Review: TransferMate international money transfers
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
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:
- 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
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.
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.
Frequently asked questions
- TransferMate official website, accessed March 2023
Your reviews
Zak Finder
Publisher
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