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, we compare Xe and Wise side by side on fees, exchange rates and transfer speeds.
With Xe, you pay $4 on money transfers below $500. The fee is scrapped for transfers above that amount.
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 low-fee service.
Crunching the numbers: Sending $500 and $10,000 to India
To give you an idea of how they directly compare, we checked fees and exchange rates for two different transfer amounts on 23 March 2023.
Xe $500
Wise $500
Xe $10,000
Wise $10,000
Fee
$0
$5.59
$0
$67.20
Exchange rate
1 AUD = 54.96 INR
1 AUD = 55.43 INR
1 AUD = 54.96 INR
1 AUD = 55.43 INR
Transfer speed
1 - 2 days
1 - 2 days
1 - 2 days
1 - 2 days
Amount received
INR 27,484
INR 27,407
INR 549,686
INR 550,622
As you can see, both services are comparable in the total amount received. With only a low fee charged for small transfers, Wise leaves you with marginally more money in your pocket when sending money to India.
Which offers better exchange rates?
Xe
Xe 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 is of the few providers that can compete with Wise.
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.
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.
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.
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: 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 specialises in international transfers of any size, as orders placed over the phone have no maximum limit. Xe charges $4 for amounts below $500 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 low fees 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.
Xe Money Transfer provides low-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.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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