Wise vs Xe Money Transfer

[Jerno]

Anyone using Xe Money Transfer?  Exchange rates seem to be same or slightly better than Wise and no extra fees whatsoever.

[SymS]

Sorry, no idea about XE, although I use them often for currency conversion. But I've noticed Instarem is usually better value than Wise. The downside is that they don't support as many currency pairs.

[Moonlover]

XE have only just commenced there service to Thailand so you're not likely to get many answers.

 

I've just compared Wise and XE transferring 1,000 GBP, I would be 122 THB better off using Wise. So I'll stick with Wise thank you, I know they're 100% reliable.

[Chris.B]

"Anyone using Xe Money Transfer?  Exchange rates seem to be same or slightly better than Wise and no extra fees whatsoever."

 

Is it a free service then? Doing it out of the goodness of their hearts! ????

[Chris.B]

14 minutes ago, SymS said:

But I've noticed Instarem is usually better value than Wise. The downside is that they don't support as many currency pairs.

instarem.com

Instarem, founded by Prajit Nanu and Michael Bermingham, is a Singapore-headquartered Fintech company offering digital cross-border money transfers to individuals and businesses." Instarem is now a part of Nium. Wikipedia

Headquarters location: Mumbai, India

 

 

Errr.... thanks but no thanks! ????

[SymS]

25 minutes ago, Chris.B said:

Headquarters location: Mumbai, India

 

Errr.... thanks but no thanks! ????

5555. OK fair enough. I always thought they were based in Australia.
I made several salary payments in the past with them, no problem, although I've now switched to Wise as I need to pay in a currency that's not available in Instarem.

[JayClay]

43 minutes ago, Moonlover said:

XE have only just commenced there service to Thailand so you're not likely to get many answers.

I was using XE to transfer for about 3 years before I discovered Wise about 2 years ago. So, unless they stopped and restarted the service in the interim, that information is incorrect.

 

I get more baht for my pound from Wise than I did with XE.

[Moonlover]

24 minutes ago, JayClay said:

I was using XE to transfer for about 3 years before I discovered Wise about 2 years ago. So, unless they stopped and restarted the service in the interim, that information is incorrect.

 

I get more baht for my pound from Wise than I did with XE.

XE started, or it seems restarted, within the last few weeks via their sister company, Ria Money Transfer. I use the XE website quite often and I'd noted, just out of interest, that Thailand was not available.

 

XE Our New Money Transfers to Thailand

[Jerno]

1 hour ago, Chris.B said:

"Anyone using Xe Money Transfer?  Exchange rates seem to be same or slightly better than Wise and no extra fees whatsoever."

 

Is it a free service then? Doing it out of the goodness of their hearts! ????

As we all know, Wise and all such Services use rates that allow a differential from Market rates to earn a profit, plus a service fee to fatten such profits. Pointing out Xe apparently doesn't apply any such fee and seems their exchange rates competitive to Wise.  Saving potential thousands of baht on transfering in money to Thailand is of interest to all expats and not a joke.  Nor am I advocating Xe, just asking, but obviously your comments have no relevance to my inquiry.

[Chris.B]

2 hours ago, Jerno said:

As we all know, Wise and all such Services use rates that allow a differential from Market rates to earn a profit, plus a service fee to fatten such profits. Pointing out Xe apparently doesn't apply any such fee and seems their exchange rates competitive to Wise.  Saving potential thousands of baht on transfering in money to Thailand is of interest to all expats and not a joke.  Nor am I advocating Xe, just asking, but obviously your comments have no relevance to my inquiry.

Just checked the GBP/Baht rates as follows:

 

Wise: 44.08290

XE Money Transfer: 43.69960

 

I know what you have done. You have compared the XE currency mid-market rates and not their transaction rates. You have to install the XE money transfer app to get their transaction rates.

 

Edited November 21, 2021 by Chris.B

[Jerno]

1 hour ago, Chris.B said:

Just checked the GBP/Baht rates as follows:

 

Wise: 44.08290

XE Money Transfer: 43.69960

 

I know what you have done. You have compared the XE currency mid-market rates and not their transaction rates. You have to install the XE money transfer app to get their transaction rates.

 

Actually I have the Xe App and Account with them, and my rate is slightly better that Wise....ready to place the real transaction with Xe.  My post was an inquiry to expats because Wise is the most highly recommended money transfer service it seems.  There's another difference however between Xe and Wise though.  Xe takes up to a week to complete the transfer, thus uses (invests) your money short term before the baht deposit shows up in your Thai bank.  Again I'm not advocating Xe necessarily, but inquiring to which overall might be best, or whether anyone's perhaps had problems with Xe. 

[lkn]

1 hour ago, Jerno said:

Xe takes up to a week to complete the transfer, thus uses (invests) your money short term before the baht deposit shows up in your

This sounds a little crazy and highly risky for Xe (what if the rate changes in the customer’s favor).

 

Looking at their page though, I can’t find any details about this, and they write “fast and easy”, which a week wouldn’t be.

 

Where did you get the above information from?

 

Edit: I guess they could exchange money and *then* invest it, but no investment is guaranteed a return, so still sounds risky.

Edited November 21, 2021 by lkn

[Jerno]

2 hours ago, lkn said:

This sounds a little crazy and highly risky for Xe (what if the rate changes in the customer’s favor).

 

Looking at their page though, I can’t find any details about this, and they write “fast and easy”, which a week wouldn’t be.

 

Where did you get the above information from?

 

Edit: I guess they could exchange money and *then* invest it, but no investment is guaranteed a return, so still sounds risky.

Lots of financial institutions buy short term (7 day) bonds for a guaranteed return. If Xe has lots of customers and transactions, it could be millions in currency for these short term investments.  I have transferred money to Bangkok Bank account a number of times via Xe, and usually takes 5 - 7 days from transaction date to seeing the baht in BB Thai acccount.

[Haveasay]

You may find XE have free fees as do others for the first few transactions, but then charge. Always check and recheck, before transfer. Still finding WU ok but always researching.

[beddhist]

I have used both several times and found that it pays to compare the totals before choosing one or the other. The difference can be significant. Sometimes one is better, the next time the other. But you need to start the process until you get a quote, incl. of fees, then compare.