Owing to advances in technology, transferring money from one country to another is much simpler and quicker than it was 15 to 20 years ago. Besides, you get scores of money transfer companies from which to choose. Deciding which company to go with, though, is not always easy, because several vie for your attention. This page will give you an easy way to determine if TransferMate or TransferWise will work better for you.
By turning online, you get to find out where the TransferWise vs. TransferMate comparison stands in the world of real customers. For instance, TransferWise averages at 9.6 out of 10 on Trustpilot. TransferMate, on the other hand, gets an average score of 4.7 out of 5, or 9.4 out of 10, on Review Centre. Given that both companies rate well on this front, further analysis becomes important.
Whether you should select TransferWise or TransferMate for your next overseas funds transfer requires that you pay attention to these aspects.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Different factors affect how much your transfer might cost through TransferMate or TransferWise, which is why this aspect requires your particular attention. For example, if you, as a business, need to transfer more than €5,000, TransferMate may work well for you.
- TransferMate charges no transfer fees from business clients if they transfer more than €5,000.
- For transfers below €5,000, a nominal fee applies.
- If you initiate a transfer as an individual, you’ll need to pay a €10 fee.
Ease of Use
This section of the TransferWise vs. TransferMate comparison tilts in favor of the former because of one particular reason. While TransferWise provides services to individuals, businesses, and online sellers, TransferMate focuses mainly on business clients. Signing up with both companies is simple and takes little time.
- You may access the TransferMate website in languages such as English, Spanish, French, German, Dutch, Polish, and Italian.
- Business clients get to choose from mass payments, international receivables, spot transfers, market orders, and stop loss orders.
- Payee notification and verification of bank account details is automated.
- The company offers API integration with the world’s leading accounting software platforms.
- It provides round-the-clock phone support.
- Using your Google or Facebook account to sign up hastens the process.
- Website access comes in English, Spanish, French, German, Italian, Portuguese, Hungarian, Russian, and Japanese.
- You may pay using electronic bank transfers, debit cards, or credit cards.
- The Borderless account provides bank account details from the U.S., the UK, the European Union, Poland, Australia, and New Zealand. It lets you hold funds and receive payments in over 40 currencies.
- You may get the TransferWise Mastercard depending on where you live.
- You may use your Borderless account for setting up direct debits in EUR and GBP.
- TransferWise provides apps for Android and iOS.
Regular Overseas Payments
Turning to TransferWise or TransferMate to schedule a transfer as an individual will do you no good because both do not offer this functionality yet. Some of their competitors you may use include OFX, TorFX, HiFX, and Currencies Direct.