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The key difference between XE and Wise is that Wise is an online-only money transfer service, while XE lets you deal with real people, which is especially important for large transfers.
Wise is a cheaper option, however, XE offers more currencies, faster transfers on average, and better support.
Xe vs Wise - At a glance
Xe and Wise are both world leaders in currency transfers and picking one or the other might be difficult.
We’ve compared both brands looking at the fees, exchange rates, transfer speed, regulations, product offering, limits, usability, and asked our users for feedback.
Here’s a quick summary of Wise and Xe.
An overview of Xe vs Wise
Deciding on Xe or Wise will depend on your needs. Here’s a quick summary of why and when you should be using one or the other (or both):
Xe is better for… | Wise is better for… |
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Xe vs Wise exchange rate and fees
Between Wise vs Xe, Wise offers better value for money due to no markup transfers.
Wise applies no markup on all transfers, meaning every transfer is sent at the mid-market rate.
Instead, Wise charges a fee for each transfer based on the currency pair, amount, and the deposit methods used. We’ve created a detailed analysis of Wise’s fees here.
Xe on the other hand doesn’t charge any fees on its transfers, irrespective of the transfer route and amount, the fees are always zero.
Xe exchange rate margins are fair compared to the likes of Western Union and mainstream banks.
For instance, when transferring $3000 from USD to EUR, the exchange rate margin can be as low as 0.8%. As the size of the transfer increases, the margin reduces.
This may not look like much, but it can add up if you’re making multiple small transfers. Here are a few more examples:
Currency pair | Amount | Wise receive amount | XE receive amount |
|---|---|---|---|
GBP to USD | £1000 | 1,287.71 USD | 1,283.20 USD |
GBP to EUR | £1000 | 1,187.08 EUR | 1,184.20 EUR |
USD to EUR | $1000 | 916.05 EUR | 913.50 EUR |
USD to GBP | $1000 | 768.39 GBP | 766.40 GBP |
GBP to USD | £10,000 | 12,889.70 USD | 12,833.00 USD |
GBP to EUR | £10,000 | 11,877.10 EUR | 11,844.00 EUR |
USD to EUR | $10,000 | 9,177.93 EUR | 9,136.00 EUR |
USD to GBP | $10,000 | 7,698.63 GBP | 7,664.00 GBP |
GBP to USD | £100,000 | 129,012.40 USD | 128,320.00 USD |
GBP to EUR | £100,000 | 118,872.15 EUR | 118,180.00 EUR |
USD to EUR | $100,000 | 91,905.17 EUR | 91,340.00 EUR |
USD to GBP | $100,000 | 77,092.01 GBP | 76620.00 GBP |
GBP to USD | £500,000 | 645,299.15 USD | Bespoke rates |
GBP to EUR | £500,000 | 594,576.98 EUR | Bespoke rates |
USD to EUR | $500,000 | 459,697.77 EUR | Bespoke rates |
USD to GBP | $500,000 | 385,604.37 GBP | Bespoke rates |
As you can see, the markup on the exchange rate charged by Xe eats into the receiving amount much more than the fees offered by Wise.
The only time it is worth using Xe, is when making large money transfers, over $500,000.
This is because anything above is handled by the Xe currency brokerage, where rates are tailored to your needs and you will get a much better service.
Transfer speed
Wise wins this round for general needs. Wise offers more currency pairs with instant transfers compared to Xe. However, Xe offers quicker transfers on transfers over $100,000.
We’ve conducted a thorough analysis of transfer speed for both Wise and Xe.
We’ve looked at every single currency pair offered and calculated transfer times for $1,000 and $100,000 transfers (in respective currencies).
We found that for a $1,000 (or equivalent in other currency):
On average, Wise transfers take around 20 hours to process, and range between instant to 6 days.
While for Xe, most transfers arrive after 23 hours on average, ranging from instant to 3 days.
While for a $100,000 transfer:
Wise takes 38 hours on average, ranging between 30 minutes and 7 days
While Xe transfers in 23 hours on average, ranging between instant and 3 days
In addition, we also found that Wise offers instant transfers on many more currencies compared to Xe.
As a result, we recommend using Wise for small transfers, and Xe for larger transfers if you need it delivered quickly.
Transfer limits
Wise is the winner here. Both companies have very high limits, however, with Xe you need to go through support to send over 500,000 USD.
Wise has a maximum limit of $1 million per transfer, if sent by wire transfer.
Xe has a limit of just under half that, at $535,000.
As for the minimum transfer, Xe and Wise have no restriction on minimum amounts.
For business money transfer, Xe offers much higher limits of $15 million per day, while Wise is locked at 1,600,000 USD over the swift network.
