Who Can Benefit By Using TransferMate Money Transfer Services?
TransferMate provides services for individuals, businesses, and sole traders. Individuals may use the company’s services to send money overseas for varied reasons such as paying international tuition fees, buying property, or simply sending money to a friend or a family member. Businesses may use its services to pay international suppliers and employees, and to receive payments from customers. The company also offers integrated software solutions for businesses and banks.
At a Glance – TransferMate Overseas Money Exchange Company
TransferMate has offices in eight countries. Signing up with the company takes no more than a few minutes. It operates dedicated websites for different regions, access to which comes in various languages. While individual transfers attract fees, business transfers come with fee-free thresholds. The company claims that it processes all its overseas money transfers within two working days.
The corresponding table gives you quick insight into TransferMate money transfer services.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About TransferMate
Carrying out an overseas money transfer requires that you pay attention to different aspects. The following subsections shed light on factors that are the most important.
Business clients pay no fees when they transfer any amount over USD/GBP/EUR 5,000 or its equivalent in another currency. For transfers below this amount, a nominal fee applies.
Fees that individuals need to pay depend on where they live.
|The UK||GBP 10|
|Rest of Europe||EUR 10|
|The U.S.||USD 20|
|New Zealand||NZD 20|
All transfers initiated using the company’s online platform attract USD/GBP/EUR 15 as fees.
Supported Countries and Currencies
No matter which TransferMate review you read, you will be hard pressed in finding a list of countries and currencies supported by the company. This is because it does not provide any such list. However, it mentions that it processes payments in all major and exotic currencies, barring ones that have restrictions in place.
The list below gives you an indication of restricted currencies. Since restrictions are subject to change, if you find a currency you wish to transfer on this list you may want to check with TransferMate before your next transfer.
|Cameroon||Central African franc||XAF|
|North Korea||North Korean won||KPW|
|Papua New Guinea||Papua New Guinean kina||PGK|
After your money gets to the TransferMate client account, the converted funds get to the recipient’s overseas bank account within two working days. If you are hopeful of a same day transfer, your payment will need to reach TransferMate before 12 pm. As and where possible, the company tries to hasten the process by transferring funds to recipients’ accounts using local currencies.
TransferMate lets individual customers carry out spot transfers. It does not let individual customers schedule transfers and does not provide hedging tools.
Businesses may use TransferMate money transfer services to send and receive payments. The mass upload options gives businesses easy means to make multiple payments in one go. Business clients get to choose from spot contracts and flexible variable contracts. The company also provides integrated software solutions for businesses and banks, through software such as Jcurve, MYOB, NetSuite, QuickBooks, Sage, SAP, and XERO.
- Spot contracts. Spot contracts give individual and business customers the ability to book payments instantly using live market rates.
- Flexible variable contracts. Business clients get the ability to protect themselves against market volatility. They may lock in rates for predetermined time periods without worrying about draw down fees.
- Minimum transfer amount. The company has a minimum transfer limit of €1,000 in place.
- Tracking payments. You may use the TransferMate online platform to check the status of your transfers and to view your account’s history.
TransferMate Currency Exchange Rates
TransferMate currency exchange rates are typically better than what you will get through most banks. However, you may want to compare its rates with other overseas money transfer companies shortly before your next transfer to find out which alternative is the most cost effective.
Coupons Offered by TransferMate
There are no existing promotional offers or coupons from TransferMate.
How to Sign Up with TransferMate?
This section of the TransferMate money transfer review guides you through the registration process. You may sign up with this company as an individual or a business. When signing up as an individual, you will need to provide the following details:
- Your complete name
- Your country of residence
- Your email address
- Your date of birth
- Your mobile number
After you submit the online application, the company sends you a form via email. You need to complete the form and send it across via email or fax. You may also need to provide documents to verify your identity.
How Do You Send Money Through TransferMate?
You may initiate your overseas money transfer through TransferMate online or over the phone. Sending money online requires that you follow a straightforward process.
- Select the destination country and the currency.
- Enter the amount you wish to send.
- Provide the recipient’s name and bank account details.
- Pay for your transfer.
Additional Information About TransferMate
- The company operates dedicated websites for residents of Austria, Belgium, Canada, France, Germany, Ireland, New Zealand, Spain, Switzerland, the UK, and the U.S.
