Personal Features

TransferMate

17

17

TransferMate lets individual customers carry out spot transfers to book payments instantly using live market rates. 

It does not let individual customers schedule transfers or use hedging tools.

Use the TransferMate online platform to check the status of your transfers and to view your account’s history.

TranserMate has 1-2 day turnaround times and you can make regular payments.


TransferWise

50

50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

It’s a draw!

Both equally compare in the Personal Features category.

TransferWise
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Winner

Business Benefits

TransferMate

44

44

Businesses may use TransferMate money transfer services to send and receive payments. 

Mass upload options gives businesses an easy means to make multiple payments in one go. 

Business clients get to choose from spot contracts and flexible variable contracts protecting themselves against market volatility. 

The company also provides integrated software solutions for businesses and banks, through software such as Jcurve, MYOB, NetSuite, QuickBooks, Sage, SAP, and XERO.


TransferWise

56

56

In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

It’s a draw!

Both equally compare in the Business Benefits category.

TransferWise
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Winner

Fees & Exchange Rates

TransferMate

21

21

Exchange Rates

A currency calculator on the TransferMate homepage lets you view existing indicative rates.

You can check exchange rates of commonly traded currency pairs by using the currency rates table.

The company provides free rate quotes via email and over the phone.
 

Additional Fees

Individuals need to pay a €10 fee for carrying out personal transfers.

The company has a minimum transfer limit of €1,000.

Business clients pay no transfer fees if they transfer over €5,000. If they transfer less than this amount, a nominal fee applies.


TransferWise

54

54

TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


TransferWise wins!

TransferWise scores better in the Fees & Exchange Rates category

TransferWise
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Winner

Ease of Use

TransferMate

39

39

TransferMate serves individuals and businesses.

It operates region-specific multilingual websites.

The company provides 24/7 phone support.

Business clients may choose from spot transfers, stop loss orders, market orders, international receivables and mass payments.

Verifying bank account details and payee notification happens automatically.

API integration with most popular accounting software platforms is easy.


TransferWise

83

83

The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


TransferWise wins!

TransferWise scores better in the Ease of Use category

TransferWise
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Winner

Support & Countries

TransferMate

63

63

Supported Countries

TransferMate supports transfers to over 160 countries in more than 130 currencies.

You may use its services to send money from the U.S.
 

Customer Support

TransferMate averages at 9.0 out of 10. 


TransferWise

88

88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


TransferWise wins!

TransferWise scores better in the Support & Countries category

TransferWise
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Winner

Trust & Transparency

TransferMate

56

56

TranserMate uses high levels of encryption to safeguard all online transmission of information.

TransferMate is regulated by regulatory bodies in Ireland, Jersey, Switzerland, the U.S., Canada, Australia, New Zealand, Hong Kong and Singapore.


TransferWise

63

63

TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


TransferWise wins!

TransferWise scores better in the Trust & Transparency category

TransferWise
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Winner

The Result

Winner ribbon iconWinner

 TransferWise

With both providers tying with the personal and business services they offer, the winning decision came down to the other four categories.  TransferWise's ease of use and cheaper fees and exchange rates significantly bumped them ahead of TransferMate across the scoring.  Their supported countries and trust and transparency also assisted in their almost 20 point win.