TransferMate review - How does it compare against other money transfer in New Zealand

If you’re studying abroad, finding a reliable way to pay for international school fees matters. TransferMate is just one provider offering international payment services to New Zealanders, with features specifically tailored to education.

In this review, we’ll break down how TransferMate works for students, what fees and exchange rates to expect, and how it stacks up next to Wise, a popular money transfer provider, when sending money from New Zealand.

What is TransferMate?

Founded in 2010, TransferMate set out to simplify international payments for businesses by offering a platform that’s easy to use, secure, and cost-effective.¹ Since launching, it has expanded into a global payments provider, supporting transfers in over 200 countries and 140 currencies.

Today TransferMate offers services in four core areas:²

• Payables
• Receivables
• Payroll
• Global accounts

As part of these services, TransferMate works with educational institutions to provide a platform for international students to pay school fees quickly and securely.

TransferMate for students - Main features

Putting the business aspect of TransferMate aside, here are the key features that students using TransferMate for education have access to.³

• Global payments to send money to educational institutions worldwide
• Competitive exchange rates
• Supports family members making a payment on the student’s behalf
• Around the clock support on weekdays

TransferMate for students - Fees and limits

TransferMate doesn’t charge students any fees when they make a payment involving a currency conversion. So, if you pay NZD for TransferMate to pay your school in another currency like GBP or USD, there’s no fee.

A fee may be applied if you pay in the same currency as your sending, for example giving TransferMate GBP to pay for a school in London.

TransferMate.com exchange rate

The exchange rate TransferMate uses comes directly from their bank. It’s a variable rate that changes during the day, and what you’ll be given is the most recent one. TransferMate states that their currency rate can be checked on the registration form, calculated once you enter the amount your sending.³ It won’t be provided by chat, email or telephone, but they do have a rate calculator on their website.

By comparison, Wise uses the mid-market exchange rate, which is the midpoint between the buy and sell prices of any currency, with no hidden markups. This means you get a fair, transparent rate every time you send money. You can also store and hold 40+ currencies in your account, and auto-convert funds when your desired exchange rate is met. This can help you plan ahead and avoid fluctuating rates.

How to make an international transfer with TransferMate

To send money with TransferMate you need to get the unique link from the educational institution you’re trying to pay for. Once you have that, you can follow the steps to complete the transfer.

Steps to make a TransferMate transfer

These are the general steps to follow to send money to your college, university or student accommodation provider with TransferMate.

1. Get the unique link for the TransferMate payment portal
2. Read the payment instructions carefully
3. Using the TransferMate payment details, send the money from your bank
4. Once you have sent the funds from your bank, log into your TransferMate tracking account and notify them to expect your funds.
5. When TransferMate receives the fund you’ll get a confirmation email

How long does it take to send money with TransferMate?

The time frame for a TransferMate transfer depends on how the money is sent and which countries are involved.³ This is what you can typically expect:

• Local bank: 2-3 business days
• Visa or Mastercard credit cards: 3-5 business days
• American Express: Up to 7 business days

TransferMate customer satisfaction

TransferMate has earned a Trustpilot rating of 4.1 out of 5 stars, Great rating from 420+ reviews with many customers reporting a positive experience overall. When issues do arise, they’re often related to the level of documentation required if a problem occurs.

In comparison, Wise has a score of an Excellent 4.3 out of 5 stars, with over +230,000 reviews.

Summary - Is TransferMate right for you?

TransferMate is trusted by educational institutions and provides a straightforward way to send money globally with competitive exchange rates.

If you're paying school fees in another currency, TransferMate can be a convenient, low-fee option provided your educational institution partners with them. But, if they don’t, or you're looking for more control, more features, and full transparency on rates and fees, Wise might be a better fit.

With Wise, not only can you save up to 6x when sending money abroad, you can do more than just transferring school fees. Wise can become your everyday partner for managing money across borders with low, transparent pricing using the mid-market rate. Here’s what you can do with the Wise account:

• Hold and convert money in over 40+ currencies, all in one place
• Send money to over 140+ countries
• Order a Wise card and spend money in 150+ countries at mid-market rate with no foreign transaction fees
• Get local account details for 8+ currencies and receive money how you like
• See all fees upfront and track payments in real time

So if you’re looking for a flexible, transparent way to handle your international tuition payments and manage your finances while studying abroad, it’s worth comparing your options and considering what Wise can offer.

🚀 Send money with Wise

Savings claim based on our rates vs. selected New Zealand banks and other similar providers in Jan 2025. To learn more please visit https://income-climb.live/nz/compare%3C/a%3E%3C/p%3E

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Sources last checked on date: 9 April 2025