Wise vs Xe Money Transfer 2024

Wise and Xe Money Transfer both offer digital money transfers from Canada to a broad selection of countries, which are available for both personal and business use. Wise also has account and card services which allow you to hold, receive and spend foreign currencies conveniently.

This guide looks at international money transfers with both Wise and Xe Money Transfer so you can decide if either will work for your specific needs.

Summary: Wise and Xe both offer money transfer services you can arrange online or in an app. You can send to 160+ countries with Wise and 130+ with Xe Money Transfer. In our comparisons, Xe came out slightly cheaper when sending low value payments to the US and UK - however, the services are pretty similar on price, so comparing both is a good idea. This guide gives you all you need to know.

Wise Vs Xe Money Transfer: side by side

Wise and Xe Money Transfer both offer international payments you can set up online and in app. Wise also has other services like multi-currency accounts and cards - but in this guide we’ll look only at Wise money transfer, so we can compare Wise and Xe more accurately.

First let’s look at a features overview comparing Wise and Xe Money Transfer:

So, to summarise:

• Wise and Xe Money Transfer both offer money transfer services to personal and business customers in Canada

• Wise has a multi-currency account and card to support 40+ currencies - Xe Money Transfer doesn’t have account services

• Wise offers international transfers to 160+ countries, Xe Money Transfer customers can send to 130+ countries from Canada

• Xe Money Transfer offers payments for cash collection in select countries, Wise delivers to most payments to bank accounts although mobile wallets are also supported in some countries

• Both providers are fully regulated and safe to use in the countries where they offer service

The important bits

Let’s take a look at a Wise vs Xe Money Transfer head to head comparison on costs, features and reliability:

Rates: Wise uses the mid-market rate for all conversion, Xe Money Transfer uses the Xe send rate which may have a markup added

Fees: Wise transfer fees start from 0.43%. Xe Money Transfer fees vary depending on the details of the payment

Speed: Wise payments can be instant, with 90% arriving in 24 hours. Xe Money Transfer transfers have varying delivery times, usually 1 to 4 days

Service: Both providers offer service online, in-app and by phone

Safety: Both providers are fully licensed and regulated.

Reviews: Wise gets a 4.3 star, Excellent rating, from 213,000+ reviews on Trustpilot; Xe Money Transfer also gets 4.3 star, Excellent rating, from 63,000+ reviews

Pros and cons

Wise Vs Xe Money Transfer: The verdict

Wise and Xe Money Transfer both offer international transfers which you can set up online or in an app, for Canadian residents. Wise also has other services, such as multi-currency accounts with mid-market rate currency conversion and a debit card,

Xe Money Transfer came out a little cheaper in our cost comparisons but both services are fairly similar on price. Both providers support payments to bank accounts, Xe also offers transfers for cash collection, which is not a service available from Wise.

Other important factors may also sway your decision - including speed and the amount you can send. We found in our research that Wise can be faster for overseas payments and also has higher transfer limits - if this matters to you, you may prefer Wise, but comparing both is certainly worthwhile.

This guide to Wise vs Xe Money Transfer looks at the features, fees and accessibility for international money transfers - read on for all you need to know.

About Wise and Xe Money Transfer

Wise was founded as TransferWise in 2011, and offers personal and business transfers to 160+ countries with the mid-market exchange rate and low, transparent fees. You can also get a Wise account to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. Learn more: Wise review

Xe Money Transfer supports payments from Canada to 130+ countries around the world. You can send money to bank accounts and also for cash collection. Xe also has lots of data available online for comparing and monitoring exchange rates, which can be handy if you want to learn more about the patterns on global markets. Learn more: Xe money transfer review

How do they work?

Both Wise and Xe allow customers to send money online or in an app. Both services let you send money to be deposited to a bank account - Xe Money Transfer also has cash collection options in some countries. If this is an available option you’ll see it online when you start to set up your transfer.

You’ll need to register an account before you can start to send money - this is done by adding some personal and contact information and uploading an image of your ID. Then, set up your payment following on screen prompts, pay by your preferred method, and your money is on the way. We’ll look at how long payments take - and what they cost - in more detail next.

Wise Vs Xe Money Transfer: Which is cheaper for international payments? 

Wise and Xe Money Transfer both offer variable fees for international transfers. The amount you pay will depend on where you’re sending money to, how you want to pay, and the value of the transfer. In both cases you can see the costs of your payment before you initiate it so you can compare it to other options.

The good news is that using a specialist service like Wise or Xe to send your international payment is often cheaper than using a bank. To give a quick overview, we’ve modeled a couple of payments from both Wise and Xe money transfer so you can see the costs:

In our comparisons, Xe Money Transfer was slightly cheaper compared to Wise. There’s not a lot in it though - so comparing both based on the country you’re sending to is a smart plan. You may also find there are other differentiating factors, such as speed of delivery and convenience which help you decide. We’ll look at which is faster and how convenient both Wise and Xe are, in just a moment.

Wise Vs Xe Money Transfer: Exchange rates

Wise uses the mid-market exchange rate to convert your CAD to the currency needed for deposit when you send a payment. There’s then a conversion fee to pay, which is shown separately for transparency, and which starts from 0.43%.

