XE VS. Transferwise

Top online international money transfer services compared head to head

SCORE
FEES
No fees

Transfer amount $100 — $0 fee
Transfer amount $1000 — $0 fee
Transfer amount $10000 — $0 fee

FEES
0.5% to 1.5%

Transfer amount $100 — $3 fee
Transfer amount $1000 — $9.90 fee
Transfer amount $10000 — $84.41 fee

Regulation
FinCen(US), FCA(UK) , FMA, ASIC(AU)
Regulation
FCA(UK) , ASIC(AU), AMF
Countries
170+
Countries
50+
Currencies
150+
Currencies
100+
Support
Support
speed
0-3 Days
speed
1-4 days
pros
  • FCA regulated & wholly owned by Euronet Worldwide Inc (NASDAQ listed -EEFT)
  • Free demo accounts for individuals and businesses
  • £0 fees per transaction with highly competitive exchange rates
pros
  • FCA regulated
  • Quick and easy to use
  • Low fees and no hidden charges
cons
  • Some clients complain of inefficient money transfers to high risk countries like Russia
  • Bank-to-bank transfer only, no cash pick-up  
cons
  • Account setup can be difficult from certain countries/jurisdictions
  • Customer service can be blunt at times

XE Money Transfer offers a range of flexible features to ensure fast and simple international money transfers. With no fees on its transactions, XE Money Transfer allows you to convert the most currencies from around the globe. Established in Canada in 1993, XE Money Transfer has handled a massive $10 billion worth of global payments.

Overview

Transferwise is an international money transfer service that was founded in 2011 & provides money transfer services cross border through online and mobile platforms where customers can easily send and receive money, while saving considerably against bank charges and typically unfavorable exchange rates.

Bottom Line

Both XE and TransferWise offer bank-beating mid-market exchange rates and both are well-regulated, secure and customer-oriented, giving banks a good run for their money. While XE and TransferWise are very similar when compared to each other, XE wins quite notably with higher transfer amounts. It seems the two services are about even for smaller amounts, however the higher amount you transfer — the more XE is taking the lead. XE doesn’t take any fees or commission for the transfers, while TransferWise charges a constant 1% fee, regardless of the amount you send.

That, plus broader currency and countries amount serviced, leave alone belonging to the veteran Euronet Worldwide® corporation, certainly brings XE to the winning place in this comparison.