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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 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.
Which has lower fees?
Xe
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.
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.
Compare Xe and Wise’s exchange rates and fees
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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.
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.
Bottom line
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.
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.
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