XE vs Wise | Who To Use? Fees & Facts Compared (2024)

XE vs Wise - At a glance

When making an international money transfer, one of the greatest decision-making points is the choice of a service provider. There are lots of money transfer companies that specialize in international fund transfers offering high exchange rates, lower transfer fees, and faster delivery times.

Key differences between XE and Wise

XE and Wise are some of the biggest brands in the industry with operations extending beyond their countries of incorporation to lots of regions and territories. Choosing between the two can be a little difficult without having the facts right. Check out our analysis below to learn more about how XE vs Wise compares in exchange rates, transfer fees, ease of use, pros and cons and what other users have to say about both companies.

The strong disbursing network coverage of XE comprising 170 countries and the fact that it doesn’t charge any fee on transfers, makes it an attractive money transfer service. One disadvantage of using XE money transfer service is that its web interface and app experiences are not as friendly as some of its competitors.

XE vs Wise comparison - Cost

Between Wise vs XE, Wise carries the day, thanks to the mid-market rate at which it prices its transfers.

To find out the cheapest way to send money, follow our guide.

XE 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 money transfer operators like Western Union and mainstream banks. For instance, when transferring money from USD to EUR, the exchange rate margin can be as low as 1.53%. As the size of the transfer increases, the margin reduces.

Wise charges percentage fees depending on the type and size of transfer you are doing. There are three main transfer options:

• Fast Transfer: This is the most expensive transfer and payment is made by credit or debit card.

• Easy Transfer: This is the second most expensive transfer and payment is sent through an online bank platform.

• Low-Cost Transfer: This is the cheapest type of transfer. Payment is sent as a direct debit from your account.

The names of these transfers and the associated fees may vary slightly depending on the transfer route. For instance, when sending US$1000 from the United States to India, the fee breakdown is based on the payment method (Bank debit, Wire transfer, Debit card and Credit card). Credit card attracts the highest fee at 36.61 USD and bank debit (ACH) has the lowest fee at 3.49 USD. To find out the fastest way to send money, follow our guide.

Wise charges no margin on the exchange rate it offers for any currency pair.

Speed - Wise is faster than XE

Wise is the faster of the two by a long way, with most transfers complete in minutes.

XE takes anywhere from one to four days to complete transfers. However, most transfers are delivered within 24 hours.

Most Wise transfers are processed in minutes, but some transfers can take around three business days, depending on your payment method and where you're sending the money. For instance, when making a transfer from EUR to West African CFA franc (XOF), it takes three days for the recipient to get the money. Transfers from GBP to Danish krone (DKK) take a few hours.

XE vs Wise - Transfer limits

It's close, but Wise has the edge on XE when it comes to transfer limits.

Wise has a maximum limit of $1.2 million, if sent by wire transfer. XE has a limit of just under half that, at $535,000.

Minimum transfer limits are also similar, with XE able to transfer amounts from $2 upwards, while Wise has no minimum transfer limit.

Wise vs XE - Product offering

It's too close to call on product offering. While XE covers more countries and currencies, Wise allows more payment and receive options.

XE services over 200 countries worldwide, and handles around 100 currencies.

In contrast, Wise only offers conversions of around 50 currencies, and services approximately 80 countries.

Wise takes the edge on payment options though. You can make a payment using bank transfers, wire transfers, debit or credit card, Apple Pay, Google Pay, and PayPal. XE, on the other hand, can only process bank transfers, wire transfers, and card payments.

Additional features

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. As a bank, you can also use Wise for your day to day banking needs, though you may find a more in-depth service from some other banks. View our bank reviews to find out more.

XE offers mass payments, which can be useful if you need to make transfers automatically.

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.

Safety and trust

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

Wise receives more positive customer feedback overall, though both have some negative reviews.

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 slightly more positive, with particular praise for the cost and speed of transfers, along with the simplicity of the app. Some users cited occasional delays as their main issue with the service.

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