XE Money Transfer Review: Rates, Fees & Safety 2024
XE, founded in 1993, has established itself as a reliable and widely-used service in the international money transfer industry, known for its competitive exchange rates and extensive global reach.
HOW DID WE REVIEW XE MONEY TRANSFER?
XE, established in 1993, is a prominent provider of international money transfer services headquartered in Newmarket, Ontario, Canada. Initially known as Xenon Laboratories Incorporated, the company transitioned its focus to currency data and international money transfers, launching the XE.com domain in 1994 and rebranding its services to XE Money Transfer in 2016. In 2015, XE was acquired by Euronet Worldwide, Inc., and later merged with HiFX in 2018 to unify their services under the XE brand.
XE offers a wide array of services including international money transfers, live exchange rate tracking, historical currency data, and rate alerts. Their platform supports transfers to over 220 countries and territories in 139 currencies, making it a highly versatile service for both individual and business clients. XE is known for its fast and secure transfers, with enterprise-grade security measures in place to protect client funds.
With a robust online platform and mobile app, XE ensures users can manage their accounts and transfers conveniently 24/7. The company is dedicated to transparency and competitive pricing, often providing better rates than traditional banks. XE’s services are backed by its strong reputation, with over 65,000 verified customer reviews highlighting their reliability and customer satisfaction.
Overall, XE is committed to offering secure, efficient, and accessible currency exchange and transfer services globally.
Benefits of Using XE
- Competitive Exchange Rates: XE offers some of the best rates in the industry, with costs typically ranging from 0.5% to 2%, making it a cost-effective option compared to banks and other services.
- Wide Range of Services: XE provides various services including regular payments, spot and forward transactions, and corporate options, catering to both individuals and businesses.
- Global Reach: XE supports more than 100 currencies and offers transfers to over 200 countries, making it highly accessible for global transactions.
- No Transfer Fees: XE does not charge any transfer fees, which helps to keep the overall cost of transactions low.
- Regulation and Security: XE is regulated in multiple jurisdictions including Europe, Australia, Canada, New Zealand, and the United States, ensuring a high level of security and compliance.
- Easy to Use Platform: XE's platform is user-friendly with both web and mobile app options, allowing users to make transfers conveniently and track them in real-time.
- Cash Transactions: XE now offers cash pickup options.
Disadvantages of Using XE
- Variable Exchange Rates: While XE offers competitive rates, the margin can vary depending on the currency and transfer amount, which might not always be the lowest available.
- Verification Process: XE requires detailed personal information and sometimes documents for account setup, which can be cumbersome for users who prefer less stringent verification.
How Trustworthy and Secure is XE?
XE is regulated by several financial authorities, ensuring robust compliance and security measures.
These include the Financial Conduct Authority (FCA) in the UK, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Department of Financial Services in New York.
XE employs industry-standard security protocols to protect customer information and funds.
This includes two-factor authentication, encryption standards, and segregated client accounts to ensure that customer funds are kept separate from the company's operational funds.
Why Client Funds are More Secure with XE Compared to a Bank
What Services and Products Does XE Offer?
XE offers a comprehensive range of services tailored for both individuals and businesses.
These services include spot payments, forward contracts, limit orders, and multi-currency accounts. Additionally, XE provides tools such as rate alerts and currency conversion tools to help users make informed decisions.
Mobile App Functionality
The XE mobile app is a standout feature, boasting over 70 million downloads.
The app offers real-time exchange rates, currency conversion tools, and the ability to track payments and manage accounts on-the-go.
The user-friendly interface and robust functionality make it a top choice for users.
How Competitive are XE’s Fees and Exchange Rates?
XE is known for its no-transfer-fee policy, making it an attractive option for cost-conscious users.
However, it is important to note that intermediary banks may charge their own fees, which are outside of XE's control.
XE offers competitive exchange rates, typically ranging from 0.2% to 1.9% margin.
The platform is transparent about its rates, allowing users to compare and ensure they are getting a good deal.
There are generally no hidden fees with XE.
