Whether you're sending rent money to family back home, paying an invoice in another currency, or moving savings between countries, the way you transfer money matters enormously. Traditional banks typically charge 3–5% of the amount through a combination of upfront fees and a marked-up exchange rate. Specialist transfer services usually cost a fraction of that.
This guide compares four of the most popular options among expats in Europe — Wise, Remitly, XE and Revolut. We present them as options with honest trade-offs, not a single "#1 best": the cheapest choice depends on your corridor (which countries and currencies), the amount, and whether the recipient needs cash or a bank deposit. Fees change regularly, so always check the provider's live quote before sending.
The golden rule: compare what ARRIVES, not just the fee
Every transfer service charges you in two ways: an upfront fee and an exchange-rate markup (the difference between the rate they give you and the real mid-market rate). A service advertising "€0 fees" can still take 2% through a worse rate. The only honest comparison is: if I send €1,000, how much arrives in the destination currency? Every service below shows you this before you confirm — use it.
Quick comparison: money transfer services for expats
| Service | Fee model | Exchange rate | Speed | Coverage | Best for |
|---|---|---|---|---|---|
| Wise | Fixed + % fee (from ~0.19%), no subscription | Real mid-market rate, no markup | Minutes to 2 days | 160+ countries | Transparent bank-to-bank transfers |
| Remitly | Variable fee ($0–50 avg); Economy vs Express | Includes a markup (1–2.5%) | Express: minutes; Economy: days | 145+ countries | Cash pickup & remittance corridors |
| XE | No fee on bank transfers (small fee under €250) | Margin built in (0.2–1.4%) | 1–6 days | 130 countries, ~100 currencies | Large transfers, business use |
| Revolut | €1,000/month free exchange, then 1% (Standard) | Interbank rate; ~1% weekend markup | Instant between users; 1–2 days otherwise | Global | Everyday multi-currency spending |
1. Wise — the mid-market rate, fully transparent
Wise
Wise (formerly TransferWise, founded 2011) is the benchmark for transparent transfers. Its model is simple: you get the real mid-market exchange rate — the same rate you see on Google — and pay a separate, clearly shown fee consisting of a small fixed amount plus a percentage (starting from around 0.19%, typically 0.4–0.6% for major corridors). There is no subscription and no markup hidden in the rate.
How it works: Wise holds local currency accounts in many countries and matches transfers locally, paying out from its local pool in the destination country instead of routing every payment through SWIFT. That's why GBP→EUR can arrive in seconds. Before you confirm, Wise shows the exact rate, fee and delivery time — nothing is taken out of the rate afterwards.
You can fund transfers by bank transfer, debit card, Apple/Google Pay or your Wise balance; recipients receive money in their bank account or Wise account. There is no cash pickup, and Wise is not a bank — it's a regulated electronic money institution (authorised by the National Bank of Belgium in the EEA), with client funds safeguarded rather than covered by bank deposit insurance.
For expats, Wise's multi-currency account is a bonus: hold and convert 40+ currencies, get local account details in 22 currencies, and spend with the Wise debit card. Paying from a Wise balance is usually the cheapest funding method; paying by credit card is the most expensive.
2. Remitly — built for sending money home
Remitly
Remitly is designed around one job: expats and immigrants sending money home. Its two-speed model gives you a choice — Express transfers arrive in minutes but cost a higher fee, while Economy transfers have low or no upfront fees but take several days and use a rate with a bigger markup.
Fees vary by corridor, amount and payment method, and the exchange rate always includes a markup (roughly 1–2.5%). Where Remitly stands out is payout options: bank deposit, cash pickup, mobile money wallets and even home delivery of cash in some corridors — options Wise doesn't offer. It also runs frequent promotions for new users, such as a free first transfer or special introductory rates.
Remitly is personal-use only (no business accounts), and limits per transfer vary by corridor (from a few thousand up to £150,000 equivalent). If your recipient is unbanked or needs cash in hand, Remitly's payout network is its killer feature; if both sides have bank accounts, Wise's mid-market model usually wins on total cost.
3. XE — the quiet workhorse for larger amounts
XE Money Transfer
XE (of xe.com currency-converter fame) charges no transfer fee on most bank transfers — its cost is built into an exchange-rate margin of roughly 0.2–1.4%. That margin is higher for small transfers and lower for large ones, which makes XE relatively more attractive as amounts grow: it supports transfers up to about €350,000 in the EU.
Card payments carry extra fees (0.4–2%, higher for credit cards), so bank funding is the way to go. Delivery takes 1–6 days depending on destination — slower than Wise or Remitly Express — and cash pickup is available in select countries. XE also offers business services, including currency risk management tools like forwards and limit orders, which neither Wise nor Remitly matches for companies.
Trustpilot ratings sit around 4.3 from tens of thousands of reviews. For expats, XE is worth quoting when moving serious money — a house deposit, a relocation, a large invoice — where the margin structure can beat percentage-fee competitors.
4. Revolut — the multi-currency account that also transfers
Revolut Standard
Revolut isn't a pure transfer service — it's a multi-currency account that happens to transfer money well. On the free Standard plan, currency exchange within your €1,000/month limit uses the interbank rate with no markup (outside market hours, roughly a 1% weekend markup applies); beyond the limit a 1% fair-usage fee kicks in. Transfers to other Revolut users are instant and free.
For everyday expat life — receiving salary in euros, spending in pounds on a London weekend, converting a bit of savings — Revolut is often the cheapest and most convenient tool, since the exchange happens inside an account you already use. International transfers beyond Revolut's network can carry fees depending on the route, and some go through partners or SWIFT with additional costs.
Paid tiers (Plus, Premium, Metal, Ultra) raise the free-exchange limits and reduce weekend markups — worth it only if you regularly exceed €1,000/month of exchange. Note Revolut uses its own variable exchange rate rather than guaranteeing the mid-market rate, and weekend conversions always cost extra.
Which should you pick? Five common scenarios
- Monthly support to family with a bank account: Start with Wise — mid-market rate, transparent fee, easy to repeat.
- Family needs cash in hand: Remitly (Express if urgent, Economy if not) for cash pickup or mobile money.
- Moving a large sum (relocation, property): Quote XE and Wise side by side — margins vs. percentage fees trade places as amounts grow.
- Weekend trip spending abroad: Revolut within your free limit on weekdays; avoid weekend conversions when possible.
- Business invoices in foreign currencies: Wise Business or XE for hedging tools.
Money transfer safety checklist
- Verify the recipient details twice. A wrong IBAN can mean weeks of recovery paperwork.
- Watch for scams. Legitimate services never ask you to send money to "verify" your account. If a deal or a stranger pressures you to send funds, stop.
- Check regulation. Wise, Remitly, XE and Revolut are all licensed and regulated in the EU/UK — avoid unregulated "agents" offering better rates on social media.
- Screen-capture your quote. The rate and fee shown before confirmation are what you're agreeing to — save them until the money arrives.