4.2/5
Final Score
Fees
Speed
Safety
Service
XE.com Review: Verdict
XE money transfer is available in only 22 countries and allows you to send money to 180+ countries, far more countries and countries than any other provider in the market. This makes XE an ideal choice, especially if you’re converting money into a less-traded currency.
There are NO fees on international transfers, however, XE adds a small markup on the exchange rate – which is still a very competitive rate and up to 6x times cheaper than traditional banks.
The only downside of XE is the lack of info about the transfer cost (exchange rate offered by XE after adding the markup) on the homepage and the money transfer calculator. You need to log in and find out the total cost of transfer.
XE Money Transfer: Overview
| 🏛️ Founded | 1993 |
| 🌎 Available in | 22 countries |
| 💸 Send money to | 180+ countries |
| 💱 Currencies | 65+ currencies |
| 💰 XE Fees | No transfer fees |
| 💻 XE Platforms | Website, Mobile App |
| 📱 XE Mobile App | Android and iOS |
| ⚖️ Regulation | Authorised by the FCA as an Electronic Money Institution (EMI) |
| 🌟 XE Reviews | Great 4.2/5 from 56,749 reviews on Trustpilot |
| 🌐 Official Website | Visit XE.com |
What is XE Money Transfer?
XE Money Transfer is a credible international money transfer service that allows you to send money to over 180+ countries around the world. With over £115 billion globally annually by over a million users, XE.com is a leading currency exchange and online money transfer provider in the world.
XE doesn’t charge any fee for international money transfers. However, they make profits by adding a margin (markup) on the mid-market exchange rate (the real exchange rate).
The markup on the exchange rate can be anywhere between 0.5% to 2% (on some less-traded currencies) – which is still a very competitive rate because there are no additional fees on international money transfers.
Since the cost of transfer may vary depending on the currency, they may not be the best and the most competitive option, but XE Money Transfer is still one of the cheapest ways to send money abroad in 2023.
XE Money Transfer allows you to send money online website (xe.com) or through their mobile app. You can send money from your bank account or credit card, and the funds can be deposited directly into the recipient’s bank account. XE Money Transfer also offers a variety of payment options, including wire transfers, ACH transfers, and local payment methods.
One of the main advantages of XE Money Transfer is its competitive exchange rates. They offer rates that are very close to the mid-market rate, which is the rate that banks use to trade currencies with each other. This means that you can get more money for your transfer compared to other services that offer less favorable rates.
XE Money Transfer also offers a variety of tools and resources to help you manage your transfers and stay informed about currency markets. They have a currency converter tool that allows you to check current exchange rates, as well as market analysis and news to help you make informed decisions about your transfers.
XE Money Transfer: Pros and Cons
Pros 👍
- One of the most trusted money transfer provider
- ZERO transfer fee (no matter what’s the amount)
- The most credible source of FX rates and news
- Send money to 180+ countries
- Cash pickup at more than 500k locations worldwide
Cons 👎
- Lack of cost-related info on the homepage and calculator
- The XE money transfer calculator shows the actual FX rate (without displaying the XE margins)
- Can be a little expensive for large transfers
- Not the best option for businesses
- Only available in 22 countries
XE Money Transfer Review: Fees and Cost
Fees and cost of transfer are one of the main factors when it comes to choosing an international money provider. The good news is that XE doesn’t charge any fees on international transfer and offer very competitive exchange rates (but not the mid-market rate).
Even with the markups, XE’s overall cost of the transfer can be cheaper than most of the providers and up to 7x times cheaper than US banks. However, it’s worth noting that their rates and transfer costs may not always be the cheapest.
When transferring money to a popular destination such as Canada, the UK, or Europe, the exchange rate is typically 0.5% to 1.5% higher than the mid-market rate (the “real” rates) for the currency that you are converting to (beneficiaries receiving currency). The exchange rate may be higher for less frequently traded currencies.
There is a flat fee of 2.99% on any amount if you pay by credit card.
