TransferGo vs Luminor Business: Which service is best for businesses?

If you’re curious about the best business payment platforms for your business needs, you’ve come to the right place. Here, we explore and compare two of the main online payment providers for businesses: TransferGo Business vs Luminor Business.

We uncover everything from fees and market reach to customer support, integration tools and speed of payments to help you determine which one will provide the best business payment solutions for your needs.

Ready to explore our TransferGo vs Luminor Business comparison? Let’s get started!

Key benefits of TransferGo for businesses

Signing up for a TransferGo Business Account brings many benefits. It’s free to sign up and subscribe and once your account is set up, you’ll be able to:

• Send money transfers to over 60 destination countries in 35 currencies (and counting)
• Maximise your value thanks to low transaction fees and competitive currency exchange rates (plus, you’ll unlock even lower rates when making high-volume transactions!)
• Simplify your global financial management thanks to the ability it gives you to send, receive, hold and exchange money across the globe
• Rely on top-tier, dedicated customer support in 9 different languages when you need it

Want to find out more? Learn more about how TransferGo Business works here.  

How TransferGo simplifies business payments

It’s swift, simple and seamless to send business payments with a TransferGo Business Account. The single, easy-to-use multi-currency account makes it easy for UK businesses to manage their global cash flow on a local level, allowing them to receive, hold, exchange and send international business payments in multiple currencies.

What’s more, you can enjoy full control and visibility over your finances thanks to clear payment histories and tracking.

Multi-currency solutions: How Luminor and TransferGo differ

The TransferGo Business Account supports over 35 currencies in more than 60 countries. Business owners can lock in the best exchange rates for future transactions and take advantage of lower rates for high-volume payments. TransferGo Business customers can hold accounts in GBP, EUR, RON, PLN and more.

Meanwhile, Luminor business transfers are a lot more limited with the bank only supporting transfers in the following currencies: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HUF, JPY, NOK, PLN, SEK and USD.

Comparing TransferGo vs Luminor Business fees

TransferGo is free to sign up and subscribe to. Its transparent pricing means no hidden fees and there are zero fees on major routes. What’s more, transfer margins are as low as 0.35%. This helps business owners keep their expenses down and maximise their profits.

Meanwhile, Luminor offers a choice of different business account plans with fees ranging from 7 EUR to 18 EUR a month. Payments in euros cost 0.40 EUR with urgent payments costing 25 EUR. Payments in other currencies are considerably more expensive.

Market reach: Supported countries and currencies

With a TransferGo Business Account, you can transfer money to more than 60 countries in over 35 currencies, allowing you to reach your global partners easily. Meanwhile, Luminor Business payments are limited to just 13 currencies.

Plus, TransferGo Business is constantly working on expanding its destination market. Don’t see your country listed at the moment? Watch this space.

Speed of payments: Which platform delivers faster transfers?

TransferGo is known for its super-speedy payments, with most transfers arriving in minutes and there’s a 97%+ faster-than-promised delivery time. This gives business owners total peace of mind in terms of paying suppliers on time and keeping their cash flow going.

Meanwhile, Luminor’s speed of payments depends on the currency and type of transfer. Euro payments are usually processed and delivered within one working day.

User experience: TransferGo vs Luminor for businesses

TransferGo’s new interface is simple and super-sleek with customers finding it user-friendly and easy to navigate. Its mobile-friendly design also allows you to send and track transfers on the go, giving you added control over your finances and transactions.

Meanwhile, the Luminor Business Account platform is a lot less sophisticated with some options and pages proving difficult to navigate on the website.

Security and compliance: Ensuring business transactions are safe

As two of the leading business payment platforms in the financial sphere, both TransferGo and Luninor take security and compliance extremely seriously, complying with laws and regulations and using advanced encryption to keep your money safe.

Customer support comparison: Luminor vs TransferGo for businesses

TransferGo has an excellent reputation when it comes to customer support. Its dedicated team speaks 9 languages and addresses 80% of enquiries within just two hours. It’s no wonder then that its average customer rating on Trustpilot is 4.6/5.

Meanwhile, at 4.2/5, Luminor has a lower average customer score on Trustpilot, with customers praising their apps and loans but complaining about the monthly charges and difficulties with getting set up.

Integrations for businesses: Accounting and ERP system compatibility

While Luminor does not provide its customers with the option to integrate third-party applications in the way that Revolut does, it does provide some special offers on essential business tools such as Lokalise and Pipedrive.

Meanwhile, TransferGo’s focus is on making payments super simple with its easy-to-use and fuss-free navigation, which removes the need for complex integrations. This is why TransferGo’s set-up costs stay free.

Advantages and drawbacks for businesses

Advantages and drawbacks of Luminor for businesses

To finalise our comparison of TransferGo and Luminor Business, let’s look at the pros and cons of signing up for a Luminor business bank account.

Pros

• Luminor Bank offers physical branches in Latvia and Lithuania—great for customers who prefer in-person support
• Physical debit and credit cards available

Cons

• When it comes to international payments, Luminor supports limited currencies
• Business plans come with monthly fees
• Further fees apply for international payments with express delivery
• Average customer support reviews

Advantages and drawbacks of TransferGo for businesses

Now that we’ve explored the pros and cons of Luminor, let’s explore the advantages and disadvantages of a TransferGo Business Account. So how does it compare? Let’s take a look.

Pros

• Sign-up is completely free with no monthly fees
• Low fees and excellent exchange rates
• Super-fast transfers that reach their destination in minutes
• Easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• Excellent customer support team with a 4.6/5 rating on Trustpilot

Cons

• At the moment, integration with accounting tools is not possible (but watch this space)
• While TransferGo supports over 60 countries in 35+ currencies, some countries and currencies are not yet supported by TransferGo—but keep your eyes peeled for more updates

COMPARISON TABLE

Conclusion: Choosing the right platform for your business needs

Deciding on the best business banking platform depends on your business needs and preferences. If you want a business account you can rely on that keeps your expenses down and streamlines your existing business operations, the TransferGo Business Account is an excellent option. 

It’s free to sign up and there are no monthly fees; plus, you can send money to over 60 countries in 35+ currencies swiftly and seamlessly thanks to its low-cost international payments for businesses. It’s no wonder then that 40% of TransferGo’s customers come from word-of-mouth recommendations!

Ready to reimagine the way you handle international payments? Sign up for TransferGo today!

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The information provided in this TransferGo vs Luminor Business post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this TransferGo vs Luminor Business post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.