Rate Checker

The following rates are interbank rates. This is the rate at which banks buy and sell money from each other. These rates are not available to private individuals or small to medium companies. They are therefore provided for indicative purposes only. For a quote please phone our team.

We’ve updated our terms and conditions in order to give our clients the most accurate and efficient service. Below is a list of all the changes we have made. You can also find all of our terms and conditions per country on this landing page.

AllWe have restated our Terms to make them more robust for Corporate client. This includes moving the Payables Schedule within the body of the agreement.
DefinitionsSome new definitions to adapt to new Terms including Banking Day which is used instead of Business Day in certain places.
Fee ScheduleDecision to EURO-ise the Fee Schedule and put it on a link rather than on the terms.
The Fee Schedule contains a more comprehensive list of the Exceptional Items with explainers for each, and does not contain static same currency or low value FX charges because these are now dynamic in accordance with our offering rail granularity.
Global Account AvailabilityWe have broadened the number of countries where we offer full Global Account availability. In some cases (Mexico, Philippines) we cannot hold funds for more than 1 day.

We have provided a table separate to the Terms which explains how long we can hold funds in each region.

We will automatically issue Global Accounts for clients where we can hold funds for at least 60 days.
Allowance for SubsidiariesWe have included wording that permits a client add subsidiaries and affiliates to make it easier for large corporates to allow group companies to receive the services. Note this is not available in every territory.
Dual AuthorisationClarification that even where dual authorisation is set up, it is not applicable to the processing of bookings by telephone.
Right to Access the Global AccountWe’ve removed the statement that states that we will never access your Global Account and instead state that we may access it to collect fees that are due to us.
Clarity on the right to fund GA from third partiesWe are permitting funding from 3rd parties as long as you have been pre-approved for this funding. Customers can still use the Receivables Service for formal collection activity by TM, but this gives customers the discretion to share their Global Account details with trusted 3rd parties.
Clarity on funding by ACHWe have set out in more detail the risk associated with ACH funding where there is a chargeback from your account.
Payment RailsWe now offer customers the option to select which payment rail we use to complete the transaction. There may be cost implications to whichever rail is selected and as such we no longer carry standard costs for same currency and low value FX payments.
The actual costs associated with each payment rail and the options available are only shared when the transaction is booked.
Use of Global Account to hold returned fundsSometimes funds get returned from the Beneficiary Bank. To date we have had to return these to a client’s bank account which may cause a bad client experience and potential FX losses. We are now creating a global account in the beneficiary currency where we will hold the funds for you, pending new instruction. Note that these may not be available in every situation.
Right to auto-convertWhere there is a mismatch between the currency you require us to fund in and the currency of the beneficiary account, we reserve our right to convert this for you into the correct currency.
Clarity on the Types of UsersWe are differentiating Web Users from authorised Users which have been screened and added formally.
Web users have less functionality but transactions entered by all Users are treated by Transfermate as authorised by the Customer.
More robust section on Data ProtectionSection 11 now sets out that Transfermate is a data processor and some clients (such as corporates) may have data subjects. We continue to commit to adhering to our privacy policy but this section provides additional rights for our customers.
Restatement of LiabilityIn Section 13 we are setting out firmer protection for Customers around liability. We state that Transfermate has an obligation to make sure the funds get to the Beneficiary and this is not subject to any limitation on liability. There is also further clarity on when each party is responsible for other losses and issues and a wider class of liability for Transfermate.
InsuranceWe are stating the types of insurance cover we have in response to questions from customers.
Clearer statement of Intellectual Property RightsConfirmation that we own the IP associated with the service but that you retain certain IP which we use to deliver the Services to you
Robust Confidentiality ClauseThis has been rewritten to protect Customer information
AnnouncementsWe have made provision for a mutual right to use names or logos which can be revoked by either party
Termination Section UpdatedBroader and clearer rights for either Transfermate or Customer to exit (or in the case of TransferMate, suspend) the Services.
Redress and ComplaintsThis is now included on a link rather than set out each process in the Terms.
Receivable Product TermsWe have revised the use of the global account for receivables customers as where available, it will be an essential part of starting to use Transfermate to collect funds on your behalf. We have also restated how we manage unallocated funds from Payers, using the Global Account.
Removing Security Guidelines and adding as a stand alone page to the Transfermate websiteThis will allow us include updates to the Security Guidelines without changing the Terms

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