Xe vs Wise: Who’s better for money 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 your money, we’ve compared Xe vs Wise side by side on cost, speed, reliability and more.

Quick verdict

Cheap transfers: Wise

Fast transfers: Xe

Reliability: Tie

Xe vs Wise

	Xe	Wise
Exchange rates	Markup of approximately 0.5% – 1.5%	Mid-market exchange rate
Fees	Vary depending on currency, destination country and payment method	Vary depending on currency, destination country and payment method
Speed	1 – 4 business days (Within minutes for cash pickup transfers)	1 – 4 business days
Reliability	Better Business Bureau accredited As part of Euronet Worldwide, it forms the world’s third-largest money transfer business Processes over $115 billion in transfers per year	Used by 16 million people and businesses around the world Processes £9 billion (approx. CAD $15.37 billion) in cross-border transactions every month
Security	Two-factor authentication Biometric verification Security operations team monitors transactions for any irregularities	Two-factor authentication Biometric verification 24/7 digital security team Client funds held in segregated accounts
Trust	Founded in 1993 and headquartered in Ontario Regulated by central banks and financial regulatory authorities around the world, including the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) and l’Autorité des marchés financiers (AMF) in Quebec	Founded in 2011 and headquartered in London, UK Regulated by central banks and financial regulatory authorities around the world, including the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) and l’Autorité des marchés financiers (AMF) in Quebec
Reviews	4.3/5 stars based on 68,634 Trustpilot reviews	4.3/5 stars based on 216,415 reviews
Customer service	Live chat Phone Email	Phone Email
Number of countries	200	76
Number of currencies	100	52
Payment methods	Bank or wire transfer EFT Credit card Debit card Interac e-Transfer Bill payment	Bank transfer Direct debit Credit card Interac e-Transfer Debit card Bill payment Apple Pay Google Pay
Delivery methods	Bank transfer Cash pickup Mobile wallet	Bank transfer
Minimum transfer amount	N/A	N/A
Maximum transfer amount	$560,000	$1.5 million
Business services	International money transfers Global payments FX risk management with forward contracts, market orders and option contracts Currency data API	Business account details in up to 9 currencies Mid-market exchange rate Linked debit card Accounting software integrations Batch payments
Multi-currency account	No	Yes
	Go to site	Go to site

Related: Compare the best multi-currency cards in Canada

Xe vs Wise: Which is cheaper?

Xe

Xe marks up the mid-market exchange rate by approximately 0.5% to 1.5% but is still among the most competitive online transfer providers. The markup varies depending on the currency you send. Fees also vary depending on where you’re sending money, in what currency and how you’ll pay for the transfer.

Wise

Wise offers the mid-market exchange rate on international money transfers, which is higher than the rate you’ll get from most transfer providers. 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.

Winner: Wise

Wise has better exchange rates, but Xe generally has lower fees. We found that Wise generally offered slightly better value in our comparisons, but it may depend on where you’re transferring money and the amount you send.

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• What's the mid-market exchange rate?

  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.

Xe vs Wise: Which is more transparent with pricing?

Xe

Enter your sending and receiving currencies into Xe’s transfer calculator, and you’ll be shown the current exchange rate and your transfer fee. Xe also specifies that the rate you’re quoted is not the mid-market rate and breaks down any fees for sending the transfer in your chosen payment method.

Wise

Wise shows you the exchange rate you get for your transfer, guaranteeing this rate for 48 hours. It also clearly breaks down the fees that apply, including the payment method fee and Wise’s transfer fee.

Winner: Tie

Xe and Wise are both very transparent about the cost of sending a transfer.

Xe

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Wise

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Xe vs Wise: Which is faster?

Xe

Xe estimates that it will take 1 – 4 business days for the money to reach your recipient. Delivery time typically depends on your recipient’s country and the currency you send. However, Xe also offers cash pickup transfers to some destinations, which allows you to get money to your recipient within minutes.

Wise

Wise says that transfer processing times vary depending on where you’re sending money from and to. It can take up to 2 business days for Wise to receive and convert your money and 0 – 2 business days for it to arrive in your recipient’s bank account.

Winner: Xe

Processing times are similar if you’re sending money to a bank account, but Xe offers cash pickup transfers when you need to send money in a hurry.

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Xe vs Wise: Which is more reliable?

Xe

Xe was founded in 1993 and is headquartered in Newmarket, Ontario. It is owned by Euronet Worldwide and processed over $115 billion worth of transfers in 2023. Xe is regulated by central banks and financial regulatory agencies in multiple countries, including the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) and l’Autorité des marchés financiers (AMF) in Quebec. It also has an average rating of 4.3/5 stars based on over 68,000 Trustpilot reviews.

