Both Wise (Formerly known as TransferWise) and XE are international money transfer services that allow users to send money abroad, but XE money transfer service has zero remittance fees (and Wise does charge) which makes XE better than Wise. But still, It depends on individual specific needs and preferences; hence, our team researched and put together a comparison between Wise vs. XE so you can decide when to choose Wise or XE.
Why is XE better than Wise (based on our research)
- XE is well-known for its wide range, confidently comprised of working in more than 65 currencies, and can be operated in more than 170 countries. It involves the convenience of receiving money from stores or banks.
- XE has zero remittance fees on international money transfers. See XE fees details, while Wise charges the remittance fees.
- XE could provide better exchange or fee transfer rates compared to Wise.
- An international transfer through XE generally takes one to five business days. XE says most of its transfers are completed within 24 hours. (Same as Wise)
Where Wise is better than XE (in our Opinion)
- Wise is also an overall well-performed money transfer having a broad approach of dealing with 50-plus countries and more than 80 countries worldwide.
- Wise has multi-currency accounts in many countries, which many other money transfers lack. Plus,
- Wise tells upfront charges (no hidden charges) charge markups on exchange rates.
- Regarding transferring speeds, as we mentioned in XE points it is much compareable to XE while in some regards transfer can be comprised of just few minutes, which is incredibly insane!
Exchange Rates:
Now let’s compare their exchange rates between Wise vs XE.
XE Exchange Rates:
The important factor about XE is it involves markup. XE charges an exchange rate, including a percentage margin that it keeps. It doesn’t require a fee to send money, especially for U.S. citizens.
For transfers below USD500, you will be charged a nominal fee of 3 USD (or its equivalent).
Furthermore, your bank, credit card company or debit card company may charge you a fee. Banks may charge $15 to $30 for wire transfers, while credit card issuers might charge 5% for cash advances.
Debit card transfers from the United Kingdom or Europe are free with XE. However, it does charge a debit card transfer fee when sending money from the U.S., Canada, Australia, or New Zealand. Fees are based on percentages of the amount.
Wise Exchange Rates:
There is a percentage fee attached to each transfer with Wise.
Wise uses the mid-market exchange rate to determine the exchange rate, also called the “real” exchange rate. The cost of sending varies depending on where your recipient lives and how much you send. You will be charged a fixed fee plus a percentage whenever you transfer money with Wise. You may have to pay different fees depending on the country or currency you’re sending to.
Transfer speed
Now, let’s compare their transfer speeds.
XE transfer speed:
With XE, one can expect to get the amount within one to four days after the amount has been sent. Usually, it can be two to three days, depending on where you’re sending the amount. It is evident that the minimum waiting time will be no less than 24 hours, which can be frustrating in times of emergency.
Wise transfer speed:
Wise provides great convenience regarding receiving the amount at express speed (usually from a few seconds to a maximum of one or two days!). It can be a great relief for people expecting an urgent payment. So we highly advise you to use Wise in urgent times.
Transfer limit
XE transfer limits:
XE does not set minimum limits on bank transfers; however, your bank may limit your daily, weekly, or monthly transfer limits.
You must transfer over USD 3,000 to send a wire transfer through the XE app.
You can only send a limited amount of money through XE in a single transfer. The maximum amount you can send from the U.S. is $535,000 USD or the equivalent amount in the sent currency.
Wise transfer limits:
Just like XE, Wise has well-defined limits depending on various factors. But to conclude this for you, it gives leverage of sending up to 5 million U.S. dollars annually. So, in short, it is much more convenient than any other money transfer.
XE User interface:
The app works just amazing on smartphones, and O.S. XE’s website gives a welcoming look, and easy-to-navigate buttons allow users to signup instantly. But it sometimes shows some annoying ads. Other than that, from signing up to sending or receiving money, the process is seamless and fast.
Wise User interface:
The app works whole-some on smartphones and O.S. The Wise website also has some great navigation and seamless process when you visit it. And the whole process is admirable. However, being operated in many languages and currencies kind of gives off a feeling of being overstuffed.
XE Sign up bonus
XE also gives its users a great signing-up bonus reward upon joining. Upon successfully registering a friend via your personalized referral link, both you and your friend can get up to £25 Amazon vouchers on £1,000 (or currency equivalent) transfers.
What are the criteria for getting a reward?
Unlike Wise, unfortunately, its referral program is available in only UK, US, Canada, Australia, and New Zealand.
Here is what you can get based on your country:
For UK referrals, both you and your friend will receive a £25 Amazon.co.uk voucher.
The reward for US-based referrals is a $25 Amazon.com voucher for both the referrer and the friend.
Referrals from Canada earn $25 Amazon.ca vouchers for both the referrer and the friend.
Referrals based in Australia and New Zealand will receive a $25 Amazon.com.au voucher each.
According to their website, reward vouchers can take a maximum of 10 days to arrive (although the waiting period is considerably shorter than this). If you still don’t receive the voucher after 10 days, you can directly contact their referrals department at email referafriend@xe.com.
Wise Sign up bonus
Money can be sent internationally efficiently and cheaply using Wise (formerly TransferWise).
Wise is the world’s leading provider of low-cost and secure online money transfers, with over 10 million users in over 100 countries.
A Wise promo code or valid referral link can allow you to waive 500GBP transfer fees on your first money transfer.
When you sign up for Wise for the first time, you’ll receive up to $800 CAD or USD 600 free.
How does the invite program work?
Here, we will demonstrate to you how the Wise invite program works. Whenever you invite a friend to Wise, they will receive a discount on their first transfer. Just like XE, Wise openly promotes more referrals. Simple math, the more you join people, the more you will earn.
Wise has a variety of reward programs to talk about. As an example, with one UK program, you’ll get 50 GBP if you invite 3 friends who each pay at least 200 GBP.
To count your invites, your friends must sign up and make an international transfer of at least 200 GBP after clicking your link. After following your link, your friends will see a green button that says Claim your fee-free transfer.
How to choose a Wise reward program?
Wise automatically assigns your invite program to you when you sign up. It can’t be changed. Rewards are usually capped at 50 GBP (or equivalent) but may vary based on region or campaign. You can see what program you are enrolled in from your Wise invite page.
Some Cons related to XE:
Here are some cons to consider with XE money transfer:
- Limited to 22 countries for transfers.
- The company charges a transfer fee.
- In its online currency converter, XE shows mid-market rates but charges higher rates for international transfers.
Some Cons related to Wise:
As with XE, you can expect some cons using Wise, as follow:
- Comparatively higher transfer fees.
- Cash delivery is not available to homes or businesses.
- Customer service is lacking.
Final Verdict
So we listed the top features of wise and XE money transfers and compared them along. From our data, it is evident XE money transfer is somewhat better than Wise (not totally disregarding Wise).
If you want to transfer a lesser amount (Less than $1000), then why pay transfer fees? So we will suggest you use XE, but if it is a large amount, then you can prefer Wise. You can also compare rates among other international money transfer services even before choosing these two and choose who gives the highest rate at that time.
If you’re a user and want to choose one, then this article is for you because we are doing Head to head comparison between XE vs. Wise, so it will be easier to choose one based on your preferences.
The significant attraction of XE is that one can’t and should pay attention to its transfer fee, which is great compared to Wise, considering various scenarios. Both money transfers are reliable and efficient.