Santander vs XE: Fees, Rates & Speed Compared
Santander
3.5Santander offers international money transfers for UK and European account holders. Part of the global Santander Group, but transfer costs are higher than specialist providers.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
Santander and XE are both popular choices for international money transfers, but they take different approaches. Santander, founded in 1857 and headquartered in Madrid, Spain, 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 €26.43 more to the recipient.
In this comparison
Live comparison: Santander vs XE across popular corridors
The table below shows how much the recipient receives when sending through Santander vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Santander | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,033.71 | N/A |
| GBP → EUR(£1,000) | €1,120.51 | €1,146.94 | XE (+€26.43) |
| 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 Santander and XE
Santander vs XE: Feature comparison
| Feature | Santander | XE |
|---|---|---|
| Overall rating | 3.5/5 (Good) | 4.4/5 (Excellent) |
| Fee structure | £25 per international transfer | No transfer fees |
| Exchange rate markup | 2.5% - 4% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-4 business days |
| Supported countries | 200+ | 130+ |
| Supported currencies | 30+ | 130+ |
| Max transfer | $25,000 | $500,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA, PRA, ECB | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 1857 | 1993 |
Pros and cons
Santander
Pros
- Global banking presence
- Send from existing account
Cons
- £25 transfer fee
- High exchange rate markup
- Slow delivery times
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 Santander vs XE
Choose Santander if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 130+ countries)
- Santander'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
Verdict: Santander 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 €26.43 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. Santander typically delivers in 2-5 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, Santander is the better pick if you need international money transfers.
Frequently asked questions
Is Santander 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 Santander charges £25 per international transfer with a 2.5% - 4% above mid-market markup. For example, on a £1,000 GBP → EUR transfer, XE delivers €26.43 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Santander or XE?
Santander typically completes transfers in 2-5 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 Santander and XE safe to use?
Yes, both are regulated money transfer services. Santander is regulated by FCA, PRA, ECB and has a 3.5/5 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 Santander vs XE?
Santander has a maximum transfer of $25,000 (minimum $1), 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 Santander 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, Santander 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.