Xe: A Cheap & Fast Way to Send Money Transfers
- Number of Currencies
- 130
- Minimum Transfer Amount
- $1
- Pay By
- Credit card, Debit card, Bank transfer, Google Pay, Interac e-Transfer, Direct debit (EFT)
- Fees (Pay by Bank Transfer)
- $0
Our verdict
Send funds to 190+ countries with Xe, an international money transfer service and currency conversion platform.
Through XE's extensive network, you'll be able to transfer money to more than 190 countries in over 130 currencies. And there's only a small fee to pay on transfers below $1,000 CAD, which you'll be shown upfront. But pay close attention to transfers without a fee and check you're ok with the exchange rate markup as you won't find the mid-market rate being used on any of XE's transfers or its online calculator.
Ninety percent of money transfers are completed in minutes. Occasionally, certain factors can affect the transfer completion date, but you track its progress on the app or desktop site.
Pros
-
Good for sending large amounts with zero fees and competitive exchange rates
Cons
-
Look elsewhere if you want to send cash or transfer funds to a mobile wallet
Details
Product details
| Product Name | Xe Money Transfers |
| Pay By | Credit card, Debit card, Bank transfer, Google Pay, Interac e-Transfer, Direct debit (EFT) |
| Receiving Options | Cash pickup location, Bank account, Mobile wallet |
| Customer Service | Phone, Live chat, Email |
| Available Currencies | AED, ALL, AMD, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BHD, BND, BSD, CAD, CHF, CLP, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, INR, JOD, JPY, KRW, KWD, KZT, LKR, LSL, MGA, MKD, MUR, MWK, MXN, NAD, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, PYG, RON, RSD, RWF, SEK, SGD, SRD, THB, TJS, TND, TRY, TTD, UGX, USD, ZAR |
What is Xe?
Headquartered in Ontario, Xe is a forex and international money transfer services provider that lets you send money in 130+ currencies to 190+ countries. The name is derived from the chemical symbol for Xenon.
Since its creation, Xe has become a global go-to provider of currency conversion services and exchange rate information. The company offers currency conversion tools, international money transfer services and business payment solutions.
Xe was founded in 1993 by two high school friends but was acquired by major European securities trading company, Euronext, in 2015. It has offices around the world, including Australia, New Zealand, the UK and the US.
Pros and cons of Xe
Pros
- Low fees. If you’re sending $1,000 or more, the send fee is $0. If you’re sending less than $1,000, the send fee is as low as $5.
- Fast transfers. Xe states 90% of its transfers are completed in minutes, but certain factors can affect the transfer completion date. Xe keeps clients updated by email throughout the process.
- High maximum. Send up to $600,000.
- Competitive exchange rates. Xe offers highly competitive exchange rates.
- Supports many countries and currencies. Send money to 190+ countries in 130+ currencies.
- Supports recurring transfers. Avoid missed or late payments by setting up preauthorized payments.
- Hedging options. Guard against unfavourable exchange rates with forward contracts, market orders and limit orders.
- Cash pickup. Xe allows users in Canada, Europe, New Zealand, Australia, the USA and the UK to send cash to a recipient.
Cons
- Doesn’t support transfers in some exotic currencies. You can’t send some exotic currencies like the Egyptian Pound (EGP), Lebanese Pound (LBP), Liberian Dollar (LRD) or Iraqi Dinar (IQD).
- Fees for small transfers. Although transfers above $1,000 are free, you’ll have to pay a small fee for lower amounts.
What are Xe’s money transfer fees?
Xe doesn’t charge any fees or commissions on international money transfers above $1,000. However, for smaller amounts, it charges different fees for different amounts, transfer methods and destination countries.
When you initiate a transfer and input the amount you want to send and where you want to send it, you’ll be able to see Xe’s exchange rate and fees, so there won’t be any surprises.
For example, if you want to send $100 to the United States, this is what your fees will look like:
Xe doesn’t charge any other fees, but intermediary banks or the financial institutions through which funds must pass to reach your recipient’s account may charge their own fees. Your recipient’s bank could also charge a fee for incoming transfers.
Xe isn’t responsible for any fees other than its own, so it can be tough to predict exactly how much will end up in your recipient’s account. The same uncertainty exists when sending money through any other money transfer service or bank, though. However, the receiving amount quoted by Xe can serve as a fairly good guide.
How does Xe make money?
Although there are no fees for sending an Xe money transfer over $1,000, Xe still makes money off the exchange rate. Like most money transfer services, Xe takes a fee equivalent to a small percentage of the mid-market rate (called a “margin” or “spread”).
The rate you’re quoted before sending a transfer includes this fee, which is why the rate is different from the mid-market rate you’ll see on Google or Reuters.
What are Xe’s exchange rates?
Xe offers a currency converter that displays real-time midmarket rates, but if you want to see the actual rate you’ll get when sending money, you can initiate a transfer to see the send rate and the amount your recipient will get. You don’t have to continue with the transfer if you don’t like the current rate or fees.
Example: Sending a $1,000+ Xe money transfer from Canada around the world
As of August 2025, here are the exchange rates and transfer fees for sending $1,000 or more from Canada to bank accounts around the world through Xe.
| Sending to | Currency | Mid-market exchange rate | Xe exchange rate | Margin |
|---|---|---|---|---|
| Philippines | PHP | 41.3266 | 41.2170 | 0.27% |
| India | INR | 63.7070 | 63.2509 | 0.72% |
| Pakistan | PKR | 205.892 | 203.678 | 1.08% |
| United Kingdom | GBP | 0.5407 | 0.5259 | 2.73% |
| France | EUR | 0.6253 | 0.6077 | 2.81% |
| Mexico | MXN | 13.4789 | 13.3083 | 1.27% |
Sending an Xe money transfer step by step
- Create an account. Head to the website, click Register and follow the steps when prompted. You’ll need to provide basic information as well as create a password and security question for your account and provide some documents to prove your identity or address. You’ll need to wait for your account to be approved before you can send money. The approval process is done online and involves uploading your ID and a selfie to confirm your identity. It’s a quick and easy process.