There is a small fee if you are paying by debit card. The fees are as follows:
| Transfer amount | XE Fees |
|---|---|
| Up to 250 USD | 2% |
| 250 USD – 500 USD | 1% |
| 500 USD – 1,000 USD | 0.7% |
| 1,000 USD – 2,000 USD | 0.5% |
| 2,000 USD – 3,000 USD | 0.4% |
XE doesn’t charge any fee, only if you pay via bank transfer or wire transfer.
Unfortunately, XE’s exchange rates aren’t easily available on the homepage, unless you create an account and log in.
With a competitive exchange rate and zero transfer fees, we have rate 4.5 out of 5 on fees and cost aspect of the XE.com review.
XE Money Transfer Review: Transfer Speed
The transfer delivery time is confirmed upon confirmation of the transaction when initiating a transfer with XE money transfer. XE claims that they typically send out transfers on the same day that they receive your funds.
However, the transfer speed may be influenced by certain factors,
- the currency you are sending
- the recipient’s country
- Time and day of transfer
Therefore, it may take between 1 and 4 business days for the money to appear in the recipient’s overseas bank account.
It’s crucial to consider this transfer speed and bank processing time when making a money exchange with XE. Moreover, XE will keep you informed about your transfer status by sending SMS and email updates.
Additionally, transfers arranged outside of working hours, on weekends, or during public holidays may take longer.
Can I Get Cash from XE?
XE Money Transfer offers a convenient way for customers to send and receive money through cash pick-up. With more than 500,000 agent locations worldwide, XE Money Transfer provides a broad network for cash pick-ups, making it a great option for those who need to receive cash quickly or do not have access to traditional banking services.
To find the nearest agent location, XE Money Transfer has a Location Finder feature on its mobile app and website. This feature allows users to search for the nearest office, providing details such as the address, phone number, and hours of operation. This makes it easy for customers to find a location to send or receive cash via XE Money Transfer, no matter where they are in the world.
XE Money Transfer Review: Safety/Credibility
XE Money Transfer is a safe and credible service for sending money internationally. Here are some reasons why:
- Regulation: XE Money Transfer is regulated by financial authorities in the countries where it operates, including the Financial Crimes Enforcement Network (FinCEN) in the US, Financial Conduct Authority (FCA) in the UK and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada. This means that XE Money Transfer is required to follow strict rules and regulations to protect its customers’ funds and personal information.
- Security: XE Money Transfer uses various security measures to protect its customers’ information and funds, including secure servers, data encryption, and two-factor authentication.
- Track record: XE Money Transfer has been in operation since 1993 and is part of the Euronet Worldwide group of companies, which is a publicly traded company on the NASDAQ. XE Money Transfer has a strong track record of providing reliable and trustworthy services to its customers.
- Customer reviews: XE Money Transfer has received generally positive reviews from customers online, with many praising the service for its ease of use, competitive exchange rates, and fast transfers.
XE Money Transfer Review: Customer Support
XE.com offers several customer support options for its users. You can contact their customer support team via
- Phone
- Live chat on XE website
- In-app support
Users have generally reported positive experiences with XE’s customer support, with many praising their quick response times and helpfulness in resolving issues. They also have a comprehensive FAQ section on their website that addresses many common queries.
XE Customer Support Contact Details
| Contact Method | Details |
|---|---|
| Phone | +1-877-932-6640 Phone support in English only |
| Live chat | Visit the XE desktop site |
| In app support | In 100+ languages (via XE mobile app) |
| [email protected] |
More info on phone support
XE has received positive feedback from customers regarding its customer support. Customers have praised XE’s customer service representatives for being helpful, friendly, and knowledgeable. XE’s customer support team has also been commended for being responsive and providing prompt assistance.
However, some customers have noted that there can be a delay in response times during busy periods, and that it can be difficult to get connected to a customer support representative during peak hours.
XE also has a Trustpilot rating of 4.2 out of 5 stars, based on over 56,000 reviews, which suggests that many users have had a positive experience with their service and customer support. Overall, XE’s customer support has received positive reviews from many customers.
