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Review: TransferMate international money transfers

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TransferMate

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Our verdict

Business class transfers are now available for individual senders.

With TransferMate, you can send as little as $1 overseas in more than 140 currencies. Operating through a vast network of banks in 162 countries allows interest rates to be competitive and sit close to the mid-market rate. Then there's fast same-day transactions through the SWIFT network.

While there's no upper transfer limit to worry about, TransferMate actually recommends you transfer at least $1,000 to benefit from its exchange rates. But when it comes to paying for your transfer, TransferMate doesn't accept credit card payments or cash. And if you plan to send less than $1,000, the €10 transfer fee might seem steep compared to others with low or zero fees so compare your options.

  • Good for securing competitive exchange rates through local banks
  • Not so great when you want diverse payment options like credit cards or cash

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Details

Product details

Product Name TransferMate
Pay By Bank transfer, Debit card
Receiving Options Bank account
Customer Service Phone, Email, In person
Maximum Transfer Amount Unlimited
Number of Currencies 143

TransferMate exchange rates and fees

TransferMate charges a $20 fee on all Australian transactions for non-business customers. As for how much of a margin TransferMate adds to the exchange rate, when compared to Google, Xe or the news, it's typically within 1%.

Because TransferMate operates through a network of over 200 bank accounts in 162 countries, it is able to offer transfers in over 140 currencies.

Available currencies

TransferMate offers money transfers in 143 currencies, including all major currencies and exotic currencies that are globally traded. The company does not work with restricted currencies. Major currencies include the following:

Sending money from Australia with TransferMate requires a minimum of $1,000. Although it may not be ideal for some, it can help you take advantage of its competitive rates.

What types of transfers can you make with TransferMate?

TransferMate offers four main transfer types:

  • Spot contracts. This is a one-time transfer using the current exchange rate.
  • Flexible spot contracts. This locks in the current price for the next three months, for better or for worse.
  • Stop loss order. This is an order that prevents the exchange of currency when the price falls below a certain point that you decide.
  • Market order. This is an order that only exchanges currency when the price hits a certain target that you decide.

How long does a transfer with TransferMate take?

There are a number of factors that affect the transfer time:

  • Currency. When transferring between more common currencies, the transfers are faster.
  • Bank used. Smaller banks in more remote areas may delay transfer time slightly.
  • Transaction size. Priority depends on the transaction size, so consult TransferMate when planning to send an extremely large or small transaction.

TransferMate routes all transactions through its own network of partner banks and typically can have funds delivered within a day if the original transfer is set up before noon.

Note: TransferMate is a member of the global SWIFT network and uses this to transfer funds, which allows for easy tracking and monitoring during all stages of the process.

Transfers typically takeClock icon for transfer speed

1–2 days

Which payment methods does TransferMate accept?

TransferMate only accepts payments via bank-to-bank wire transfers.

After booking your TransferMate money transfer, you'll receive an email with details on how to pay. You'll be paying the money into TransferMate's bank account in your country, which will then transfer your money onwards from there.

Is TransferMate safe to use?

  • Security and regulation: TransferMate is government regulated in every country it operates in and allows tracking of all funds through the SWIFT network.
  • Established: 2008.
  • Number of customers: Over 15,000* businesses worldwide, partnered with Dwolla and part of The Taxback Group.
  • Investors: Allied Irish Banks and ING Bank.
  • Reviews: Trustpilot gives TransferMate 4.1* out of 5 stars, based on 300 reviews.
*According to TransferMate and Trustpilot in 2023.

TransferMate is regulated and licensed in Australia, New Zealand, Europe, the US, the UK, Canada, Switzerland, Hong Kong and Singapore. In addition to being licensed and regulated, all TransferMate websites use SSL 256-bit encryption for added security.

How does TransferMate make money?

TransferMate makes its money through transfer fees and the market spread. Individual transfers have a standard flat-rate fee, while business transfers operate on a sliding scale depending on the amount.

The margin varies from currency to currency but typically ranges between 0.10% and 1%, depending on market volatility and the popularity of the currency you are buying or selling.

How to register an account

What is TransferMate?

TransferMate is primarily a B2B payments company that allows individual transfers as well. The company was founded in 2010 and is currently headquartered in Kilkenny, Ireland, with other major offices in San Francisco, New York and Sydney. Terry Clune and Sinead Fitzmaurice launched TransferMate under The Taxback Group company umbrella.

In a nutshell

Pros

  • Competitive exchange rates. TransferMate offers real-time exchange rates that are very close to the mid-market rate.
  • Fast transactions. Same-day transactions are possible through the SWIFT network, with completion in as little as 10 minutes.
  • Huge range of currencies. TransferMate exchanges all major and exotic currencies so long as they are legal – over 140 in total.
  • Integrated business services. TransferMate specialises in B2B transfers and has a suite of services to facilitate large and recurring international payments.
  • No maximum limit. With no maximum transfer amount, transfers can be as high as you want.

Cons

  • Limited payment options. You have to pay through a bank transfer, which means you can't use your credit or debit card.
  • High minimum limit. You are restricted to sending at least $1,000 per transaction.

How does TransferMate compare to other services?

Personal transfers made with TransferMate must be $1,000 or over.

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

  1. TransferMate official website, accessed March 2023

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