Wise Vs XE
Looking for a way to send money overseas? Find out which is the better option for you.
Wise Overview
Wise is an international money transfer firm founded in the United Kingdom that allows you to send money to over 70 countries. It is gradually becoming a popular choice in the international money transfer area, thanks to strong mid-market exchange rates and simple transfers to bank accounts. Transfer money quickly and effortlessly with Wise's website or mobile app, which accepts credit cards, debit cards, bank accounts, and wire transfer accounts.
XE Overview
XE Money Transfer is one of a slew of online money transfer businesses that claim to make international payments quick and painless. Is it, however, the correct service for you? Before choosing XE Money Transfer from the numerous other money transfer services available, there are a few factors to consider. The value for money, quickness, and security are all important considerations.
Available payment methods
Wise Payment Methods
When funding a transfer to someone abroad, Wise gives four options:
XE Payment Methods
With over the years in the currency exchange industry, XE owned by Euronet Worldwide provides several funding methods for your transfers:
Note that transfers made using a Mastercard will incur an extra fee.
Fees
Wise Fees
When sending money with Wise, the costs you may anticipate to pay vary depending on several factors like the amount, destination, and payment method. Wise is transparent about its fees, and you'll always be able to know how much you'll be charged before completing your transaction.
XE Fees
XE makes its profit by adjusting the exchange rate, meaning the fees are hidden in the exchange margin rather than presented as a direct charge. This makes it difficult to gauge the true cost of a transaction. As a result, you might end up paying more than you initially expected, despite the promise of fee-free transfers.
Exchange rates
Wise Exchange Rates
Wise employs a mid-market exchange rate, making them extremely cost-effective when compared to other money transfer services. You may lock down your exchange rate with Wise when sending money to select countries. If you do not fully pay your transfer by the end of the lock-in period, you will be charged the mid-market rate, which fluctuates.
XE Exchange Rates
The exchange rate offered by XE Money Transfer is competitive. However, there are better options available. The firm's rate is lower than the interbank rate. This is beneficial to you, the sender. However, it isn't the lowest among XE's competitors.
Security
Wise Security
Wise is a safe and secure method to send money to friends and family in other countries. A number of international monitoring authorities have completely licensed and controlled the service. These organizations keep an eye on companies like Wise to make sure they're doing what they say they're doing without scamming their clients.
XE Security
XE Money Transfer has been in business for a long time and is registered in a number of jurisdictions. FINTRAC regulates it in Canada (Financial Transactions and Reports Analysis Centre of Canada). The ASIC regulates XE Money Transfer in Australia (Australian Securities and Investments Commission). FinCEN, or the United States Financial Crimes Enforcement Network, oversees the industry in the United States. The FAC regulates it in the United Kingdom (Financial Conduct Authority).
Ease of use
Wise Ease of Use
Wise offers a seamless user experience across multiple devices, making it incredibly convenient for customers to send money from anywhere at any time. Whether you prefer using a computer, tablet, or smartphone, Wise ensures easy access to its services. Users can download the Wise app for free on both Apple and Android devices.
XE Ease of Use
The XE Currency app and website now allow you to send money worldwide. It's simple, safe, and there are no hidden costs. You may access it from your computer, tablet, or mobile device.
Conclusion
Overall, Wise is considered one of the most cost-effective money transfer services due to its low, transparent fees and the use of mid-market exchange rates. On the other hand, XE may not be the best choice for those seeking the most economical option. Despite claiming no transfer fees, XE’s costs are often embedded in the exchange rate margin, which can result in paying more than anticipated.