How do I do a bank transfer with XE?
To send money via XE money transfer, you will need to follow these steps:
Create an XE account
Go to the XE website and sign up for a free account. You’ll need to provide personal information such as your name, address, and date of birth.
Enter the transfer details
Once you’re logged in, select the currencies you’re sending from and to, enter the amount you want to transfer, and choose the transfer method (bank transfer or cash pickup).
Verify your identity
To comply with regulations, XE may require you to verify your identity. This can usually be done by uploading a copy of your ID document, such as a passport or driver’s license.
Lock in the exchange rate
XE will offer you an exchange rate, which is typically very close to the mid-market rate. You can choose to lock in this rate for a certain period of time, which will protect you against fluctuations in the exchange rate.
Money the transfer
Once you’re happy with the transfer details and exchange rate, you can confirm the transfer and send the money to XE. The exact process for sending money will depend on the transfer method you’ve chosen.
Track your transfer
XE will keep you updated on the status of your transfer via email and SMS. You can also track the progress of your transfer online.
How much or how less can you send money via XE?
Regarding the limits for sending money with XE, you can send up to the equivalent of 535,000 USD from the US. Please note that customers from US and Canada who are paying by bank or wire transfer are required to send a minimum of 3,000 USD or more.
Here are the full limits of transfer limits
| Region | XE transfer limit |
|---|---|
| 🇬🇧 UK & 🇪🇺 Europe | GBP 350,000 or equivalent |
| 🇺🇸 USA | USD 535,000 or equivalent |
| 🇨🇦 Canada | CAD 535,000 or equivalent |
| 🇦🇺 Australia & 🇳🇿 New Zealand | NZD 750,000 or equivalent |
Is XE Money Transfer Safe to Use?
XE.com is a reputable online foreign exchange and money transfer service. The company has been in operation since 1993 and is part of the Euronet Worldwide group of companies, which is a publicly traded company on the NASDAQ.
XE Money Transfer is regulated by financial authorities in the countries where it operates, including
- Financial Crimes Enforcement Network (FinCEN) in the US,
- Financial Conduct Authority (FCA) in the UK,
- The EBA in Europe (European Banking Authority)
- the Australian Securities and Investments Commission (ASIC) in Australia,
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada.
As a regulated financial institution, XE Money Transfer is required to follow strict rules and regulations to protect its customers’ funds and personal information. This includes having measures in place to prevent money laundering, fraud, and other financial crimes, as well as having appropriate security measures to protect its customers’ data.
Additionally, XE Money Transfer is required to comply with consumer protection laws and regulations, such as providing customers with clear and transparent information about its services, fees, and exchange rates.
XE Money Transfer provides a safe and secure service for sending money internationally. The service is known for its competitive exchange rates and does not charge any transfer fees, which can save customers money.
XE.com Reviews (from users)
XE is rated “great” on Trustpilot with a total rating of 4.2 out of 5 stars, based on over 56,766 reviews (at the time of writing).
There are 46k+ 5-star reviews that contribute more than 83% of the total XE money transfer reviews. Whereas, only 5% of the total XE.com reviews were rated 1 or 2 stars.
Many reviewers praise XE’s easy-to-use platform, competitive exchange rates, and fast transfer times. Some reviewers also appreciate the lack of fees for transfers.
However, some negative reviews mention issues with delayed transfers, poor customer service, and discrepancies in exchange rates. Overall, XE has a mostly positive reputation on Trustpilot.
Why you should use XE money transfer
XE can be a suitable option for those who require the flexibility to send money in 130+ currencies to over 180 countries. XE’s service may also be appealing to those who value the option of having a recipient pick up money at a physical location, such as a bank or store.
On the other hand, XE may not be the most ideal choice for individuals who wish to avoid markups on exchange rates. Moreover, XE services are only available in 22 countries so far.
XE.com Review: FAQs
Is XE money transfer trustworthy?
XE money transfer is a reputable company that has been in operation for over 25 years. They are regulated by various financial authorities and have a high level of security and customer support.
