Wise vs XE: Choose the Best Money Transfer Service in 2023
Table of Contents
- Introduction
- Comparison of Wise and XE
- Transfer Fees
- Exchange Rates
- Coverage and Locations
- Speed of Transfer
- Transfer and Payment Options
- User Reviews
- Wise Reviews
- XE Reviews
- Ease of Use, Accessibility, and Security
- XC
- Wise
- Additional Features and Services
- XC Additional Features
- Wise Additional Features
- Wise vs XE for Businesses
- Conclusion
Wise vs XE: Which Currency Exchange Service is Best for You?
When it comes to transferring money internationally, there are several companies that offer such services, making it challenging to choose the most suitable one. Two popular options are Wise (formerly known as TransferWise) and XE. In this article, we will compare the two companies based on various factors such as transfer fees, exchange rates, coverage and locations, speed of transfer, transfer and payment options, user reviews, ease of use, accessibility, and security. By the end of this article, you will have a better understanding of which company is best suited for your currency exchange needs.
Comparison of Wise and XE
Transfer Fees
One of the significant factors to consider when choosing a currency exchange service is the cost associated with the transfer. Wise offers extremely competitive transfer fees, with most transfers being fee-free. On the other hand, XE doesn't charge any fees on its transfers, regardless of the transfer route or amount. This makes XE the winner in terms of lower fees.
Exchange Rates
The exchange rate is another crucial aspect when comparing Wise and XE. Wise provides transparent exchange rates, although they are only visible to individuals who have an account with the service. The exchange rate margins offered by Wise are fair compared to other money transfer operators and mainstream banks. XE, on the other hand, offers a zero-margin fee on the exchange rates it provides for any currency pair. This competitive advantage makes Wise the winner in terms of better exchange rates.
Coverage and Locations
When it comes to coverage and locations, XE has a significant advantage. XE covers over 127 countries around the world, while Wise serves a limited number of countries, currently standing at 59. Therefore, if you require transfers to countries not supported by Wise, XE would be the better choice.
Speed of Transfer
The speed of transfer is crucial, especially if you need to send money urgently. XE takes anywhere from two to four days to complete transfers, with most transfers delivered within this timeframe. Wise, on the other hand, offers faster transfers, with most transfers taking minutes to three days for delivery. However, in some specific transfer routes, such as from GBP to Danish krona, Wise can deliver transfers in just a few hours. As such, this category is a tie between Wise and XE.
Transfer and Payment Options
Wise offers three main transfer options: fast transfer, easy transfer, and low-cost transfer. Fast transfer is the most expensive option, with payment made by credit or debit card. Easy transfer is slightly cheaper, with payment sent through an online bank platform. The low-cost transfer is the cheapest option, with payment sent as a direct debit from your account. XE, on the other hand, mostly allows bank transfers as a payment method and bank deposit as a payout option. Wise provides more transfer and payment options, making it the winner in this category.
User Reviews
Wise Reviews
Reviews from customers who have used Wise highlight several advantages, including fast transfers, simplicity of use, professional and friendly service, and competitive rates. However, some customers have complained about the app's lack of user-friendliness and occasional delays on certain transfer routes.
XE Reviews
XE has received positive reviews from its customers as well, with mentions of faster transfers, simplicity of use, affordability compared to banks, and reliable service. However, some negative reviews point out a lack of user-friendliness in the app, longer-than-expected transfer times, and poor exchange rates in some cases.
Based on the number and quality of reviews, Wise appears to have more satisfied customers, making it the winner in terms of user reviews.
Ease of Use, Accessibility, and Security
XC, or XE's company website, offers support in multiple languages, including German, Spanish, French, Portuguese, Italian, Swedish, English, Japanese, Chinese, and Arabic. Their customer support channels include phone and email, and they have a mobile app available for both Android and iOS platforms. Security measures include two-factor authentication.
Wise's website supports even more languages, including English, Spanish, German, Portuguese, Romanian, Japanese, Polish, Russian, Italian, Hungarian, French, and Turkish. Their customer support can be accessed through live chat, phone, and email. Wise also has a mobile app available for seamless transfers, with similar functionality to XE. The Wise platform boasts industry-grade security, including two-factor authentication.
In terms of ease of use, accessibility, and security, Wise supports more languages and offers a wider range of customer support channels. Therefore, Wise takes the lead in this category.
Additional Features and Services
XC offers additional features such as foreign exchange risk management solutions, currency data API, mass payments for automated global payment solutions, and a payments API for direct payments from websites. They also provide a currency converter widget with live rates for multiple currencies.
Wise provides additional features including borderless accounts, which allow for transfers and payments in various currencies. They also offer a Mastercard-branded debit card that provides free withdrawals up to a certain limit, as well as the ability to spend in any currency, with automatic currency conversion.
Both companies offer useful additional features, but Wise's borderless accounts and debit card make it the winner in this category.
Wise vs XE for Businesses
Both Wise and XE offer services tailored for businesses. However, XE has a more extensive range of business payment solutions compared to Wise. XE is better suited for businesses that require larger transactions, as they allow transfers of up to $450,000. Wise, on the other hand, is better suited for smaller transfers. Therefore, the winner for businesses relies on specific business requirements.
Conclusion
In conclusion, both Wise and XE are reputable currency exchange service providers, and the choice between the two depends on your specific needs. If you prioritize lower fees, better exchange rates, and additional features like borderless accounts and a debit card, Wise is the better option. However, if broad coverage and location support are crucial to you, XE is the preferred choice. Consider the factors mentioned in this article and make an informed decision based on your personal requirements.
