XE Money Transfer vs. Wise (TransferWise): Who has better rates? | finder.com

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XE Money Transfer vs. Wise (TransferWise)

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

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

Which has lower fees?

XE

With XE, you pay no fee on your money transfer, no matter how much you’re sending.

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.

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Winner: XE

Although Wise 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 $1,000Wise $1,000XE $10,000Wise $10,000
Fee$0$10$0$100
Exchange rate1 USD = 21.33 MXN1 USD = 21.50 MXN1 USD = 21.41 MXN1 USD = 21.50 MXN
Transfer speed1 – 2 days1 – 2 days1 – 2 days1 – 2 days
Amount receivedMXN 21,330MXN 21,287MXN 214,137MXN 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.

Wise

Wise 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.

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Winner: Wise

Wise always gives you the mid-market rate. However, Wise’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 Wise’s exchange rates and fees

Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
XE
Within minutes
$3

View details
XE has fast transfers with no fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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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.

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.

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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.

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.

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. Wise, 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 Wise is for you? Compare your options to send funds overseas.

Looking for more options?

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.
Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
Dunbridge Financial
24 hours
$10

View details
Dunbridge Financial offers diverse transfer options to more than 120 countries.
XE
Within minutes
$3

View details
XE has fast transfers with no fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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