We Protestants believe that Christ’s body is really present in the Eucharist, but not by transubstantiation.

The majority of Protestants believe that His body is really absent. Those who do say that they believe in His real Presence yet deny transubstantiation illogically admit an effect yet deny the only process by which it can truly occur. If there be no transubstantiation or conversion of the substance of bread into the substance of Christ’s body, then the substance of bread remains after consecration, and it is bread and not the body of Christ. People make a kind of bogey of transubstantiation as foolishly as a man would do somewhat similarly if he admitted a railway from New York to San Francisco, yet refused to admit that it could be called the transcontinental railway.

Radio Replies Volume 1 by Rev. Dr. Leslie Rumble MSC and Rev. Charles Mortimer Carty