International money transfers can be complex and expensive, especially if you do it through your bank! Most of the time, banks will charge you transfer fees and the exchange rate applied will be way bellow the actual market rate. Fortunately there are some very good alternatives to avoid these costly transfers. Indeed, some companies are specialised in money transfer and are offering a dedicated service for cheap, secured and quick transfers in the world. TransferMate is one of them and provide a secured platform to transfer money internationally. In this article we will explain you how it works and give you our review as TransferMate users.
Transfermate – a secured platform to transfer money internationally
Launched in 2010, TransferMate Global Payments is a smart solution to both send and receive international payments. Fully secured and compliant with global regulation across the USA, Canada, Europe, Australia, New Zealand and Jersey.
For Europe, InterPay Ltd t/a TransferMate is authorised by the Central Bank of Ireland to provide Payment Services within the 28 member states of the EEA pursuant to Regulation 18 of the European Communities (Payment Services) Regulations 2018. In Australia, InterPay Ltd and InterPay Pty Ltd (both trading as TransferMate) are registered with with AUSTRAC – Australian Transaction Reports and Analysis Centre. AUSTRAC oversees the compliance of “reporting entities”, with their requirements under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988.
Transfermate is an online platform and global banking infrastructure, that eliminates the cost of sending international payments by collecting and sending payments using their own local bank networks. All payments booked are recorded and saved in your account summary. As soon as you have booked a payment with TransferMate you will receive a confirmation of the transaction booked by email.
TransferMate – How it works
It is pretty simple and efficient!
You will first need to go on their website and sign up for free. Once it is done, you will need to enter the amount of money you want to transfer to your bank account overseas and the currency. TransferMate will quote you and offer you a bank beating exchange rate for your transfer. You will then transfer the money to their local bank account (avoiding payment of an international transfer fee). After receiving your funds and get them cleared, TransferMate will then convert it into the chosen currency and transfer it to your nominated bank account.
The step by step process is as follows :
- Register online
- Choose your currency and the transfer amount
- Lock in your exchange rate. The exchange rate changes all the time, but you you can check online the current exchange rate to see if TransferMate is using the real one (exchange rates are available on Google, XE etc.
- Add Transfermate bank account details as a new payee with your bank (the one sending the money)
- Transfer your money to their bank account
- Once they receive the money and the funds are cleared, they will automatically transfer the funds to your nominated bank account.
TransferMate – How much it costs
The pricing is very simple and transparent. TransferMate offers you a better exchange rate than the one offered by banks. There is only a fixed fee that you have to pay for each transfer you are doing. Through our partnership with TransferMate you will get 25% discount per transfer! That means you only have to pay 11 £/$/€ (instead of 15 depending on which currency you are using) – regardless of the amount of money you want to transfer internationally.
If you wish to transfer 3000£.
Using TransferMate, you will pay 11£ for your transfer (with our discount)
Let’s say the exchange rate is : 1£ = 1.6 AUD
The rate offered by Transfermate will probably be around 1.59
Therefore for 3000£, you will get 4770 AUD (less you transfer fee of 11£).
TransferMate – get 25% discount on your bank transfer
To get the 25% discount for every transfer with TransferMate, simply click on the button below.
TransferMate review – Our experience
TransferMate is a simple, secured and good process to transfer money internationally. Below are a few reasons why we highly recommend this company:
1. Faster transfers (only 1 to 2 working days upon receipt of the money). With a regular bank, it usually takes 3-4 days.
2. Transfer fee reduced to $11 or £11 for any transfer. Typically banks can charge up to 50 dollars or pounds per transfer.
3. Exchange rates are more competitive with transfer companies than banks, which allows you to save money on each transfer!
4. A representative will be available by telephone and live chat to answer all your questions 24/7.
Through our partnership with TransferMate you get 25% discount, £11 or $11 per transfer (instead of 15 depending on which currency you are using). To get this discount, simply click on the button below.
Transfermate Reviews rating 4.7 of 5 – Based on 472 reviews
Updated 23/09/2019 – Initially published on 16/10/2016