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Xe Money Transfer: Review & Comprehensive Guide

Updated on August 10, 2023 11:54 am
Xe

In an increasingly interconnected world, the ability to transfer money seamlessly across borders is of extreme importance to many people. Enter Xe Money Transfer, a prominent name in the realm of international financial services. With a legacy spanning over two decades, XE has cultivated a reputation for providing reliable, secure, and efficient money transfer solutions. Whether you're a global entrepreneur, an immigrant supporting family, or a traveler navigating international expenses, Xe Money Transfer offers a potent blend of competitive exchange rates, swift transactions, and a user-friendly experience. 

In this review, we'll explore the features and benefits of Xe's money transfer service, examining how it stands out in the competitive landscape of global remittance solutions. Whether you are a curious newcomer seeking a reliable remittance solution or a seasoned user of the service, we've got you covered with all the essential information you need to know about Xe.

In this comprehensive Xe review, we take a deeper dive into the XE online money transfer service and determine if it is the best option for sending money overseas.

What is Xe Money Transfer?

Xe is a one-stop shop service that specializes in both sending money online and tracking exchange rates. Xe has been a prominent player in the field of foreign exchange and international currency conversion since its founding in 1993. Xe provides both money transfer and money exchange services. Xe money exchange focus is on providing accurate and up-to-date exchange rate information to individuals and businesses around the world.

Xe gives many of its competitors a run for their money by their renowned competitive rates and stellar reputation for being able to send money online to 200 countries in 100 currencies.

To get started with Xe, you simply need to create a free account and begin the simple money transfer process, which will be outlined later in this review. Maintaining your Xe.com login requires no fee. Once you have secured your Xe login, you can begin the money transfer process through Xe.com or the Xe App.

Countries supported by Xe Money Transfer include: 

  • Australia
  • Bangladesh
  • Canada
  • Chile
  • China
  • France
  • Germany
  • India
  • Japan
  • Malaysia
  • New Zealand
  • Pakistan
  • Philippines
  • Singapore
  • Sri Lanka
  • Kenya
  • France
  • Germany
  • Greece
  • Spain
  • United Kingdom
  • Italy

You can view the complete list of countries served by Xe by clicking on the “Send” tab and, then, clicking the “Destination Country” button on the money transfer calculation tool and scrolling through the list that appears. 

How Much Does Xe Money Transfer Cost? 

The fee that you will pay for your money transfer will depend on three factors: your payment method, the currency you are sending, and the country the funds are being transferred to. 

You can view your exact fee breakdown before you confirm your money transfer either though the Xe app or the Xe website. 

[From Xe Help Centre] 

Like most remittance services, Xe also makes money when converting your currency for your transfer.  Xe uses live rates so your send rate could change before you confirm your transfer. Xe transparently transfers the send rate throughout your transfer, you will be notified if your transfer rate changes. 

Want to have an idea of what your Xe transfer fee will be before you commit to the process of creating a login? Before you begin the official process, you can use the transfer calculation tool to see a tentative estimation of the transfer cost, how much you will save, how much your recipient will receive, and how long the transfer will take. 

How Much Money Can I Send Using Xe? 

Because of international limitations, international money transfer does have limits on how much you can transfer in a single transaction.  

Here is a simple breakdown of the limitations by region retrieved from the Xe website: 

UK & Europe (GBEU): GBP 350,000 or sending currency equivalent
United States (US): USD 535,000 or sending currency equivalent
Canada (CA): CAD 535,000 or sending currency equivalent
Australia & New Zealand (AUNZ): NZD 750,000 or sending currency equivalent

(The payment method you choose may also determine how much you can send) 

Customers in Canada and the USA paying by bank or wire transfer: 
Customers in Canada need to send $3000 CAD or more to pay by bank or wire transfer
Customers in the USA need to send $3000 USD or more to pay by bank or wire transfer

Xe understands that some customers need to send more money. If you send more than $50,000 USD a year, then you have access to Xe’s large money transfer team who can assist through the specially catered plan of sending the large amount of money that you plan to end. 

How Long Does Xe Take to Transfer Money?

While it is important for us to highlight that each transfer is unique and their transfer times are dependent on the amount and destination country, Xe prides itself on its speedy money transfer. If not sending your funds within a few seconds of confirming your transfer, Xe aims to complete your transfer within 1-3 business days.

