Review: XE Money Transfer – April 2020

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

  • Good for exchange rates that are more competitive than rates from the major banks, especially on larger transfers.
  • Not so great if you want to send to popular remittance countries like China or want to pay by card.


Min. Transfer Amount

NZD 500,000

Max. Transfer Amount

1 day

Transfer Speed


Product NameXE Money Transfers
Min. Transfer AmountNZD 0
Max. Transfer AmountNZD 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
Online Transfer FeeNZD 0
Phone Transfer FeeNZD 0
Exchange Rate UpdatesReal time


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


  • 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 0 1 day NZD 0.00 0.59 USD
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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:

  • AUD Australian dollar
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • CAD Canadian 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 transfer

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 New Zealand, 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

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 New Zealand’s regulatory body FMA (Financial Markets Authority), XE’s parent company is.

Part of this regulation means XE has to keep 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. Finalise 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 New Zealand, you can only use 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 New Zealand, Australia, the UK and the United States.

In a nutshell

  • 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 specialises solely in global currency markets.
  • No credit card payment. XE does not allow you to pay for an international money transfer from your credit card in New Zealand.
  • 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 250 1 day NZD 0.00 0.591 USD
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 0 1 day NZD 0.00 0.59 USD
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.591 USD
Exclusive offer: $0 transfer fee and discounted exchange rates for all Finder customers.
A higher exchange rate applies to non-finder customers. Send money in more than 60 currencies.
Go to site Show details
NZD 2,000 1 day NZD 0.00 0.591 USD
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. Go to site Show details
NZD 1 Within an hour NZD 3.99 0.59 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
AUD 250 1 - 2 days NZD 15.00 0.591 USD
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. Go to site Show details
NZD 1 1 - 2 days NZD 80.00 0.593 USD
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.589 USD
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.589 USD
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.


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