TransferMate Set To Disrupt Banks in Utah On Cross Border Payments

Utah, USA – March 29th, 2016 – TransferMate, the award-winning FinTech multinational has today announced that they have successfully added Utah to their list of regulated territories. This news follows hot on the company’s recent win of the 2016 BIG Innovation Award in the USA. 

Businesses across Utah have been paying exorbitant fees to transfer money. For a business to make a cross border payment of just €25,000 Euro i.e. to a vendor in Germany, the top 4 banks will charge over $USD1,000 in exchange rate margins and international wire fees. These are some of the highest fees we have seen banks charge anywhere in the world and our solution will cut bank fees by over 90%,” says Barry Dowling, Co-Founder of TransferMate Inc.  

Over 95% of businesses today use their bank to send international payments as it is simply the way these payments have always been done. With very little alternatives to compare to, banks don’t tend to advertise the exchange rates margins applied to payments. So, traditionally it is very difficult to know the cost of transferring money. With banks charging anywhere from $USD 45 - $USD 55 every time a business transfers money and TransferMate only charging an average of $USD 5, it makes sense to speak with TransferMate today. 

Michele Keogh, Trade Expert with Kevin O'Malley, American Ambassador to Ireland

About TransferMate 

TransferMate is today a market-leading international solution for businesses worldwide who wish to make and receive payments.  

The company is fast growing its client base across the globe with their mission of becoming the first choice for buyers and sellers exchanging money internationally.

With locations across Europe, North America and Australasia, the company has invested heavily to create its own global clearing system that enables businesses to avoid the significant expenses and delays that traditionally come with moving money from one country to another via a chain of banks.

Our Receivables Service

TransferMate a very competitive receivables service which allows businesses to collect funds at better exchange rates, while cutting out the cost associated with using a bank. We are very proud to have launched this service and we have invested $20 million into this section of our business to accelerate our future growth plan. Find out more about the receivables service today or contact our team to understand how you can start using our service today.

Media Contact

Darragh Muldoon

Marketing Manager 

E: dmuldoon@transfermate.com 

T: 312 924 3737