XE vs TransferWise
Which of these two money specialists offers cheaper, faster, more flexible transfers?
XE is a well-known name in the money transfers industry, with over 20 years in the business, while TransferWise is relatively newer. Which one can get you a better deal?
We’ve compared them both side by side to examine their fees, exchange rates, transfer speeds and other features.
The fees and rates used in this comparison are accurate as of 22 July 2020.
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?
XE Money Transfer
With XE, you pay no fee on your money transfer, no matter how much you’re sending.
TransferWise
Fees vary depending on where your recipient lives and how much you’re sending. TransferWise charges a fixed fee, plus a percentage (from 0.45% to 1.5%) of each transfer, which varies depending on the currency.
Use TransferWise’s online pricing calculator to see how much your transfer will cost.
Winner: XE
Although TransferWise typically charges lower fees than banks and other money transfer specialists, it can’t trump XE’s no-fee service.
Let’s crunch the numbers: Sending €1,000 and €10,000 to India
Here’s how much it may cost to send €1,000 and €10,000 to India, so you can see the difference between different providers, and how fees and exchange rates contribute to the total amount received at the end. For this example, we’ll be using a bank transfer to pay for the transaction.
Sending €1,000 to India
| XE Money Transfer | TransferWise | |
|---|---|---|
| Transfer fee | €0 | €6.11 |
| Exchange rate | 1 EUR = 85.046 INR | 1 EUR = 86.1328 INR |
| Transfer speed | 1–4 days | 1 – 2 days |
| Total rupees received | INR 85,046 | INR 85,606 |
| Receiver gets | INR 560 less | INR 560 more |
Sending $10,000 to India
| XE Money Transfer | TransferWise | |
|---|---|---|
| Transfer fee | €0 | €56.23 |
| Exchange rate | 1 EUR = 85.046 INR | 1 EUR = 86.1693 INR |
| Transfer speed | 1 – 4 days | 1 – 2 days |
| Total rupees received | INR 850,460 | INR 856,847 |
| Receiver gets | INR 6,387 less | INR 6,387 more |
For both the small and large amounts, TransferWise is the more cost-effective option thanks to its competitive rates, even with higher fees. As your transfer amount increases, watch out for TransferWise’s growing fees, as these could outweigh the promising exchange rate.
Which offers better exchange rates?
XE
XE’s exchange rates are often better than the rates from banks and competitive with other money transfer specialists, but it does add a margin on top of the mid-market rate. It can offer more-favourable rates for higher transfers, which can make a significant difference.
Here’s an example of EUR to USD:
- If the mid-market rate is 1 EUR = 1.15 USD
- XE’s exchange rate might be 1 EUR = 1.1343 USD
This ends up being a margin of 1.3%
TransferWise
TransferWise quotes the mid-market rate for money transfers with no added mark-up.
Here’s an example of EUR to USD:
- If the mid-market rate is 1 EUR = 1.15 USD
- TransferWise’s exchange rate is also 1 EUR = 1.15 USD
Winner: TransferWise
By offering the mid-market rate, TransferWise’s exchange rates are impossible to beat, but should be considered alongside its fees to make sure you’re getting the best deal.
Which is faster?
XE
XE estimates one to four days for the money to reach your recipient. Delivery time typically depends on your recipient’s country.
TransferWise
TransferWise 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.
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
| Payment methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| XE Money Transfer | Bank transfers only | Bank transfer | Minimum: €1 Maximum: US$500,000 or equivalent | 1 day | 50+ |
| TransferWise | Bank transfers, credit or debit card | Bank transfer | Minimum: €1 Maximum: €1,200,000 | 1 – 2 days | 45+ |
XE Money Transfer
XE Money Transfer doesn’t charge a fee for its services, regardless of how much you’re sending. Rather, it makes money by adding a margin on the mid-market rate.
XE supports bank-to-bank transfers only, requiring you to send money first to your XE Money Transfer account. It then completes the transfer to your recipient’s bank account.
TransferWise
TransferWise’s transfer fees are based on the amount you’re sending and the location of your recipient. Its rates, though, are as good as it gets: the mid-market rate, or the rate banks use when transferring among themselves.
TransferWise offers flexible transfers beyond bank accounts, accepting payment by credit or debit card.
Funds are deposited into your recipient’s bank account and you’re both notified by email when the transfer is complete.
Bottom line
In our head-to-head with XE and TransferWise, which service comes out on top depends largely on your transfer amount and destination. If you’re sending larger amounts, then XE might edge out the competition, but even with a fee, TransferWise is worth considering.
Looking for more options?
Use our comparison calculator below to weigh up the fees, exchange rates and other details of money transfer providers out there.
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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