XE Money Transfer Review
A money transfer service is a necessity if you want to dramatically reduce the fees banks take from transfers. In this review of XE we will show you what XE is great at and who we think does some things better.
My first experience with XE was when it was just an online currency tool for charts and checking exchange rates.
But since 2016, XE has become a leading money transfer service.
And they have done a good job of integrating other services like Ria which means the recipient can get cash.
But there are some circumstances when it’s not the best choice.
And fortunately, this isn’t another awesome XE Money transfer review!
We go through everything including thousands of real user reviews.
Here is the good, the bad, the ugly and the alternatives, so that you can decide.
Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.
Solid choice for large transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD
Supports cash pick up (via massive Ria network)
Multilingual phone support
Personal and business
We think there are better choices for smaller (below $7000 USD) especially bank to bank transfers.
No multi currency account
1. Quick Take
On Trustpilot, XE money transfers has a rating of 4.2/5 with 55,000+ reviews, which is considered “Great” although it was 4.5/5 when we last reviewed them a year ago. 96% of these are positive (83% – 5 stars) with reviewers indicating XE is easy to use, has helpful customer service and competitive rates. Only 4% give XE 1 or 2 stars.
|🏦 Established||1993 in Canada|
|💁 Clients||Personal and Business (Worldwide)|
|💱 Currencies||130+ (Depends on sending country)|
|🏛️ Physical Offices||Canada, USA, UK, Australia, New Zealand and more|
|💻 Availability||Online, mobile and 500,000 cash pick up locations|
|⚖️ Regulation||Regulated in US, Canada (including Quebec), UK, Europe, Australia and New Zealand|
|🔒 Security||“enterprise-grade security”|
|⭐ Reviews||“Great” – 4.2/5 from 56,000+ reviews on TrustPilot (January 2023)|
|💰 Fees||Exchange rate margin + small fixed fee|
|🌐 Official Website||Visit XE|
XE is owned by Euronet Worldwide and listed on the NASDAQ.
2. When XE Works (and When it Doesn’t)
Who Can Use It?
Before you waste any time: Check to see if you can register with XE based on where you live.
2.1 When it Works
You want to send large bank transfers $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD from the UK, US, Canada, Australia, New Zealand, and Europe (and other countries).
XE supports bank-to-bank and card-to-bank transfers to 220 countries worldwide in 139 currencies.
Their wide receiving base helps make XE one of the most popular services for large transfers.
You’re comfortable doing everything online.
One of the advantages of being an online-focused service is being able to set up your transfers from the comfort of your home or while you’re on the go (via their mobile app).
XE has an easy-to-use online interface and their mobile apps (both Android and iOs apps) are rated high on the respective stores.
So if you’re comfortable handling all aspects of money transfer online XE is a solid choice.
Don’t worry though, you can speak to XE’s multilingual customer service team if you need help with your transfer.
You want to save big on your international business transfers
For their business users, XE offers a lot of flexibility with services like spot contracts, forward contracts, and market orders.
XE offers money transfer support for businesses of all sizes and from many industries – on average they process over $115 billion of international business transfers annually.
Planning your transfer
XE offers a number of excellent online tools – like the XE Currency Converter (exchange rates for 85 popularly traded currencies), Credit Card Charges Calculator, and Current and Historical Rate tables.
These tools can give you a lot of insights about the rate you can get, how a currency pair has performed, and hidden charges you can potentially incur so you can plan for your transfer.
You can also use their Rate alert feature to get notified when your chosen currency pair reaches the desired rate.
2.2 When it Doesn’t Work
When you want to send smaller bank-to-bank transfers (less than $7000 USD)
XE was originally designed for larger amounts and as a result they have not been as proactive as companies like Wise when it comes to 3rd Party Fees – most notably the fees receiving banks charge.
They discuss this here in their help section and they say, “This is beyond our control.”
But while they don’t charge the fees directly, the reality is that these fees can be usually eliminated by operating local bank accounts (and their competitors do to varying degrees).
