XE Money Transfer is an online-based international foreign exchange business headquartered in Newmarket, Ontario, Canada.
Founded in 1993, XE Money Transfer has been in the financial services business for over 20 years. XE offers free online currency tools that allow visitors to check free live currency rates, send money fast internationally over 130 countries in more than 60 currencies, view historical currency charts for any currency pair in the world, and do rate analysis using the most accurate and latest data.
In addition to foreign exchange services, XE provides forward contracts, money orders, business transfers for international employees. XE also offers business-specific services such as currency data API.
Alongside Ria Money Transfers, XE is part of the Euronet Worldwide Group, one of the largest money transfer businesses in the world that have partnerships with well-known global companies such as Visa, Amazon, Apple, Google, Mastercard, PayPal, etc.
With zero transfer fees, XE money transfer is an inexpensive, competitive, and efficient way to send money internationally.
Below are the factors that need to be considered when deciding if a money transfer service is the right choice for your needs:
XE earns profit by charging a margin on the exchange rates which means the rates offered are not the mid-market rate although its website shows live exchange rates which you can check for free.
As with most money transfer companies, XE's margin rate for your transactions will be visible only after you sign up and are ready to make the transfer.
XE's exchange rates are typically between 0.5% and 2%. And importantly the margin on the exchange rate reduces as the transfer amount increases. This is the reason why XE is ideal for larger transfers as it gets less expensive.
Compared to exchange rates offered by traditional banks, XE is far better and its rates are competitive in the money transfer market.
XE doesn't charge any fees on international money transfers. However, there may be hidden charges levied by the participating banks which XE has no control over.
Since XE uses the SWIFT messaging system to facilitate money transfers across the globe, the recipient's banks or intermediary banks may charge a fee for processing the payment made through the wire transfers.
It is better to check with the receiving banks about such kinds of fees so that you are prepared for the expenses.
If you use your credit card to fund your transaction, additional fees of about 1.6% of the transaction amount may be added.
Most transfers are processed on the same day.
Usually, the transfer speed depends on the currency you are sending, the amount of fund transfer, and the banks involved. In most cases, it may take 2-4 days for the recipient's bank to receive the money.
For wire transfers where the SWIFT system is used, 1-3 intermediary banks may take part in facilitating the payment delivery before it finally reaches the recipient's account. That's why it takes longer for the transactions to be completed.
Opening an account with XE is straightforward. Here are the steps.
Once your account gets approved, setting up your money transfer is effortless. You will normally receive an email confirming the account approval.
Here are the steps to transfer money through your XE account.
XE Currency app is available for download on the Apple App Store and Google's Play Store. It has 4.5/5 stars on 4,900 ratings and 3.7/5 stars on 102,488 ratings on the respective app stores.
With the app, you have access to live mid-market rates for global currencies in the XE Currency Converter. You can send money overseas in 65 currencies to over 170 countries using the send rate offered by XE and track your transfer.
You can monitor up to 10 currencies of your choice, set up alerts for desirable mid-market rates.
Set up your money transfer account in minutes and send money on the go using the XE app on your smartphone. You can add an unlimited number of recipients easily.
XE is a trusted and world-renowned company in the currency exchange business. It is licensed and registered with the United States Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
In the UK, XE is registered with Financial Conduct Authority (FCA) and holds an Australian Financial Services License (AFSL) issued by the Australian Securities and Investments Commission (ASIC).
The company processed $115 billion last year.
Customer Reviews Of XE Money Transfer
The majority of the XE's customer reviews are positive. On TrustPilot, XE has been rated 4.6/5 stars with over 44,000 reviews.
They are known for their good customer support, offering services in multiple languages such as English, Spanish, French.
More than 80% of the reviewers were satisfied with XE's services, especially the ease of setting up the money transfer, the competitive rates, and the responsiveness of the customer service representatives.
However, the lesser percentage of reviews that were negative had to do with not receiving the funds in time, accounts getting blocked, or trouble with identity verification. This may be due to XE's compliance requirements leading to the disapproval of some accounts that failed to meet the ID requirements.
XE is a fully licensed and authorized company for international money transfers to over 130 countries in more than 60 currencies, which makes it a safe and secure way to transfer funds overseas.
There are no transfer fees. You only pay for a reasonable margin on the exchange rate and third-party charges.
XE is an excellent choice for large transfers as the margin on the rates gets reduced with a larger transfer amount, especially in countries like the USA, Canada, UK, Australia, and New Zealand where there are stronger services and network support.
For smaller transfers (less than $7000), there are alternative money transfer service providers. Comparing your options before sending your money is the most important step when it comes to choosing the right solution for your transfer needs.
XE money transfer is an online money transfer platform with excellent customer support that can help you anytime when you have trouble setting up your account online or with any other problem. The XE app also has high ratings with its users. With the easy sign-up process and user-friendly app, XE is one of the world's leading currency exchange websites.
Having said that, XE is not going to be the perfect choice for every single customer and every money transfer. That is why there are a variety of options in the market.