Product offering
For day-to-day transfers, Wise is the winner here when comparing Xe vs Wise for personal transfers.
While Xe covers more countries and currencies, Wise allows for more transfer options and has a multi-currency account.
Coverage
Xe has a much larger coverage compared to Wise.
Xe services over 200 countries worldwide, and handles over 100 currencies.
In contrast, Wise lets you send money from 160 countries in 51 currencies.
If you’re looking to convert more exotic currencies, Xe is a better choice.
Payment methods
Wise takes the edge on payment options though.
With Wise, you can make a payment using bank transfers, debit or credit card, Swift transfer, Apple Pay, Google Pay, PayPal, and other local wallets, as well as using your Wise balance.
Xe, on the other hand, can only process bank transfers, wire transfers, and card payments.
Multi-currency account
Wise boasts a multi-currency account that can store multiple currencies at once.
This allows you to spend money abroad without fees, provided you have enough of the correct currency in your account.
Wise is not a bank, however, you can also use Wise for your day-to-day general banking needs, though you may find a more in-depth service from other banks like Revolut (check out our Wise vs Revolut comparison).
Business accounts
Both companies offer business accounts, however, Xe is far superior when it comes to features and business offering.
We’ve created an in-depth analysis for Xe and Wise in these guides:
Here’s a quick roundup of both accounts.
Both companies offer free business accounts and the fee structure is the same for business as for personal accounts, however, Xe business rates are handled by their currency brokerage side.
This means that Xe can tailor the rates to your business rates.
The more important part is the support you get with Xe vs Wise.
Wise is a predominantly online only company, and if you run into issues, it might be harder to resolve them compared to Xe.
With Xe, you get a dedicated account manager that will help you with your business transfers or with any issues you may have.
In addition, Xe offers one of the best and most trusted currency APIs that can be integrated into any business.
Both Xe and Wise integrate into third-party tools like Xero, QuickBooks, and FreeAgent, however, Xe offers more integrations for enterprises and large businesses.
Customer service and experience
Xe is the winner, simply because you can call and talk to a real human at any time. Wise on the other hand, prefers to deal through FAQs, guides, and over email.
Ease of use
With top marks, Wise can't be beaten on its ease of use. Though Xe also performs strongly.
Wise has a top rated app, and you can register on the Wise website if you prefer to use a desktop computer.
You can see your account balance clearly, split by currency, with your transaction history available in one tap.
Xe also allows you to register and use their service via desktop, but the layout of the site is slightly more difficult to navigate.
I’ve made a transfer with both companies and created the below comparison to show you how easy it is to use both companies.
Making international payments
Sending money with Wise
Wise app was built to streamline the transfer process, the entire process takes a few clicks.
Sending money with XE
XE has many more steps involved and takes a bit longer to complete.
Safety and regulations
There's nothing in it between Xe and Wise on safety and trust. Both are very well respected, trustworthy providers.
Wise is regulated widely across the world, as is Xe. They also both offer multi-factor authentication and have good overall fee transparency.
Customer feedback
Xe is a winner here.
Over the years they’ve collected more positive reviews and consistently stayed on track. Wise on the other hand, had a fair few neutral and negative comments in the past year.
Overall Trustpilot reviews for Xe are positive, with most referencing the professional service offered and their competitive rates. The more negative reviews focus on the usability of the app, and occasional poor exchange rates.
Wise is also mainly positive, with particular praise for the cost and speed of transfers, along with the simplicity of the app. However, many complain about delayed transfers, not completed transfers, and lack of in-person support.
We’ve collected reviews from our users, and similarly, Xe has more recommendations compared to Wise.
Xe user feedback
Comments
Anonymous
Great for large transfers.
Alternative to Xe & Wise
Remitly is another great option for money transfers abroad.
Remitly offers slightly higher fees vs Wise and Xe, however, they offer more delivery options than Xe and Wise combined.
For instance, you can use all the traditional delivery options, as well as cash pickup and cash delivery.
This may be a better option if you want your money delivered in-person, but it will cost you a bit more.
More comparisons
Both Monzo and Wise are UK-based financial services dedicated to breaking the mould in their respective fields, by providing innovative solutions for consumers around the world..png)
Wise Business wins in our comparison against Payoneer. It is cheaper and simpler to use.
Keep reading, and we’ll look at the details of the services offered by these companies, including the fees charged, exchange rate competitiveness, speed, locations served, and reputation with their customers.
Despite their differences, Revolut and Monzo attract a similar crowd: technology-savvy customers who are searching for the same high standards upheld by long-standing high street banks, but presented digitally via mobile applications and online platforms. We will now compare how each brand performs in the most important areas covered by any financial service provider.
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Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
