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XE Money Transfer Review

8 Must-Knows

In a few minutes, you’ll discover whether XE is a great choice for you.

It is true XE is a nice service that many individuals know and trust, and they say they are “Recommended by 45,000 plus verified customers”.

Fortunately, this is not another “XE is great” kind of review.

There are some cases when it’s not the best choice.

We go via everything, including thousands of real user reviews, to uncover the exemplary, the bad, and even the hideous.

Most importantly:

We offer you the big picture and the fine print so you can decide whether XE is for you.

Disclosure: This post may include offers and affiliate links to save you money, and it also helps us to support providing the best information. For more data, see our disclosures here.

When You Should Use XE ( When to Avoid)

XE’s biggest benefit is the number of countries & currencies they support for large bank-to-bank transfers.

Their fee structure also functions well for personal and business transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD.

Importantly:

XE may not be the right option for you, depending on your needs, and you’ll like to know about our alternatives here.

It’s also not the best choice if your recipient requires cash or if you’re not satisfied with setting up your transfer online.

Content

Pros

Great rates for large transfers ($7000 USD-£4000 GBP-€4500 EU-$9500 CAD-AUD or more)

Supports international transfers in 130 plus currencies to 220 countries

Dedicated business accounts with more choices(like spot orders, forward contracts, etc.)

Multilingual phone support

Disadvantages

Transfers only to bank accounts (only supports bank to bank or card-to-bank transfer)

Online transfer stress (no offline kiosks or agent offices)

Unexpected fees (intermediary banks may levy fees that XE has no control over)

1. What is XE (Actually)?

XE is a well-known money transfer firm designed to make transfers far cheaper than a bank.

Owned by Euronet Worldwide and recorded on the NASDAQ (you might already know regarding XE because they have one of the best tools online for matching currencies).

XE can be a great option for larger transfers or exotic currencies with 139 currencies covered. XE offers answers for both individuals and businesses for citizens from a handful of countries.

But before you squander any more timeCheck to see if you can sign up to use XE based on where you live.

We define enormous transfer amounts as being over $7000 USD-£4000 GBP-€4500 EU-$9500 CAD and AUD.

What can you do with XE?

  • Make transfers at affordable rates (significantly above $7000 USD/£4000 GBP/€4500 EU/$9500 CADand AUD)
  • Transfer to a type of major and exotic currencies (139 currencies endowed)
  • Receive phone assistance in different languages: While they’re online-focused assistance, they have offices in Canada, the UK, the Netherlands (supporting EU), &New Zealand (supporting Australia). That’s why they’re able to deliver phone support for their clients in multiple languages.
  • Set alerts to get your greatest exchange rate: Just proceed to download the XE mobile app (available for Android and iOs users) to set rate signals
  • Manage your firm’s international transfers: Great for businesses of all sizes (from micro-businesses-large corporations). You can set up mass international expenditures, integrate XE with important business tools, and save large on foreign exchange rates with their relaxed services.

You can register for XE from the UK, US, Canada, Australia, New Zealand, and Eurozone.

2. Is XE Money Transfer Exemplary for You? (And When It’s Not)

To help you reason out if XE is right for your precise needs, here are the highlights and lowlights:

When XE IS good for you

  • You need to send large amounts as a person or business (more than $7000 USD)
  • You’re relaxing doing everything online
  • You want to count money transfer flexibility as a business (spot agreements, market orders, and more)

When XE IS NOT suitable for you

  • You want to spend less amounts (less than $7000 USD)
  • You require to send cash
  • You’re a more miniature business (e.g., freelancer or sole trader)

If you find that XE is not the best fit for your needs, we’ve narrowed down the best XE alternatives.

2.1 XE is Perfect for You When

You like to send large bank transfers from the UK, US, Canada, Australia, New Zealand, & Europe (and some other nations).

XE supports bank to bank and card-to-bank transfers from these countries to 220 countries globally 139 currencies.

Their broad receiving base makes XE one of the most famous services for large transfers.

You’re satisfied doing everything online.

One of the benefits of being an online-focused service is being able to set up your transfers from the convenience of your home or while you’re on the go (via their mobile app).

