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XE Money Transfer vs. TransferWise

Which of these two money specialists offers cheaper, faster, more flexible transfers?

Julius Hernandez

Zak Killermann

Updated Jun 8, 2020. What changed?

Fact checked

XE and Transferwise 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 Transferwise side by side on fees, exchange rates and transfer speeds.

Quick verdict

Lower fees:
XE

Exchange rates:
Transferwise

Fast transfers:
Tie

Which has lower fees?

XE

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 of each transfer. These fees vary depending on the currency and country you’re sending to.

Trophy icon
Winner: XE

Although TransferWise typically charges lower fees than banks and other money transfer specialists, it can’t trump XE’s no-fee service.

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	TransferWise $1,000	XE $10,000	TransferWise $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’s exchange rates are based on the live foreign exchange markets. They’re often better than the rates from banks and competitive with other money transfer specialists.

TransferWise

TransferWise quotes 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.

Trophy icon
Winner: TransferWise

TransferWise always gives you the mid-market rate. However, TransferWise’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.

Compare XE and TransferWise’s exchange rates and fees

Enter an amount over $1,000, select the country you want to send to and click Calculate to see how much your transfer could cost with XE and TransferWise.

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	$1	Same day	USD 0.00	0.832	EUR 4,160	XE offers fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SPL, SRD, SVC, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XDR, XOF, XPF, YER, ZAR, ZMW, ZWD, BYN Go to site Read the full review
	$1	1 - 2 days	USD 40.00	0.836	EUR 4,145	Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which is faster?

XE

XE estimates one and 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.

TransferWise gets a lot of reviews for the accuracy of its delivery estimates.

Trophy icon
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

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 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.

TransferWise

TransferWise always gives you the mid-market rate, something few companies do in the money transfer market. On top of this, TransferWise 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 TransferWise’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.

Read review: XE
Read review: TransferWise

Bottom line

XE Money Transfer provides no-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. TransferWise, however, can get you more money for your dollar with a stronger mid-market rate, especially on high-dollar transactions.

Still not convinced that XE or TransferWise is for you? Compare your options to send funds overseas.

Looking for more options?

Use our comparison calculator below to compare transaction fees, exchange rates and other key features across a range of leading international money transfer services.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 1,000	1 - 2 days	USD 0.00	0.827	EUR 4,137	Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000). For larger transfers, get no transaction fees and no maximum send limits.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 1,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
$1	Same day	USD 0.00	0.832	EUR 4,160	XE offers fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SPL, SRD, SVC, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XDR, XOF, XPF, YER, ZAR, ZMW, ZWD, BYN Go to site Read the full review
$10	Within an hour	USD 1.99	0.819	EUR 4,093	Special offers like free transfers and better exchange rates available for new customers. Quick, affordable transfers around the world with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ALL, AMD, ARS, AZN, BAM, BDT, BGN, BIF, BOB, BRL, BSD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KZT, LKR, LRD, MAD, MDL, MGA, MKD, MMK, MWK, MXN, MYR, NGN, NIO, NPR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SLL, SRD, SVC, THB, TJS, TND, TRY, TZS, UAH, UGX, USD, UYU, UZS, VND, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
$1	1 - 2 days	USD 40.00	0.836	EUR 4,145	Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
$1	Within an hour	USD 3.99	0.832	EUR 4,158	Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Thank you for your feedback!

Julius Hernandez

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.

XE Money Transfer promo codes and discounts How to send door-to-door cash

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XE Money Transfer vs. TransferWise