The company is transparent about any potential costs, including those that may be charged by intermediary banks during the transfer process.
Here are some sample rates we obtained using their online portal:
What Do Customers Say About XE?
XE has a solid reputation among its users, reflected in its Trustpilot rating of 4.3 out of 5 stars from over 70,000 reviews.
Common praises include the ease of use, competitive rates, and efficient customer service.
Some users have noted occasional delays in transfer times as a downside.
The majority of users report high levels of satisfaction with XE’s services.
The company's strong reputation and positive reviews are indicative of its commitment to providing reliable and efficient money transfer services.
How Easy is it to Use XE?
XE’s platform is designed to be intuitive and user-friendly.
The website and mobile app both feature clean designs and straightforward navigation, making it easy for users to initiate and manage their transfers.
Account Setup Process
Setting up an account with XE is simple and quick. The process involves providing basic personal information and verifying identity, which can be completed within a few minutes.
Transfer Process
Making transfers with XE is seamless. Users can easily input transfer details, view real-time exchange rates, and confirm transactions. The platform also offers tracking tools to monitor the status of transfers, providing transparency and peace of mind.
How Does XE Work?
Visit the XE website or download the XE mobile app.
Create an account by providing basic personal information and completing the verification process.
Log in to your XE account.
Check the live exchange rates and choose the currency you wish to transfer.
Confirm the exchange rate either online or via phone with an XE representative.
Provide the recipient’s bank details and the amount you wish to send.
Transfer your funds to XE using your preferred payment method.
XE will then convert and send the funds to the recipient’s bank account, typically within 24-48 hours.
Which Countries and Currencies Does XE Support?
XE supports international money transfers to over 200 countries, ensuring a wide global reach.
XE offers services in more than 100 currencies, including but not limited to:
What Payment Options Does XE Offer?
XE provides various payment options to facilitate international money transfers, including:
- Bank Transfer: The most common method, allowing you to send funds directly from your bank account to the recipient’s bank account.
- Debit/Credit Card: XE accepts major debit and credit cards for funding your transfers.
- Wire Transfer: For larger amounts or specific needs, wire transfers are also supported.
What are XE's Transfer Limits?
XE has flexible transfer limits to accommodate different needs:
- Minimum Transfer Amount: Typically, there is no minimum transfer amount, but some methods might require a small minimum.
- Maximum Transfer Amount: The maximum online transfer limit is £350,000. However, XE allows large transfers, often exceeding $500,000 per transaction, depending on the user's verification status and local regulations.
What Promotions and Discounts Does XE Offer?
XE occasionally offers promotions and discounts to its users, including:
- First Transfer Discount: New users might receive a discount on their first transfer.
- Referral Program: Users can earn rewards by referring friends and family to XE.
- Seasonal Promotions: XE runs seasonal promotions, offering reduced fees or better exchange rates during specific periods.
What Customer Support Does XE Provide?
XE prides itself on excellent customer support, providing multiple channels for assistance:
- 24/7 Availability: Customer support is available around the clock.
- Phone Support: Users can contact XE via phone for immediate assistance.
- Email Support: For less urgent queries, email support is available.
- Live Chat: The XE website and app feature live chat for real-time support.
- Extensive FAQs: The XE website hosts an extensive FAQ section covering common questions and issues.
When to Use XE for International Money Transfers
Our Verdict
XE is a highly reputable and reliable provider of international money transfer services, known for its competitive exchange rates and strong regulatory compliance.
With a user-friendly platform, excellent customer support, and a broad reach, XE is an excellent choice for both individuals and businesses looking to transfer money internationally.
While there are some limitations, such as the stricter verification process, the overall benefits and cost-effectiveness make XE a top contender in the market.
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Matt Woodley is the founder of InternationalMoneyTransfer.com, with degrees in Finance, Marketing, Economics, and History from the University of Auckland. Leveraging his expertise and experience in the international relocation industry, Matt has built a platform that simplifies global money transfers. His work focuses on efficiency, transparency, and making international currency accessible, driven by a passion for innovation and simplicity.
