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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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.
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.
The mid-market rate is the exchange rate that you see quoted on Google or currency exchange platforms like Xe. This is the rate at which banks trade two currencies among themselves, and it reflects the true value of one currency relative to another on the global market.
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.
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.
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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Julius Hernandez, a software development manager for a commercial bank in a past life, works full time as a freelance finance writer and dabbles in software development. Jules is coauthor of an introductory book on Python programming.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
