TransferMate vs Wise Business - What's better for international transfers?

When it comes to managing your business finances—especially across borders—having the right business account can make a big difference. From sending and receiving international payments to handling multiple currencies efficiently, the right provider can save your business time and money.

For businesses based in New Zealand, TransferMate and Wise are two standout options. In this comparison, we’ll take a closer look at how they stack up, covering key features, fees, exchange rates, and everything else you need to know to make an informed decision.

What is TransferMate?

TransferMate was founded in 2010 with the intention to create an international money transfer platform for businesses that’s cost-effective, simple and user friendly.¹ Since then the company has grown to be a global payment network with over 90 licences that cover more than 200 countries and 140 currencies.

Today, TransferMate offers payment solutions in four core areas.²

• Payables: Make fast and secure domestic or international payments
• Receivables: Receive funds locally and from abroad into the business
• Payroll: Pay staff around the globe accurately and on time
• Global Accounts: Hold, receive and payout in 30+ currencies

They also offer solutions specifically for educational institutions, facilitating the payment of school fees by international students.

When sending funds TransferMate keeps your money secure using encrypted files. They’re also registered with the New Zealand Ministry of Business, Innovation and Employment to provide money transfer services. This means they have to meet New Zealand’s regulations for things like privacy, anti-money laundering and security.³

Wise

Wise, formerly known as Transferwise, was founded in 2011 with one simple mission; to make international money transfers cheaper, faster and more transparent. Originally created for individual people sending money abroad, it has now grown into a global fintech company offering personal and business services to millions of customers.

Among the services Wise offers to business are:

• A multi-currency account, to hold and manage money in 40+ currencies
• Pay up to 1,000 people at once with the Wise batch payments feature
• Account details in 8+ currencies to receive payments like a local
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, Quickbooks, and more

Wise is safe to use, employing a wide range of security measures including biometrics, encryption, two-factor authentication and fraud monitoring. In New Zealand it’s also supervised by the New Zealand Department of Internal Affairs.

TransferMate vs Wise - Main comparison

To kick start the comparison, let’s see what Wise and TransferMate each bring to the table in terms of features. Since this guide is focused on New Zealand based businesses, we’ll be looking at how each platform’s account performs from a local perspective.

TransferMate vs Wise - Fees and limits

When choosing which financial services partner is best suited to your business, the fees play a big role.

Here’s how TransferMate and Wise compare, keeping in mind that unless it’s otherwise been negotiated and amended in writing, the TransferMate Global Fee Schedule is what applies to New Zealand TransferMate accounts.⁴

As you can see the fee schedule for TransferMate is extremely contextual meaning you’d need to contact them and discuss the platform before being able to determine whether or not it represents good value for your business needs.

TransferMate vs Wise - Accepted money transfer pay in and pay out methods

Both TransferMate and Wise offer a number of different electronic pay in and pay out methods.⁷

Keep in mind that not all of the pay in methods for TransferMate will be available for New Zealand businesses, for example Carte Bleue is a French payment system. The ones listed for Wise are specific to New Zealand.

It’s also worth noting that neither platform supports cash deposits or pay outs as they're fully online providers.

TransferMate vs Wise - Supported Currencies

Wise and TransferMate each support a different number of currencies for holding and exchange.

TransferMate vs Wise - Exchange rate

For their New Zealand exchange rates TransferMate specifies that they use the rate at which they purchase foreign currency for your transaction. They also mention that the rate is updated every 3 seconds.

By comparison Wise uses the mid-market exchange rate without any hidden markup. Also known as the interbank rate, it’s the middle between the buy and sell prices, considered the fairest, most transparent exchange rate around, usually gives you the best value for your money. Wise updates the rate in real time.

TransferMate vs Wise - Setting up a transfer

To see the step by step process on how a TransferMate transfer works you’d need to request a demo from their website.

If you want to set up a transfer with Wise, these are the steps to take.

1. Go to Send
2. Choose or add a recipient
3. Enter the amount you’d like to transfer
4. Choose how to pay
5. Review and confirm the transfer

TransferMate vs Wise - Transfer speed

Due to the way the network is set up, TransferMate payments usually arrive in the recipient's bank account the same day or next day.² They don’t specify the circumstances that impact their sending times, but it could be assumed that delays are possible when sending on unusual routes or outside of business banking hours.

With Wise, the speed of the transfer depends on the currencies, countries, how you pay and whether you set the transfer up during normal banking hours. Transfers to other Wise accounts are usually instant, while transfers to a bank account in New Zealand can take up to 1 day.

TransferMate vs Wise - Online review

TransferMate receives quite positive feedback from customers, being rated 4.1 out of 5 stars, Great rating from 420+ reviews on Trustpilot.⁶ When there are complaints they tend to be centered around customers feeling they’re being asked for excessive documentation when there’s an issue with a payment.

By comparison, Wise scores an Excellent 4.3 out of 5 stars on Trustpilot, with over +230,000 reviews. Among the things praised by customers are the features and customer service, with problems tending to surround problems with document verification.

Interestingly both companies take the time to respond to the majority of their negative reviews. This would indicate that they care how their customers view the service and have an interest in understanding why a customer is unhappy.

Choosing between TransferMate or Wise

Deciding between TransferMate and Wise comes down to the individual needs of your business. Weighing up the pros and cons of each can make the differences between the two clearer.

For larger businesses that are looking for a tailored solution where the pricing and features need to be discussed directly with the provider, TransferMate might be worth exploring.

For small and medium-sized businesses, freelancers, and globally distributed teams, or for anyone looking for a straightforward and transparent solution, Wise offers an easy-to-use platform with no ongoing fees. It includes core business features such as local account details, business debit cards, and accounting integrations, making it simple to manage international finances. Whether you need to send, spend, or exchange foreign currencies, you benefit from the mid-market exchange rate and low, transparent fees.

Sign up for the Wise Business account! 🚀

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Sources last checked on date: 9 April 2025