Additionally, XE have received positive reviews on Trustpilot (rated 4.2 out of 5 stars with 56,000+ XE reviews), indicating that many users have had a positive experience using their services. Overall, XE money transfer is considered trustworthy by many users and financial experts.
Does XE charge a fee?
XE does not charge a transfer fee, but they do make a profit from the exchange rate they offer. This markup varies and can range between 0.5% and 2% above the mid-market rate (of the destination currency), and may be higher for less-traded currencies.
However, if you are paying with debit card or credit card, XE charge a small fee based on the transfer amount. Read the full XE money transfer review for more details on XE fee
Is XE better than TransferWise?
It’s difficult to say whether the XE money transfer service is better than TransferWise because it depends on your specific needs and priorities. XE and TransferWise are both reputable money transfer services, but they have different strengths and weaknesses.
XE charge no fees on international money transfer but add a small markup on the real exchange rate, whereas TransferWise offer mid-market exchange rates (the real rates that you see on Google) but do not charge transfer fees.
TransferWise also offers a multi currency account and a debit card that can be used to hold multiple currencies and withdraw cash from ATMs around the world. XE, on the other hand, has a larger global network and can send money to more countries, making it a better option if you need to send money to a less common destination.
Ultimately, it’s a good idea to compare the exchange rates and fees offered by both XE and TransferWise for your specific transfer to determine which company would be the best fit for you.
Is XE or Wise cheaper?
It depends on the specifics of your transaction, including the currencies involved and the amount of money you are sending. In general, both XE and Wise (formerly TransferWise) offer competitive exchange rates and low fees compared to traditional banks.
However, the exact fees and exchange rates can vary depending on the specifics of your transaction. It’s a good idea to compare rates and fees for both services to determine which one is cheaper for your specific needs.
Is XE better than PayPal?
XE and PayPal offer different services (including money transfer services), XE is specialized in international money transfers while PayPal is more focused on online payments and e-commerce.
XE specializes in international money transfers with competitive exchange rates and no transfer fees, making it a good option for sending money overseas (especially if you are sending a large amount of money).
On the other hand, PayPal is more commonly used for online purchases (due to the befits of buyer’s protection), but not so much for international transfers (due to the high transaction fees and poor exchange rate).
So, if you need to send money abroad, XE may be a better, cheaper, and faster option. Read the full XE money transfer review.
Is XE better than Western Union?
XE and Western Union both offer international money transfer services. But XE can be a better option to transfer because XE may offer more competitive rates and does not charge transfer fees on international transfers.
Both XE and Western Union offers cash transfer, but Western Union has a larger global network of physical offices and agents, offering more locations for cash pick-ups.
XE is focused on online money transfers, which are typically more convenient, faster, and often less expensive than traditional cash transfer methods. With XE, you can send money online and have it delivered directly to your recipient’s bank account.
However, if you need to send or receive cash, XE is not the right option for you, and you may need to consider other options such as Western Union or MoneyGram.
Is XE a good service?
XE is considered a trustworthy money transfer service. XE has positive reviews on various online platforms, including Trustpilot, where it has a “Great” rating of 4.2 out of 5 stars with 56,000+ XE.com reviews.
Overall, XE is a reputable and reliable money transfer service with competitive exchange rates and no transfer fees on international money transfers. Read the full in-depth XE money transfer review here.
Is XE account safe?
Yes, XE takes security and privacy seriously, and they have measures in place to protect their customers’ information and funds. They are regulated by financial authorities in different countries, and they use encryption and security protocols to secure their website and mobile app.
Additionally, XE also employs two-factor authentication to verify customers’ identities and prevent unauthorized access to accounts. So, overall, XE is considered a safe and secure service for international money transfers. Read the full XE.com review to get more details on XE money transfer safety and security.
Is XE money transfer free?
XE does not charge any transfer fees for its money transfer service. However, depending on the currency being exchanged and the destination country, there may be some markup from the mid-market exchange rate. This markup varies between 0.5% to 2% on factors such as the popularity of the currency and how much of it is being exchanged.
