TransferMate is an Irish money transfer business built to facilitate business to business (B2B) and person to business (P2B) transactions. It was founded in 2010 and has processed over $10 billion in 134 currencies to date. In addition to offices in Dublin offices, TransferMate has regional offices in London, Chicago, Madrid, Paris, Sydney, as well various countries across Asia.
This review will look at the exchange rates and fees, available payment methods, transfer speeds, customer feedback and everything else you need to know.
TransferMate focuses on product enhancement and regulatory compliance which has enabled it to attract over 35,000 clients from more than 162 countries worldwide. And TransferMate’s best-in-class currency settlement solution, among other customer-centred services, has attracted investors such as ING and AIB – who have together put a total of €51 million into the company.
Rather than incurring high international transfer fees and exchange rate margins using banks and other money transfer companies, people can use TransferMate’s services to transfer money internationally at much cheaper rates. Through its global network of bank accounts, TransferMate can save you both money and time when making P2B and B2B payments. Here are the exchange rate margins and fees to expect.
Exchange rate margins vary from one currency to another on TransferMate, but typically users should expect to pay about 1% above the mid-market rate. There is also a foreign exchange toolkit you can leverage to minimise your exchange rate exposure through the following solutions:
Transfers above €5,000 do not attract any fees (unless you are making a payment from an individual account, in which case you will be charged a fee of €10). Transfers between €1,000- €5000 from business accounts attract a nominal fee of €5. Any transfer below €1,000 may be charged up to €15 per transaction.
If you are paying for your transfer using a credit card, you may be charged a cash advance fee by the card issuer. TransferMate doesn’t control this cost, so it’s important to check with your bank before making a transfer.
TransferMate provides international money transfer services for over 15,000 clients a month. To find out why the provider has such busy monthly traffic, let’s look at their pros and cons.
TransferMate offers its customers a smarter way to send and receive payments around the clock through its proprietary platform. Here are the payments you can make using the service.
When paying for your transfer, you can use either a credit card or a bank transfer. The transfer is made to the designated account whose details the provider gives you when you book the transfer.
The only withdrawal option available with TransferMate is bank deposit.
TransferMate is a market-leading choice for thousands of businesses and individuals looking for cheap, fast, and convenient ways to make cross-border payments. Here is how simple it is to send and receive money.
Businesses get paid directly to their bank accounts when customers transfer funds. However, they can also request payment by invoicing their customers. Here is how it is done.
No. TransferMate does not have an app. All transfers are done by phone or through the online platform.
Transfers usually take about 2-3 days to be delivered with TransferMate. According to the provider, once funds are deposited into their Client account, it takes 2 working days to be transferred to your beneficiary’s account.
For funds to be processed the same day, transfers must be uploaded before noon. TransferMate is a member of the global SWIFT network which means it can offer fast and safe payments globally.
Typically, TransferMate has a minimum transfer amount of €1,000 and no stated maximum. However, at their discretion, they may consider for transfer a value below €1,000 but at a fee of about €15 per transaction.
TransferMate is an award-winning money transfer service with a presence in more than 162 countries and supporting over 134 currencies. In just 10 years in the industry, the company has transferred over $10 billion and established a total of 9 offices. However, do not take our word for it, let us look at the history and compliance of the company so you can be assured you’re in safe hands.
Interpay Limited – trading as TransferMate – is a well-established company founded in 2010 and headquartered in Dublin, Ireland. It has offices across Europe, North America, Asia, and Oceania. When it was launched by Terry Clune and Sinead Fitzmaurice, the company was put under The Taxback Group, a collection of global companies offering innovative corporate solutions.
In 2012, the provider opened an office in Chicago – its first in the United States. In 2014, it expanded to Australia and in 2015, it surpassed the $5 billion mark in total transactions processed. Two years later in 2017, it surpassed the $10 billion mark in cumulative payments processed.
In 2018, TransferMate increased its global team by 20% and opened an office in New York.
TransferMate’s service is regulated in over 50 countries. Here are some of the regulatory institutions per country of operation.
Key industry partnerships
In a bid to expand its service quality and grow its reach, TransferMate has entered several partnerships. Here are some of the notable ones.
Encryption and customer data
The company takes system security seriously. It has invested in superior technologies and industry-grade data encryption tools. It has a “Secure Socket Layer” (SSL) technology that uses 256-bit encryption. The provider also runs a security operation centre and tracks all the payments through this to ensure customer safety.
TransferMate is ISO 27001:2013- certified. This information security management system certification proves that the provider maintains high standards of information security.
Investors and awards
TransferMate has two main investors: Allied Irish Banks (AIB), who put in €30 million in November 2017 and ING, a Dutch bank that invested €21 million. Both investors have an equity stake in TransferMate.
The provider has also won several awards for excellent service and innovation. Top among them include:
TransferMate has helped revolutionise how businesses pay and get paid across borders. Customers have found the platform to be efficient and inexpensive compared to international banks. On reviewcentre.com, the company has a total of 498 reviews, 94% of which are 4 and 5 stars. Here are some of what clients have to say.
If for any reason you want to cancel your transfer, get in touch with TransferMate customer support team or your relationship manager. Only transfers that have not been paid out can be cancelled, but even with that, you will bear any cancellation costs.
With 162 supported countries, the provider has one of the largest networks in the financial services industry. Here are some of the top destinations for business payments on TransferWise:
Transfermate’s 24-hour online payment platform is supported by a team of more than 185 specialists available on the phone, email, and live chat. Customer support is available via the following platforms:
TransferMate is one of the fastest-growing business-focused international payment service providers. It offers a smarter way to send and receive money using both online and phone-based platforms connected to a global network of banks.
With 162 countries and 134 currencies supported on the platform, TransferMate promises faster, more integrated, and transparently priced services. The platform is simple to use, and customers can pay for their transfers using a credit card or bank transfer.
Through strategic partnerships, TransferMate continues to improve its business solutions. Therefore, you can rely on this service for your P2B and B2B payments. Having said that, it is always a good idea to compare what alternative providers offer to ensure you get the best rates.
We have made the process easy and fast for you using our money transfer comparison tool. Simply fill in the details of the money transfer you wish to make, and we’ll instantly show you all the best options so you can find out if TransferMate is the right service for you.