Wise vs Xe [2025]: Fees, exchange rates & limits

Not sure whether to use Xe Money Transfer or Wise for your next international payment? This Wise vs Xe review has got you covered.

Summary: Xe Money Transfer supports more countries and currencies than Wise. However, Xe transfers can take a couple of days to arrive, and come with a markup added to the exchange rate. Wise may be faster and has more transparent fees. In our comparison, Wise came out cheaper in example transfers of different values, for CAD, GBP and EUR payments.

Wise vs Xe: side by side

Information correct at time of research – 11th November 2024

So, to summarize:

• Xe supports more countries and currencies
• Wise has a multi-currency account to support 40+currencies, while Xe doesn’t offer this
• Wise has a linked Wise debit card on offer – Xe does not have that option
• Xe offers payments to select countries for cash collection – Wise does not
• Wise and Xe both offer business services – Xe has currency risk management options for businesses, which Wise does not
• Both providers are fully regulated

Wise offers a fast service and straightforward charging on the payment routes they cover. However, Xe has a more extensive global reach. If you’re looking for a payment to an exotic currency, Xe may suit your needs. But if you need a multi-currency account or you’re looking to make a transfer in a major currency, Wise may be a good fit.

The important bits

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Information correct at time of research – 11th November 2024

• Rates: Wise uses the mid-market rate, whereas Xe adds a markup to the rate used
• Fees: Both providers have variable fees which are based on factors including the destination country and payment options selected
• Speed: Xe transfers can take 0 – 3 days to arrive, Wise payments often arrive instantly or in 24 hours
• Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone
• Safety: Both providers are fully licensed and regulated
• Reviews: Both providers score Excellent review ratings on Trustpilot – but Wise has significantly more listed customer reviews showing

Pros and cons

Wise vs Xe : The verdict

Whether Xe or Wise win for you will probably depend on the specific services you need, and where you’re sending money.

Xe’s stand out feature is the sheer number of currencies and destination countries available. You can send even unusual currencies – and more or less every corner of the globe is covered. For business customers, Xe also offers some services not available from Wise, including currency risk management solutions.

Wise international transfers can often arrive very quickly, and in our comparison Wise was also cheaper than Xe for example payments to CAD, GBP and EUR. If Wise supports payments to the country you’re sending to, compare the costs to decide if it’s the right choice for you.

Finally, Wise also offers a multi-currency account for business and individual customers – and there’s also a linked international debit card. Xe doesn’t provide this option.

About Wise and Xe

Wise was launched as TransferWise back in 2011 as a low-cost international payment provider.

These days, Wise has upwards of 16 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and send money around the world.

With Wise you can send payments to 160+ countries, in 40+currencies.

Xe was founded in 1993, and is now part of Euronet, one of the largest money transfer companies on the planet.

You can send payments in 100+ currencies with Xe. Aside from money transfer services, Xe is famous for providing tools to monitor and track exchange rates – these are available online and in the Xe app.

Xe business accounts offer some extra services as well as international transfers, including currency risk management solutions and mass payments.

How do they work?

To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.

Once your account is up and running make payments online and in the Wise app:

1. Log into your account
2. Type in how much you want to transfer, or how much you need the recipient to get
3. Enter the recipient’s details – bank account number or email
4. Check over the details
5. Fund your payment using a card or bank transfer
6. Confirm and your money will be on the move

Wise transfers are made through Wise’s network of local bank accounts. When you want to pay for your transfer in dollars you’ll send the money to Wise’s local US account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s fast and pretty cheap.

To use Xe you’ll need to register an account – once you’re up and running you can make transfers all around the world easily online and in the Xe app:

1. Sign into your account
2. Select your starting currency and recipient currency
3. Enter the amount you want to send to get a quote
4. Add your recipient’s bank details
5. Pay by card or bank transfer
6. Check the details, then hit Confirm to send the payment
7. You’re all done – you can now track the payment in the app

Wise vs Xe Transfer Fees

All Wise personal accounts are free to open. There’s a one time fee of 31 USD to open a Wise business account.

Wise has low transaction costs for the services you use – currency exchange is from 0.33%, and international transfer charges vary by destination and currency. Read Wise fees to learn more.

It’s free to make an Xe account. Fees for payments vary depending on the country and currency you’re sending to, as well as how you pay, and a markup will apply on the exchange rate applied. To see the rate applied for your transfer you’ll need to first create an account, and then generate a quote.

Here’s a summary:

Wise vs Xe: Which is cheaper?

Choosing an international payment specialist can be cheaper than sending money using your bank. However, as fees and rates do vary, it still pays to compare a few providers before you pick.

