Xe Money Transfer Review

Send funds to 130+ countries with Xe, an international money transfer service and currency conversion platform.

  • Good for sending large amounts with zero fees and competitive exchange rates.
  • Look elsewhere if you want to send cash or transfer funds to a mobile wallet.

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Details

Product NameXe Money Transfers
Pay ByCredit card, Debit card, Bank transfer
Receiving OptionsBank account
Customer ServicePhone, Live chat, Email
Available CurrenciesAED, 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 money transfer?

Headquartered in Ontario, Xe is an forex and international money transfer services provider that lets you send money in 98+ currencies to 130+ countries. The name is derived from the chemical symbol for Xenon—a dense gas with no colour, odour or taste.

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 2 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. Transfers over $500 CAD come with zero transfer fees. Transfers under CAD $500 cost only $3.00.
  • Fast transfers. Most transfers arrive within 24 hours (some take 1–4 business days).
  • High maximum. Send up to $535,000 CAD per transfer.
  • Competitive exchange rates. Xe offers highly competitive exchange rates.
  • Supports many countries and currencies. Send money to 130+ countries in 98+ 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.

Cons

  • Does not support cash transactions. You can’t pay in cash or send funds for cash pickup.
  • Limited receiving options. You can only send to bank accounts. Transfers to mobile wallets like Google Pay, Apple Pay and Alipay are not supported.
  • Does not 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).

Xe money transfer fees

Xe does not charge any fees or commissions on international money transfers above $500. However, there is a flat fee of CAD $3 for transfers of $499.99 or less. There are no account maintenance fees or other ongoing charges.

That being said, you could lose money to fees charged by intermediary banks, or the financial institutions through which funds must pass to reach your recipient’s account. Your recipient’s bank could also charge a fee for incoming transfers.

Xe is not 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. 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 $500, Xe still makes money off the exchange rate. Like most money transfer services, Xe takes a fee worth a small percentage of the midmarket rate (the “true” exchange rate between 2 currencies).

The rate you’re quoted before sending a transfer includes this fee, which is why the rate is different to the midmarket rate you’ll see on Google or Reuters.

Xe exchange rates

Xe offers a free currency conversion tool on its website. However, this is designed to show the midmarket exchange rate, not the rate at which you’re funds will be converted if you send an Xe money transfer.

The midmarket rate between a pair of currencies is the amount of one currency you need to equal 1 unit (dollar, peso, euro etc.) of another currency. It does not take into account fees deducted by banks or money transfer services for profit. It might be helpful to think of the midmarket rate as the “true” exchange rate between 2 currencies.

Xe does not offer money transfers at the midmarket rate. Instead, it deducts a fee (called a “margin” or “spread”) worth a small percentage of the midmarket rate. The lower the markup or spread, the lower your fees when converting funds for an international money transfer.

We found Xe’s exchange rate markup for many popular destination countries is often at or under 1%.

Example: Sending a $500+ Xe money transfer from Canada around the world

As of March 22, 2022, here are the exchange rates and transfer fees for sending $500 or more from Canada to bank accounts around the world through Xe.

Sending toCurrencyMid-market exchange rateXe exchange rateMargin
PhilippinesPHP41.631641.23950.94%
IndiaINR60.543660.39260.25%
PakistanPKR144.6192143.35940.87%
United KingdomGBP0.59970.59361.02%
FranceEUR0.72110.71371.03%
MexicoMXN16.134716.05880.47%

Xe money transfer: Step-by-step

  1. Log into your account. On your account dashboard, you can view and track transfers, check out the latest exchange rates and more.
  2. 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 New Transaction at the top of the screen.
  3. 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.
  4. Enter your recipient’s information. Be prepared to provide the name, country and bank 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 etc.)
  5. Select your payment method. Choose debit, credit, bank transfer or wire transfer to fund your transfer.
  6. 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. It’ll be difficult to cancel the transfer later on if you need to.
  7. 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 login to your account any time to track the status of your transfer.
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What types of transfers does Xe support?

Xe only supports transferring to bank accounts, so you can’t send money to mobile wallets or for cash pickup.

But the company offers a few different ways to send money to bank accounts, including a number of hedging options for guarding against unfavourable exchange rate fluctuations. In particular, it supports the following:

  • Regular payments. Send a one-time transfer, or set up recurring payments at a frequency that suits you.
  • Limit orders. Choose an ideal exchange rate and your transfer will automatically go through when it’s met.
  • Forward contracts. Lock in today’s exchange rate for a transfer in the future.
  • Business transfers. Xe offers a range of transfers and forex tools designed for business use.

What payment methods does Xe accept?

The following payment methods are accepted by Xe:

  • Debit card
  • Credit card
  • Bank transfers (direct debit)
  • Wire transfers

Xe money transfer speed

Most international money transfers with Xe should arrive the same day. However, some transfer may take between 1 and 4 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.

Transfers typically arriveClock icon for transfer speed

Within the same day

How does Xe compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Africhange
Within an hour
$0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Instarem
Within minutes
From $0
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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Compare up to 4 providers

Is Xe money transfer safe?

Xe is regulated in all of 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.

Xe claims to have processed over $115 billion in 170 countries for more than 112,000 customers. Customers’ funds are kept separate from the company’s funds as a safeguard in case the company ever runs into financial difficulties.

As of March 23, 2022, Xe has an average rating of 4.4 out of 5 stars on Trustpilot based on nearly 60,000 reviews.

Does Xe have an app?

Xe mobile app screenshot of sending a money transfer

Yes, Xe has an app on both the Google Play Store and Apple App Store. The app makes it possible to do the following:

  • Log in using biometrics. Supports fingerprint 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.
Reviews accurate as of March 21, 2022
Google Play Store3.5 out of 5 based on 106,290 customer reviews
Apple App Store4.4 out of 5 based on ‎2,195 customer reviews

Best international money transfer apps

How do I contact Xe money transfer?

Xe can be contacted by phone. To access how-to articles and get answers to frequently asked questions, visit Xe’s website, or log into your account. On mobile, tap the profile icon at the top left corner of the screen, then tap Help Centre. On desktop, click Help Centre on the far right of the menu at the top of the screen.

Bottom line

Whether you’re a forex trader or are simply looking to send an international money transfer, Xe offers a powerful set of features. You’ll have to look elsewhere if you want to send cash transfers, but otherwise, Xe is definitely worth checking out for your next overseas remittance or payment.

  • Low or no transfer fees
  • High maximum sending amount ($535,000 CAD)
  • Currency hedging options (limit orders, forward contracts, market orders)
  • Supports recurring transfers

International money transfers from Canada

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