpilot
- Not always the most affordable provider
- Only available in Europe as of the moment
- Slow processing of payment even to Europe
- Poor customer support service
- Site is crashing sometimes
- The exchange rate is not the best
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages. They have low minimum transfer amounting to £1.
- Offers local phone support in some countries they cater to
- Transfer as little as £1
- Allows you to pay through your credit card
- You can access websites in different languages
- Transfer funds to bank accounts or cash pickup centres
- Top off mobile wallets and airtime
- Company headquarters is in the UK
- Available offices in the U.S., Canada, Japan, Australia, and New Zealand
- Accepts only individuals and not businesses
- Desired transfer method may affect sending limits
- Your country of residence might affect the amount that you can send
- The currencies concerned affect the costs
- Mode of payment and the transfer method affect your transfer costs
They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies.
- Open to serve individuals, businesses, and online sellers
- Simple and easy sign up through your Facebook or Google account
- Based in the UK
- Offices available in the U.S., Estonia, Ukraine, Hungary, Australia, Hong Kong, and Singapore
- Contains dedicated multilingual websites
- Allows local phone support in some locations
- Takes credit card payments from citizens of some countries
- Hold funds in up to 27 currencies utilising the Borderless Account
- Does not offer forward contracts, market orders, or scheduled transfers
- Its a peer to peer networks it does not support other countries
- Transfer fee depends on the currencies concerned
- The mode of payment affects the transfer fees
- No cash pickup centres