Key takeaways
- No transfer fee on amounts over £500. XE earns from the FX spread (typically 0.25 to 0.7 percent depending on the currency pair), not a headline fee.
- The break-even with Wise is roughly £20,000. Below that, Wise's percentage fee usually wins. Above, XE's tighter spread on bulk volume wins.
- Forward contracts available. Lock in today's rate for a transfer up to 12 months out. Useful for property purchases, deposits, planned salaries.
- FCA-authorised, funds safeguarded. Not a bank, no FSCS, but the same protection model as Wise and WorldRemit.
Why XE wins on large transfers
Wise's pricing is a percentage of the amount. On £50,000 GBP to EUR, that is roughly 0.43% which works out at around £215. XE's pricing is a small FX spread on the wholesale rate, typically 0.25 to 0.30% for major currencies at that volume. On the same £50,000, that is closer to £140. The gap widens as the amount grows.
For property transfers, business invoices, or a one-off lump sum from a house sale, those savings cover a long weekend. The downside: XE does not have a slick app for £100 personal transfers and the onboarding is more like a stock broker than a fintech.
The structural reason: Wise's percentage fee scales with volume so the firm earns more on larger amounts. XE earns from the FX spread, which proportionally tightens as the volume grows because the underlying treasury cost of doing the deal does not scale linearly. The two pricing models cross at roughly £20,000 for major currency pairs.
Forward contracts: lock the rate today
A forward contract lets you agree today's exchange rate for a transfer that happens up to 12 months in the future. Useful in three situations:
Buying a property abroad
You owe €200,000 in three months. Lock the rate now and the cost in pounds does not change even if the market moves.
Recurring salary in a foreign currency
Freelancers and remote workers can hedge a full year of upcoming USD or EUR income.
Tuition or expat school fees
Set the GBP cost of an annual school bill before the academic year starts.
XE typically requires a small deposit (5 to 10 percent of the contract value) when you open a forward. Available on most major currency pairs above £1,000.
Currencies, countries and delivery
XE sends to 170+ countries in 60+ currencies. Delivery is by local bank rail wherever possible, falling back to SWIFT only when needed. Most major-currency transfers settle within 1 working day.
EUR
USD
AUD
CAD
NZD
JPY
CHF
INR
HKD
SGD
ZAR
NOK
A selection. Full list at xe.com.
The Selectra verdict
Use XE if
- You are sending more than £20,000 in one go (property, lump sum, business).
- You want to lock in today's rate for a future payment (forward contract).
- You prefer no headline fee, with the cost baked into a small FX margin.
- You want a named relationship manager for high-value transfers.
Look elsewhere if
- You send small amounts (under £20,000): Wise is usually cheaper.
- You need mobile money or cash pickup: WorldRemit is built for that.
- You want to hold a multi-currency balance: Wise's account is the tool.
The Selectra expert answers your questions
Same brand, same parent company (Euronet Worldwide), separate products. XE.com is the currency reference site you have probably used. XE Money Transfer is the regulated payments arm that actually sends money. Signing up for transfers is a separate process.
No headline transfer fee on amounts over £500 (some currencies, some payment methods). XE still earns from the FX spread, typically 0.25 to 0.7 percent above mid-market. So "no fees" means no separate line item, not zero cost. Always compare the amount delivered, not the fee.
Most major-currency transfers settle within 1 working day using local rails (SEPA for EUR, ACH for USD, etc.). XE shows an estimated delivery time on every quote. Forward contracts settle on the date you choose, up to 12 months out.
XE Money Transfer Europe Ltd is FCA-authorised as an Authorised Payment Institution. Customer funds are safeguarded in segregated accounts at tier-one banks. The protection works like Wise and WorldRemit: returnable in insolvency, not FSCS-compensated. For an in-and-out transfer, this is fine.
Two scenarios. Transfers above ~£20,000 in major currencies, where XE's spread on bulk volume beats Wise's percentage fee. Forward contracts, which Wise does not offer to personal customers. Below £20,000 in major currencies, Wise is almost always cheaper.