Best Rate Assurance Conditions:
(a) Criteria at which Best Rate Assurance is offered:
The Best Rate Assurance is valid only for payments (i) which require a currency exchange, (ii) which are booked and funded via TransferMate via bank transfer only (and which excludes online banks without a high street presence) and, (iii) which are compared with the total cost of a local currency bank transfer using a bank or equivalent service provider to TransferMate.
Due to the vagaries of other payments methods, including use of cards, alternative payment methods (and in this we also include neobanks offering subscription based quasi banking services), business banking, or other corporate banking services, we do not offer Best Rate Assurance where the Student / Payer tries to compare the TransferMate rate to these methods.
Foreign exchange rate and associated fees comparison must be within a two-hour time frame of making a booking with TransferMate.
(b) Documentary Proof:
The Student is required to provide TransferMate with a screenshot, bank document or other bank issued evidence to demonstrate the bank foreign exchange rate and all associated fees (collectively the “Bank Rate”). The above evidence must include:
a) the time on which the Bank Rate has been provided, compliant with the following criteria:
a. The time stamp must show that the Bank Rate was provided within a window of either two hours before or after the booking registration with TransferMate was submitted. and
b. The timestamp must be clearly visible and included as part of the documentary evidence supporting the Bank Rate. For avoidance of doubt, timestamps generated by mobile devices or computers will not be accepted as compliant with TransferMate’s verification requirements.
b) the Student’s name or, where a payment is not made by a Student, the Payer’s name. The name of the person who made the payment to TransferMate (whether Student or associated party) must match the name on the Bank Rate evidence.
Please note it is not acceptable to provide rates from a rate aggregator (including but not limited to Google rates, x-rates or similar foreign exchange rate sources). The Bank Rate must be a rate that would have been available to the Student / Payer using a bank or equivalent service provider.
(c) Claim Submission:
The Student must contact TransferMate within 1 (one) month of the applicable transaction with their evidence to claim under the Best Rate Assurance. In order to ensure a timely and complete response, TransferMate highly encourages the Student to include sufficient evidence in line with the guidelines stated in point (b) above.
The Student must use the email address rateassurance@transfermate.com and include their Reference Number in the Subject matter of the email.
It is incumbent on the Student to include the Bank Rate and the rate provided by TransferMate – TransferMate will not investigate claims which do not contain this information.
(d) TransferMate Determination:
Within 7 days of a claim submission, TransferMate’s Team will contact the Student / Payer with the decision (“Initial Decision”), and where a claim is rejected, will include the reason for the rejection. This decision is made at TransferMate’s sole discretion. After receipt of the Initial Decision, the Student/Payer shall be permitted 10 calendar days within receipt of the Initial Decision to submit sufficient alternative supporting documentation. Should TransferMate reject the alternative supporting documentation provided, the decision will be final.
Where the claim is successful, TransferMate shall offer the Student due compensation for the difference between the Bank Rate and the TransferMate rate. This compensation may take the form of a voucher or such other suitable alternative as we may determine at our discretion.
(e) Exclusions:
Unlike other providers, TransferMate does not limit the number of claims You can make in a time period. Each time a Student or Payer uses the TransferMate service to make a payment, and can find a better Bank Rate, then they are at liberty to make a claim. TransferMate does not wish to delay or frustrate a Student / Payer making the payment, therefore as above, to be eligible, a Student / Payer must book a rate and make the payment using TransferMate before submitting the claim. A Student who does not use the TransferMate service to make the payment but finds (and potentially uses) a better rate is not due any compensation from TransferMate.
TransferMate hereby reserves the right to modify these terms governing the process and conditions for the Best Rate Assurance at any time for any reason including to meet legal requirements.
