When transferring money overseas, people often wonder if they should use TransferWise or XE Trade. Both companies specialize in international fund transfers. As a result, they are able to offer better exchange rates in comparison to the big banks.
What do real customers have to say about the XE Trade vs. TransferWise comparison? On Trustpilot, TransferWise averages 9.6 out of 10, whereas XE Trade scores an 9.1. However, this does not imply that you should turn to TransferWise without considering other factors.
Select XE Trade or TransferWise only after you understand the intricacies of how these companies operate with concern for your own requirements. The sections below will help you weigh up the pros and cons and simplify the decision making process:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
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International Money Transfer Fees
While one company does better than the other in this section of the TransferWise vs. XE Trade comparison, remember that the exchange rate you get also plays an important role in the monetary aspect of the transfer.
- XE Trade does not charge any fees for transferring funds to over 35 countries.
- If your transfer attracts a fee, the company informs you about it in advance.
Ease of Use When Sending or Receiving Money
Both companies rate well in this section of the XE Trade vs. TransferWise comparison. Creating a new account with both companies takes little time. However, you have to wait until your detail verification is complete before you can transfer funds.
- You can use your Facebook or Google account to register with TransferWise. This speeds up the process.
- You can sign up as an individual, a business, or an online seller.
- TransferWise provides website access in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- You can make payments using electronic bank transfers, debit cards, and credit cards.
- You can use TransferWise apps designed for Android and iOS.
- Access to the XE website comes in English, French, Spanish, Italian, Portuguese, Dutch, Swedish, Arabic, Chinese, and Japanese.
- The company accepts payments from international customers via wire transfers.
- Residents of the UK can make payments using BACS, FPS, and CHAPS.
- If you reside in Canada, you can pay for your transfer using Bill Pay.
- Available transfer methods depend on the destination country. Options include wire transfers, electronic transfers, and drafts.
- The company provides apps for Android, iOS, Windows, and BlackBerry.
Regular Overseas Payments
To send money abroad regularly, both companies fall short in this section of the TransferWise vs. XE Trade comparison, given that they do not let you set-up scheduled transfers yet. If you want to schedule transfers, consider using OFX,Currencies Direct, World First, or TorFX instead.