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Both XE and Transferwise have a high number of customers but which is best for money transfers? We explain what the benefits are of both money transfer providers and explain which is the best option for sending money abroad.

XE Money Transfer Benefits

With XE you can send money to over 130 countries using over 120 currencies. This worldwide coverage makes them a very popular money transfer choice and there are also zero fees on the currency transfers made. However XE does charge a margin on the currency exchange rate resulting in less competitive rates. Exchange rates improve the higher the currency transaction value and XE is a popular choice for customers sending small, medium and high value currency conversions too. Payments take one to four days to be processed depending on the countries and currencies that you are exchanging money between.

XE focuses on the UK customers however they have many international customers that rate them highly living all over the world. Click here to sign up with XE money transfers today.

Transferwise Money Transfer Benefits

Transferwise exchange rates are more competitive than XE. This is because Transferwise uses the mid-market rate and therefore includes no margin on the currency exchange rate. Fees are very low too making Transferwise a good choice for money transfers. With transferwise you can also get a top-up card for Travel Money or other foreign currency payment requirements. Click here to sign up with Transferwise today.

Transferwise is the Winner for Personal Money Transfers

Because exchange rates are better from Transferwise this is our recommended option. Click here to sign up with Transferwise today. However, if you are transferring a high value of money such as buying a home abroad you may want to compare rates/costs yourself by getting currency exchange quotes from both companies before proceeding. This is because as explained above Transferwise charges a fee that is higher the higher the value of the transaction whereas XE does not. Customer ratings are high with both Transferwise and XE money transfers. Click here to sign up with XE money transfers today.

XE may be the only option for some countries and currencies

With XE you have access to more currencies to transact. Therefore depending which country you are exchange to and from you may find XE is the only option because Transferwise does not offer money transfers in the currencies you require.

Business customers: XE or Transferwise?

Businesses will likely be dealing in high values of currency transfers or frequent money transfers. Both XE and Transferwise will be able to handle the currency exchange required for businesses as they offer business currency accounts whereby you can send and receive multiple currencies using a single account. Transferwise will charge a fee which increases as the value of the transaction(s) increase whereas XE will not although XE adds a margin onto the exchange rate wherease Transferwise uses the mid-market rate and hence no margin is added. Generally the higher the value of transaction XE is the preferred option because you will likely be able to achieve better exchange rates as the value of the transaction is higher. For this reason we recommend XE for Business Money Transfers.