Quick verdict
Good for
- Instant transfers
- Convenient payout options
- 160,000 cash pick-up locations
- Competitive exchange rates
Not so great for
- Transfer fees
- Paying with bank account or credit card
Check out full list of pros and cons below.
Learn more about:
Xpress Money exchange rates and fees
Xpress Money adds a margin on top of the mid-market exchange rate before selling currency on to you. Even so, these rates are typically better than what you would get from your bank, meaning more of the money you send makes it to your recipient.
Indicative exchange rates are listed on the Xpress Money website, but you’ll need to visit your nearest Xpress Money location to confirm the rate that will apply to your transaction.
From our research, the markup of exchange rate compared to mid-market rate is around 1.7-3.1% for major Asian currencies. For exotic currencies, the markup is more.
You’ll also need to pay a fee for each transaction, but the fee amount varies depending on the currency you’re sending and the size of your transfer. The way of receiving the money doesn’t affect the fee. In general, the fee for popular cash remittance corridors from Hong Kong to India, Indonesia and the Philippines, the fee is lower compared to other corridors.
Available currencies
Xpress Money offers fast transfers to more than 160 countries. Supported currencies include the following:
- BDT Bangladeshi taka
- CAD Canadian dollar
- EUR Euro
- GBP British pound
- INR Indian rupee
- NZD New Zealand dollar
- PHP Philippine peso
- USD US dollar
What types of transfers can you make with Xpress Money?
Your recipient can access the money you transfer with Xpress Money in the following ways:
- Bank account transfer. You can deposit funds directly into your recipient’s overseas bank account.
- Cash pick-up. Your recipient can collect the cash you send from more than 160,000 Xpress Money partner locations around the world.
- Home delivery. The cash you send can be delivered to your recipient at their home address.
- Mobile wallet transfer. The funds you send can be deposited directly into your recipient’s mobile wallet.
However, please note that not all transfer methods are available in all countries.
How long does a transfer with Xpress Money take?
Xpress Money offers instant money transfers, with the money you send typically available within minutes.
However, if you’re sending funds that will be delivered to your recipient’s home, the transfer will take longer to process.
What payment methods does Xpress Money accept?
Xpress Money accepts cash payment at its agent locations only.
Is Xpress Money safe to use?
- Regulation. Regulated in Australia by ASIC and AUSTRAC
- Established. 1994
- Global network. 160,000+ cash pick-up locations in 160+ countries
In Australia, Xpress Money is regulated by the Australian Securities and Investments Commission (ASIC) and listed on the Australian Transaction Reports and Analysis Centre (AUSTRAC) Remittance Sector Register. However, last time we checked, it is NOT on the Licensed Money Service Operators by Hong Kong Customs and Excise Department. It mainly uses other agent locations rather than having its own branches.
The company claims to have a range of quality checks and controls in place to meet global security standards and to ensure Anti-Money Laundering (AML) compliance. A unique 16-digit PIN is generated for each transaction and provided only to you and your recipient, while you can also track your transaction online or via SMS alerts.
How does Xpress Money make money?
Xpress Money makes money in two ways:
- By charging a transaction fee each time you send an overseas transfer.
- By adding a margin on top of the mid-market exchange rate. The mid-market rate is the “real” exchange rate you see quoted on currency conversion websites like Reuters.
How to register an account
As Xpress Money offers cash transfers, there’s no need to sign up for an online account with the service. Instead, you simply need to visit your nearest Xpress Money location to initiate an in-person transfer request. Though you can still track your transfer on its website with your 16-digit XPIN number.
How do I make an international money transfer with Xpress Money?
You can send a transfer by completing the following steps:
- Visit your nearest Xpress Money branch.
- Provide your recipient’s name and contact details and specify how they will receive the money you send. If sending to a bank account, you’ll need to supply your recipient’s bank account details as well.
- Pay for your transfer.
- Share the 16-digit XPIN with your beneficiary and then track the transaction online or via SMS alerts.
What is Xpress Money?
Launched in London in 1999, Xpress Money is an instant money transfer service that offers convenient transfers to more than 160 countries. It is part of the UAE Exchange group of companies, which itself was launched in 1980 and has served more than 15 million customers around the world. This UAE-based company also offers the Unimoni online transfer service.
In a nutshell
Pros
- Send to 160+ countries. Xpress Money allows you to transfer funds to more than 160 countries, making it easy to send money all around the world.
- Global network. Xpress Money’s network of partner locations exceeds 160,000, allowing for convenient cash pick-ups.
- Competitive exchange rates. The exchange rates on offer from Xpress Money are generally better than those you can get from your bank.
- Multiple payout options. From bank transfer to cash pick-up and home delivery, your recipient can access the money you send in several ways.
Cons
- Transfer fees. Xpress Money charges higher transaction fees than some other money transfer services, so you may be able to find better value elsewhere. However, remember that you’ll also need to consider the exchange rate when calculating the total cost of a transaction
- Lack of alternative payment options. Xpress Money is a cash transfer service and does not accept bank account transfers. There’s no mention on the company’s website about whether credit card payments are accepted.
How does Xpress Money compare to other providers?
If you want to see how Xpress Money stacks up against the competition, compare its fees, exchange rates and transfer speeds with those offered by other providers in the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
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