Both Tangerine and Simplii Global Money Transfer offer useful tools to send and receive your money – but which account is best for you? We’ll explain what might
Sending money overseas doesn’t have to be difficult. But finding the best provider for your needs might take a little research. Although there are plenty of different options out there, the service on offer, as well as the fees and charges, may vary.
This guide covers all you need to know about sending money overseas with XE Money transfer. We’ll also touch on an alternative as a comparison - low cost international money transfers with Wise, and the free Wise foreign currency account.
If you’re looking to make an international money transfer, it’s always a good idea to compare prices and exchange rates, before you commit.
With Wise you’ll always see the fee before you make your payment, and you can be sure that your money will be converted with the mid-market exchange rate. No matter which one of the supported currencies your recipient wants to receive.
If you frequently deal with international payments, or you’d also like to be able to receive money in US dollars, British pounds, Australian or New Zealand dollars, or Polish Zloty, Wise’s multi currency account could be a good solution for you. You can easily manage your money in your account whenever you need to, always for a fair and transparent fee.
|Sign up with Wise, and start saving on your international money transfers!|
To make an international payment with XE Money transfer, you’ll need to first create an account. You can then get a quote for the specific transfer you want to make.¹
It’s worth noting that XE Money Transfer states that there are no fees when sending money overseas. However, the small print notes that there may be third party costs¹. You may also pay a charge which is wrapped up in the exchange rate on offer. We’ll cover this later.
Here’s what XE Money Transfer says about third party charges²:
“Whilst we always send the exact amount of money you specify in the transaction, the bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. Unfortunately we have no control over these charges and therefore we won't reimburse you, should you be charged.”
Third party charges may occur if your payment is sent using the SWIFT transfer system. This is a reliable way to send a cross border payment, but it can involve up to 3 different banks - known as intermediaries - handling your money. Any of these intermediaries, or the recipient’s own bank, could charge a fee for the service they provide. This will be deducted from the amount received in the end.
Here’s a run through of the charges you need to pay attention to when sending money with XE Money Transfer:
|Fee type||XE Money Transfer fee amount|
|Upfront fee||No upfront fee is charged|
|Third party fees||Third party fees may be deducted by your own bank, the recipient’s bank, or an intermediary.|
|Exchange rate markup||There may be a fee rolled up in the exchange rate applied to your transfer. More on that in a moment.|
XE.com is a well known service providing currency information and up to date details of global exchange rates. However, the exchange rates you’ll get with XE Money Transfer when sending money will not be the same as the one you’ve seen on the XE.com currency information page.
Over to the XE Money transfer FAQ section²:
“The rate you are offered is not the mid-market rate which is shown in the free information services on our main XE.com website.”
And a bit further down, they say about the mid-market rate²:
“This rate is not achievable via XE Money Transfer.”
But what does that mean for your transfer? This simply means that your money won’t be exchanged to the recipient currency with the mid-market exchange rate, but that a spread, or markup, will be added. This is common practice amongst banks and currency exchange providers, though. The mid-market rate is the one banks and currency services get when trading currencies in large volumes. They usually don’t pass this rate on to their customers, but add a markup to it instead, and keep the difference as profit.
You can see the markup which has been added, by comparing the exchange rate on offer from XE Money Transfer with the mid-market rate. You can find the mid-market rate by Googling your currency pair, or by checking it on an online currency converter.
Compare a range of providers to find the best available rate for your particular international money transfer. Not all currency services add a markup to the exchange rate they use. Wise, for example, offers the mid-market rate with a transparent fee per transaction. This can save you money compared to other international transfer services.
XE Money Transfer provides international payments in over 60 currencies, to more than 170 countries. You can get a full listing of the currencies available, online.²
With XE Money Transfer you’ll send money online, direct to your recipient’s bank account. Here’s what you need to do¹:
- Create an account, or sign in if you already have one
- Select the currency you’re sending from and the one the recipients wants to receive, to generate a quote
- Confirm the currencies, the amount you want to send, and give your recipient’s details
- Confirm your chosen payment method, and process the transaction
You can pay for your money transfer by bank transfer or a pre-authorized debit. If you choose to pay by bank transfer, you’ll be given the full details of how to pay XE Money Transfer when you confirm the transaction.²
If you want to make payments on the go, you can download the XE Money Transfer app, which is available for both iOS and Android. With the app you can also monitor currencies (up to 10) and set rate alerts, for example³.
Don’t pay more than you need to for your next cross border transfer. You may be able to save with Wise, no matter whether you’re sending a small payment to a friend, or need a large international transfer to cover the costs of your next holiday. Even better, you might save time as well as money with the free Wise foreign currency account, to hold, send and spend money all over the world.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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