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Review: XE Money Transfer September 2021
Enjoy fast, secure and fee-free international money transfers with global payments provider XE.
Must read: XE isn’t available in South Africa
Unfortunately, you can’t send any money overseas from South Africa with XE. If you reside in another country, you may be able to, but it’s best to check with XE first. For services that do send from South Africa, check out our full list of international money transfer companies.
- 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 from South Africa.
See our full list of pros and cons below.
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USD 0
Min. Transfer Amount
USD 500,000
Max. Transfer Amount
Same day
Transfer Speed
Details
| Product Name | XE International Money Transfers |
|---|---|
| Min. Transfer Amount | USD 0 |
| Max. Transfer Amount | USD 500,000 |
| Transfer Methods | Online, Bank Account to Bank Account |
| Transfer Options | One off payments, Market orders |
| Transfer Speed Minimum transfer time | Same day |
| Customer Service | Phone, Email |
| Available Currencies | AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, 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 |
| Exchange Rate Updates | Real time |
| Online Transfer Fee | USD 0 |
|---|---|
| Phone Transfer Fee | USD 0 |
Pros
- No fees
- Competitive rates
- Currency specialists
Cons
- No credit card payment
- Need to create account to get a quote
- Currently missing some of the major currencies
XE exchange rates and fees
XE offers low fee international money transfers. You pay a small transfer fee ($3 USD) for transfers up to equivalent $499 USD (or £2 for transfers below £249). If your transfer is larger than that, you pay no fee. In some rare cases you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers.
There are no ongoing account fees to worry about and no transaction fees. 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. It also turns a profit on the spread apart from the fee, which is the difference between the price you receive for a transaction and the price it actually costs XE to complete that trade.
Available currencies
XE transfers money in over 40 different currencies. Some of the more popular ones include:
- CAD Canadian dollar
- EUR Euro
- GBP British pound
- HKD Hong Kong dollar
- NZD New Zealand dollar
- PHP Philippine peso
- TBH Thai baht
- USD US dollar
What payment methods does XE accept?
You can pay for your international money transfer with XE using:
- Bank transfer
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?
XE claims that most international money transfers should arrive within the day. However, certain transfer types may take longer.
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 take
Same day
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 Worldwide, XE’s parent company, that also includes Ria).
- Reviews: Trustpilot gives XE a score of 9.3* out of 10, based on around 24,813 reviews.
XE is part of a group of other international money transfer companies called Euronet Worldwide, who also owns Ria. As such, while XE isn’t directly regulated by global authorities, XE’s parent company is, including in countries like the UK, the US, Australia and New Zealand.
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?
While XE charges no fees, it still makes money from each transfer because of the margin. That’s where 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. As a result, 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
You cannot create an account on XE to make money transfers from South Africa.
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
- 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 solely in global currency markets.
Cons
- Not available in South Africa. At the time of writing, XE won’t let you send money transfers internationally from South Africa.
- No credit card payment. XE does not allow you to pay for an international money transfer from a debit or credit card in South Africa.
- 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.
How does XE compare to other providers?
Our table below shows you the exchange rate and fees for other money transfer specialists.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.