TransferCove is a wallet for sending money between people, in US dollars. All you need is someone’s email address, so you can pay them without swapping bank details.
What you can do
- Send money to another member by email. It lands in their balance straight away.
- Add money with a payment method you already use, such as a bank transfer.
- Withdraw to a payout account in your own name.
- See every payment, deposit and withdrawal in Activity, with receipts and a CSV export.
How money gets in and out
Adding money and withdrawing go through manual payment methods. You make the payment yourself using the instructions in the app, and a person on our team checks it before anything changes in your balance. The methods on offer are listed in the app when you add money or withdraw.
Deposits are usually reviewed within one business day. Our review team works Monday to Friday. How deposits are reviewed explains what we check.
What it costs
Sending money between members is free, and so is adding money. Withdrawals have a small fee that depends on the method, and you always see it before you confirm. The current numbers are in the fee schedule.
What TransferCove is not
TransferCove is a wallet service, not a bank. Your balance is not a bank deposit and is not covered by FDIC insurance. Every movement of money is recorded in a double-entry ledger, and we check every day that all balances add up. The security page has the details.
How to start
All you need is an email address. There is no password. You sign in with a code we email you, or with a passkey once you’ve added one. Open an account walks through the steps.