XE doesn’t change any fee if you are paying by bank transfer or wire transfer, but may charge a small fee if you are paying with a debit card or credit card. Read the full XE money transfer review for more details on the XE fee.
It is also important to note that your bank or the recipient’s bank may charge fees for receiving the money, which is outside of XE’s control.
How fast is XE money transfer?
XE Money Transfer can be fast, but the exact speed depends on several factors, such as the destination country, payment method, and the time of the transfer.
In general, most transfers are completed on the same day, while some transfers can be completed within a few hours.
The speed of the transfer may also be affected by factors outside of XE’s control, such as holidays or weekends in the sending or receiving country, therefore, in some cases, it may also up to 4 days for the money to settle in the recipient’s account.
Is XE better than MoneyGram?
Both XE and MoneyGram offer international money transfer services. But XE can be a better option to transfer money abroad because it offer more competitive rates and does not charge transfer fees on international transfers.
Both XE and MoneyGram offers cash transfer, but MoneyGram has a larger global network of physical offices and agents, offering more locations for cash pick-ups.
XE is more focused on online money transfers, which are typically more convenient, faster, and often less expensive than traditional cash transfer methods. With XE, you can send money online and have it delivered directly to your recipient’s bank account.
However, if you need to send or receive cash, XE is not the right option for you, and you may need to consider other options such as Western Union or MoneyGram.
Which countries can use XE?
XE Money Transfer is only available in 22 countries (including the US, UK, Europe, and Australia). It allows you to send money to 180+ countries. Far more than any other service in the market. XE can be the best choice to send money internationally, especially if you are sending money to less popular destinations or less-traded currencies.
What is XE transfer limit?
The transfer limit for XE Money Transfer varies depending on the country and currency. In the US, the maximum amount you can send in a single transaction is USD 535,000 or equivalent, but this may be lower for certain currencies or countries.
In the UK and EU, XE transfer limit are GBP 350,000 or equivalent, whereas in the Australia and New Zealand you can transfer a maximum of NZD 750,000 or equivalent.
How much does XE charge for wire transfer?
XE does not charge a fee for its money transfer service, but it does make money by charging a small margin on the exchange rate. Depending on the currency you’re exchanging into, you’ll normally pay between 0.5% and 2% more than the mid-market exchange rate (interbank rate).
XE doesn’t change any fee if you are paying by bank transfer or wire transfer, but may charge a small fee if you are paying with a debit card or credit card. Read the full XE money transfer review for more details on the XE fee.
Is XE fast?
XE Money Transfer typically takes 1-2 business days for the money to arrive in the recipient’s account, although it may take longer for some currencies or countries. XE is one of the fastest money transfer service available, it offers competitive exchange rates and transparent pricing, making it a popular choice for many people.
How long does it take to transfer with XE?
The time it takes to transfer money with XE varies depending on the currencies involved, the destination country, and the payment method. Generally, XE sends out most transfers on the same day that they receive your funds, but it can take 1 to 4 working days to appear in the overseas bank account.
Is XE regulated?
XE Money Transfer is regulated by several financial authorities in different countries where they operate. That includes
- Financial Crimes Enforcement Network (FinCEN) in the US,
- Financial Conduct Authority (FCA) in the UK,
- The EBA in Europe (European Banking Authority)
- the Australian Securities and Investments Commission (ASIC) in Australia,
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada.
These regulations ensure that XE complies with anti-money laundering laws and that customer funds are safeguarded. Overall, XE is a trustworthy and legitimate service provider with proper regulatory oversight.
How do I track my XE money transfer?
You can track your XE money transfer by logging in to your account on the XE website and checking the status of your transfer in the “Transfer History” section. You will be able to see whether the transfer is still processing or has been completed, as well as any relevant details such as the date and time of the transfer, the amount sent, and the exchange rate used.
XE will also send you email notifications at various stages of the transfer process, such as when the transfer has been initiated and when it has been completed. These emails will provide you with a tracking number or reference number that you can use to track your transfer.
