XE vs TransferWise

Which of these two money specialists offers cheaper, faster, more flexible transfers?

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XE and Transferwise 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, compare XE and Transferwise side by side on fees, exchange rates and transfer speeds.

Which has lower fees?

XE

With XE, you pay no fee on your money transfer, no matter how much you're sending.

TransferWise

Fees vary depending on where your recipient lives and how much you're sending. TransferWise charges a fixed fee plus a percentage of each transfer. These fees vary depending on the currency and country you're sending to.

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Winner: XE

Although TransferWise typically charges lower fees than banks and other money transfer specialists, it can't trump XE's no-fee service.

Crunching the numbers: Sending $1,000 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 13 November 2020.

XE $1,000TransferWise $1,000XE $10,000TransferWise $10,000
Fee$0$6$0$55
Exchange rate1 AUD = 53.98 INR1 AUD = 53.97 INR1 AUD = 53.98 INR1 AUD = 53.98 INR
Transfer speed1 - 2 days1 - 2 days1 - 2 days1 - 2 days
Amount receivedINR 53,981INR 53,644INR 539,826INR 536,878

As you can see, both services are comparable in the total amount received. Thanks to its zero-fee model, XE leaves you with marginally more money in your pocket.

Which offers better exchange rates?

XE

XE's exchange rates are based on the live foreign exchange markets. They're often better than the rates from banks and competitive with other money transfer specialists.

TransferWise

TransferWise 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.

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Winner: TransferWise

TransferWise always gives you the mid-market rate. However, TransferWise'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.

Compare XE and TransferWise's exchange rates and fees

Enter an amount over $1,000, select the country you want to send to and click Calculate to see how much your transfer could cost with XE and TransferWise.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1 Same day USD 0.00 0.819 EUR 4,095 XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$1 1 - 2 days USD 40.00 0.823 EUR
4,080
TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

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

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.

TransferWise

TransferWise 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.

TransferWise gets a lot of reviews for the accuracy of its delivery estimates.

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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 specializes in international transfers of any size, as orders placed over the phone have no maximum limit. XE charges no 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.

TransferWise

TransferWise always gives you the mid-market rate, something few companies do in the money transfer market. On top of this, TransferWise 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 TransferWise'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 no-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. TransferWise, however, can get you more money for your dollar with a stronger mid-market rate, especially on high-dollar transactions.

Still not convinced that XE or TransferWise is for you? Compare your options to send funds overseas.

Looking for more options?

Use our comparison calculator below to compare transaction fees, exchange rates and other key features across a range of leading international money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 1.99 0.768 USD
7,674
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 Show details
AUD 2,000 1 day AUD 0.00 0.77 USD
7,699
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 Show details
AUD 2,000 1 day AUD 0.00 0.77 USD
7,699
SendFX guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.77 USD
7,699
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.77 USD
7,699
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 1 1 day AUD 52.00 0.769 USD
7,651
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 Show details
AUD 10 Within an hour AUD 2.99 0.765 USD
7,643
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 Show details
AUD 1 Same day AUD 0.00 0.769 USD
7,691
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.772 USD
7,682
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 Show details
AUD 5 1 - 2 days EUR 3.00 0.765 USD
7,651
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 Show details
AUD 1 Same day AUD 3.99 0.764 USD
7,634
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 Show details
AUD 1 1 - 2 days AUD 45.00 0.773 USD
7,695
TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

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

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
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.

Logo for SendFX International Money Transfers
SendFX International Money Transfers

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

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.

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