We present the first surface spin-wave (SW) dispersion measurements up to the surface Brillouin zone boundary of a two monolayer Fe film on W(110) by using spin-polarized electron energy loss spectroscopy. Pronounced features of SW peaks are observed in the spectra at room temperature. We found that the SW energies in the Fe film are strongly reduced compared to spin waves in bulk Fe and to theoretical predictions. Our results suggest that this reduction is caused by the reduction of exchange interaction within the 2 ML Fe on W(110) as compared to bulk Fe.