A key welding parameter to quantify in the welding process is the ratio of the heat required to melt the weld metal versus the total energy delivered to the weld, and this is referred to as the melting efficiency. It is generally expected that the productivity of the welding process is linked to this melting efficiency, with more productive processes typically having higher melting efficiency. A comparison is made between the melting efficiency in standard gas metal arc welding (GMAW) and cold wire gas metal arc welding (CW-GMAW) for the three primary transfer modes: short-circuit, globular, and spray regime. CW-GMAW specimens presented higher melting efficiency than GMAW for all transfer modes. Moreover, an increase in plate thickness in the spray transfer regime caused the melting efficiency to increase, contrary to what is expected.