If you have any questions or concerns about your transfer, you can contact XE’s customer support team for assistance. They can help you track your transfer, provide updates on its status, and address any issues or concerns you may have.
How do I do a bank transfer with XE?
To do a bank transfer with XE, you will need to follow these steps:
- Sign up for an account on the XE website or mobile app.
- Start a new money transfer and choose the country you want to send money to, as well as the amount you want to transfer.
- Choose “Bank Transfer” as the delivery method.
- Enter your recipient’s bank account details, such as their account number, routing number, and bank name.
- Provide your own payment details, such as your bank account number and routing number.
- Review and confirm the details of your transfer, including the exchange rate and fees.
- Send the money to XE to complete the transfer.
XE will then take care of the rest and transfer the money to your recipient’s bank account. The time it takes for the transfer to complete will depend on the destination country and the processing time of the banks involved in the transaction.
Can I cancel an XE transfer?
Yes, you can cancel an XE transfer, but the process and fees associated with the cancellation may vary depending on the stage of the transfer.
If the transfer has not been processed yet, you can usually cancel it by logging into your XE account and clicking on the transfer you wish to cancel. From there, you can follow the instructions to cancel the transfer. However, if the transfer has already been processed, you may need to contact XE customer service to initiate a cancellation request.
It’s important to note that cancellation fees may apply, and the amount of the fee will depend on the currency, amount, and stage of the transfer. If you’re unsure about how to cancel an XE transfer, it’s best to contact XE customer support for assistance.
Can I get cash from XE?
XE Money Transfer offers a cash pickup service at more than 500,000 locations worldwide, making it a convenient option for those who need to send or receive money quickly. With this service, recipients can pick up cash at a nearby location, often within minutes of the transfer being initiated.
The ability to receive cash pickup is a valuable feature for those who may not have access to a bank account or prefer to receive funds in cash. With such a large network of cash pickup locations, XE Money Transfer makes it easy for recipients to get access to their funds.
Use the Location Finder on the XE mobile app or the website to find the nearest office to send or receive cash via XE money transfer.
Do I need an XE account to receive money?
No, you do not necessarily need an XE account to receive money. If you are receiving money from someone via XE’s money transfer services, the sender can simply provide your bank details and the money would be transferred directly to your bank account.
However, if you want to use XE’s online tools to manage your transfers, track your transactions, or receive rate alerts, you will need to create an account with XE. Creating an account is free and straightforward, and it can provide you with more control and visibility over your transactions.
How does money transfer with XE work?
Money transfer with XE works as follows:
- Create an account: To get started, you need to create an account on the XE website or mobile app. This is a simple process that requires you to provide basic information about yourself.
- Choose your transfer details: Once you’ve created an account, you’ll need to enter the details of the transfer, including the amount you want to send and the destination country and currency.
- Verify your identity: XE will ask you to verify your identity before you can proceed with the transfer. This is a standard procedure and involves providing some form of identification.
- Pay for your transfer: After your identity has been verified, you can pay for your transfer using a bank transfer, credit card, or debit card.
- Track your transfer: XE provides you with a tracking number that allows you to follow the progress of your transfer online or through their mobile app.
- Receive the funds: Once your transfer is complete, the funds will be sent to the recipient’s bank account, mobile wallet, or available for cash pickup.
Overall, the process of sending money with XE is straightforward and user-friendly, and you can complete a transfer in just a few minutes.
Is Xe same as Xoom?
No, XE and Xoom are separate companies, but they both provide international money transfer services. XE Money Transfer is a service provided by XE.com, which is a part of Euronet Worldwide, Inc.
Xoom, on the other hand, is a separate digital money transfer service owned by PayPal. While both companies offer international money transfer services, they may have different features, fees, exchange rates, and transfer speeds.
It’s important to compare the services of different providers to find the one that best suits your needs. XE specializes in currency exchange and international money transfers offering better rates and ZERO transfer fees, while Xoom offers money transfers along with other services such as bill payments and mobile top-ups.
