Wise vs Xe

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.

However, Wise tends to be faster for international transfers, and in our comparison was also cheaper. If Wise supports payments to the country you’re sending to, they may be your best bet.

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

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 0.41%, and international transfer charges vary by destination and currency. Read Wise fees to learn more.

It’s free to make an Xe account, and there’s no transfer fee when sending from the US. However, 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.

Wise vs Xe : which is cheaper?

Choosing an international payment specialist is almost certainly 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.

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 - 31 August 2022

As you can see, on all our comparisons, 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 : which is faster?

50%+ of Wise payments get to their destination instantly, and 80% 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

Safety

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

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

Ease of use

• Creating an account: Create your account online or in app with both Xe and Wise
• Making a transfer: Both providers allow customers to fund payments with a bank transfer or card. Wise also allows Apple Pay payments
• Ways to send money: Send payments to your recipient’s bank account directly with both Xe and Wise. Xe will also offer cash collection transfers to select countries
• Languages: Xe services are available in 10 languages, with multilingual customer support. Wise offers 15 languages, plus multi-lingual support services
• Minimum & maximum amounts: Sending limits can vary by destination country, and based on your account type

Supported currencies

Xe supports nearly 100 currencies on major payment routes which cover over 130+ countries. Wise supports 50+ currencies, and lets you send payments to over 80 countries.

Conclusion

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 faster - and usually cheaper, too. If you’re sending money on a currency route supported by Wise you’ll probably find you get a better deal and a faster transfer with them. 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.