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Xe Money Transfer vs. Wise (TransferWise)

Which of these two money specialists offers cheaper, faster, more flexible transfers?

Xe and Wise are two popular international money transfer services that allow you to send funds to dozens of countries around the world. To decide which service offers the best value for money, compare Xe and Wise side by side on fees, exchange rates and transfer speeds.

Name Product _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.42%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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Which has lower fees?

Xe

With Xe, you pay no fee on money transfers of CAD $500 or more. There is a flat fee of $4 for transfers under CAD $500.

Wise

Fees vary depending on where your recipient lives and how much you’re sending. Wise charges a fixed fee plus a percentage of each transfer. These fees vary depending on the currency and country you’re sending to.

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Winner: Xe

Although Wise typically charges lower fees than banks and other money transfer specialists, Xe’s fees are usually lower.

Crunching the numbers: Sending $1,000 and $10,000 to Mexico

To put this into the context of a real-world transaction, this is what two different transfers look like when sending money with Wise and XE. Keep in mind that transferring to other currencies will have different fees involved and may take longer.

In our imaginary scenario, we’ll be using a bank transfer.

Sending $1,000 to Mexico
XEWise
Transfer fee$0$10.12
Exchange rateCAD $1 = 13.509 MXNCAD $1 = 13.591 MXN
Transfer speed3 business days0-2 business days
Total pesos received13,509 MXN13,453 MXN
Receiver gets65 MXN more56 MXN less
Sending $10,000 to Mexico
XEWise
Transfer fee$0$70.02
Exchange rateCAD $1 = 13.510 MXNCAD $1 = 13.591 MXN
Transfer speed2-3 business days0-2 business days
Total pesos received135,101 MXN134,965 MXN
Receiver gets136 MXN more136 MXN less

Based on our estimates on March 15 2023, XE is just cheaper when sending money from Canada to Mexico but it is the slower option.

Which offers better exchange rates?

Xe

Xe adds a markup of 0.5% to 2% to the exchange rate but are still among the most competitive online transfer providers. They also sometimes offer improved exchange rates for new customers.

Wise

Wise is one of the few providers that uses the mid-market rate for money transfers. Banks and foreign exchange specialists use the mid-market rate when trading with one another, and it’s often higher than prevailing foreign exchange rates.

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Winner: Wise

Wise always gives you the mid-market rate. However, Wise’s fees may end up costing you more, even though Xe is offering a weaker rate. Use the table above to compare a transfer with your specific sending destination and preferred amount.

Which is faster?

Xe

Xe estimates one and three days for the money to reach your recipient. Delivery time typically depends on your recipient’s country.

Wise

Wise provides a calculator that can help you estimate how long it will take for your money to get to your recipient. Timing depends on where you live, your recipient’s country and how you pay for the transfer. The majority of the payments arrive within one business day. Wise also gets a lot of positive reviews for the accuracy of its delivery estimates.

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Winner: Wise

Wise is the winner when it comes to speed, generally transfers are completed within one business day while XE can take a bit longer.

General features

Xe

Xe Money Transfers specializes in international transfers of any size, as orders placed over the phone have no maximum limit. Xe charges no fees on transfers of CAD $500 or more, while transfers under $500 cost a flat fee of $4. Xe allows you to send to more than 130 countries around the world. It also offers an app that provides continuously updated exchange rates on hundreds of currency pairs. Overall, Xe’s strong rates makes it worth checking before you send your next transfer, particularly if you’re sending a large amount of money.

Wise

Wise always gives you the mid-market rate, something few companies do in the money transfer market. On top of this, Wise is transparent about its fees, so you’ll know exactly what you’re being charged and how to adjust your transfer accordingly to possibly save money. With Wise’s straightforward website, you can sign up and have your first transfer sent within a few minutes, or call the company and send a transfer by phone.

Bottom line

Xe Money Transfer provides low-fee money transfers at rates that beat the banks, similar to other online money transfer specialists. You can send as much as $500,000 online and more by calling a rep. Wise, however, can get you more money for your dollar with a stronger mid-market rate, especially on smaller transactions.

Still not convinced that Xe or Wise is for you? Compare your options to send funds overseas.

Looking for more options?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From $0
Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
Instarem offers zero transfer fees on all transfers.
Africhange
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Remitly
Finder Award
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Finder Award
MoneyGram
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX
Finder Award
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
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