Transfermate Money Transfer Review

The following Transfermate review will touch all the relevant aspects for a money transfer company Transfermate is a growing company which has gained some reputation in the industry and there is a lot to know about it before considering using its services.

Transfermate is not the best money transfer company for May 2020, based on our editorial rankings. Transfermate is reliable and safe, but we encourage you to have a look at Transfermate recommended alternatives here.
Logo transfermate logo new
🏛️ Established 2010
🌎 International Clients ✓ Yes, including USA
💱 Currencies Offered 134
💷 Minimum Transfer £1,000
📲 Trading via Phone, Online
🏢 Offices In UK, Ireland, Italy, Spain, Netherlands, France, Germany, Poland, Bulgaria, USA
⚖️ Regulation ✓ Registered and authorised in the EU, Canada, USA, Australia, New Zealand, Jersey, Switzerland, Hong Kong and Singapore.
🤯 Fees £10 per transfer for individuals (waived for large transfers)
Promotional Code None
👨‍👩‍👧‍👦 Client Reviews 138 reviews on
⭐ Client Rating 4.5 /5
🏆 Awards FinTech Company of the Year – Finalist (Deloitte), Ernst and Young Entrepreneur of the Year Award, Deloitte Best Managed Company Award and the Deloitte Gold Standard Award, HSBC European Business Award, Best Payments Company 2017, International Payroll Payments Supplier of the Year (2017)
👍 Advantages High Satisfaction by Clients

Dedicated Dealers

Large Selection of Currencies

Many Global Offices

Authorised by Many Regulators

👎 Disadvantages Fixed Fees

Relatively High Minimum Transfer

No Phone App

Few Online Reviews

Not as Large as Industry Leaders like Moneycorp

Dedicated dealer only to those using the API

Company Information and Credibility

Company size:

Transfermate has around 250+ employees in 24 offices around the world. With a cumulative $5 billion in total transactions that were reached in 2015, 5 years after being founded it has grown into a company with a large presence. The company is still expanding rapidly, with a 20% expansion to its global team in 2018.

Regulated By:

Authorised by the Central Bank of Ireland to provide Payment Services in EEA countries. Registered MSB with the US Department of Treasury Financial Crimes Enforcement Network. Registered MSB with FINTRAC in Canada. Registered with Australian Transaction Reports and Analysis Centre. Registered with the Ministry of Business, Innovation and Employment as a Financial Service Provider. Registered with the JFSC (Jersey), the ARIF (Switzerland), the Custom and Excise Department of Hong Kong and the Monetary Authority of Singapore.


Some of the most recent and relevant awards that Transfermate has won are:


  • FinTech Company of the Year – Finalist (Deloitte)
  • Ernst and Young Entrepreneur of the Year Award
  • Deloitte Best Managed Company Award and the Deloitte Gold Standard Award
  • HSBC European Business Award
  • Best Payments Company 2017
  • International Payroll Payments Supplier of the Year (2017)


Transfermate is a large company that is still growing fast. With 15 global offices and a 20% global expansion in 2018, the company is being recognised for its growth by winning various awards. This certainly adds certain credibility and reassurance surrounding the company.

Client Feedback


Transfermate has a respectable 4.5 score on Trustpilot, from a not-so-convincing 123 reviews.


  • Feel safe using Transfermate
  • Fast service and on-time transfers
  • Good customer service
Negative:The few unhappy with Transfermate had the following to say:

  • Excessive and long-winded bureaucracy
  • Difficult to set up
  • Not user-friendly


Transfermate seems to be liked by its existing clients. Although there are several complaints to be found online, these relate to topics that have to do with regulatory requirements from money transfer companies.

The only issue we have with Transfermate’s client reviews is that the number of online reviews we have discovered is quite low in comparison to more prominent companies like WorldFirst or OFX, not to mention giant Transferwise boasting an astonishing x100 reviews online in comparison to Transfermate.

Exchange Rate & Fees


The most prominent fee at Transfermate is the €10 fee on all transactions initiated by individuals. This is really where they make a lot of their money from. However, over 5,000 registered businesses at Transfermate do not pay fees, and for transfers under 5,000 there may be a “small fee, typically less than a bank’s”.

Exchange Rates:

The exchange rates are claimed to be a very close reflection of the mid-market rate at that specific moment, but without additional data we wouldn’t be able to indicate if Transfermate’s rates are better than of competitors.


There is no maximum transfer limit at Transfermate – only a minimum of €1,000.


The fixed fee for individuals appears to be high. So is the minimum transfer amount. No further indications.

Global Reach & Service


  • Dedicated Dealer: No, only a dedicated account manager for those using the sandbox API integration.
  • Offices: 24, in UK, Ireland (x2), Italy, Madrid, Netherlands, France, Germany, Poland, Bulgaria (x2), North America (x5), Canada, Australia (x2), New Zealand, Hong Kong, South African, Singapore, India
  • Ways to approach: Online, phone, email
  • Translations: 15 different variations of the site (approx. 6 different languages)
  • Accepts clients: Global
  • Currencies Handled: 134
  • Client reviews: 4.5 (Trustpilot) out of 138 reviews


Transfermate handles pretty much every major and exotic currency that is traded, with the exception of restricted currencies. This, along with its large collection of worldwide offices, tells us that Transfermate is serious when it comes to having a global reach. Whilst handling 134 currencies is no longer anything special, it can’t practically get much better than that.

Additional Functionalities

Transfermate somewhat lacks in functionality for casual use. Despite the introduction of the e-wallet functionality, it remains to be B2B centric. It has a very strong API integration, meaning you can request sandbox access and better integrate Transferate with other applications. This feature has a dedicated account manager, tokenized security and clear documentation.

Transfermate does offer hedging options, as well as the ability to send multiple transfers in a single payment (a batch payment). One great feature is that they can send you notifications when a specific rate that you’ve got an eye on falls, so you can make a payment. There’s also an automated version of this called Flexible Spot, that will execute a transfer on a low exchange rate.


Whilst functionality seems to be impressive for business/technical use (perhaps boosted by the €21m ING and €30m AIB investment with new strategic partnership), ultimately Transfermate lacks in its usability. There are very little cutting-edge user-facing developments going on, there is not even a functioning app to use yet. The API access and hedging, however, is a very strong point for Transfermate, making this aimed at more technical or business use.

Leave a Reply