TransferMate review: Fees and safety

Updated Mar 4, 2021

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Good for securing competitive exchange rates through local banks

Not so great when you want diverse payment options like credit cards or cash

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 130 currencies.

Available currencies

TransferMate offers money transfers in 135 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:

EUR Euro
INR Indian rupee

GBP British pound
MXN Mexican peso

CAD Canadian dollar
JPY Japanese yen

CHF Swiss franc
USD United States dollar

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 take Clock 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: 2009.
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: Reviewcentre gives TransferMate 4.7* out of 5 stars, based on 488 reviews.

*According to TransferMate and Reviewcentre in 2019.

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.

Country	Regulated by
Europe	Authorised by the Central Bank of Ireland to provide payment services Interpay Ltd trading as TransferMate is regulated by the Central Bank of Ireland
US (also has licences in each individual state where applicable)	United States Department of Treasury Financial Crimes Enforcement Network ("FinCEN")
Canada	Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC)
Australia	Australian Transaction Reports and Analysis Centre (AUSTRAC)
New Zealand	Ministry of Business, Innovation and Employment
Jersey	Jersey Financial Services Commission (JFSC)
Switzerland	Association Romande Des Intermediaries Financiers (ARIF)
Hong Kong	Custom and Excise Department of Hong Kong
Singapore	Monetary Authority of Singapore

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 130 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. Use the table below to see if this is the best option for your needs.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
AUD 3	1 - 2 days	AUD 8.00	0.717	USD 7,165	Transfer money overseas for $0. Valid till 15 February 2022. T&Cs apply.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 3.00 Transfer methods Online, Phone, Agent, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders Customer service Phone, Chat, Email, Branch Available currencies AED, AUD, CAD, CHF, CNY, DKK, EUR, GBP, HKD, JPY, MXN, NOK, NZD, SAR, SEK, SGD, THB, USD, ZAR Go to site Read the full review
GBP 0	1 - 2 days	AUD 0.00	0.714	USD 7,141	Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 0.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Chat, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, MAD, MDL, MGA, MKD, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, ZAR, ZMW Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.717	USD 7,167	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.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 1	Within an hour	AUD 0.00	0.716	USD 7,161	New customers get their first transaction for free with code FIRSTFREE. T&Cs apply. Send money in minutes at competitive exchange rates with this Australian money transfer service.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Email, Branch Available currencies AUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 0.00	0.716	USD 7,164	$0 transfer fees for Finder customers. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.717	USD 7,170	Send guarantees to match any competitor’s exchange rate. T&Cs apply. Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 1	Within an hour	AUD 0.00	0.716	USD 7,163	XE has fast transfers with low fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Chat, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BSD, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
AUD 1	Within an hour	AUD 3.99	0.711	USD 7,103	Use code Take10AUD to get $10 off when you spend $20. Valid till 31 January 2022. T&Cs apply. Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
AUD 1	1 - 2 days	AUD 45.00	0.716	USD 7,130	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
AUD 200	1 - 2 days	AUD 50.00	0.718	USD 7,148	Exclusive: Use code FINDER60 to get AUD 30 off your first two transfers. Valid for transfers over AUD 250 and till 31 January 2022. T&Cs apply. Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
AUD 1	1 day	AUD 52.00	0.716	USD 7,119	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 10	Within an hour	AUD 2.99	0.711	USD 7,110	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	0.716	USD 7,161	Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply. CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

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Zak Killermann

Zak Killermann is a staff writer at Finder specialising in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been travelling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.

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HSBC International Money Transfers

Transfer money overseas for $0. Valid till 15 February 2022. T&Cs apply.

More info

Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

More info

TorFX International Money Transfers

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.

More info

MasterRemit International Money Transfers

New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.

More info

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Review: TransferMate international money transfers