XE Money Transfer review
A secure, fee-free way to send money overseas.
finder.com’s rating: 4.1 / 5.0
Speed: 3.5 / 5.0
Services: 4.0 / 5.0
User experience: 5.0 / 5.0
Min. Transfer Amount
Max. Transfer Amount
1 - 2 days
|Product Name||XE Money Transfer|
|Min. Transfer Amount||USD 1|
|Max. Transfer Amount||USD 500,000|
|Transfer Methods||Online, Phone, Bank Account to Bank Account|
|Transfer Options||One off payments, Market orders, Forward contracts|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, BBD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, FJD, GBP, GHS, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KWD, LKR, MAD, MUR, MXN, MYR, NGN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RSD, RUB, SEK, SGD, THB, TND, TRY, TTD, TWD, USD, XCD, ZAR|
|Online Transfer Fee||$0|
|Exchange Rate Updates||Real time|
How much will I pay to send money with XE Money Transfer?
XE doesn’t charge any fees or commissions on international money transfers. Instead, it turns a profit on the spread, which is the difference between the price you receive for a transfer and the price it actually costs XE to complete it. In some rare cases you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers.
How are XE’s exchange rates?
The exchange rate you receive when making a transaction with XE is different from the mid-market rate. It’s common practice for money transfer services to use a similar spread, and it’s how XE makes a profit.
XE specializes 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.
What types of personal transfers does XE support?
You can send your transfer from your linked bank account via the following methods:
- Wire transfer
- Automated Clearing House (ACH)
The funds will then be deposited into your recipient’s bank account — they don’t need to hold an XE account in order to access the money you send. Cash isn’t currently an option to send or receive using XE.
Benefits and drawbacks
- 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 in global currency markets.
- No limit. Many transfer services impose a maximum you can send each month, but XE doesn’t.
- No credit card payment. XE doesn’t allow you to pay for international money transfers from your credit card.
- No cash pickup. Transfers must be sent to your recipient’s bank account.
How does XE compare to other services?
How do I send money through XE Money Transfer?
Signing up for an account with XE is simple and entirely free. Follow these steps to sign up:
- Go to the XE Money Transfer website.
- Select Get started.
- Sign up for an account. Provide the country you live in, your email address and select Continue.
- Fill out your title and name and select Continue.
- Finish creating the online account. Create a password and security question, then select Next: Your details.
- Provide further details. You’ll need to give your address, phone number, date of birth, Social Security number and occupation.
- Wait for your account to be approved.
Once that’s taken care of, setting up a transfer is easy. Sign in and provide your payment details, the amount you want to send, the currency you want to send it in and who you’re sending it to.
You’ll then be given a chance to review the exchange rate and the full details of your transaction, and when you’re happy with it you can send your money.
Processing times vary depending on where you are sending the funds and the transfer method you select. For example, while wire transfers take one to three days to complete, electronic funds transfers typically take two to four days.
Tracking and canceling a transfer
XE alerts customers by email and text when funds are sent, but you’ll wait one to four business days for payments to arrive. To check on the status of a transfer or cancel it, call XE Money Transfer at 877-932-6640.
XE offers a competitive and affordable solution when you need to send money abroad. But compare XE to other services to find a money transfer specialist that meets all of your needs.