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TransferMate Review

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.

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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.

TransferMate exchange rates and fees

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 rates

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:

  • Spot contracts: You can book payments instantly using the prevailing rates for immediate transfer. 
  • Flexible variable contracts: You can lock in a rate for up to 12 months. This gives you stability and predictability in your transfers. 
  • Exchange rate notifications: TransferMate will send you an email or SMS alert whenever the exchange rate moves in your favour. 

Transfer fees

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.

Additional costs

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 pros and cons

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.

Pros
Good exchange rates: TransferMate processes huge volumes of currencies every month. This gives it an advantage when sourcing for currency in the global market and makes it possible for it to offer low exchange rate margins of about 1% above the mid-market rate to its clients.
Low transfer fees: Transfers above €5,000 are free and those below €5,000 are at a nominal fee of €5 on average.
Personalised service: Once you register for an account, you will be assigned a relationship manager. This is a professional who will handle all your queries and provide you with accurate information as and when you need it.
Accounting software integrations: The online payment system integrates with accounting software such as QuickBooks, Sage, MYOB, SAP and JCurve. This integration enables you to book and post payments conveniently from your accounting system.
Secure platform: TransferMate is regulated in more than 50 countries making it a trusted and secure partner for global payments.
Cons
Lengthy onboarding process: Before a customer’s account is approved, there are a lot of processes involved and this may take up to 3 days to finalise.
No mobile app: Money transfers are only through telephone and the online platform. Having said that, the platform is mobile-friendly, and you can transact with ease from a mobile browser.
Limited payout methods: Bank deposit is the only payout option available on the platform. If you want mobile money transfer, direct to card deposits or cash pickup, you will need to look for an alternative service.

What kind of payments can I make with TransferMate?

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.

Payment methods available 

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.

Withdrawal options available

The only withdrawal option available with TransferMate is bank deposit.

How to send and receive money with TransferMate

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.

How to send money with TransferMate

  1. Sign up for an account: Register for an account online by filling in your details and address. To activate the account, you will be asked for proof of your identity and address. 
  2. Book your payment: Once your account is approved, you can now book a payment. However, you first need to check the rates the provider is offering you so that you know how much your recipient will get. Once satisfied, fill in the currency you need and the amount of money you want to transfer.
  3. Complete your payment: Transfer funds to the designated TransferMate’s account in your country using bank transfer or credit card. The provider will then initiate a transfer to your beneficiary using their local bank account in the destination country.
    You can also do a mass upload where you upload a predesigned file populated with the details of your beneficiaries. Then authorise the transfers and your multiple vendors/suppliers’ bank accounts will be credited.

How to receive money with TransferMate

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.

  1. Request payment: Send an invoice through the platform to your customer for the goods delivered or service performed. Your client will get an email notifying them that an invoice is due.
  2. Customer locks in an exchange rate: The client will then log onto the platform and transfer funds in the currency the invoice is billed in, to the TransferMate account for onward transfer to your bank account.
  3. TransferMate completes the transfer: Once the invoice and rate have been agreed to, TrasnferMate facilitates the transaction.

Does TransferMate have a mobile app?

No. TransferMate does not have an app. All transfers are done by phone or through the online platform.

How fast are TransferMate’s transfer speeds?

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.

Are there maximum and minimum transfer amounts?

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. 

Can I trust TransferMate?

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.

History

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. 

Regulatory compliance

TransferMate’s service is regulated in over 50 countries. Here are some of the regulatory institutions per country of operation.

  • Ireland: The Central Bank of Ireland authorised the company to offer Payments Services in EEA countries.
  • United States: TransferMate is registered and regulated by the Financial Crimes Enforcement Network (“FinCEN”) as a money service business (MSB) in all the States.
  • United Kingdom: The service is registered and regulated by the Financial Conduct Authority as an Electronic Money Institution. Its financial register number is 900930.
  • Canada: Registered by Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) as a Money Service Business.
  • Australia: The provider is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a remittance provider. It is also licensed by the Australian Securities and Investment Commission (ASIC).
  • New Zealand: TransferMate is registered with the Ministry of Business, Innovation and Employment as a financial service provider.

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.

  • Dwolla Partner Ecosystem: This partnership enables Dwolla customers to make international payments through the TransferMate platform. 
  • Wells Fargo: This partnership has resulted in a platform called Global Invoice Connect. This platform helps businesses present invoices and collect payments from international customers.
  • AccountsIQ: Through this partnership, AccountsIQ customers enjoy seamless international payments.
  • Coupa Software: The provider leverages this partnership with Coupa Software, a spend management solution, to deliver a seamless invoice and B2B payment experience.
  • Tradeshift: The partnership involves an app integration with TransferMate’s platform to enhance digital connection for international commercial buyers and sellers at every transaction phase.

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: 

  • Financial Services Innovation Awards 2019: TransferMate was the overall winner in this first-ever edition of the awards by Deloitte for its ideas, innovation, and impact.
  • 2018 Deloitte Fast 50: TransferMate was named as one of the winners coming at number 46.
  • Ernst and Young Entrepreneur of the Year Award: Terry Clune, TransferMate co-founder, won this award in 2009
  • Deloitte Best Managed Company Award 2019: The Taxback Group scooped the award in the Platinum Club Requalifier category which means it was receiving the award for the 8th time.
  • The RSM International Entrepreneur of the Year Award 2010: The award is part of the European Business Awards for dynamic and successful businesses.
  • FinTech 20 Ireland: TransferMate featured on the list as the Best Payments Company 2017.
  • The Payroll Awards 2017: The provider won the International Payroll Payments Supplier of the Year award.

Customer satisfaction

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.

Positive

  • An easy to use the platform: The online system is a multi-functional, user-friendly platform with automated supplier reminders.
  • Best exchange rates: TransferMate offers its customers bank-beating exchange rates hence saving businesses a lot of money in cross-border payments.
  • Responsive team: The customer support team and relationship managers are knowledgeable, courteous, and available 24/7 to help.

Negative

  • Delivery delays: On some corridors, transfer deliveries can take up to 3 days. Customers have also reported cases where deliveries took much longer than promised.

Can I cancel my transfer?

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.

Top destinations

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:

Customer support

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:

  • Email: For email support, send your query to ireland@transfermate.com.
  • Phone: You can call +353 16353700 to get connected to a customer support representative. This is a toll number hence you need to check your international call rates. 
  • Live chat: You can get 24-hour live help service through the TransferWise website. 

Summary

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.

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