Enjoy free, fast international money transfers with XE Money Transfer.
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 Money Transfer has handled a massive $10 billion worth of global payments.
|Product Name||XE Money Transfer|
|Min. Transfer Amount||$0|
|Max. Transfer Amount||No limit|
Minimum transfer time
|3 - 5 days|
|Available Currencies||AED, AUD, BGN, BHD, BWP, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HRK, HUF, ILS, JMD, JOD, JPY, KES, KWD, LSL, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RSD, SAR, SEK, SZL, THB, TND, TRY, USD, ZAR|
|Exchange Rate Updates||Real 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, XE, 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
- 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 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:
- 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, occupation and the type of identification you want to supply. Then select Next: Your requirements.
- Provide documentation. Upload your chosen piece of identification.
- 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.
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.