The service also announces a further expansion of its service into five new countries - Slovenia, Slovakia, Cyprus, Finland and Malta.

TransferGo's data shows that its lower cost transfer service is already having a positive impact on the frequency that people are able to transfer money. The new service - providing more options for users transfer money to and from the UK - will only cement this changing trend.

In contrast to industry figures that indicate people transfer money overseas 3-4 times a year, TransferGo's users are making significantly more remittances, with an average of 25 transfers a year.

In addition, the company also reports that 60% of these users are transferring money between their own accounts as a way of managing their personal cash flow. This is behaviour that would have been much more costly for users to facilitate if their only option was to face the inflated banking charges that can be up to 60% more than TransferGo are charging.

Following TransferGo's launch in the UK last month, the business has also received its Authorised Payment license, meaning that transferring money to and from countries in the EEA is not only easier, but on par with the highest security standards in the market.

"The expansion of our service is an important next step on our roadmap as Europe is a huge market for us, containing over 50 million migrants, " says TransferGo CEO, Daumantas Dvilinskas.

"We know that offering guaranteed next-day transfers has really shaken up the UK market. Our research has shown us how important it is for people to regularly send money to loved ones overseas as quickly, and as cheaply, as they can. Without the constraints of excessive bank charges, we are helping to facilitate a changing trend where people have more control over how they manage their money between countries.

With Christmas approaching, this becomes even more important. 73% of our users said that they were planning ning to send money gifts overseas this year so, this launch in to another five countries will mean that even more people throughout Europe will make greater savings on transferring money to and from loved ones."

The company - currently part of the London fin-tech accelerator Level 39 - continues to disrupt the overseas transfer market by offering the lowest cost, next-day overseas transfer.

To date, TransferGo currently has 13,200 users and has seen over €5,623,640 transferred through the platform so far.

After recently receiving €200,000 in investment, this week's expansion of the service is the next step towards moving throughout the remaining corners of Europe and further afield within the next few months.