Wise

Wise was founded in 2011 and is headquartered in London in the UK. It processes £9 billion (approx. CAD $15.37 billion) in cross-border transactions every month. It’s also regulated by central banks and financial regulatory bodies around the world, including the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) and l’Autorité des marchés financiers (AMF) in Quebec. Wise has an average rating of 4.3/5 stars based on over 216,000 Trustpilot reviews.

Winner: Tie

Xe and Wise are both major players in the money transfer market. Both are properly licensed and regulated, and both boast plenty of positive customer reviews.

Xe

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Wise

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Xe vs Wise: Which is easier to use?

Xe

Xe offers a streamlined online platform where you can log in, enter your transfer details and review transaction costs with just a few clicks. It also has a highly-rated mobile app you can use to send transfers, track transfers and check the latest exchange rates.

Wise

Wise’s online platform is easy on the eye and easy to use. You can quickly enter your transfer details and get a clear view of how much it will cost, while its clean mobile app interface is designed with user-friendliness in mind.

Winner: Wise

Both providers make it simple to send money overseas, but we found Wise’s online and mobile interfaces to be slightly more intuitive and easy to use.

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Xe vs Wise: Who has better customer service?

Xe

The easiest way to access the Xe customer service team is via live chat, which offers support in over 100 languages. Phone support is available in English, or you can send an email request and get a response within 24 – 48 hours.

Wise

You can access Wise customer support via phone and email. Accessing personalized support is also a simple matter of logging in to your account, selecting the transaction you have an issue with and providing details of the problem.

Winner: Xe

Xe allows you to access customer support in more than 100 languages, so it takes the win here.

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Xe vs Wise: Who has a better app?

Xe

The Xe app is available on Android and iOS devices. It has a user-friendly interface and lets you check live exchange rates, transfer money and set exchange rate alerts. As of April 2024, the Xe app is rated an average of 4.8/5 from over 210,000 Google Play reviews and 4.8/5 from over 27,000 Apple App Store Canada reviews.

Wise

Available for Android and iOS, the Wise app offers a clean user interface. You can use it to quickly and easily send transfers, manage your Wise account and convert currencies. As of April 2024, the Wise app is rated an average of 4.7/5 from over 863,000 Google Play reviews and 4.7/5 from over 15,000 Apple App Store Canada reviews.

Winner: Xe

It’s hard to pick a winner between these two user-friendly apps, but Xe gets the nod thanks to its slightly higher average app store rating.

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Related: Explore the best money transfer apps

Xe vs Wise: Which is better for business transfers?

Xe

Xe offers international business payments in 130 currencies to over 190 countries, and its services are used by over 15,000 businesses a year. Features include account integrations for Dynamics 365 and Sage Intacct, forex risk management tools (like forward contracts and market orders) and a currency data API to access real-time exchange rate information.

Wise

Wise makes it easy to send business payments to over 70 countries around the world. You can also get local bank account details in up to nine different currencies, allowing you to send and receive payments in the local currency where you do business. Other features include the ability to make batch payments, integration with accounting services like QuickBooks and Xero and the ability to access your money with a Wise Business debit card.

Winner: Wise

With global payments, a multi-currency business account and linked debit cards, Wise offers a wide range of handy business solutions.

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Bottom line

Xe and Wise are both worth checking out if you need to send a money transfer from Canada. If you’re looking for the best value or you need to send international business payments, Wise may be the better choice. But if you’re looking for the higher-rated mobile app or you want to send a fast cash pickup transfer, Xe may be your top option.

Ultimately, compare Xe vs Wise as well as a range of other money transfer providers before deciding on the best money transfer service.

Frequently asked questions

• Is Wise cheaper than Xe?

  In our comparisons, we generally found Wise to be marginally cheaper than Xe. While Wise often charges higher transfer fees, the fact that it offers the mid-market exchange rate without tacking on a markup means that it often provides slightly better value.

  However, the total cost of sending a transfer will vary depending on the destination country, sending currency and payment method, so it's worth doing a direct comparison based on your specific transaction details.

• Is Wise the same as Xe?

  No. Wise and Xe are two separate companies that offer international money transfers and other foreign currency tools.

• Can I send cash pickup transfers with Wise and Xe?

  Xe supports cash pickup transfers, allowing you to send money to an overseas recipient in minutes. Wise does not offer cash pickup transfers, so you'll need to send money to your recipient's bank account.