Xe and Wise are two popular international money transfer services that allow you to send money to over 100 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.
Xe charges a small flat fee of $3 for transfers under $500 (and its equivalent in other currencies), anything above $500 is fee-free. They have a $500 minimum on fees to encourage users to send higher amounts.
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, it can’t trump Xe’s no-fee service for transfers above $500 and its equivalent.
Crunching the numbers: Sending $1,000 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 June 8, 2020 while paying by ACH bank debit.
Xe $1,000
Wise $1,000
Xe $10,000
Wise $10,000
Fee
$0
$10
$0
$100
Exchange rate
1 USD = 21.33 MXN
1 USD = 21.50 MXN
1 USD = 21.41 MXN
1 USD = 21.50 MXN
Transfer speed
1 – 2 days
1 – 2 days
1 – 2 days
1 – 2 days
Amount received
MXN 21,330
MXN 21,287
MXN 214,137
MXN 212,869
Which offers better exchange rates?
Xe
Xe follows a different fee structure and adds a small margin onto exchange rates to make a profit. On other hand, Wise relies on fees to money, not exchange rate markups. Despite this, XE is still cheaper than banks and the majority of other money transfer providers.
Wise
Wise is one the few providers to use 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 the best rate you can get.
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 but their fees can make them more expensive for large transfers. Wise are ideal for sending small recurring payments. Use the table above to compare a transfer with your specific sending destination and preferred amount.
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.
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.
Xe
Xe Money Transfers specializes in international transfers of any size, as orders placed over the phone have no maximum limit. Xe charges low fees and 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 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 amounts.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
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.
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