Xe money transfer calculator and review

Xe charges a £1.99 fee for all international money transfers below £1,000 and no fee for any transfers above that amount. You’ll be notified if your money transfer is subject to a small fee before you send it.

You may also come across third-party charges with your transfer, although this is rare. This is when your recipient’s bank charges fees for receiving wire transfers.

Like many other money transfer providers, the exchange rate you receive when making a transaction with Xe is different from the mid-market rate. Exchange rates vary, but are typically between 0.5% and 2%.

Xe specialises in a wide range of foreign currency solutions and allows customers access to live exchange rates that reflect market conditions. These rates change regularly throughout the day to keep pace with any fluctuations in the market and are typically better than the rates offered by major banks.

You can send money to your recipient through Xe Money Transfers by either a traditional bank transfer or as a cash pickup option. Keep in mind that the cash pickup option is only available on the Xe app.

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

• Market 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.

You can pay for your Xe Money Transfer by bank or wire transfer, credit card or debit card. Xe does not accept payments by cash, cheques or bankers drafts.

If you wish to pay for your transfer by card, this can only be done online or through the app. Xe is unable to accept card payments over the phone.

Founded in 1993, Xe is a trading name of HiFX Europe Limited, which is authorised and regulated in the UK by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (registration number 46244). Whichever money transfer service you opt for, make sure it’s FCA-authorised – you can check in the Financial Services Register.

Both Xe and HiFX are under the umbrella of Euronet, a forex behemoth which also owns the transfer service Ria. Xe/HiFX/Euronet is authorised by various other local regulators in other countries, for example in Canada (where Xe is headquartered) the Financial Transactions and Reporting Analysis Centre of Canada (FinTRAC).

As part of its regulation Xe is required to use 2-factor authentication to protect your Xe account. This usually means that, as well as your password, you’ll typically have to enter a code texted to you when you log in. The “2 factors” can be any of “something you know” (e.g. a password), “something you have” (e.g. your mobile – confirmed by a texted code) and “something you are” (e.g. a fingerprint).

It’s worth noting that Xe and other money transfer services which aren’t banks don’t benefit from protection under the Financial Services Compensation Scheme (FSCS) – which can compensate users if a bank goes bust.

Ultimately it’s one of the biggest money transfer providers around, and Trustpilot users give Xe a score of 4.3 out of 5, based on over 50,000 reviews (as at August 2022).