Wise (Formerly Transferwise) vs XE

Which one is cheaper option to send money?

There are so many money transfer services on the market, it might be a bit difficult to choose one to send money to friends, family, and colleagues back home. You want to make sure you’re getting the best rate, the fastest transfer time, and an all-around pleasant user experience.

Comparing the top possibilities is the most effective way to find the right fit for your needs and lifestyle. Here, we will compare Transferwise and Xe, two popular money transfer platforms. We will compare their fees, accepted payment methods, and more.

A Transferwise Overview


TransferWise is an international money transfer firm founded in the United Kingdom that allows you to send money to over 70 countries. It is gradually becoming a popular choice in the international money transfer area, thanks to strong mid-market exchange rates and simple transfers to bank accounts.

Transfer money quickly and effortlessly with TransferWise's website or mobile app, which accepts credit cards, debit cards, bank accounts, and wire transfer accounts.

A Xe Overview

XE Money Transfer is one of a slew of online money transfer businesses that claim to make international payments quick and painless. Is it, however, the correct service for you?

Before choosing XE Money Transfer from the numerous other money transfer services available, there are a few factors to consider. The value for money, quickness, and security are all important considerations.

Transferwise’s Payment Methods

When funding a transfer to someone abroad, TransferWise gives four options: credit card, debit card, bank account transfer, and wire transfer.

You can send up to $1 million per day with TransferWise, making it one of the largest sending limits in the online money transfer market.

You can send up to $1 million per transaction using a company or personal bank account. You can send up to $15,000 per day using ACH transfers; you can send up to $2,000 per day or $8,000 per week via credit or debit card.

You can transfer up to $50,000 per transfer from an account with an address in Nevada, Hawaii, Guam, or the Virgin Islands. The daily limit for sending money with an ACH transfer from these areas is $10,000.

Use the TransferWise app to set up recurring transactions. This allows you to set things up so that money is automatically sent to other nations, making your life easier.

Xe’s Payment Methods

For more than two decades, XE has been in the currency exchange business. Euronet Worldwide, a multinational financial services group, owns it. As a result, it is able to provide a variety of funding choices for your money transfer.

You can fund transfers with a debit or credit card, as well as a bank account after you sign up for an XE Money Transfer account. It's worth noting that transfers are done with a Mastercard incur a charge.

Fees

Transferwise Fees

When sending money with TransferWise, the costs you may anticipate to pay vary depending on a number of factors. Some of these elements are:

How much you are sending?

What country you're transferring money to and if you're funding your transfer with a bank account, debit card, or credit card?

TransferWise is transparent about its fees, and you'll always be able to know how much you'll be charged before completing your transaction.

Xe’s fees

Unfortunately, when it comes to getting the most bang for your buck, XE Money Transfer is rarely the cheapest option. When it comes to costs and the exchange rate offered, the site rates are low.

You might have been drawn in by XE's boast on its website that it does not charge fees for transfers. You could be astonished if you look into their procedure more closely.

It makes sense because XE is a business that may try to conceal the charges while still profiting from each transfer it does. Many times in the international money transfer industry, a firm may state that there are no fees to pay. However, you will still be charged a margin on the exchange rate.

As a result, determining the true, total cost of a transaction is challenging. It's extremely likely that you'll end up paying more than you intended.

Another way XE Money Transfer may conceal expenses is by failing to indicate that you would be responsible for any fees imposed by your bank.

The service claims to always transfer the exact amount of money you specify, but there's a catch in the fine print. When the money is credited to the receiver, either the bank receiving your funds or the intermediate bank may charge fees. XE expressly states that it will not repay you for these fees.

Exchange Rates

Transferwise’s rates

TransferWise employs a mid-market exchange rate, making them extremely cost-effective when compared to other money transfer services and possibilities. TransferWise offers rates that are comparable to those offered by your bank when sending money.

When sending money to select countries, you may lock down your exchange rate with TransferWise.

You may have between 24 and 48 hours from the moment you set up your transfer to pay in full for that transfer, depending on where you're sending money to. If you begin your transfer on a Friday, your rate will be guaranteed for the whole weekend.

You will be charged the mid-market rate if you do not fully pay your transfer by the end of the lock-in period. Because this rate fluctuates, you may end up paying more or less than you planned when you made the transfer.

Xe’s rates

The exchange rate offered by XE Money Transfer is competitive. However, there are better options available. The firm's rate is lower than the interbank rate. This is beneficial to you, the sender. However, it isn't the lowest among XE's competitors.

Consider a transaction in which a customer wants to transmit pounds from the United Kingdom and have them converted to dollars in Australia. XE normally charges a 1-1.5 percent margin on the mid-market exchange rate when sending pounds.

Security

Transferwise’s security

TransferWise is a safe and secure method to send money to friends and family in other countries.

A number of international monitoring authorities have completely licensed and controlled the service. These organizations keep an eye on companies like TransferWise to make sure they're doing what they say they're doing (transfer money from one country to another) without scamming their clients.

Xe’s security

XE Money Transfer has been in business for a long time and is registered in a number of jurisdictions.

FINTRAC regulates it in Canada (Financial Transactions and Reports Analysis Centre of Canada).

The ASIC regulates XE Money Transfer in Australia (Australian Securities and Investments Commission).

FinCEN, or the United States Financial Crimes Enforcement Network, oversees the industry in the United States.

The FAC regulates it in the United Kingdom (Financial Conduct Authority).

Ease of use

Transferwise Ease of Use

TransferWise is a website that you may access from your computer, tablet, or mobile device. Additionally, you may download the TransferWise app for free on your Apple or Android device.

Users like all of TransferWise's platforms, with many describing them as simple and intuitive.

Xe Ease of Use

The XE Currency app and website now allow you to send money worldwide. It's simple, safe, and there are no hidden costs. You may access it from your computer, tablet, or mobile device.

Conclusion

When it comes to completing an online money transfer, the provider you choose might have a significant impact on the amount you spend. To get the finest service for your needs, take into account not only the charges and fees but also the exchange rate.

With low transparent fees and mid-market exchange rates, TransferWise is one of the most economical money transfer services available today. Transfers, on the other hand, can take several days. TransferWise may not be the ideal solution for you if you need to send money urgently.

TransferWise is a household name in the money transfer sector for a reason, from its multi-currency accounts to its user-friendly web applications.

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