XE has an easy-to-use online interface & their mobile apps (both Android and iOs apps) are rated heightened on the respective stores.

So if you’re satisfied handling all aspects of money transfer online, XE is a solid choice.

Don’t worry, though, and you can talk to XE’s multilingual customer service team if you require help with your transfer.

You want to save large on your international companies transfers

For their business users, XE delivers a lot of flexibility with services like spot contracts, forward contracts, & market orders.

See how these benefits can help businesses save on foreign exchange fees in the long span below.

2.2 When it is Not Right For You

When you need to send smaller bank transfers

Because XE has been developed for larger amounts – as their fees can be more elevated than others and they have limited services.

In fact, below $7000 USD, we think you are able to do better.

The main motivation is the 3rd Party Fees we discuss in XE’s fees or the best options for your fewer transfers below.

When you want to send cash

XE only allows you to send money to your recipient’s bank account. This makes logic for most large transfers.

However, other specialized services (jump to alternatives section) can help you send cash to your recipients for personal and business purposes.

If you are a smaller business (e.g., freelancer or sole trader)

Technically, XE does support all types of businesses, but we think outstanding alternatives work better.

2.3 XE Alternatives

Here are some alternatives you might like to regard based on your needs:

Best XE Alternatives

#1 Wise Transparent and inexpensive rates for the smaller bank to bank or card-to-bank transfers (below $7000 USD-£4000 GBP-€4500 EU/$9500 CAD and AUD)

#2 WorldRemit Our top selection for smaller cash transfers

#3 OFX Our top pick for extensive transfers (over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD and AUD)

#4 TorFX Best phone assist for large transfers

1 Wise – Most Diaphanous Rates for Smaller Bank Transfers

Wise is best understood for its rate clarity. This means you will know the identical amount that your receiver will get before you press “send.” No surprise fees behind your money have been sent.

And here are some other advantages:

  • Affordable rates (particularly for amounts below $7000 USD/£4000 GBP/€4500 EU/ CAD 9500 and AUD): Just a small percentages fee and at the mid-market rate with no markups — for both businesses and personal accounts.
  • Available in many places: 66 nations (including the UK, US, Canada, Australia, & Eurozone) and supports transfers in 40+ currencies.
  • Multi-currency account: Hold, expend and convert multiple (55+) currencies in 1 place.
  • Your own international bank particulars in major currencies to get paid and pay like a local.
  • MasterCard debit card: For easy & secure spending in multiple currencies.
  • Dedicated business accounts for small and growing businesses are available with extra features like easy bulk payments and more.

Practically Wise is our overall top pick for most circumstances because of its good rates, additional components, and the number of currencies it supports.

But its best element is definitely the rate transparency. You can see the specific amount your receiver will obtain on the Wise calculator here — no sign-up needed!

#2 WorldRemit – Great for Smaller Cash Transfers

If your receiver requires the money in cash, WorldRemit is one of the best options.

Here’s why.

Unlike traditional cash transfer assistance like Western Union, Ria, and MoneyGram, WorldRemit allows you to fund your transfer online, which reduces a lot of hidden fees (like agent fees).

What else do we like regarding World Remit?

  • Large network of cash supply centers: They operate in all the nations (such as banks, pawnshops, & other third-party agents). So you can be secure that there will be a convenient place for your recipient to obtain the money.
  • Available in many countries: You can register for WorldRemit in 50 countries (including the UK, US, Canada, Australia, & Eurozone) and send money to 130 countries.
  • Offers other ways of transmitting money: World Remit also helps bank transfers, home delivery in some nations, mobile wallet transfers, and pre-paid phone top-ups.

And here’s a bonus: If you register here, you will get your first three transfers fee-(using the code ‘3FREE‘*).

*Offer open in US, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, & Norway.

Learn more concerning how WorldRemit works and when it’s good for you here.

#3 OFX Our Top Pick for the Large Transfers

Are you looking for an XE option for large transfers (over $7000 USD/£4000 GBP/€4500 EU/$9500 CADand AUD)?

