Personal Finance Money transfer

Xe vs Wise: Which is the Better Money Transfer Service for Malaysians?

Joel Conceicao

14.05.26 (last updated)

Read time 4 minutes

Xe¹, part of Euronet Worldwide, is a global money transfer service. But it doesn’t offer outbound payments from Malaysia. It serves senders in Europe, North America, Australia and New Zealand, who can send money to banks in Malaysia using digital payment methods.

Wise, on the other hand, lets you make outbound MYR transfers to 140+ countries, get a Wise account to receive incoming MYR and foreign currency payments, use the Wise card for spending overseas, and access multi-currency features supporting 40+ currencies.

In this Wise vs Xe money transfer guide, we'll look at which provider is better for Malaysians – covering exchange rates, fees, and transfer speeds.

Table of Contents
Wise vs Xe Overview Key Differences Fees & Exchange Rates Transfer Speeds Funding Methods Wise vs Xe: Which Is Better?

Wise vs Xe: Key feature breakdown

Before we get into the detail, here's a quick head-to-head comparison of Wise vs Xe on the core features you may need:

Feature	Wise	Xe
Best For	Payments from Malaysia with transparent pricing and mid-market rates Multi-currency accounts to hold, spend and receive payments in MYR and other currencies	Incoming payments to bank accounts in Malaysia, from Europe, North America, Australia or New Zealand²
Exchange Rate	Mid-market rate, the one you see on Google	Xe rate which may include a variable markup
Upfront fees	Low, transparent fee which varies by currency	Variable fees depending on the transfer route and currency
Transfer Speed	74% of transfers arrive instantly in lightning quick speeds, and most arrive within a day	1-7 days on payments to Malaysia
Payout Methods	Deposit to bank accounts and mobile wallets	Deposit to bank accounts
Payment limits	Malaysians and expatriates: 30,000 MYR/day, with 13 cross-currency transfers per month to a maximum of 7 recipients (no limit when sending to a MYR account). Limits from other countries vary, and are often higher	Limits depend on the country or region of the sender – 500,000 USD from the US, or 375,000 GBP from the UK, for example³
Multi-currency Card	Available for spending and withdrawals in 150+ countries	Not available
Outbound from MYR	Available – send to 140+ countries	Not available
Local Account Details	Available in 8+ currencies	Not available

Details correct at time of research – 21st April 2026

How Wise and Xe's money transfer services differ

Wise and Xe both offer money transfer services. But their scope is quite different.

Wise has a broad range of currency services: ways to send money from Malaysia to 140+ countries, options to receive payments in MYR, hold a balance in 40+ currencies, and spend with a linked Wise debit card.

Xe, on the other hand, focuses solely on incoming transfers in Malaysia. You cannot send money from Malaysia to another country with Xe. However, you can receive an incoming payment in MYR, or in a different currency if your account supports it.

Pricing is another key difference.

Wise uses the mid-market exchange rate with transparent transfer fees that are clearly split out. Xe may offer payments with no upfront transfer fee, but can still include costs within the exchange rate it uses to convert the sending currency to MYR. This may mean your sender is paying fees they weren't expecting.

And although Xe doesn't support outbound MYR transfers, both providers are registered with Bank Negara Malaysia⁴ and are highly regulated and secure for Malaysian users.

Want to explore the mid-market rate for yourself? Take a look below:

🤔 Did you know: You can get up to 3 free Wise virtual cards? Click here to learn how else to use your Wise virtual card in Malaysia

Wise vs Xe: Fees and exchange rates

It's important to check the exchange rates and fees that apply to your payments as these can vary widely between providers.

With Wise, your currency is converted using the mid-market rate: exactly what you see on Google when you search for your currency pair. Xe may use a variable markup on the rate, which means fees can be included in the conversion in ways that aren't always obvious upfront.

If you're looking to receive a payment in Malaysia from abroad, you'll want to compare transfer fees, exchange rates and delivery times across providers to find the best fit. And if you're sending from Malaysia, keep in mind that Xe doesn't support outbound MYR transfers.

Here’s a quick Wise vs Xe comparison tool you can use to compare fees.

Wise vs Xe: Transfer speeds

Speed matters. Especially when you're waiting on funds.

Wise payments can arrive instantly in 74% of cases. You'll see a delivery estimate before you confirm your transaction, so there are no surprises.

With Xe, your payment to Malaysia is arranged in two stages.

First, the sender gets their money to Xe. This can take 0-3 days depending on how they choose to pay.

Then Xe sends the payment to your bank in Malaysia, which can take a further 1-4 days, depending on factors including your own Malaysian bank's processing policies.

Wise vs Xe: Funding your transfer in Malaysia

Wise lets you send payments from Malaysia to 140+ countries, funded via bank transfer or FPX. For incoming payments through Wise, available methods vary by sender location. But bank transfers, mobile wallet payments, and credit and debit cards are all commonly supported.

Xe doesn't support outgoing payments from Malaysia. For inbound transfers, funding options depend on where the sender is located. Bank transfer, wire transfer, and debit and credit card are available in all supported countries, with local options like ACH in the US also available⁵.

Is Wise or Xe better for Malaysians?

When comparing Wise vs Xe, the answer comes down to direction of transfer.

Wise has a broader range of services and supports outgoing payments from Malaysia.

Xe is a large, well-established transfer service focused on payment routes from Europe, North America, Australia and New Zealand into Malaysia. For transfers supported by both providers, compare costs and delivery times to find the best fit for your situation.

Wise pros	Xe pros
Send from Malaysia to 140+ countries Currency conversion uses the mid-market rate Fast or instant transfers Wise account supports 40+ currencies for holding, with a Wise card for spending and withdrawals	Send money from countries in Europe, North America and Oceania to Malaysia Some transfers have no upfront fee Range of payment methods including cards and bank transfers Large, secure provider
Wise cons	Xe cons
No cash delivery services Currency conversion has a low, variable fee Account fees can apply, such as for ATM usage	Exchange rates have a variable markup Delivery times to Malaysia may be up to 7 days No multi-currency account or card

Choose Wise if: you want to make outgoing payments in MYR, or need multi-currency account services for 40+ currencies, including a card for spending and withdrawals.

Choose Xe if: you're receiving a payment to a bank in MYR and your sender has compared payment options to find Xe is their best match on cost, speed and rate.

A Better Way to Spend and Send Abroad with Wise

Wise international money transfers can be set up online or within the Wise app with low fees from 0.77% and the mid-market rate, to over 140+ countries. There’s no markup added to the exchange rate that’s used to convert your currency, which makes it easier to see exactly what you're paying for a transfer, and what the recipient will get in the end. Just transfer the amount indicated in MYR and let Wise do the rest.

Track your transfers easily when you create a free Wise account, and manage, hold, and convert your money in MYR and 40+ other currencies. You'll get the same great rates, and be able to track your transfers all from one place. As a bonus, you can also get 8+ local account details to be able to receive money in MYR, USD, GBP, and more.

✍️ Sign up for a free account now

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.