Monese vs XE: Fees, Rates & Speed Compared
Monese
3.9Monese is a mobile banking app offering international money transfers alongside a current account, debit card, and multi-currency wallet — popular with expats and migrants in Europe.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
Monese and XE are both popular choices for international money transfers, but they take different approaches. Monese, founded in 2015 and headquartered in London, UK, is best known for international money transfers. XE, operating since 1993 from Newmarket, Canada, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs. Our data shows the difference can be significant — on a £1,000 GBP → EUR transfer, XE delivers €16.38 more to the recipient.
In this comparison
Live comparison: Monese vs XE across popular corridors
The table below shows how much the recipient receives when sending through Monese vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Monese | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,033.71 | N/A |
| GBP → EUR(£1,000) | €1,130.56 | €1,146.94 | XE (+€16.38) |
| USD → PHP($500) | — | ₱28,827.34 | N/A |
| USD → MXN($1,000) | — | MX$17,191.59 | N/A |
| GBP → PKR(£500) | — | ₨174,170.74 | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Monese and XE
Monese vs XE: Feature comparison
| Feature | Monese | XE |
|---|---|---|
| Overall rating | 3.9/5 (Good) | 4.4/5 (Excellent) |
| Fee structure | From £0 to £2 per transfer | No transfer fees |
| Exchange rate markup | 1% - 2% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 1-3 business days | 1-4 business days |
| Supported countries | 30+ | 130+ |
| Supported currencies | 15+ | 130+ |
| Max transfer | $25,000 | $500,000 |
| Payment methods | Bank Transfer, Debit Card | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 2015 | 1993 |
Pros and cons
Monese
Pros
- Full mobile banking account
- Easy signup with no UK address needed
- Multi-currency wallet
- Free ATM withdrawals (plan dependent)
Cons
- Higher exchange rate markup than specialists
- Limited to European corridors
- Transfer limits on basic plan
XE
Pros
- Well-known and trusted brand
- No transfer fees for most transfers
- Supports 130+ currencies
- Rate alerts available
- Excellent currency data and tools
Cons
- Exchange rates include a markup
- No cash pickup option
- Transfer speed can be slow
When to choose Monese vs XE
Choose Monese if:
- You want the real mid-market exchange rate with no hidden markup
- You need a multi-currency account to hold and convert balances
- Monese's strengths (Bank Deposit) match your needs
Choose XE if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (XE supports up to $500,000)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
- You need wider country coverage (130+ vs 30+ countries)
Verdict: Monese or XE?
Cost winner: XE
XE wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €16.38 more with XE. XE achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Monese typically delivers in 1-3 business days, while XE takes 1-4 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: XE
XE has broader coverage with 130+ countries and 130+ currencies. XE also offers Bank Deposit.
Bottom line
Overall, XE edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, Monese is the better pick if you need international money transfers.
Frequently asked questions
Is Monese or XE cheaper for international transfers?
Based on our data, XE is generally cheaper across most corridors. XE charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while Monese charges From £0 to £2 per transfer with a 1% - 2% above mid-market markup. For example, on a £1,000 GBP → EUR transfer, XE delivers €16.38 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Monese or XE?
Monese typically completes transfers in 1-3 business days, while XE takes 1-4 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Monese and XE safe to use?
Yes, both are regulated money transfer services. Monese is regulated by FCA and has a 3.9/5 Trustpilot rating. XE is regulated by FCA, FinCEN, ASIC, FINTRAC with a 4.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Monese vs XE?
Monese has a maximum transfer of $25,000 (minimum $10), while XE allows up to $500,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use Monese or XE to send money internationally?
For most users, XE offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, Monese is the better choice if you need international money transfers. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.