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TransferMate review: local accounts in 35+ currencies

transfermate.com

TransferMate opens local accounts in more than 35 currencies so businesses can be paid like a company in their client’s country. Licensed in Ireland and in 51 US states and territories, it serves banks and software providers.

Local accountsLicensed institutionB2B paymentsWhite label

Our verdict on TransferMate

TransferMate suits a company billing business clients in several countries, such as an ad network or a program, that wants to receive local transfers instead of international wires.

A solo webmaster cannot use it, since personal use is banned. No pricing is published.

TransferMate home page, a cross-border payments infrastructure
TransferMate

TransferMate licenses

Interpay Ltd, trading as TransferMate, is authorised by the Central Bank of Ireland as an electronic money institution for the European Economic Area. Its US subsidiary is a FinCEN-registered money services business with licenses in 51 states and territories. TransferMate also publishes its UK, Australian, Canadian, Singapore and other licenses, claiming 100 in total.

TransferMate local accounts

TransferMate opens virtual accounts in 35+ currencies: the client pays by local transfer in its own country, and the money crosses the border once. The business bills in local currency and avoids international wire fees on each payment. TransferMate also sells FX forwards to lock in a rate.

It claims 3,000,000+ yearly transactions and $75BN+ processed annually, across 200+ countries and territories and 140+ currencies.

Who TransferMate is for

TransferMate mainly serves banks, software providers and fintechs that embed its network under their own brand. Wells Fargo appears among its testimonials. A business can also open an account directly, but the terms ban personal, family or household use.

What TransferMate prohibits

The EU terms ban illegal use, accounts in someone else’s name, holding clients’ money and personal use. They also rule out payments to buy Bitcoin or other blockchain assets.

How funds are protected

Funds are held in accounts segregated from TransferMate’s own, with no lien allowed. The terms warn that this protection may not be available in every country and that it differs from how banks protect deposits. No pricing is published.

Strengths and limitations of TransferMate

Strengths

  • Local accounts in 35+ currencies.
  • Licenses published by country.
  • Segregated funds.

Limitations

  • No published pricing.
  • No personal use.

TransferMate vs Yoursafe and Payz

Yoursafe gives businesses a free account in EUR, USD or GBP that receives Verotel transfers free of charge. Payz opens up to 10 accounts in 50 currencies. A webmaster looks at those two first, TransferMate serving a company that bills business clients abroad.

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