TransferMate review
- Fastest Transfer Speed
- 24 hours
- Minimum Transfer Amount
- €1,000
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 $11) 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 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
- 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 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
24 hours
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 511 reviews.
*According to TransferMate and Reviewcentre in September 2020.
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.
Where is TransferMate regulated?
| 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
To register for an account with TransferMate, follow these steps.
- Visit the TransferMate website.
- Provide your nationality, state, name, email address and cellphone, and agree to its terms of use.
- Complete the captcha at the bottom and click Open my free account.
- Provide proof of your personal details including your name, date of birth, address and source of funds.
- 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. Funds should clear in no longer than two working days after TransferMate receives them.
- Track your payment. 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?
Frequently asked questions
TransferMate is not currently available on Finder
Have you considered Airwallex?
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
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Zak Finder
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