OFX is our top pick because of its low fees, an online platform with telephone backup 24/7, and all-around excellence.

Here’s a breakdown of their costs:

OFX can demand a flat fee of $15 USD for transfers below $10,000 USD, along with a margin on the deal rate, which decreases as the amount goes up.

This flat fee is waived over $10,000 USD, but if you want a way to avoid this fee, use here.

Here’s why we also like it:

  • Transparent local bank accounts: OFX has a grid of 115 local bank accounts in the receiving nations. This can rule out any shock fees, making their fee structure more transparent and potentially more affordable.
  • Good phone support: OFX can even help you set up your transfer over the phone and are open to troubleshooting if you have any queries about your transfer. (Crucial when haggling with larger sums and the bank who have boundaries)

OFX lets you register from the US, Canada, UK, Eurozone, Singapore, Hong Kong, Australia, & New Zealand (they also have offices in these countries) and send funds to 190 countries in 55 currencies.

Learn more in our OFX Review or fit-out XE Vs. OFX.

#4 TorFX – Best Phone Help for Large Transfers

When you’re vending with higher amounts, many people want the best customer service for ease of mind (and low fees).

This is where TorFX has confirmed it is the best, though it is the highest-ranked customer service (reflected in its almost unbelievable 4.9/5 Trustpilot score).

To make it very easy, you can get a quotation for your rate online or by phone:

They’re incredibly telephone acquainted and have offices in the UK, Singapore, and Australia.

And, like XE, they also present spot orders, forward contracts, and market orders.

Learn more about how TorFX can complete large transfers easily for you here.

  1. How Much Does it charge to Use XE?

Opening a private or business account is free with XE.

So how do they make cash? Through the following fees:

  1. The Margin on the exchange rate
  2. XE’s “send fee.”
  3. Third-party fees
  4. Payment procedure fees

Let’s examine them in particular.

Opening a personal/business account is free with XE.

So how do they earn money? Through the next fees:

a. the Margin on the exchange rate

b. XE’s “send fee.”

c. Third-party fees

d. Payment plan fees

Let’s examine them in detail.

The Margin on the exchange rate while you do see the mid-market rate on XE’s website, you won’t be capable of using this rate to send money internationally.

According to XE, “These rates are not open to customers — not even XE can buy currency at this rate.”

The truth is that XE (like almost every other service) adds a margin on top of the rate they do get, which will be extremely close to the mid-market rate.

Instead, you will pay a margin on the exchange rate established on the currency and amount (this is a percentage fee that declines as the amount goes up.

However, when analogizing their rates against banks, XE is very competitive for major currencies.

Analogized to banks (who may charge up to 2- 3- or 4%s on the exchange + fixed costs), XE is much more affordable, especially for larger transfers.

They are also very competitive, likened to other similar services.

Service% Costs including Set Fees

This is a principle established on common currencies.

Other fees may also be added as examined in the next sections but can also be often avoided when operating XE or Similar Services.

Service % Costs including Fixed Fees
Banks 3 – 7%* (if you include all fees)
PayPal 6 – 8%*(if you include all fees)
XE 0.5 – 2%*
Other Similar Services 0.35 – 3.5%*

3. XE’s “send fee.”

XE sets a small fee for all transfers below $500 USD/CAD/AUD/NZD & 250 GBP/EUR.

For example, if you’re shipping $500 USD from the US, you will pay $3 USD to send the fee.

If you are sending 250 GBP from the UK, you will pay 2 GBP to send the fee.

Check out this list here to get an opinion of the sending fee from various countries.

Countries Minimum Amount Send Fee
From the US $500 USD $3 USD
From the UK 250 GBP 2 GBP
From Canada $500 CAD $3 CAD
From Australia $500 AUD $4 AUD
From New Zealand $500 NZD $4 NZD
From Europe 250 EUR 2 EUR

Countries Minimum AmountSend Fee

Above this amount, you pay the Margin on the exchange rate, third-party fees, and payment method fees (if applicable).

4. Third-Party Fees

The reason your recipient may get smaller money than you both anticipated is often due to the costs the banks at each end can charge.