Because different providers structure their fees differently, the best way to work out which provider is cheapest is to look at how much your recipient would get in the end based on a specific transfer. This takes into account all the costs involved in the payment, including fees which are added to the exchange rate by many providers, which can be difficult to calculate.

Let’s look at how a few different payments from Xe and Wise work out. This table looks at how much will be received if you send a payment to a friend in GBP or EUR. Payments are funded by bank transfer and delivered to the recipient’s bank account:

*Fees and exchange rates correct at time of research – 11th November 2024

As you can see, on all our comparisons, the recipient gets more with Wise – which means that Wise worked out cheaper. However, for the lower value payments there’s a relatively small difference, so choosing between these providers for small transfers may ultimately come down to speed and convenience.

Wise Vs Xe exchange rates

When Wise or Xe process an international payment, the provider will manage the currency exchange using their own currency conversion rate.

Wise uses the mid-market exchange rate to convert funds when you send a payment, and also when you spend with a Wise card, or switch between currencies in the Wise app. This is the rate you’ll find on Google or by using a currency conversion tool.

XE sets its own exchange rate which can include a variable markup added to the mid-market exchange rate.

How to find the Wise exchange rate

You can get the Wise exchange rate without needing to register a Wise account. Just go to the Wise desktop site or app, and enter the details of your payment. You’ll be shown the Wise rate and fees, and can also pick the option to compare providers. This will show the costs and rates available from other major money transfer services so you can decide which is best for you.

Here’s what to do:

1. Go to the Wise desktop site or app
2. Tap Send Money
3. Enter the amount and currency you want to send
4. You’ll be shown a rate and fee quote instantly

How to find the Xe exchange rate

You can see the applicable Xe exchange rate in the Xe app or by logging into your account online. You’ll need to register with Xe before you can generate a quote.

Wise vs Xe : which is faster?

50%+ of Wise payments get to their destination instantly, and 90% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.

Xe payments can take several days to arrive – you’ll see an estimate of the delivery time when you set up your transfer. Delivery speed depends on a range of factors:

• How long it takes for your funds to be received by Xe. Card payments are fastest, bank transfers could take up to 3 days to be received, depending on your own bank’s processes
• How long it takes for your funds to clear – this may take a day or so
• How long it takes for the funds to arrive at the recipient’s bank – this can take up to 3 days depending on the processes in place at the receiving bank

Wise Vs Xe international transfer limits

Both Wise and Xe have international payment limits to protect customers and prevent account misuse. Wise limits depend on the currency you’re sending to and from, while Xe has a maximum cap based on the USD value of your payment:

Sending large amount transfers

You can send large amount transfers safely with both Wise and Xe. Here’s what you need to know.

Wise high amount transfers

If you send more than the currency equivalent of 20,000 GBP a month (around 25,000 USD) you could get an automatic discount of up to 0.17%. There’s no need to pre-arrange the fee, which means everyone gets the best possible deal, every time. Here’s how the Wise high value payment discounts break down:

Xe high amount transfers

Xe has a fixed limit of 535,000 USD per payment, and does not market volume discounts on fees or exchange rates. Get in touch with Xe directly if you’re sending a high value payment to see if they can offer you a better deal based on your specific transaction.

Wise Vs Xe: Payment methods

You can pay for your Wise transfer using:

• Bank transfer – ACH, wire or SWIFT
• Wise balance
• Credit or debit card

You can pay for your Xe transfer using:

• Bank transfer
• Credit or debit card

Safety

Both providers are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

Is Wise safe?

Wise is safe to use. Payments are processed securely, and all customer data and information is held appropriately and according to law. Learn more about it on Is Wise safe to send money?

Is Xe safe?

Xe is safe to use. Xe is part of a very large payment company which has high security standards and uses innovative approaches to keep customers and their money secure. Learn more on Is Xe safe to send money with?

Are they regulated in the US?

Wise and Xe Money Transfer are both regulated by FinCEN in the US, and other global regulatory bodies around the world.

Supported currencies

Xe supports nearly 100 currencies on major payment routes which cover over 130+ countries. Wise supports 40+ currencies, and lets you send payments to over 160 countries.

Ease of use

Wise Vs Xe for business payments

Both Wise and XE offer business services although there are some differences in the options available. Wise Business Account offers a broad suite of business services while Xe has a focus on international business payments and risk management:

Wise Vs Xe customer service

Wise offers support through in app chat – you can open a secure chat with a live agent and then they’ll connect you to the help you need if you have a question.

You can also open an in app chat with Xe, or you can call with questions about personal accounts on +1 877-932-6640.

Wise customer reviews

81% of customer reviews on Trustpilot give Wise 5 out of 5 stars, with an overall average of 4.3 stars – Excellent. This looks at over 238,000 reviews at the time of writing, with many customers noting that Wise offers good exchange rates, transparent fees and quick transfers.

