Review: XE Money Transfer

&

Last updated:  

Enjoy fast, secure and low-fee 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.

£2

Fees (Pay by Bank Transfer)

£1

Minimum Transfer Amount

Details

Product NameXE Money Transfers
Minimum Transfer Amount£1
Pay ByBank transfer
Receiving OptionsBank account
Customer ServicePhone, Email
Available CurrenciesAED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR
Bank Account Required?Yes
Personal Account Manager?Yes

XE exchange rates and fees

XE charges a £2 fee for all international money transfers below £250 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.

XE turns most of its 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. 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.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
loading

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:

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

What payment methods does XE accept?

You can pay for your international money transfer with XE using:

  • Bank transfer
  • BPAY

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.

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 the UK, 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

24 hours

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, which also includes HiFX and Ria).
  • Reviews: Trustpilot gives XE a score of 4.7* out of 5, based on around 34,450 reviews.
*According to XE and Trustpilot on 8 January 2020.

XE is part of a group of other international money transfer companies called Euronet, which also owns HiFX and Ria. XE itself doesn’t actually do your money transfers – its sister company HiFX does. Both XE and HiFX are regulated by the Financial Conduct Authority in the UK.

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?

To keep its competitive rates, XE charges a £2 fee on small transfers below £250. For amounts above that, it still makes money from each transfer because of the margin. That’s why 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. Because of this, 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 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 for the exchange rate you’ll receive.
  4. Add the recipient’s details. This includes the recipient’s name, address, bank details and the reason for the payment.
  5. 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.
  6. 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.
  7. 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
  • Low fees. XE charges a flat fee of £2 for small transfers below £250 without any 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.
Cons
  • No credit card payment. XE does not allow you to pay for an international money transfer from your credit card.
  • 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.
Back to top

How does XE compare to other providers?

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
loading

Compare up to 4 providers

Want to compare XE to other services side-by-side?

Frequently asked questions

Back to top

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site