- Log in to your account. On your account dashboard, you can view and track transfers, check out the latest exchange rates and more.
- Initiate a new transfer. On mobile, tap the Send button at the bottom of the screen. On desktop, you can begin inputting transfer details right in your dashboard, or click Send money at the top of the screen.
- Input currencies and sending amount. Select your sending and receiving currencies from the dropdown menus, and enter the amount you want sent or received. The exchange rate, transfer fee (if any) and total cost of the transaction will appear.
- Enter your recipient’s information. Be prepared to provide the name, country and financial information of the person or business to whom you’re sending funds. You’ll also need to indicate the reason for the payment (i.e., gift, bill payment, investment, salary)
- Select your payment method. Choose debit, credit, bank transfer, Interac, Google Pay or EFT direct deposit to fund your transfer.
- Confirm the details. Double-check the details of your transfer, including the costs, receiving amount and your recipient’s information. Make sure everything is input correctly, as it’ll be difficult to cancel the transfer later on if you need to.
- Submit your transfer. Xe will give you a PDF confirmation form with details on how to transfer money into its bank account to complete the transaction. Once this is done, the transfer will be initiated. You can log in to your account any time to track the status of your transfer.
What payment methods does Xe accept?
Xe accepts the following payment methods:
- Debit card
- Credit card
- EFT direct debit
- Bank transfer
- Interac
- Google Pay
What delivery methods does Xe offer?
Xe offers three delivery methods, depending on where you’re sending money to, but you can typically transfer funds directly to your recipient’s bank account or to a cash pickup location.
Xe has recently introduced paying and delivering funds using a mobile wallet, but it’s not available in every country yet.
What is Xe’s money transfer speed?
Ninety percent of money transfers with Xe arrive within minutes, but the transfer speed depends on your payment method.
| Payment method | Transfer speed |
|---|---|
| Debit card | Within 24 hours |
| Credit card | Within 24 hours |
| EFT direct debit | Within 3 business days |
Note that Xe will only initiate your money transfer after it has received your funds, so payment delays could add to your overall transfer time.
How does Xe compare to other money transfer services?
Is Xe legit?
Xe is regulated in all the countries in which it operates and follows industry-standard best practices for keeping customers’ money and personal information safe.
The company complies with regulatory laws such as the GDPR in the EU, the Privacy Act in Canada and the Privacy Act in the US. It’s regulated by a number of agencies around the world, including the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) and l’Autorité des marchés financiers (AMF) in Quebec.
Customers’ funds are kept separate from the company’s funds as a safeguard in case the company ever runs into financial difficulties.
And, as of August 2025, Xe has an A+ with the Better Business Bureau and an average rating of 4.4 out of 5 stars on Trustpilot based on over 79,000 reviews.
Does Xe have an app?
Yes, Xe has an app on both the Google Play Store and Apple App Store. With the app, you can:
- Log in using biometrics. Supports fingerprint and face recognition for easier login.
- Send money 24/7. Initiate transfers anytime, anywhere. Save your transfer, and resume sending when it’s convenient for you.
- Track money transfers. Check the status of your transfer from the time it’s sent to when it arrives.
- Check live rates. Access real-time mid-market exchange rates for over 130 currencies.
- Set rate alerts. Set alerts to get notified when a currency hits your target rate.
| Google Play Store | 4.8 out of 5 based on 328,700 customer reviews |
| Apple App Store | 4.8 out of 5 based on 49,700 customer reviews |
As of August 12, 2025
Best international money transfer apps
What do reviews say about Xe?
Customer reviews across platforms like Trustpilot, the Google Play Store and Apple App Store are generally positive. Many users like the platform’s competitive exchange rates, low transfer fees and transparent currency conversion. They also appreciate the app’s user friendliness and real-time exchange rate tracking, making it popular for both one-time transfers and regular currency monitoring.
That being said, some customers have noted occasional delays in transfers and slow or unhelpful customer service responses.
How reliable is Xe?
Xe is generally considered a reliable option for international money transfers, backed by its long-standing presence in the foreign exchange market since 1993. The platform operates under the oversight of financial regulators in each country, which helps ensure compliance with security and anti-fraud measures.
Transfers are encrypted, and users can track their transactions through the app or website. However, reliability may vary depending on the destination country, transfer method and the speed of local banking systems.
How do I contact Xe?
Xe can be contacted by phone. To access how-to articles and get answers to frequently asked questions, visit Xe’s website or log in to your account. On mobile, tap the profile icon at the top left corner of the screen, then tap Help Centre. On desktop, click Resources at the top of the screen, then Contact us.
Bottom line
Xe offers a reliable, low-fee way to send money to over 190 countries, with competitive exchange rates and transfer speeds that are often near-instant. Although it doesn’t support every currency, its global reach, high transfer limits and secure platform make it a solid choice for both personal and business transfers.
But, if you’d rather look elsewhere, consider our list of the best international money transfer services in Canada.
Frequently asked questions
Your reviews
Stacie Finder
Associate editor
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