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, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GHS, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NGN, 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|
|Online Transfer Fee||$0|
|Exchange Rate Updates||Real time|
Zak Killermann is a staff writer at Finder specializing in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been traveling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.
XE’s fee-free transfers are a great way to send money abroad, just make sure that the exchange rate you are being offered is competitive against the rates offered by other companies. With an easy sign up process, a straightforward app and one of the world’s leading forex pricing websites, XE has a lot to offer to new customers.
However, when sending large amounts of money XE’s mid-market margin may chip away at the total amount received by your family or friends. Of course, no money transfer service is going to be the perfect solution for every customer and every transfer, which is why it is important to compare XE against competitors before sending money.
What's in this guide?
- Why should I consider XE Money Transfer?
- What to be aware of with XE Money Transfer
- How much will I pay to send money with XE Money Transfer?
- See how much your XE money transfer could cost
- What types of personal transfers does XE support?
- How does XE compare to other services?
- How do I send money through XE Money Transfer?
- Where can I use XE Money Transfer?
- Is XE Money Transfer safe to use?
- Bottom line
- Frequently asked questions about XE money transfers
Why should I consider XE Money Transfer?
XE has many pros, including:
- No fees. XE doesn’t charge any transaction fees, commissions or ongoing fees.
- No sending limit. Transfers placed over the phone have no limit, but online transfers are limited to $500,000 per transaction.
- Custom alerts. Create currency pair alerts by email to receive notifications when your desired mid-market rate is met.
- Worldwide network. Send money to more than 130 countries from six different regions around the world.
- Competitive rates. XE will almost always beat the rate offered by your bank and even the rates offered by many other money transfer companies. Compare XE’s rates to see how they stack up.
What to be aware of with XE Money Transfer
XE has a few cons, including:
- Restricted payment options. XE doesn’t allow you to pay for international money transfers with a credit card or with cash.
- No cash pickup. Transfers through XE must be sent to your recipient’s bank account, there are no options for cash pickup, mobile wallet delivery or transfers to a debit card.
- No mid-market rate. XE transfers do not use the mid-market rate, so customers must pay attention to the transfer rate they are being offered when sending money.
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. When sending a money transfer with XE, you’ll pay:
- Mid-market markup. XE’x exchange rates vary, but are typically between 0.5% and 2%.
- Third-party charges. In rare cases you may incur a third-party charge, such as bank fees for receiving wire transfers.
How does XE make money?
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.
See how much your XE money transfer could cost
Use this table by entering the amount you want to send, selecting the destination country and clicking calculate.
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.
How does XE compare to other services?
With zero fees, XE is often one of the most competitive exchange services for certain markets. Use our comparison table below to see the rates offered by XE’s competitors for the currency and sending amount of your choice.
XE vs WorldRemit
See how XE Money Transfers compare to WorldRemit. Read our guide on why XE Money Transfers may offer lower fees and stronger exchange rates than WorldRemit, but transfer speeds may be slower.
XE vs OFX
These two popular services tend to be very similar in the fees and transfer speeds they offer, but XE often pulls ahead a bit when it comes to favorable exchange rates.
XE vs TransferWise
Transferwise almost always offers better exchange rates and these two services offer similar transfer speeds, but when it comes to low fees XE might be the better choice.
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.
Steps to send money through XE Money Transfer
After your account is approved you’ll typically receive an email. To send money after approval:
- Sign in to your XE account.
- Enter payment details.
- Select the amount you want to send.
- Select the currency you want to transfer to and enter your recipient information.
- Review all the details and click Send.
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.
Where can I use XE Money Transfer?
You can send money to more than 130 countries when sending money from the United States. Popular destination countries include:
- Hong Kong
- New Zealand
- South Africa
- United Kingdom
Is XE Money Transfer safe to use?
XE Money Transfer is operated by XE, a large and well-known international foreign exchange rate provider. XE is licensed and registered with:
- Department of Financial Services of the State of New York
- The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
XE is part of Euronet, alongside Ria Money Transfers. Euronet is one of the largest money transfer businesses in the world and has partnerships with hundreds of global companies, including Visa, MasterCard, PayPal, Google and more.
What XE’s reviews look like
XE Money Transfer reviews accurate as of April 28, 2020.
|Trustpilot||4.5 out of 5 — based on 36,973 customer reviews|
|SiteJabber||1.96 out of 5 — based on 93 customer reviews|
|Monito||7.5 out of 10 — based on staff reviews|
|Finder.com||4.1 out of 5 — based on staff reviews|
Overall reviews are relatively positive, with most of the complaints concerning the exchange rate not being offered until you’re ready to send your transfer. On Trustpilot, XE’s ratings were 86% Excellent when we checked, with only 2% of reviews rating the service as Bad.
XE Money Transfer mobile app
The XE app is available on both Google Play and the App Store. The app makes it possible to:
- Track your transaction. Quickly see your transfer’s expected arrival time and be notified of any delays..
- Log in using biometrics. Both face and fingerprint recognition can be used to log in.
- Check exchange rates on the go. Current currency exchange rates can be found in the app.
- Monitor numerous currencies. Track up to 10 currencies with alerts available when target mid-market rates are hit.
- Read currency news. Frequently updated news stories can be found in the app that relate to your preferred countries and currencies.
|Reviews accurate as of April 28, 2020|
|Google Play Store||4.5 out of 5, based on 89,474 customer reviews|
|Apple App Store||4.6 out of 5, based on 4,500 customer reviews|
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.