These fees typically range from $10 to $20 or £5 to £10 but can be more.
For larger amounts, this still means less money will arrive but it becomes a smaller part of the total fees.
But for smaller transfers below $7000 USD – $10 or $20 can be larger than the fees XE charges.
Check out the best alternatives (below)
If you want the best in customer service (amounts more than $7000 USD)
Let us be clear, XE has a pretty great customer service team and if you plan to set up your transfers online – XE is a fine way to go.
However you can do better if you want the added confidence of being assigned to your own account manager.
And the proof is in the reviews.
On Trustpilot XE is 4.2/5.
TorFX is 4.9/5 on Trustpilot for AUS/NZ and Asia
TorFX is 4.9/5 on Trustpilot for UK and Europe
Likewise Currencies Direct is 4.9/5 on Trustpilot for USA, Canada, India or South Africa and they are owned by the same people as TorFX.
No multi-currency support or prepaid debit card
XE is focused on money transfers, but if you are a frequent traveler, digital nomad there are services that can do money transfers as well as make it much easier for you tho manage multiple currencies and spend money without attracting crazy fees to exchange currencies.
For example the Wise multi-currency account (handle 50+ currencies, set up international receiving accounts to get paid and pay like a local, get a MasterCard debit card that works in 200 countries, and more).
2.3 XE Alternatives
|Service||Need||Why we think they are better|
|#1||Wise||Smaller bank-to-bank transfers (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)||Wise is focused on the online experience which amongst many things includes keeping fees low including the fee receiving banks can charge.|
Here is our Wise Review.
|#2||TorFX for AUS/NZ and Asia |
TorFX for UK and Europe
Currencies Direct USA, Canada, India or South Africa
|Large bank-to-bank transfers (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)|
Note: XE is a fine choice if you are happy doing things online.
|Best customer support for large transfers (which is when you want phone support)|
Our TorFX Review
Our Currencies Direct Review
|#3||Wise Multi Currency Account||Hold multiple currencies and get paid like a local (in different currencies) then spend those funds with a prepaid debit card.||If you are an expat, traveler, online freelancer then the needs do not stop at money transfers|
Wise Multi Currency Account Review and Card
3. Real Fees (including Hidden Fees)
Opening a personal or business account is free with XE.
So how do they make money? Through the following fees:
- Margin on the exchange rate
- XE’s “send fee”
- Third-party fees
- Payment method fees
Let’s examine them in detail.
3.1 Margin on the exchange rate
While you do see the mid-market rate on XE’s website, you won’t be able to use this rate to send money internationally.
According to XE, “These rates are not available to customers — not even XE can buy currency at this rate.”
Instead, you’ll pay a margin on the exchange rate based on the currency and amount (this is a percentage fee that decreases as the amount goes up.
However, when comparing their rates against banks XE is very competitive for major currencies.
Compared to banks (who may charge up to 2, 3, or 4% on the exchange + fixed fees) XE is much more affordable, especially for larger transfers.
They are also very competitive compared to other 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%*|
3.2 XE’s “send fee”
XE charges a small fee for all transfers below $500 USD/CAD/AUD/NZD and 250 GBP/EUR.
Check out this table here to get an idea of the send fee from various countries.
|Country||Minimum transfer amount to qualify for no send fee||Send Fee|
|From the US||$500 USD||No fee|
|From the UK||£250 GBP||£2 GBP|
|From Canada||$500 CAD||No fee|
|From Australia||$500 AUD||No fee|
|From New Zealand||$500 NZD||No fee|
|From Europe||250 EUR||2 EUR|
3.3 Third-Party Fees
The reason your recipient may get less money than you both anticipated is often due to fees the banks at each end can charge.
This can eat into the amount that arrives quite significantly.
Fortunately many services eliminate these fees by having local bank accounts in the receiving countries and sending countries.
XE has local bank accounts in the US, UK, Europe, (Australia and) New Zealand and Canada.
For larger amounts these fees become less significant, but for smaller amounts they can be very significant.
