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Review: TransferMate for your international business transfer
A network of more than 200 bank accounts in 100+ countries offers low rates and fees on just about any business transfer.
Launched out of Ireland in 2010, TransferMate Global Payments puts a twist on international remittances using a borderless payment system that uses local currencies for individual transactions at any amount. This seamless system allows for real-time exchange rates with same-day cross-border transfers to select countries.
Learn more about transfer fees, rates and turnaround you can expect with this innovative business transfer specialist.
What's in this guide?
- How does TransferMate work?
- TransferMate exchange rates and fees
- Available currencies
- What types of business-friendly hedging options does TransferMate offer?
- Which payment methods does TransferMate accept?
- How long does a transfer with TransferMate take?
- Is TransferMate safe to use?
- Benefits and drawbacks of TransferMate
- How can my business benefit from software add-ons?
- How do I start transferring money with TransferMate?
- How do I sign up and make a money transfer with TransferMate?
- What happens next?
- Bottom line
- How does TransferMate compare to other business providers?
- Frequently asked questions
How does TransferMate work?
TransferMate claims it can save your business up to 90% on bank wire fees. This is because it operates through a network of accounts at more than 200 banks across 145 countries. This system opens up exchange rates that are closer to what banks and other transfer services access themselves, keeping costs low for businesses that regularly process international payments.
If you own a business, you can integrate most business accounting software to send invoices, pay bills and authorise payments to up to 10,000 recipients through one system.
TransferMate exchange rates and fees
TransferMate offers businesses the flexibility of one-off or scheduled transfers at stronger exchange rates than what your bank offers. Individuals using TransferMate pay a flat fee on all transactions, while registered businesses pay nothing on high-amount transfers.
TransferMate reports its fees in euros, with business fees broken down by transfer amount:
- €0 fee for transfers of €5,000 or more.
- “Small fee” — typically €5 — on transfers of up to €5,000.
- €10 fee applied to all personal money transfers
TransferMate claims to offer money transfers in most popular and exotic currencies, including:
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- CAD Canadian dollars
- AUD Australian dollars
- PHP Philippine peso
- USD US dollar
- DKK Danish krone
What types of business-friendly hedging options does TransferMate offer?
Aside from competitive spot contracts, Variable Flexible Spot contracts allow you to lock in a low exchange rate for up to 12 months. You can also sign up for notifications that alert you when the market drops to the specific rate you’re interested in.
Other than hedging options, TransferMate even allows you to send multiple transfers in one payment. Called a batch payment, you send TransferMate a list of all of the payments you need to make. Then, it’ll contact you and let you know how much the total will be in your local currency. You simply send TransferMate one payment, and it will take care of the multiple payments for you.
Which payment methods does TransferMate accept?
You will only be able to pay for your transfer through bank-to-bank transfer.
How long does a transfer with TransferMate take?
The time it takes for a transfer to be completed varies. This is because the time will be different depending on the currency pairing you choose and more importantly, the country you’re sending the money to.
Expect transfers to take from anywhere from one day up to three days.
For example, a money transfer from euros to the UK in GBP can be as quick as one day.
Is TransferMate safe to use?
- Security and regulation: Government-regulated, two-factor authentication (2FA)
- Established: 2010
- Reviews: TrustPilot gives TransferMate a score of 4.4 out of 5, based on over 140 reviews*
According to Wise and Trustpilot on 3 February 2020.
Wise uses 2FA, meaning that when you need to log into your account, you’ll go through two levels of verification to access your account. This provides extra protection for your account. Since TransferMate is also government-regulated, it keeps its clients’ money separate from its own funds. This means if TransferMate ever runs into financial hardship at some point in the future, your money will remain safe.
Benefits and drawbacks of TransferMate
- Competitive rates and fees. Low rates come with low fees that TransferMate waives for high amounts over €5,000.
- Integrated business services. Simplify international payment and payroll at real-time exchange rates.
- No transfer limits. Accepts business payments of any amount in more than 100 currencies.
- No direct transfers. You must first transfer money to a TransferMate account before it’s converted and moved to your recipient.
- May not be the fastest. Depending on your transfer, you could wait up to three days for delivery.
How can my business benefit from software add-ons?
For a seamless, personalised international payment solution, you can build TransferMate’s cloud-based foreign currency API into your company’s existing accounting software — Xero, QuickBooks, NetSuite and more. So instead of entering your invoice payments twice — once using your bank to process the payments and then again recording the payments into your accounting software — the software add-on allows you to pay hundreds of invoices instantly, saving your company time and money. TransferMate boasts more than 35,000 businesses conducting low-fee, strong-rate transactions through its system.
How do I start transferring money with TransferMate?
To start relying on TransferMate for your international business transactions, you first need to register online with your business name and address, email, country, registration number and role or title in the company.
You’ll also need to establish a “master user” that you authorise to make payments on your business’s behalf. Include that person’s date of birth and phone number to complete your registration, using the phone number associated with registration as your PIN.
How do I sign up and make a money transfer with TransferMate?
What happens next?
- Manage your payments. Use TransferMate’s online system to track the progress of your payments, review your history and manage your preferences.
- Get support. Call, email or sign in to your online account to chat live with a rep.
- Download an app. TransferMate’s multicurrency app is available through NetSuite, QuickBooks and similar accounting software.
TransferMate works to lock in rates in local currencies, helping you to avoid the fees that come with cross-border payments — even when you’re looking to pay multiple clients and contractors internationally.
It easily integrates into popular accounting software for full transparency and seamless tracking. And it supports most major currencies, making it a convenient and efficient international business solution.
But it’s not the only money transfer specialist offering cross-border solutions for today’s international businesses. Compare safe, affordable business transfers that beat your local bank with our guide to international business transfers.
How does TransferMate compare to other business providers?
Looking for other options? See how TransferMate stacks up to other business payment providers.
Frequently asked questions
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