To give a flavor, here are a couple of comments left by happy customers:

“We frequently travel needing various currencies as well as regular transfer to Spain. Wise is an amazingly easy and cheap way to do this. By being based in the EU I avoid significant Spanish Bank charges compared to a UK Entity. Their deposit jars allow us to move money for the future when the exchange rate is high – and we then earn interest on it.”

“Easy to use interface. Called before making a big transfer and the customer service was fantastic, made me very reassured. I now use this as my main bank. Switching currency has never been easier with rates that blow my mind compared to traditional money exchanges or banks. I encourage everyone visiting from out of the country to use wise.”

Some customers naturally do leave less positive reviews. Here’s an example of a customer who ran into issues setting up a Wise account:

“Repeated problems logging into account on PC. Wise says it sends a verification email — not received. Support suggested trying different browsers. Not received. Checked spam accounts Not received. Support says I have a problem. Signed up to Remitly to replace Wise. Took 10 minutes. Received email verification. Received email verifications from my Schwab and Capital One accounts. Only Wise has this problem, and of course they blame the customer.”

Xe customer reviews

Xe gets an Excellent rating onTrustpilot, with 80% of customers giving it the full 5 out of 5 stars at the time of research. Many happy customers comment on the good service they received from Xe staff members, including navigating the verification process, arranging payments and sorting out problems as they arise. Here are a couple of examples from comments left in October and November 2024;

“Xe service is excellent. Couple of times I had issues with my money transfer and I was able to get it resolved through a live operator. Which is a rarity these days. Charges are reasonable and in some cases it’s free money transfer. Thank you Xe team members all of you are doing a wonderful job!”

“I have just started using XE for overseas money transfers. Initially, I was skeptical as I usually rely on the traditional methods (banks, money transfer kiosks). I was totally amazed at how seamless the process was to set it up as an App on my phone & subsequently the ease of transferring money with the press of a few keys. The exchange rates are extremely competitive and more often better than the walk in exchanges. I would encourage you to try it first by transferring small amounts just to get a feel for it. You will not regret it. Thanks Ian”

Of course, not all customers are delighted with the Xe service – one recent review comments on issues with exchange rates for example:

“I make regular monthly transfers from the UK. The service provided by xe in the past has always been good. However, I wished to make a transfer today in my chosen currency. The exchange rate in this currency had fallen considerably against pound sterling today but the rate offered by xe did not reflect this big decline at all. It would have resulted in an excessively high profit margin for the company based on present money market rates. The company always reduces its rates when sterling declines but, based on my experience today, seems to be reluctant to increase its rates when sterling rises. This is highly unsatisfactory.”

Conclusion: Which is better, Wise or Xe?

Both Xe and Wise allow international payments direct to bank accounts. Xe has a broad global reach and allows transfers to 130+ countries, in an impressive range of currencies, with cash collection options in some regions. However, depending on where you’re sending to, Xe’s processes can slow down delivery times.

Wise on the other hand has its own approach to processing international payments which makes it pretty fast and cheap to use. If you’re sending money on a currency route supported by Wise it’s well worth getting an instant quote to see what it’ll cost you, and what the recipient would get in the end. However, if you want an exotic currency, Xe may suit you better.

Finally, Wise has its international account which isn’t an option with Xe. If you want to spend while you travel, make ATM withdrawals and shop online with international retailers with no foreign transaction fees, the Wise multi-currency account could work well for you.

Wise vs Xe money transfers FAQs

What is the difference between Wise and Xe?

Wise and Xe both offer international payments, but they have different focus areas which may mean they appeal to different customer needs. Wise has multi-currency accounts and cards as well as transfers to 160+ countries, while Xe has a focus on digital transfers to a huge range of countries.

Which is better: Wise or Xe?

Neither is better – it depends on your needs. If you need a multi-currency account to hold a balance and also want to send and receive foreign currency payments, Wise may be your best bet. If you’re just looking for transfers, compare Wise and Xe to see which is better for your specific needs.

Is Xe or Wise cheaper?

In the comparisons we ran, Wise worked out cheaper, using the mid-market exchange rate with no markup, and low transfer fees. Compare a few providers side by side for your payment to see which is best.

Is Xe or Wise faster?

Exact delivery times depend on a range of factors for both providers. Wise transfers can sometimes be processed instantly, while Xe payments usually take 0 – 3 business days to arrive.

How many currencies do Xe and Wise support?

Xe supports nearly 100 currencies and Wise supports 40+currencies.

Claire Millard

Author

Claire Millard

Fintech Content Writer

Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

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Seyma Mektepli

Reviewer

Seyma Mektepli

Editor-in-chief

Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.

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Last updated

December 20th, 2024