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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.

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 $400 and $10,000 to Mexico

To give you an idea of how they directly compare, we checked fees and exchange rates for two different transfer amounts on May 6, 2021 assuming payment is by direct debit.

XE $400Wise $400XE $10,000Wise $10,000
Fee$4$7.29$0$135.27 (payment by wire transfer; direct debit not available)
Exchange rate1 CAD = 161.4936 MXN1 CAD = 16.5203 MXN1 CAD = 16.4278 MXN1 CAD = 16.5203 MXN
Transfer speed1 – 2 days1 – 2 days1 – 2 days1 – 2 days
Amount receivedMXN $6,531.47MXN $6,487.69MXN $164,278MXN $162,968.30

Which offers better exchange rates?

XE

XE’s exchange rates are based on the live foreign exchange markets. They’re often better than the rates from banks and competitive with other money transfer specialists.

Wise

Wise quotes 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.

Compare XE and Wise’s exchange rates and fees

Enter an amount over $1,000, select the country you want to send to and click Calculate to see how much your transfer could cost with XE and Wise.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 90.00 0.822 USD
8,142
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which is faster?

XE

XE estimates one and four 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. Credit card payments tend to move faster than bank transfers, for instance.

Wise gets a lot of reviews for the accuracy of its delivery estimates.

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Winner: Tie

With so many variables that can affect how long your friends or loved ones might have to wait, we simply can’t determine which of these two money transfer specialists are better when it comes to speed.

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 high-dollar transactions.

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

Looking for more options?

Use our comparison calculator below to compare transaction fees, exchange rates and other key features across a range of leading international money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.817 USD
8,175
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 0.00 0.818 USD
8,183
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 45+ currencies.
Go to site Show details
CAD 2,000 1 day CAD 0.00 0.818 USD
8,182
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
CAD 10 Within an hour CAD 1.99 0.813 USD
8,124
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.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.818 USD
8,175
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
USD 10,000 1 - 2 days CAD 0.00 0.815 USD
8,146
Dunbridge Financial offers diverse transfer options to more than 120 countries. Powered by Currencycloud. Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.822 USD
8,142
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.818 USD
8,181
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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