This can eat into the part that arrives quite significantly.

Fortunately, many services stop these fees by having local bank accounts in the receiving nations and sending countries.

XE has local bank accounts in the US- UK-Europe, Australia, New Zealand & Canada.

For larger quantities, these fees become less significant, but they can be very significant for less amounts.

4. Payment Method Fees

You can support your transfer on XE with a bank transfer, wire transfer, credit card, & debit card.

Bank Account XE doesn’t charge a fee if you fund your transfer from your linked bank account.
XE has local bank accounts in US, UK, Europe, Canada, Australia and New Zealand. Other countries may attract fees.
Wire Transfer If you’re sending money to XE for your transfer with a wire transfer in the US, you’ll pay anywhere between $15-$30 USD
Credit Card If you’re funding your transfer with a credit card (in all supported countries except the US), you can be charged a cash advance fee of up to 5% by your card issuer.

US customers pay a flat charge of 2.99% of the transfer amount.

Debit Card In all countries (except the US), funding your transfer with a debit card is free. In the US, you’ll pay 0.95% of the transfer amount in payment method fees

Generally, if you can make bank- bank transfers, you will save significantly on fees.

Their most similar option is OFX (see full review here), which has a more transparent cost structure. They even have lots more local bank accounts, which can indicate the part that arrives is greater. But they support fewer money and countries than XE.

  1. How to Use XE Money Transfers

You can register for XE if you’re from the UK, US, Canada, Australia, New Zealand, & Eurozone.

Starting an account with XE (opens a new tab on your laptop) is simple if you follow the guides below.

  1. Open an account: on XE’s website or by downloading their app and choosing a person or business.
  2. Verify your identity: Save the following documents information handy:
    • A bank account and an actual electronic copy of a bank statement
    • Government-issued identification like a driver’s license, passport, or the age of majority card
    • An electronic document of a utility bill, such as an electricity bill or from a telecommunications firm
  1. Set up your transfer: XE will encourage you to enter the currencies you want to trade (with the amount) and your recipient’s particulars.
  2. Fund your transfer: With a bank transfer, wire transfer, debit card, or credit card. Note that the payment method has exact fees associated with it.

Businesses can select between Spot Orders (if you’re ready to transfer now), Forward contracts (to lock in a good rate for a defined period), or a Market Order (transfer when your money pair hits the desired rate). 

While XE doesn’t set an overall limit on how much you can send with them, there are limits on how much you can send in a single transfer. 

Location and currency-specific limitations for single transfers:

Your region online transfer limit

Does XE Have an App?

XE’s mobile app is public for both Android and iOs users.

You can use this app to make rate alerts, set up a transfer, and track your transfer.

You can also observe ten currencies of your choice and set up a historical business rate chart for any currency in the world.

5. What do XE Clients Say (including Negative Reviews)?

XE is rated 4.5/5 on Trustpilot with above 46,000 reviews.

After 25 years in the enterprise, 85% of these thoughts are “excellent,” while 2% are “bad.”

This is a strong track record for sure.

But we’re here to provide you with the complete picture, so we trawled through hundreds of examinations, both positive and negative.

The Good

XE’s clients love its:

  • Simple interface
  • Reasonable rates
  • Speedy and efficient service.

Here’s what a vet user, Paul, had to say about XE:

I’ve used XE multiple times now, and they surprised me every time with how fast they arranged the transfer. It’s fantastic!

And here’s an examination by a new user, Sean

Excellent service from XE staff in setting up my account for the first time. Simple process to create a transfer, and the money was in my vendor account in the US really fast compared to my experiences with banks. The fees seemed good.

The Bad

Transfer delays: This can occur with large amounts as they need to meet the compliance requirements of various countries. Other reasons for delay include converting to an unknown currency, funding your transfer from your bank account, or putting up your transfer on a weekend or holiday.

Some users complained that XE was asking for their personal details (such as social security numbers in the US) or bank accounts. But Know Your Customer (KYC) is a required verification process employed by XE to meet the regulatory needs of the financial bodies that oversee XE’s operations in different countries.

