Sendwave vs XE: Fees, Rates & Speed Compared
Sendwave
4.2Sendwave (owned by WorldRemit) specializes in fast, low-cost transfers to Africa and South Asia via mobile money. No fees — revenue comes from exchange rate margin.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
Sendwave and XE are both popular choices for international money transfers, but they take different approaches. Sendwave, founded in 2014 and headquartered in Boston, Massachusetts, USA, is best known for remittances and mobile money. 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 £500 GBP → PKR transfer, Sendwave delivers ₨11493.84 more to the recipient.
In this comparison
Live comparison: Sendwave vs XE across popular corridors
The table below shows how much the recipient receives when sending through Sendwave vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Sendwave | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,516.01 | N/A |
| GBP → EUR(£1,000) | — | €1,148.28 | N/A |
| USD → PHP($500) | ₱30,366.87 | ₱28,767.97 | Sendwave (+₱1598.90) |
| USD → MXN($1,000) | MX$17,151.09 | MX$17,209.54 | XE (+MX$58.45) |
| GBP → PKR(£500) | ₨186,261.76 | ₨174,767.92 | Sendwave (+₨11493.84) |
| USD → NGN($200) | ₦272,411.36 | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Sendwave and XE
Sendwave vs XE: Feature comparison
| Feature | Sendwave | XE |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.4/5 (Excellent) |
| Fee structure | $0 fee — revenue from exchange rate margin | No transfer fees |
| Exchange rate markup | 1% - 3% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | Instant to minutes | 1-4 business days |
| Supported countries | 15+ | 130+ |
| Supported currencies | 15+ | 130+ |
| Max transfer | $5,000 | $500,000 |
| Payment methods | Debit Card | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Mobile Money, Bank Deposit | Bank Deposit |
| Regulators | FinCEN, FCA | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 2014 | 1993 |
Pros and cons
Sendwave
Pros
- Zero transfer fees
- Instant delivery to mobile money wallets
- Simple, fast app experience
Cons
- Limited to ~15 countries (Africa & South Asia focus)
- Exchange rate markup built into rate
- Low max transfer limit ($5,000)
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 Sendwave vs XE
Choose Sendwave if:
- You want the real mid-market exchange rate with no hidden markup
- You want to send to a mobile money wallet (M-Pesa, GCash, etc.)
- You want zero transfer fees ($0 fee — revenue from exchange rate margin)
- Speed is your top priority — transfers can arrive in minutes
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 15+ countries)
Verdict: Sendwave or XE?
Cost winner: Sendwave
Sendwave wins on cost in 2 of 6 corridors we tested. For example, on USD → PHP ($500), the recipient gets ₱1598.90 more with Sendwave. Sendwave achieves this through transparent pricing with the real mid-market exchange rate.
Faster: Sendwave
Sendwave is generally faster, with transfers arriving in Instant to minutes, compared to 1-4 business days for XE.
Wider coverage: XE
XE has broader coverage with 130+ countries and 130+ currencies. XE also offers Bank Deposit.
Bottom line
Overall, Sendwave edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, XE is the better pick if you need large transfers and business payments.
Frequently asked questions
Is Sendwave or XE cheaper for international transfers?
Based on our data, Sendwave is generally cheaper across most corridors. Sendwave charges $0 fee — revenue from exchange rate margin with a 1% - 3% above mid-market exchange rate markup, while XE charges No transfer fees with a 0.5% - 1.5% above mid-market markup. For example, on a $500 USD → PHP transfer, Sendwave delivers ₱1598.90 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Sendwave or XE?
Sendwave typically completes transfers in Instant to minutes, 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 Sendwave and XE safe to use?
Yes, both are regulated money transfer services. Sendwave is regulated by FinCEN, FCA and has a 4.2/5 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 Sendwave vs XE?
Sendwave has a maximum transfer of $5,000 (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.
Can I get cash pickup with Sendwave or XE?
Sendwave offers Mobile Money, Bank Deposit. XE offers Bank Deposit. Neither provider offers cash pickup — both deliver to bank accounts only.
Should I use Sendwave or XE to send money internationally?
For most users, Sendwave offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, XE is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.