- Website access comes in English, French, German, and Spanish.
- It accepts customers from most countries the world over.
- The company is regulated by the Central Bank of Ireland.
- It is registered with the United States Department of Treasury Financial Crimes Enforcement Network (FinCEN), the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC), the Australian Transaction Reports and Analysis Centre (AUSTRAC), and the Ministry of Economic Development Companies Office in New Zealand.
TransferMate Customer Service
On Trustpilot, TransferMate gets a score of 7.4 out of 10. On Review Centre, its average score stands at 4.7 out of 5. A few negative reviews about the company talk of lack of transparency and limited payment options. For answers to frequently asked questions, you may check the support section of the TransferMate website. You may contact a company representative over the phone, or via email or chat.
Given below are contact details of some of the company’s global offices.
|Country||Address||Phone and Fax|
|Ireland||TransferMate IDA Business Park, Ring Road, Kilkenny, Ireland||Phone: +353 1 635 3700 Fax: +353 1 686 5206||[email protected]|
|Ireland||TransferMate 1st Floor, 14 Stephens Green, Dublin 2, Ireland||Phone +353 1 635 3700 Fax: +353 1 686 5206||[email protected]|
|The UK||TransferMate 1st Floor, 9 White Lion Street London N1 9PD, United Kingdom||Phone: +44 207 659 9185 Fax: +44 207 900 1788||[email protected]|
|Italy||TransferMate Via Antonio, Salandra 18, 00187 Roma Italia, Italy||Phone: +39 06 9480 1171||[email protected]|
|Spain||TransferMate c/ Capitan Haya, 1 Planta 15, Edificio Eurocentro, 28020 Madrid, Spain||Phone: +34 911875525||[email protected]|
|The U.S.||TransferMate One Market Plaza, Spear Tower, Suite 3602, San Francisco, California 94105, USA||Phone: 312 924 3737 Fax: 312 275 7101||[email protected]|
|Canada||TransferMate 1 Yonge Street, Suite 1801, Toronto, ON M5E 1W7 Canada||Phone: +1 647 724 2412 Fax: +1 416 352 7723||[email protected]|
|Australia||Transfermate Suite 3, Level 13, 222 Pitt Street Sydney NSW 2000, Australia||Phone: +61 2 9037 2735 Fax: +61 (02) 8088 7849||[email protected]|
|Hong Kong||TransferMate Room 504 (5/F), Tower 2, Lippo Centre 89 Queensway Hong Kong||Phone: +852 5 8085 420 Fax: +852 3010 9691||[email protected]|
Does this TransferMate review rate this company as the best money transfer service provider? Unfortunately, there is no single overseas money transfer company that works well for everyone, given that individual requirements tend to vary. As a result, take some time to compare your options before arriving at a decision.
TransferMate Review Updates
Ireland-based TransferMate provides overseas money transfer services for individuals, businesses, and sole traders. The company deals in a majority of the currencies and it facilitates payments to and from most countries the world over. By operating accounts in different countries, it is able to provide quick turnaround times. It gives businesses hedging alternatives as well as integrated software solutions.
TransferMate is an Ireland-based international payments company and it has been around since 2010. In 2011, it secured regulatory permission to operate in Australia and it also received a Payment Institution License to operate throughout Europe in the same year. By 2014, it had expanded significantly in Australia and the United States. By 2017, the company had processes more than U.S. $10 billion in transactions.
Other than its headquarters in Ireland, the company has offices across Europe, in the Americas, in Australasia, and in South Africa. TransferMate does not rely on intermediary banks to carry our cross-border transfers. Instead, it has set up 200 accounts in 50 countries, with the aim of transferring funds using its own banking network. The company deals in 117 currencies and supports transfers to 145 countries.
The TransferMate software has been successfully incorporated into other accounting software such as Jcurve, MYOB, NetSuite, QuickBooks, Sage, SAP, and XERO.
- Awards the company has won since its inception include, but do no limit to:
- Ernst and Young Entrepreneur of the Year Award
- Deloitte Best Managed Company Award
- Deloitte Gold Standard Award
- HSBC European Business Award
Learn more by reading this TransferMate review till the end.