Review: TransferMate international money transfers

Business class transfers are now available for individual senders.

Last updated:

  • 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 €10 (roughly £8.50) fee on all transactions for non-business customers. TransferMate typically adds a margin to the exchange rate that is within 1%.

Because TransferMate operates through a network of over 200 banks 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
  • USD US dollar
  • AUD Australian dollar
  • CAD Canadian dollar
  • JPY Japanese yen
  • CHF Swiss franc
  • MXN Mexican peso

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 takeClock icon for transfer speed

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, 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. Trustpilot gives TransferMate 4.3* out of 5 stars, based on 153 reviews.
*According to TransferMate and Trustpilot on 26 February 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.

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, 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?

Table: sorted by a combination of service offering and the amount your recipient will receive

TransferMate focuses on B2B transfers, so individuals sending less than £1,000 may not benefit from the competitive exchange rates. Use the table below to decide for yourself if paying a larger fee upfront to secure a better exchange rate is worth it.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.132 EUR
11,324
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.132 EUR
11,324
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.132 EUR
11,324
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.132 EUR
11,324
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.132 EUR
11,324
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.132 EUR
11,324
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 5,000 Same day GBP 0.00 1.132 EUR
11,324
Clear Capital specialises in sending over 150 currencies abroad for both individuals and businesses. Expect to receive a dedicated account manager and same-day transfers. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.132 EUR
11,324
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.132 EUR
11,324
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.132 EUR
11,324
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.122 EUR
11,220
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.131 EUR
11,313
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Same day GBP 2.00 1.131 EUR
11,307
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points. Go to site Show details
GBP 50 Same day GBP 2.99 1.126 EUR
11,253
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

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

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