You can either use the money transfer calculation tool on the “Send” tab to get a general estimation of how long your transfer will take or once you log in and begin your transfer process, Xe will provide you with a more solidified deadline for your transfer. If you have the Xe app, you will even be able to track your money transfer right from the convenience of your mobile device. 

Is Xe Money Transfer Safe? 

Xe is owned and operated by the reputable NASDAQ company Euronet Worldwide. As an international company, Xe is required by law to meet the regulatory standards of Europe's GDPR (General Data Protection Regulation), Canada's Privacy Act, and The US Privacy Act. 

After being in the currency business for over 20 years, Xe prides itself on keeping your money and information safe. Xe employs the use of state-of-the-art money security software and encryption, fraud detection and prevention services, and more to keep your money. 

How to Send Money Using Xe? 

Now for the biggest question you must have: how does Xe work? 

Sending money with Xe requires you to first create an account. The account is free; you can register with your email and chosen password.

As mentioned previously, before you begin the official process, you can use the transfer calculation tool to see a tentative estimation of the transfer cost, how much you will save, how much your recipient will receive, and how long the transfer will take. 

Once you have an account created, follow these detailed steps to set up your first remittance transaction.

  1. Get a quote. Enter the currency you would like to transfer, how much money you are planning to transfer, and the destination. 
  2. Add a recipient. Enter your recipient’s transfer-related information. Provide their name, address, bank account number/IBAN swift/BIC, and payment information. Your recipient can receive money through a wire transfer, a mobile wallet with a trusted partner, and cash pickup with a trusted partner.
  3. Verify your identity. You may not need to do this for every transfer. Some transfers may require verification documentation to protect your money and your identity. 
  4. Confirm your quote. Review your transfer and make sure you have confirmed and funded your transfer with a bank account, credit card, or debit card (whichever payment method you have selected). 
  5. Track your transfer using your Xe account or mobile app. Xe also provides live chat, phone, and email support should you need extra assistance. 

How to Contact Xe? 

As mentioned above, Xe provides live chat, phone, and email support should you need extra assistance. The live chat feature can be accessed by going to the Help Centre. 

Calling from the United States: 

+1-877-932-6640

Transferring money internationally not from the United States? Going to the “Contact” and then navigating to the “Call” page will lead you to the page where you can find what number to call based on which country you are calling from. 

Pros of Xe Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the Xe money transfer service are:

  • Convenient and quick to use. The simple usability of the transfer calculation tool gives you a good idea of what your transfer will look like once you begin the process, further simplifying the process.
  • Quick transfer time. Many of the transfers can be completed in seconds if not within 1-3 business days. 
  • Decades of experience in the business. Xe has been helping customers transfer their money for decades. You will be in experienced hands. 
  • Serves 200 countries and 100 currencies.  
  • Ability to cancel if your transfer is still pending. To cancel an Xe money transfer, you can go into your account or app to see how far along your transfer is. If your transfer is still pending, you can cancel hassle free. 
  • Competitive exchange rates that strive to serve the best deal in the market. 

Cons of Xe Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the Xe service are:

  • Confusing transfer fees. Because Xe’s transfer fees are based on changing exchange rates and other factors, it is hard to know your exact fee until you are right about to confirm. 
  • You can be charged for 3rd party fees (such as from your bank, etc.) without Xe being able to do much about it. 

Xe Money Transfer Service: Best Feature 

As mentioned before, Xe introduces their money transfer calculation tool before you have even set up an account. This allows the user to check the tentative details of their planned transfer without the commitment of having to create an account and entering bank account details. 

Xe Money Transfer Service Alternatives

If you’re looking for an alternative to Xe’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

Xe Money Transfer Reviews

Need more assurance about Xe? Is Xe legit? Let’s see what users of Xe have to say. Sourced from multiple platforms, customer reviews of Xe are: 

Xe scores high on TrustPilot with a TrustScore of 4.2 out of 5. 

