XE Money Transfer review: June 2019

Enjoy fast, secure and fee-free international money transfers with global payments provider XE.

Quick verdict

Good for
  • Larger transfers
  • The security of a well-known brand in the currency exchange sector
  • No fees
  • Exchange rates that are more competitive than major banks’
Not so great for
  • Sending to popular remittance countries like China or India
  • Cash or card payments
  • Smaller transfers under the $1 minimum
  • Cash pick-up

Product NameXE International Money Transfers
Min. Transfer AmountCAD 0
Max. Transfer AmountCAD 500,000
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, AUD, BBD, BGN, BHD, BSD, BWP, CAD, CHF, CLP, CZK, DKK, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KWD, LSL, MUR, MWK, MXN, NOK, NZD, PGK, PHP, PKR, PLN, QAR, RON, RSD, SEK, SGD, THB, TND, TTD, UGX, USD, VUV, XPF, ZAR
Online Transfer FeeCAD 0
Branch Transfer FeeCAD 0
Phone Transfer FeeCAD 0
Exchange Rate UpdatesReal time

Pros

  • Great rates and no fees
  • Secure and reliable
  • Trade in 60 world currencies

Cons

  • Not available for more exotic countries including Indonesia and Bangladesh

XE exchange rates and fees

XE does not charge any fees or commissions on international money transfers. It instead turns a profit on the spread, which is the difference between the price you receive for a transaction and the price it actually costs XE to complete that trade.

There are no ongoing account fees to worry about and no transaction fees. The exchange rate you’ll end up paying is different from the one on XE’s currency converter tool, which is a live feed of the mid-market rate.

In some rare cases, you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers. You’ll need to check with your recipient’s bank to find out how much it will be.

Calculate how much sending money overseas would cost with XE by using our tool below. You can also check out the real-time exchange rate XE offers and if there are any additional fees.

Rates last updated June 19th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Available currencies

XE transfers money in over 40 different currencies. You can check out the full list of the currencies above, but some of the more popular ones include:

  • CAD Canadian dollar
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • NZD New Zealand dollar
  • PHP Philippine peso
  • TBH Thai baht
  • USD US dollar

What payment methods does XE accept?

You can pay for your international money transfer with XE using bank transfers. You first need to confirm your transaction, then XE will provide you with its bank details. Unfortunately, XE doesn’t accept payments with cash or card.

What types of transfers can you make with XE?

XE offers a few different tools to help you make your money transfer, including:

  • Limit orders. Choose an ideal exchange rate and your transfer will automatically go through when it’s met.
  • Regular payments. Set up a recurring payment at a frequency that suits you.
  • Forward contracts. Lock in today’s exchange rate for a transfer in the future.
  • Business transfers. XE has a separate product specifically for businesses, as opposed to for personal use.

How long does a transfer with XE take?

Most international money transfers with XE should arrive within the day. However, certain transfer types may take longer. In Canada, XE only accepts payments through bank transfer.

It’s important to be aware when you’re setting up the transfer that your bank may take extra time to transfer money to XE. XE will only start your money transfer once it’s received the funds from your bank account.

Transfers typically takeClock icon for transfer speed

1 day

Is XE safe to use?

  • Security and regulation: XE is government regulated and holds its customers’ funds separate from the company’s own.
  • Established: 1993
  • Number of customers: 112,000* customers (this number is for Euronet, XE’s parent company, that also includes Ria).
  • Reviews: Trustpilot gives XE a score of 9.1* out of 10, based on around 1,900 reviews.
*According to XE and Trustpilot on 11 September 2018.

XE is part of a group of other international money transfer companies called Euronet, who also own Ria. As such, while XE isn’t regulated by Canada’s regulatory body FINTRAC (Financial Transactions and Reporting Analysis Centre of Canada), XE’s parent company is. The parent company is also registered with the Autorité des marchés financiers (AMF) in the Province of Quebec.

XE keeps its customers’ funds separate from its own. This means that should the company have any financial difficulties, your funds stay safe and secure.

How does XE make its money?

While XE charges no fees, it still makes money from each transfer because of the margin. That’s where the rate you’re quoted when setting up a money transfer is different from the live mid-market rate you’ll see on Google or Reuters. As a result, you should compare both the exchange rate the money transfer provider is offering, as well as any additional fees.

How to register an account

Signing up for an account with XE is simple and free. The following steps can help guide you through the process.

How to make a money transfer with XE

  1. Log in. You’ll land on your dashboard screen where you can navigate around your account details.
  2. Click “new transaction”. This button is at the top of your screen in the menu bar.
  3. Finalize how much you want to send. You’ll need to add in the currency pair and either how much you want to send, or how much you want the receiver to get. XE will then provide you with a quote the exchange rate you’ll receive.
  4. Add in the recipient’s details. This includes the recipient’s name, address, bank details and the reason for the payment.
  5. Select your payment method. For transfers from Canada, you can only pay with a bank transfer.
  6. Confirm your transfer. Make sure to double-check the exchange rate in case it has changed. You’ll also want to make sure all of your recipient’s information is correct, as cancelling the transfer later on is difficult.
  7. Transfer the funds to XE. XE will give you details so you can transfer money into its local bank account. This information will be on your PDF confirmation.
  8. XE sends your transfer. XE will complete the transfer once it receives the money. You can track this through your email updates or your online account.

What is XE’s background?

XE was established in Canada in 1993 by two high school friends and has since grown into one of the world’s leading currency rate providers. XE offers currency exchange tools and services to customers around the world.

Euronet acquired XE in 2015, where it joined other electronic payment and transaction companies. Other than XE’s Canadian headquarters, it has international offices in Australia, New Zealand, the UK and the US.

In a nutshell

Pros
  • No fees. XE doesn’t charge any transaction fees, commissions or ongoing fees.
  • Competitive rates. XE offers highly competitive exchange rates to customers. Compare XE’s rates with those offered by the banks to see how they stack up.
  • Currency specialists. Unlike banks, which offer a wide range of financial products and services, XE specializes solely in global currency markets.
Cons
  • No credit card payment. XE does not allow you to pay for an international money transfer from your credit card in Canada.
  • Need to create an account. To get a quote on the current exchange rate for your transfer, you need to create an account and sign in.
  • Currently missing some of the major currencies. You can’t send money to China or India with XE.
  • No cash pick-up. Transfers must be sent to your recipient’s bank account.
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How does XE compare to other providers?

Our table below shows you the exchange rate and fees for other money transfer specialists.

Rates last updated June 19th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
TransferWise International Money Transfers
CAD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
WorldFirst International Money Transfers
CAD 2,000
1 day
Online, Phone
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
CurrencyFair International Money Transfers
EUR 3
1 - 2 days
Online
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Venstar Exchange International Money Transfers
CAD 7,000
1 day
Phone, Bank Account to Bank Account
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000.
CurrencyTransfer International Money Transfers
GBP 5,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

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