Good for securing competitive exchange rates through local banks
Not so great when you want diverse payment options like credit cards or cash
Our Verdict
With TransferMate, you can send as little as $1 overseas in more than 130 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.
TransferMate exchange rates and fees
TransferMate charges a €10 (roughly $15) fee on all 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 banks accounts in 162 countries, it’s 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
USD US dollar
JPY Japanese yen
CHF Swiss franc
AUD Australian dollar
There’s no minimum amount for your transfer but TransferMate recommends you send at least $1,000 to get the most of its service. This also helps cover its €10 fee when combined with its competitive rates. You can check out a full list of available currencies above.
What types of transfers can you make with TransferMate?
TransferMate offers 4 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 3 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
What payment methods does TransferMate accept?
TransferMate accepts payments via bank-to-bank wire transfers and electronic ACH 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, who 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 492 reviews.
*According to TransferMate and Reviewcentre in 2019.
TransferMate is regulated and licensed in Europe, the US (all states), the UK, Canada, Australia, New Zealand, 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
Authorized 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 licenses 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
You can sign up for a free account on the TransferMate website. You’ll have to provide your nationality, state, name, email address and cellphone, and agree to its terms of use. Don’t forget to complete the captcha at the bottom before clicking on Open my free account.
After you open an account, you won’t be able to begin transferring funds until you provide proof of your personal details including your name, date of birth, address and source of funds. You’ll do this through the confirmation email you receive.
Select the destination, specify the amount you wish to send overseas and enter the personal details for your recipient (including name and banking information).
Select how you want to pay (through bank account transfer or wire transfer) and your transfer is complete. Funds should clear in no longer than two working days after TransferMate receives them.
You will receive an email both after you’ve confirmed your payment and when the payment is complete. You can also use the online system to view your transaction history.
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 specializes in B2B transfers and has a suite of services to facilitate large and recurring international payments.
No maximum limit, low minimum limit. With no maximum transfer amount, transfers can be as high as you want. The smallest amount you can send is $1, but TransferMate recommends a transfer amount of at least $1,000 to benefit from its exchange rates.
Cons
Limited payment options. You have to pay through a money transfer or ACH, which means you can’t use your credit or debit card.
Moderate fees for individuals. The €10 fee for all individual transactions is steep when sending or receiving less than $1,000.
How does TransferMate compare to other services?
TransferMate focuses on B2B transfers, so individuals sending less than $1,000 may not benefit from the competitive exchange rates.
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.
No. TransferMate can only transfer money to bank accounts. Check out a list here of all services that can let your recipient pick up cash.
Yes. The online system will show the live status of every payment as well as a history of payments you’ve made.
Typically no, since TransferMate will be transferring the money into your account from a local bank and not an international provider. However, this will depend on your individual bank and its specific policies.
Contact TransferMate by telephone or online to cancel your transaction. If your money hasn’t arrived in their account yet, you’ll need to cancel your bank to cancel the transfer on their end.
If the money has already been sent from TransferMate, you’ll be charged a €20 cancellation fee and need to reimburse TransferMate for any other losses.
Zak Killermann was a technical publisher at Finder who specialised in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