There were one or two examples of account closures in the reviews. Though rare, this can be distressing, particularly with a large amount of money on the line. While XE’s client service team is helpful, XE’s internal compliance system is robust and comprehensive, which can draw out the process.

Overall, we’d say XE is very good assistance based on their many satisfied customers.

For the issues encountered by users, most were linked to XE simply following regulations. While these are problems that you may face with any money transfer assistance, XE seems to do a good job of minimizing the problems they might cause.

6. Are XE Money Transfers Safe?

XE is owned by the multibillion-dollar NASDAQ recorded company Euronet Worldwide (who also owns RIA), and they ought to meet regulatory standards in every nation they operate in.

XE also has a method of checks and balances as well as industry-leading encryption technology to save your money and information safe.

For instance, they verify your identity with mandatory KYC (Know Your Customer) and audit transfers holding in mind regulations related to AMLCTF (Anti-Money Laundering & Counter-Terrorist Financing).

Other systems like double-factor authentication on the app and industry-leading encryption on their website save your money and data safe.

For more data, here is a list of the central banks and financial regulatory agents that monitor XE:

  • The Australian Securities & Investments Commission (ASIC)
  • The New Zealand Financial Markets Association (NZFMA)
  • The Financial Transactions & Reporting Analysis Centre of Canada (FinTRAC)
  • l’Autorité des marchés financiers (AMF) in the Province of Quebec
  • US Department of Treasury Financial Crimes Enforcement Network (FinCEN)
  • The Financial Services Authority in the UK
  • European Securities & Markets Authority

Moreover, as a global business with over 25 years under their belt, XE makes sure they stick to regulatory measures such as:

  • Europe’s GDPR (General Data Protection Regulation)
  • Canada’s Privacy Act
  • The US Privacy Act

7. How Long Accomplishes it Take to Transfer Money with XE?

In most circumstances, it takes 2-4 days for your funds to reach your recipient. But the pace of transfer depends on several things like payment process, amount, and currency pair.

The wonderful thing about XE is that it’s evident when your money will reach you, and the delivery date will be declared as you set up your transfer.

Here’s a closer look at transfer speed factors:

  • The payment strategy
  • Allocation with credit or debit card: Within two working days.
  • Funding from bank account: 2 to 4 days
  • The amount
  • Larger quantities may take longer to be cleared as the receiving country’s bank may audit the incoming transfer for observation with their banking regulations.
  • The currency pair
  • Some currency pairs are frequently exchanged, so these transfers are completed within 1 to 2 days. In fact, you can see the most famous pairs on XE’s country-specific pages.

8. XE for Business

XE performs well for larger businesses who want to ensure long-term savings on foreign trade fees while also giving you flexibility. For example, they offer spot contracts, forward agreements, and market orders.

They have a sound-track record working with enterprises of all sizes and for 100+ industries (including insurance, manufacturing, retail, marine, & legal). So you can be certain your business’ money administration is in good hands with XE.

Here’s a closer look at XE’s flexible business account features:

Spot contracts

For when you’re ready to transfer right away.

Forward contracts

To lock a favorable exchange rate for a defined period.

Market Orders

To designate your desired exchange rate and automatically transfer your funds.

(after sending it to XE) when that rate is reached.

You can also:

  • Streamline your mass payments and enhance the efficiency of your high-volume and time-sensitive costs.
  • Integrate XE with Slack to get live rate updates that you can easily pull up in an ongoing meeting.
  • Integrate XE with Salesforce to improve the accuracy of your international sales quotes, billings, and revenue.

XE’s business narratives are available for businesses registered in the UK, US, Europe, Canada, Australia, & New Zealand.

Verdict

XE is good for secure, secure international transfers to 220 countries in 139 currencies. They are understood for good customer support, have a great online forum, and a user-friendly app.

They are strongest for large transfers (above $7000 USD), where the exchange rates they present are very reasonable.

For small transfers (below $7000 USD), particularly to countries outside of the US, UK, Europe, Canada, Australia & New Zealand – we found better options due to 3rd party costs you can attract from the receiving banks.

They are a great option for more significant amounts, mainly if you are in North America with their network backs you up.

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