WorldRemit
If you want to send an online money transfer, WorldRemit and Xe both offer international transfers to more than 145 countries. However, while WorldRemit offers a range of payout methods to suit the needs of your recipient, Xe specializes in fast bank transfers.
To send an international transfer with WorldRemit, the first step is to sign up for a free account. You’ll then need to specify the currency and amount you want to send, as well as who you’ll be sending it to. You can pay for your transaction via bank account transfer, credit/debit card, Android Pay or Apple Pay.
To send a transfer with Xe, sign up for a free account and select the currency and amount you want to send. You’ll then need to enter your recipient’s name and bank account details, select your payment method and confirm your transaction details. The funds you send to Xe will then be transferred into your recipient’s bank account.
WorldRemit charges a fee on each international money transfer, but the size of the fee depends on multiple factors:
Bank transfers attract the lowest fees, often around $3.99 per transaction, but we recommend that you use WorldRemit’s online calculator to work out exactly how much your transfer will cost.
Xe doesn’t charge any fees or commissions on international money transfers. However, a nominal fee of 3USD applies to small transfers below USD500—and an equivalent of this is charged for other currencies too.
However, please note that this doesn’t necessarily mean transfers with Xe are always cheaper than WorldRemit, as you’ll also need to consider the exchange rate (see below) to determine which service offers the best value for your money.
In addition to fees, WorldRemit makes money by adding a margin on top of the mid-market exchange rate you see listed on Google. This margin varies depending on the currency you send but is commonly in the 0.7%–3% range. For example, if you wanted to send a transfer to Australia:
Xe Money Transfer also adds a margin on top of the mid-market exchange rate. This margin is an average of 0.62% on some of the world’s most popular currencies. Using the same example as we did for WorldRemit:
The time it takes for the money you send to arrive depends on two factors: the type of transfer you send and the country you send money to. Expect a transfer to take:
Most transfers with Xe are completed the same day, but your transaction may take longer in certain circumstances. When setting up your transfer, Xe will confirm a payment date with you — this is the earliest date that your transfer will be completed.
| Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
|---|---|---|---|---|---|
| WorldRemit | Bank transfer, Credit card, Debit card, Android Pay, Apple Pay | $1 minimum; $9,000 maximum | Bank transfer, Mobile wallet, Cash pickup, Airtime top-up, Door-to-door delivery | Within an hour | 145+ countries |
| Xe | Bank transfer, BPAY | $1 minimum; approximately $USD400,000 maximum | Bank transfers | 1 – 2 days | 60+ currencies and 200+ countries |
Let’s see how WorldRemit and Xe compare to one another in a real-life transfer scenario. In this example, we’ll compare the cost of sending a $1,000 bank account transfer to the UK.
| WorldRemit | Xe | |
|---|---|---|
| Transfer fee | $3.99 | $0 |
| Exchange rate | 1 USD = 0.76799 GBP | 1 USD = 0.77094 GBP |
| Transfer speed | 1 business day | 1 business day |
| Total received | £764.92 | £770.94 |
As you can see in the table, using Xe instead of WorldRemit in this example would save you $3.99 in transfer fees and also allow you to send an extra £6.02 to your recipient.
With low transfer fees and exchange rates typically better than those on offer from WorldRemit, Xe generally offers better value for money. However, if you need to send a quick transfer or send something other than a bank transfer, WorldRemit is worth considering.
That said, it’s important to compare a wide range of international money transfer services before deciding which one is the right choice to handle your next transaction.
