TransferGo recently launched a free international money transfer service. The company claims it doesn’t charge a transaction fee or mark up exchange rates. This means users can transfer money around the world for no cost. The free service isn’t instantaneous, however. If a customer needs money sent in a more timely manner, the company has paid tiers for that specific purpose. CEO Daumantas Dvilinskas told the outlet that his company created its own “proprietary technology and infrastructure” to allow it to do 30-minute transfers at low costs. It does this by partnering with banks close to where the money is being sent, and re-routing money when necessary to dodge extraneous charges. The company also does enough volume to be able to afford economies of scale at the point of conversation.

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