See When XE Works (and When it Doesn’t)
3.4 Payment Method Fees
You can fund your transfer on XE with a bank transfer, wire transfer, credit card, or debit card.
|Bank Account||XE has local bank accounts in the US, UK, Europe, Canada, Australia and New Zealand and they don’t charge a fee if you fund your transfer from your linked bank account.|
However, banks in the US and Canada may charge a fee.
|Wire transfer||Banks in the US and Canada charge between $15 and $30 to make a wire transfer.|
|Credit Card||Your card issuer may charge a cash advance fee of up to 5%.|
For US customers, there’s a flat charge of 2.99% of the amount you’re sending. So if you’re sending $500, you’ll be charged 2.99% of that amount.
|Debit card||It is free to use a debit card to pay for your transfer in the UK and Europe.|
US customers will pay up to 2% of the transfer (depending on the amount).
4. How Fast is XE?
In most cases, it takes 1-4 days for your funds to reach your recipient. But the speed of transfer depends on several things like payment method, amount, and currency pair. That said, most complete within 24 hrs and some even in minutes!
The great thing about XE is that it’s transparent about when your money will arrive, and the delivery date will be stated as you set up your transfer.
Here’s a closer look at transfer speed factors:
- The payment method:
Funding with credit or debit card: Within 2 working days.
Funding from bank account: 1-4 days
- The amount:
Larger amounts may take longer to be cleared as the receiving country’s bank may audit the incoming transfer for compliance with their banking regulations.
- The currency pair:
Some currency pairs are frequently exchanged, so these transfers are completed within 1-2 days with some in minutes. In fact, you can see the most popular pairs on XE’s country-specific pages.
5. How to Use XE
5.1 Sign up
You can sign up for XE if you’re from the UK, US, Canada, Australia, New Zealand, and the Eurozone – See the complete list of supported countries here.
You can open an account from XE’s website
5.2 Get verified
XE needs to verify your identity when you sign up as well as periodically depending on a number of factors:
- The size of your transfer
- The country you are sending your money to
- The country you are sending your money from
Typically, this involves uploading a selfie, uploading some documentation (depending on your sending country), and answering some questions around the origin of the funds and your personal or business relationship with the recipient.
This process is quite common for all money transfer companies and a completely safe process that can be completed on their encrypted platform.
Usually, you will need the following documentation for verification:
- A bank account and an original electronic copy of a bank statement
- Government-issued identification such as a driver’s license, passport, or age of majority card
- An electronic copy of a utility bill, such as an electricity bill or from a telecommunications company
5.3 Check the exchange rate and set up the transfer
The exchange rates on XE’s websites are estimates, and you’ll get an idea of the real exchange rate when you start the transfer process.
Once you’re okay to move ahead with the transfer, enter your recipient’s name and banking details.
Then, set up the transfer with the available country-specific payment methods (note the fees for each method as we’ve mentioned above). The chosen payment method can also affect your transfer speed.
5.4 Track your transfer
XE will send you a confirmation email after the transfer is confirmed and you can track your transfer on XE’s web platform or by logging into their mobile app.
6. What do XE Customers Say (including Negative Reviews)?
XE has positive reviews on most online review sites, including Trustpilot where they’re rated 4.2/5 with 56,000+ reviews, which is considered “Great.”
So what do the user reviews on Trustpilot say?
They’re overwhelmingly positive for the most part – with 93% of the reviews accounting for 4-star and 5-star reviews.
However, priceless lessons may be hidden in the 4% of negative (1-star and 2-star reviews), and we’re here to make sure you get the full picture.
’re here to give you the complete picture, so we trawled through hundreds of reviews, both positive and negative.
