XE Trade money transfers review April 2018 | finder.com

XE Trade money transfers review April 2018

Enjoy free, fast international money transfers with XE Trade.

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

XE Trade offers a range of flexible features to ensure fast and simple international money transfers. With no fees on its transactions, XE Trade allows you to convert from 24 popular currencies into over 50 other currencies from around the globe.

Established in Canada in 1993, XE has grown into a Top 400 company and a leading service of currency tools to individuals and companies all around the world. XE Trade has handled a massive $10 billion worth of global payments.

Product NameXE
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer Methods
Online,
Transfer Options
One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
3 - 5 days
Banking PartnerXE
Customer Service
Phone, Email
Available CurrenciesAED, AUD, BBD, BHD, BSD, BWP, BZD, CAD, CHF, CZK, DKK, EUR, FJD, GBP, GHS, HKD, HRK, HUF, ILS, JMD, JOD, JPY, KES, KWD, LKR, LSL, MUR, MWK, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RSD, SEK, SGD, SZL, THB, TND, TRY, TTD, USD, XCD, ZAR, ZMW
Exchange Rate UpdatesReal time

How much does it cost to transfer money with XE?

XE does not 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 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.

Outgoing wire transfers do attract a fee, although this is generally lower than what banks charge for a similar transaction. In some rare cases you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers.

XE exchange rates

As XE specializes in a wide range of foreign currency solutions, customers can access 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.

Who charges less?

Independent transfer services usually win out over banks when it comes to fees, and XE is no exception. There are several other providers who will send a transfer for free with competitive exchange rates, including OFX, HiFX, Transferwise and World First.

What types of transfers can you carry out with XE?

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.

In addition to one-off transfers, XE Money Transfer also allows you to enter bids for exchange rates you would like to receive. XE will then monitor global markets and when the rate appears, will automatically lodge your transfer for you.

Pros and cons of using XE

Pros

  • 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.

Cons

  • No credit card payment. XE does not allow you to pay for an international money transfer from your credit card.
  • No cash pickup. Transfers must be sent to your recipient’s bank account.

The registration and transfer process

Signing up for an account with XE is simple and entirely free. The process shouldn’t take too long if you have your identification on hand. Follow these steps to sign up:

  1. Go to the XE Money Transfer website.
  2. Select Get Started.
  3. XE get started screen

  4. Sign up for an account. Provide the country you live in, your email address and select Continue.
  5. XE country and email request

  6. Fill out your title and name and select Continue.
  7. XE name and title request form

  8. Finish creating the online account. Create a password and security question, then select Next: Your details.
  9. XE password selection form

  10. Provide further details. You’ll need to give your address, phone number, date of birth, Social Security number, occupation and the type of identification you want to supply. Then select Next: Your requirements.
  11. XE a bit more about you form

  12. Provide documentation. Upload your chosen piece of identification.
  13. Wait for your account to be approved. Make sure your documents are clear, fully pictured and in a supported file type.

Once that’s taken care of, lodging a transfer is easy. Sign in and provide your payment details, the amount you wish to send, the currency you wish 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 cancelling a transfer

Email and SMS notifications are used to alert customers when funds have been sent, but XE requests one to four working days for payment to arrive. At any time if you need to check on the status of a transfer or cancel it, you’ll need to call XE Money Transfer at 1-877-932-6640.

Bottom line

XE offers a competitive and affordable solution when you need to send money overseas. Just make sure to compare its services with those of other money transfer services to find a company that meets all your money transfer needs.

See how other services compare to XE Money Transfer

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.816 EUR 4,081 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 Within an hour USD 3.99 0.817 EUR 4,080 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 100 3 - 5 days USD 0.00 0.815 EUR 4,077 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1,000 1 day USD 0.00 0.812 EUR 4,062 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 50.00 0.819 EUR
4,054
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds overseas with our money transfer partners.

Frequently asked questions about XE money transfers

Was this content helpful to you? No  Yes

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 and Conditions and Privacy Policy.
Go to site