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Wise (TransferWise) vs Xoom

Which one of these low-cost money transfer services should you choose when sending payments overseas?

Both Wise and Xoom offer lower fees than banks, but which one should you use to send money overseas? We compare the fees, exchange rates and speed to help you find the best deal.

The following fees and rates are accurate as of 12 June 2020.

Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Ireland
EUR 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder Ireland.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder Ireland may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder Ireland” before you commit to a brand.

Which has lower fees?

Wise

Wise charges a percentage fee from 0.45% to 1.5% as well as a flat fee. For instance, if you sent €1,000 from Ireland to the United Kingdom, you would pay €6.33.

Xoom

Xoom’s fees depend on how much you send. For example, you’ll pay €1.99 for sending under €2,000 to the US but it’s free for transfers of €2,000 or more. While sending €200 to Japan will set you back €9.99.

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Winner: Tie

Wise and Xoom generally both have overall low fees and transaction fees do vary depending on the country you wish to send to. With Xoom, you won’t be charged a transaction fee for sending more than €2,000 to some destinations. That said, exchange rates can make a huge difference, which we’ll go into below.

Let’s crunch the numbers: Sending €1,000 and €10,000 from Ireland to

Let’s see how TranferWise and Xoom compare when sending two different amounts from the US to the UK.

Sending €1,000 to the US
WiseXoom
Transfer fee€6.33€1.99
Exchange rate1 EUR = 1.13280 USD1 EUR = 1.1168 USD
Transfer speed1 -2 daysWithin minutes
Total British pounds receivedUSD$1,125.63GBP£1,116.80
Receiver getsUSD$8.83 moreUSD$8.83 less
Sending €10,000 to the US
WiseXoom
Transfer fee€41.89€0
Exchange rate1 EUR = 1.13340 USD1 EUR = 1.1191 USD
Transfer speed1 day3-4 days
Total British pounds receivedUSD$11,286USD$11,191
Receiver getsUSD$95 moreUSD$95 less

Which offers better exchange rates?

Wise

Wise is one of the few money transfer providers that offers customers the mid-market rate. So if, for example, you’re sending money to the UK and the mid-market rate works out at 1 EUR = 0.8979 GBP, that’s the rate Wise will give you.

Xoom

Xoom makes a profit by adding a margin on top of the mid-market rate. For example, Xoom’s exchange rate for the UK is 1 EUR = 0.8758 GBP, while the mid-market rate is 1 EUR = 0.8979 GBP.

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Winner: Wise

By offering the mid-market rate, Wise is a clear winner here.

Which is faster?

Wise

Paying with a credit or debit card means the money could be available to your recipient within minutes. However, some currencies and payment methods will take longer, and could take up to four days.

Xoom

Xoom says the money will be available to your recipient within minutes. It can take longer depending on factors such as the country you’re sending it to, how you make the initial payment and how the money will be received.

If you send more than €10,000, it will take another 2-3 business days on top of the normal processing time, while Xoom settles the funds with your bank.

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Winner: Tie

Both Wise and Xoom offer payments within minutes, but times vary depending on the method of payment, the currency and country. In this category, it’s difficult to pick a clear winner.

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrencies
WiseBank transfer, credit card, debit cardBank account onlyMinimum: €1

Maximum: €1,200,000

1 – 2 days45+ currencies
XoomBank transfer, credit card, debit cardBank transfer,

cash pick-up

Minimum: €8

Maximum: Varies by country and account verification level

Within minutes – a few days130+ currencies

Wise

Head to Wise’s website and choose the currency and amount you want to send. You transfer your local currency to Wise, and they transfer your recipient’s local currency out of its bank account in that country. At every stage of the transfer, you will be updated via email. You also have the option of using an app to track your transfer, or checking it through the Wise website.

Read review: Wise

Xoom

After setting up an online account or downloading the Xoom app, choose the amount you wish to send and the currency, and where the recipient will access the money. Xoom offers a money-back guarantee if your transfer isn’t received. There is also 24-hour support, and you can track your transfers via text, email or online.

Bottom line

It’s a close call between these two international money transfer providers, and both have their advantages. Wise offers the mid-market rate with no added margin on top, while Xoom offers no fee if you transfer €2,000 or more. Ultimately what you choose depends on the currency you’re sending and how fast you need it to get there, so make sure to compare a range of services before you make a choice.

Looking for more options?

Use our calculator below to compare fees, exchange rates and transfer speeds of leading international money transfer providers. Just enter the details in the calculator to see what fees and exchange rates you would get.

Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Ireland
EUR 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo - Ireland
GBP 10
Instant
Varies
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
XE Money Transfers - Ireland
EUR 1
Same day
EUR 2
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit - Ireland
EUR 1
Same day
Varies
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder Ireland.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder Ireland may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder Ireland” before you commit to a brand.

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