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5 XE Alternatives In Canada

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Felix
March 26, 2024

As a money transfer platform, XE lets people transfer money from Canada to over 220 countries and territories and in 139 currencies. The overall experience of the use of XE in Canada is amazing. 

However, whether you're a frequent traveler, a business owner, or simply seeking better rates for international transfers, having options can help a lot. In this article, we look into the top XE alternatives in Canada. 

XE Alternatives In Canada

1. Pesa

Imagine a world where you can send and receive money anywhere in the world as fast as a local transfer and with no hidden fees. There is no need to imagine further because Pesa has it. Pesa is another great XE alternative that's modern and easy to access for anybody anywhere in the world. Some of the features that make Pesa a great alternative to XE include: 

  • You can create your multi-currency wallet all from one app
  • You get very fast transfer time to many places in the world. 
  • They offer zero transfer fees at the best rates
  • Over 30 currencies available
  • Tracking and monitoring options for your transfers. 

Pesa is like a holy grail solution to all of the problems that come with online global transfers. With its fast transfer time and free transfers, you are bound to get the best experience from using Pesa from anywhere in the world, including Canada. 

Send and receive money in Canada with Pesa.

2. Wise

Formerly known as TransferWise, Wise is an international payment and money transfer platform used all over the world, including Canada. Since 2011, Wise has been one of the major, fastest, and cheapest options for XE alternatives in Canada. With Wise, you can do some of the following:

  • You can open a multi-currency account with Wise. 
  • You have access to over 50 currencies with your account
  • Straightforward user experience with the app. 
  • Good exchange rates according to mid-market rates. 

As great as Wise is as an option, it has a few things that might need fixing, depending on your use case. The transfers take around two days to happen and are an excellent option for smaller transfers as the exchange fee increases and the amount you’re transferring increases. 

3. WorldRemit

WorldRemit is another international money transfer option that has one of the best rates and transfer times for people in Canada. It serves as a good alternative to XE because of some features that make it stand out, such as cash pick-up. Some of the features that make WorldRemit a good XE alternative include: 

  • Using credit or debit cards as payment options
  • Easily accessible app and website anywhere in Canada. 
  • You can transfer from your bank account to another bank account or even make cash transfers. 
  • You can top up mobile walters and airtime with WorldRemit.

WorldRemit is a great online global money transfer option. However, if you are not transferring to India, South America, or Africa, the transfer fees are higher than the average fee. Although they are still affordable, you might want to consider a cheaper portion depending on the amount you'd like to transfer or where you are going to. 

4. CurrencyFair

This is another online money transfer option that has gained publicity and leverage over the years. It has two options for personal and business accounts for people who want to send money from Canada to other countries. Its fast and secure transfer options make it an alternative to XE. Here are some features that make CurrencyFair a good alternative:

  • An accessible and easy-to-use mobile app that lets you send money anywhere you are.
  • Present in over 150 countries.
  • Creating a rate alert to keep an eye on getting the best rates for transfers/ 
  • Low transfer fees. 
  • Transfer in over 20 currencies. 

As great as CurrencyFair is as an XE alternative, it has restrictions that might not make it a good choice. Compared to other transfer options, the limited amount of currencies makes it a lesser choice.  The transfer process also takes around three days to be complete, which is slow, compared to platforms like Pesa. 

5. OFX

Rebranding from 0zForex to OFX in 2015, OFX is a money transfer company that started operations in Australia but has gone on to become a global option available in different countries, including Canada. Providing services for many years, OFX has one of the best offers and features for its users, especially in Canada. Here are some features that make OFX an XE alternative in Canada:

  • Account services are available to individuals, online sellers and businesses. There’s an account for you, no matter what. 
  • Transfer scheduling option
  • Local customer support in your country
  • Matching rates with most money transfer platforms.

As amazing as OFX is, there are some things that make it a less viable option when compared to platforms like Pesa and XE. You can only transfer to bank accounts, and there is no option for cash transfers and the likes. Transferring some currencies also requires you to make a call to perform them. 

Multiple options for online money transfers makes it easier to send money anywhere in the world. And if you’re considering choosing any of XE alternatives, Pesa is your best option. 

Create a PESA account today - and start sending and receiving money globally.

Felix

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