The calibration of time transfer links is mandatory in the context of international collaboration for the realization of International Atomic Time. In this paper, we present the results of the calibration of the GPS time transfer link between the Real Instituto y Observatorio de la Armada (ROA) and the Physikalisch-Technische Bundesanstalt (PTB) by means of a traveling geodetic-type GPS receiver and an evaluation of the achieved type A and B uncertainty. The time transfer results were achieved by using CA, P3, and also carrier phase PPP comparison techniques. We finally use these results to re-calibrate the two-way satellite time and frequency transfer (TWSTFT) link between ROA and PTB, using one month of data. We show that a TWSTFT link can be calibrated by means of GPS time comparisons with an uncertainty below 2 ns, and that potentially even sub-nanosecond uncertainty can be achieved. This is a novel and cost-effective approach compared with the more common calibration using a traveling TWSTFT station.