Wise (TransferWise) vs Xoom

Which one of these low-cost money transfer services should you choose when sending payments overseas?

Updated Mar 9, 2021

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Both Wise and Xoom offer lower fees than banks, but which one should you use to send money overseas? We compare the fees, exchange rates antrand speed to help you find the best deal.

The following fees and rates are accurate as of 19 February 2019.

Quick verdict

Lower fees:
Tie

Exchange rates:
Wise

Fast transfers:
Tie

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	AUD 1	1 - 2 days	AUD 22.50	0.771	USD 3,838	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Xoom is not available in Australia

Unfortunately, you won't be able to sign up for an account in Australia unless you have a bank account in either the US or Canada.

Which has lower fees?

Wise

Wise charges a percentage fee as well as a small flat fee. For instance, if you sent $1,000 from the United States to the United Kingdom, you would pay US$6.90.

Xoom

Xoom's fees depend on how you make the payment. Sending money from your bank account won't cost you anything. However, paying by credit or debit card will. For example, for a $1,000 transfer from the US to the UK:

Fees when paying by bank account: $0
Fees when paying by card: US$30.49

Trophy icon
Winner: Tie

It's tricky to pinpoint a clear winner here, because it depends on how you make the initial payment. Xoom's fee is $0 if you use your bank account to make the payment, but if you pay by card, it can add up.

Wise has overall low fees, and the company has announced that it's changing its fee system on March 8, making most fees even lower.

Let's crunch the numbers: Sending $1,000 and $10,000 from the US to the UK

Let's see how TranferWise and Xoom compare when sending two different amounts from the US to the UK.

Sending $1,000 to the UK

	Wise	Xoom
Transfer fee	US$6.90	US$0
Exchange rate	US$1 = GBP£0.77340	US$1 = GBP£0.7728
Transfer speed	1 day	Within minutes
Total British pounds received	GBP£768.06	GBP£772.80
Receiver gets	GBP£4.74 less	GBP£4.74 more

Sending $10,000 to the UK

	Wise	Xoom
Transfer fee	US$57.98	US$0
Exchange rate	US$1 = GBP£0.77340	US$1 = GBP£0.7728
Transfer speed	1 day	3-4 days
Total British pounds received	GBP£7,689.16	GBP£7,728
Receiver gets	GBP£38.84 less	GBP£38.84 more

Which offers better exchange rates?

Wise

Wise is one of the few money transfer providers that offers customers the mid-market rate. So if, for example, you're sending money to New Zealand and the mid-market rate works out at 1 AUD = 1.035 NZD, that's the rate Wise will give you.

Xoom

Xoom makes a profit by adding a margin on top of the mid-market rate. For example, Xoom's exchange rate for New Zealand is 1 USD = 1.4687 NZD, while the mid-market rate is 1 USD = 1.46003 NZD.

Trophy icon
Winner: Wise

By offering the mid-market rate, Wise is a clear winner here.

Which is faster?

Wise

Paying with a credit or debit card means the money could be available to your recipient within minutes. However, some currencies and payment methods will take longer, and could take up to four days.

Wise says 90% of transfers from the UK to Europe happen within 1 business day. On the other hand, if you send $1,000 to Bangladesh, it will take up to 4 business days.

Xoom

Xoom says the money will be available to your recipient within minutes. It can take longer depending on factors such as the country you're sending it to, how you make the initial payment and how the money will be received.

If you send more than US$10,000, it will take another 2-3 business days on top of the normal processing time, while Xoom settles the funds with your bank.

Trophy icon
Winner: Tie

Both Wise and Xoom offer payments within minutes, but times vary depending on the method of payment, the currency and country. In this category, it's difficult to pick a clear winner.

General features

	Payment methods	Receiving options	Minimum and maximum transfers	Transfer speeds	Currencies
Wise	Bank transfer, credit card, debit card	Bank account only	Minimum: $1 Maximum: $1,800,000	1 - 2 days	45+ currencies
Xoom	Bank transfer, credit card, debit card	Bank transfer, cash pick-up, home delivery	Minimum: $10 Maximum: Varies by country and account verification level	Within minutes - a few days	130+ currencies

Wise

Head to Wise's website and choose the currency and amount you want to send. You transfer your local currency to Wise, and they transfer your recipient's local currency out of their bank account in that country. At every stage of the transfer, you will be updated via email. You also have the option of using an app to track your transfer, or checking it through the Wise website.

Read review: Wise

Xoom

After setting up an online account or downloading the Xoom app, choose the amount you wish to send and the currency, and where the recipient will access the money. Xoom offers a money-back guarantee if your transfer isn't received. There is also 24-hour support, and you can track your transfers via text, email or online.

However, unfortunately for Australian customers, you'll only be able to use Xoom's money transfer service if you have a US or Canadian bank account.

Read review: Xoom

Bottom line

It's a close call between these two international money transfer providers, and both have their advantages. Wise offers the mid-market rate with no added margin on top, while Xoom offers no fee if you pay by direct bank transfer. Ultimately what you choose depends on your payment method and the currency you're sending, so make sure to compare a range of services before you make a choice.

Looking for more options?

Use our calculator below to compare fees, exchange rates and transfer speeds of leading international money transfer providers. Just enter the details in the calculator to see what fees and exchange rates you would get.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 0	1 - 2 days	AUD 0.00	0.766	USD 7,656	Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply. Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 0.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Chat, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, MAD, MDL, MGA, MKD, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, ZAR, ZMW Go to site Read the full review
AUD 250	1 - 2 days	AUD 0.00	0.768	USD 7,677	$0 transfer fees for Finder customers. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.769	USD 7,687	TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.768	USD 7,678	Send guarantees to match any competitor’s exchange rate. T&Cs apply. Fee-free transfers in 30+ currencies to over 200 countries.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.768	USD 7,679	Better exchange rates for Finder customers. WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, ZAR Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
AUD 1	1 day	AUD 52.00	0.767	USD 7,632	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 10	Within an hour	AUD 2.99	0.763	USD 7,623	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.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 1	Same day	AUD 0.00	0.767	USD 7,672	XE has fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BSD, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
AUD 200	1 - 2 days	AUD 50.00	0.770	USD 7,665	Exclusive: Use code FINDER10 to receive US$10 off your first transaction. InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	0.763	USD 7,631	Special offer: Zero fees on your first 10 transfers. CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
AUD 1	Same day	AUD 3.99	0.762	USD 7,615	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
AUD 1	1 - 2 days	AUD 45.00	0.771	USD 7,675	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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Azimo International Money Transfers

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

More info

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

More info

TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

More info

Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

More info

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Wise (TransferWise) vs Xoom

Which one of these low-cost money transfer services should you choose when sending payments overseas?

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Exchange Rates

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Quick verdict

Compare up to 4 providers

Xoom is not available in Australia

Which has lower fees?

Wise

Xoom

Let's crunch the numbers: Sending $1,000 and $10,000 from the US to the UK

Sending $1,000 to the UK

Sending $10,000 to the UK

Which offers better exchange rates?

Wise

Xoom

What's the mid-market rate?

Which is faster?

Wise

Xoom

General features

Wise

Xoom

Bottom line

Looking for more options?

Compare up to 4 providers

More guides on Finder

International Money Transfer Offers

Azimo International Money Transfers

OFX (Ozforex) International Money Transfers

TorFX International Money Transfers

Send International Money Transfers

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