Xe Money Transfer uses an all-in exchange rate, which means it might have a markup added to the mid-market rate, which covers the cost of exchange. Both services show you the costs and the rates available before you set up a payment, so you can compare them quite easily.

Wise Vs Xe Money Transfer: Which is faster?

If you’re sending money to a bank account, Wise transfers can be instant in about 50% of cases, and over 90% arrive in 24 hours.  Xe Money Transfer has variable delivery times based on the country you’re sending to, the currency and other factors. You might find your payment takes 1 to 4 days to arrive, but the final delivery time will always depend on a range of factors, including the bank your money is being deposited to.

Wise Vs Xe Money Transfer: International transfer limits

Wise international transfer limits if you’re paying in CAD can be up to 1.5 million CAD. This is the limit if you’re using a wire or online bill payment to get your money over to Wise - some other payment methods have lower limits, which you’ll see in the app or online when you set up a transfer.

Xe Money Transfer limits the amount you can send in CAD to 560,000 CAD or the equivalent in a foreign currency.

Wise Vs Xe Money Transfer: Payment methods

If you want to use Wise to send an international transfer, you can choose from the following payment methods in Canada:

• direct debit (EFT)

• online bill payment

• debit/credit card

• wire transfer

• Interac e-Transfer

• Wise account balance

With Xe Money Transfer you can pay in the following ways:

• direct debit (EFT)

• online bill payment

• debit/credit card

• wire transfer

• Interac e-Transfer

Wise Vs Xe Money Transfer for business payments

Both Wise and Xe Money Transfer offer ways to send international business payments. Wise also has multi-currency accounts for Canadian business owners, freelancers and sole traders. Here’s a quick look at your business options with both provider:

Learn more: Wise Business review

Ease of use

• Creating an account: Wise accounts are opened and operated online or using the Wise app.  Xe Money Transfer accounts can also be opened online or in app

• Making a transfer: Wise and Xe Money Transfer international payments can be made online or in-app

• Ways to send money: Wise transfers can be funded by direct debit (EFT), online bill payment, debit/credit card, wire transfer, Interac e-Transfer and Wise account balance. Xe Money Transfer lets you pay by EFT, online bill payment, debit/credit card, wire transfer, and Interac e-Transfer

• Languages: Wise and Xe Money Transfer both offer support online, using the app, and by phone, in a selection of languages based on where you are

• Minimum & maximum amounts: Wise limits can be up to 1.5 million CAD depending on how you pay. Xe Money Transfer lets you send 560,000 CAD

Supported countries and currencies

Wise lets you send money to 160+ countries from Canada in 40+ currencies.  Xe Money Transfer payments can be sent from Canada to 130+ countries.

Safety

Wise and Xe Money Transfer are both safe and fully regulated providers.

In Canada, Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Learn more: Is Wise safe for money transfer?

Xe Money Transfer also operates as a FINTRAC registered money service business in Canada. There are 24/7 anti-fraud measures in place for both providers and both have strong digital security measures on all accounts and transfers.

Wise Vs Xe Money Transfer: Customer service

Wise offers customer support initially online or through an in app chat. You can start a chat 24/7 and you’ll get connected to the support required based on the issue. Xe Money Transfer has a similar system. Just pick the category of help you’re looking for, online or in the app, to be shown self help resources and where to find more information if you need to talk to a team member.

Conclusion: Comparing Wise and Xe Money Transfer

Wise and Xe Money Transfer have great options for sending money to bank accounts overseas. While Wise also has multi-currency accounts and cards, Xe has some unique features including ways to send money to be collected in cash in select locations. Both are pretty similar on costs for international transfers, so comparing them for your specific payment is a good plan.

One place where the services differ might be on speed and in terms of the amount you can send. In our comparison we found that Xe was slightly cheaper, but Wise could be faster and lets you send more money. That could make the difference when it comes to picking the right provider for your next international transfer.

FAQs: Which is better Wise or Xe for international transfers? 

What is the difference between Wise and Xe Money Transfer?

Xe Money Transfer and Wise both offer international payments for personal and business use in Canada. Wise also has multi-currency accounts and cards for international spending and withdrawals. You can send to 130+ countries with Xe, and 160+ with Wise.

Which is better: Wise or Xe Money Transfer?

Neither Wise or Xe Money Transfer is better - so it’ll depend on what you’re looking for. We found Xe was slightly cheaper in our comparison, but Wise could be faster. Wise also has accounts which support 40+ currencies with no ongoing costs and low, transparent transaction fees. Comparing both on features and fees will help you pick the right one for you.

Is Wise or Xe Money Transfer cheaper?

We found Xe was slightly cheaper in our comparison for transfers of up to 1,000 CAD. However, there wasn’t much in it, so comparing the specific details for your payment will help you make sure you get the best deal available.

Is Wise or Xe Money Transfer faster for international transfers?

More than 50% of Wise payments to bank accounts are instant and 90% arrive in 24 hours. Xe Money Transfer payments have variable transfer times, and can take 1 to 4 days for bank deposits.

How many currencies do Wise and Xe Money Transfer support? 

Wise lets you send money to 160+ countries in 40+ currencies. Xe Money Transfer lets you send money from Canada to 130+ countries, in various currencies.