Wise vs Xe: comparing international transfers from Australia

Fee structure

Wise charges a visible percentage-based fee (0.4–1.5% for most AUD transfers) and uses the mid-market rate.

Xe does not charge a separate transfer fee for most transactions. Xe makes its margin through the exchange rate, which is above mid-market. Xe's approach means you see a single number (the Xe rate) rather than a rate plus a fee.

Exchange rate approach

Wise uses the real mid-market rate. The fee is separate and visible.

Xe offers a rate above mid-market. The margin varies by currency pair and transfer amount. For major corridors (AUD to USD, GBP, EUR), Xe's margin is typically 0.5–1.5%. For less liquid currencies, margins may be wider.

Total cost comparison

Because Wise charges a fee on mid-market and Xe builds margin into the rate, the total cost to the sender is often similar for mid-range transfers. The best approach is to compare the total amount the recipient will receive on both platforms for your specific amount and corridor — this captures all fees and margins regardless of how they are structured.

Transfer speed

Wise: 1–2 business days for most corridors. Some same-day.

Xe: 1–4 business days depending on corridor. Major corridors (AUD to USD, GBP) are typically 1–2 days. Emerging market corridors may take 3–4 days.

Currency coverage

Both Wise and Xe support 50+ currencies. Xe benefits from its long history as a currency data provider and supports a particularly wide range of currencies, though available corridors for actual money transfers may differ from the currencies displayed on its rate converter.

Regulation

Both are registered with AUSTRAC. Wise holds an AFSL. Xe operates under the Euronet Worldwide group and is licensed for money transfer services in Australia.

Platform and tools

Wise offers a multi-currency account (Wise Account), debit card, and a clean digital-first interface. Rate alerts are available.

Xe is known for its currency converter tool and rate tracking features. Xe offers rate alerts and has a strong mobile app. Xe also provides business transfer services and historical rate data.

When each makes more sense

Wise suits: Users who want full transparency on fees and rate, senders who value a multi-currency account, and those who prefer a digital-first self-service experience.

Xe suits: Users who prefer a no-separate-fee model, senders who value Xe's rate tracking and alert tools, and those who need broad currency coverage for less common corridors.

Which is cheaper, Wise or Xe?

It depends on the corridor and amount. Compare total received amount on both platforms for your specific transfer. For most common corridors, the total cost is similar.

Does Xe charge a fee?

Xe does not charge a separate transfer fee for most transactions. Its margin is built into the exchange rate.

Which is faster?

Wise is generally slightly faster, with more corridors offering same-day delivery.

Are both regulated in Australia?

Yes. Both are registered with AUSTRAC.

Can I hold multiple currencies?

Wise offers a multi-currency account. Xe does not currently offer a comparable multi-currency holding account.

Which has better rate alerts?

Xe has a long-established rate alert and tracking service, which is one of its signature features.