There is provided a transfer circuit including a transmitter that outputs a transmission signal and a receiver that receives the transmission signal. Here, the receiver supplies to the transmitter a feedback signal for controlling a common level of the transmission signal output from the transmitter, and the transmitter controls the common level of the transmission signal output therefrom, in accordance with the feedback signal received from the receiver. The receiver includes a receiving section that operates in accordance with the transmission signal, a reference level generating section that generates a reference level representing an expected level for the common level of the transmission signal input into the receiving section, and a comparing section that compares the common level of the transmission signal input into the receiving section against the reference level and generates the feedback signal in accordance with a result of the comparison.