XE’s customers love its:
- Easy to use
- Helpful customer service
- Competitive rates
Here’s what a veteran user, Paul, had to say about XE:
“It was my first time transferring money internationally and is was so easy on xe.com. The site is set up well and easy to follow through. Even when I ran into a glitch (my credit card was not accepted) the customer support section was right there and told me why and suggested a debit card might work better, which it did.” – Kathleen on Trustpilot
And here’s a review by a new user, Sean
“XE’s system is user friendly, secure and efficient. The rates offered are competitive and provided the qualifying amount of money is transferred then there are no additional charges. All in all an excellent service.” – Peter on Trustpilot
Excessive Document Verification
Understanding the Negatives
After going through hundreds of reviews, we’ve categorized the top causes of dissatisfaction into the following categories.
Based on the user responses, XE’s transfer times seem to be slower compared to competitors like Wise which actively seeks the best ways to speed things up.
Generally larger transfers transfers are processed via the international SWIFT network, which takes 1-4 days to process – depending on the amount and the currency pair.
Excessive document verification
Many users were annoyed by XE’s repeated requests for identity verification. They also felt it was unsafe that a company was asking them to send a selfie via their web platform.
However, rest assured, this is completely safe – especially for a money transfer company that handles large transfers.
XE’s requests documentation verification at different points to ensure the account is indeed being handled by you, and this keeps their platform free from fraudsters and money launderers who may jeopardize the account of other users.
Sometimes, users have been waiting for hours or days to understand why their transfer has been put on hold or why the money has been returned to their account and the transfer canceled.
These occasions are rare – as you can see from the 4% of negative reviews.
The good news is that they personally respond to every review on Trustpilot – especially negative reviews, which leads to faster resolution.
7. Is XE Safe?
XE is owned by the multibillion-dollar NASDAQ listed company Euronet Worldwide (who also own Ria) and they need to meet regulatory standards in every country they operate in.
XE also has a system of checks and balances as well as industry-leading encryption technology to keep your money and information safe.
For example, they verify your identity with mandatory KYC (Know Your Customer) and audit transfers keeping 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 keep your money and data safe.
For more information, here is a list of the central banks and financial regulatory agencies that monitor XE:
- The Financial Transactions and 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 (FSA) in the UK
- The Australian Securities and Investments Commission (ASIC)
- The New Zealand Financial Markets Association (NZFMA)
- European Securities and Markets Authority
Moreover, as an international business with over 25 years under their belt, XE makes sure they adhere to regulatory standards such as:
- Europe’s GDPR (General Data Protection Regulation)
- Canada’s Privacy Act
- The US Privacy Act
XE for Business
XE offers transfers for businesses of all sizes: entrepreneurs, growing global businesses, and larger enterprises.
With XE businesses can:
- Pay for global imports and exports
- Pay contractors abroad
- Invest in foreign assets in 130+ currencies across over 220 countries
- Lock in a favorable rate now and transfer anytime in the next 3 years
- Send mass payments
However, XE doesn’t offer multi-currency accounts, which can be helpful for growing global businesses, or company prepaid debit cards for individuals and teams, which are useful for business travel and other expenses.
That’s why, for a more comprehensive business solution, check out our Wise multi-currency account (review).
XE is a good choice for safe, secure international transfers to 220 countries in 139 currencies. They are known for good customer support, have a great online platform, and a user friendly app.
They are strongest for large transfers (over $7000 USD) where the exchange rates they offer are very reasonable.
For small transfers (below $7000 USD), especially to countries outside of US, UK, Europe, Canada, Australia and New Zealand – we found better options due to 3rd party fees you can attract from the receiving banks. (Jump here to see our “Alternatives” section)
For larger amounts they are a great option particularly if you are in North America with their network backs you up.
Can XE be trusted?
XE is highly regulated and seems very proactive with safety and privacy. They are also owned by the publicly listed Euronet Worldwide which means even more confidence they are doing the right things.
Is XE better than Wise?
We prefer Wise for transfers below $7000 USD but XE is a solid option for larger transfers if you are happy doing things online.
XE Money Transfer Review - 7 Must Knows (Before You Signup)
XE Money Transfer Reviews from third parties show the negatives and positives which helps to understand which other services may be better for your needs.