“I have been using xe.com for transferring funds from US to India for last 2+ years now. I have found this one of the best sites proving the best and competitive exchange rates besides being very reliable and trustworthy. Never had to contact customer service since everything was done in timely manner without any issues whatsoever. Keep it up folks and will certainly use it even more in the coming months and years..” - Tushar Desai on TrustPilot

I was initially sceptical but proceed with my transfer anyway late Friday last week, and getting more nervous after reading most of reviews here! Thus I took snapshot of transactions and ensured all recipient details correct when communicating with their customer service. After 2 working days, recipient received it and very good rate aud to myr.” - User on ProductReview

Have traded with Xe about a dozen times, all with great service. Most recent trade was delayed due to minor issue. Excellent help from two very knowledgeable and proactive women in support dept. Issue instantly solved, money in my Spanish bank account within couple of hours. Brilliant company.” - Philip on TrustPilot

Negative reviews pertain to issues with identity verification and transfer cancellations/delays as a result. 

To see even more trusted reviews from users of Xe, check out CompareRemit’s review page.  

Do We Recommend Xe?

Xe has been a trusted remittance service for years. The simple process allows Xe to be a very convenient option for beginners, those seeking a service with a larger and diverse list of countries they serve, and those looking to transfer money quickly and hassle free. 

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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You may have to pay a fee for the replacement card.Pros and Cons of PaycardsProsA win-win situation for unbanked employees and their employers.Green alternative to paper checks.Immediate payment to employees.No hassle of cashing a paycheck.No monthly or maintenance fees.Added security when assessing their funds (paycards require a PIN).Employees can report to the issuer if funds are used unauthorized.Paycards can be reloaded during each payday, saving money on issuing paper checks.Added efficiency for the employer as the employer would not have to physically present or mail paychecks to unbanked employees.ConsEmployees may incur fees for several reasons. Be aware of such potential fees.Employers have certain responsibilities to educate employees about the usage of paycards.Limited range of services and flexibility in managing your funds compared to bank accounts and other prepaid cards.The best paycards programs are easy to set up, have lower fees, quick access to funds, and provide a range of benefits such as cashback and discounts. We have made a list of popular paycards providers for businesses:Wisely Paycard by ADPOnline portal and mobile appCompatible with Apple Pay, Samsung Pay, and Google PayZero cost sign upNo hidden feesNo credit checkNo overdraft feeZero cost direct deposit of pay and other sources of income (including government benefits)Accepted wherever Visa is acceptedKeep track of spending and account balances 24/7 on the appGet cash back at major retailersSurcharge-free ATM withdrawalsFDIC insuredSecurity features include instant card lock, purchase protection, and travel alert notificationsRapid PaycardDirect Deposit onto rapid paycardLoad funds from approved checks with Ingo Money mobile appsNo fee for cashing paycheck24/7 account access with rapid! Access mobile appNo credit checkCan be used at ATMs, merchants worldwide, wherever Debit Mastercard or Visa debit cards are acceptedPay bills and make purchasesBook airline and hotel reservations onlineEarn interest on savings accountGet cash back rewardsFDIC insuredMoney protected with Zero Fraud LiabilityKittrell PaycardNo fees to use (there are fees for certain situations)Fee-free ATM network with MoneyPassWebsite and Kittreall AppGet real-time alerts and push notificationsCash back at point-of-sale terminals2-way texting to manage your card and accountCompatible with Apple Wallet, Google Pay, Samsung PayEasy portability (Get direct deposit of stimulus checks, tax refund, benefits)Freeze or unfreeze card on-demandSkylight PaycardZero sign up feeNo credit checkNo minimum balance Personalized your card with a family photo or unique imageManage money anywhere on Mobile AppDirect deposit your government benefits, tax refundsUse anywhere where Visa Debit & Debit Mastercard are acceptedFDIC insuredZero liability protectionPay bills onlineEarn interest on savings accountEarn cash back with Payback RewardsSend money to or receive money from friends and family with Netspend cardsSet text alerts about transactionsRefer a friend and boost your card balanceSkylight overdraft limit is $100 & 3 times/ monthConclusionOverall, paycards can be convenient and cost-effective for employees and employees when compared to paychecks or for those employees with no bank account. And the paycard fees are becoming more transparent and competitive.While paycards can be challenging at times, especially when you are employed in multiple jobs and have a separate paycard with each employer, your funds are scattered in multiple cards so it becomes difficult to manage your finances. Some may prefer to put all their money in one place, like a checking account.However, if you can't open a bank account, a paycard is a great option to get paid. Read the fine prints before signing up for a paycard and know the potential fees that come with it.

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