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.

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USD 0

Min. Transfer Amount

USD 500,000

Max. Transfer Amount

Same day

Transfer Speed

Details

Product NameXE International Money Transfers
Min. Transfer AmountUSD 0
Max. Transfer AmountUSD 500,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsOne off payments, Market orders
Transfer Speed
Minimum transfer time
Same day
Customer ServicePhone, Email
Available CurrenciesAED, 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 UpdatesReal time
Online Transfer FeeUSD 0
Phone Transfer FeeUSD 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

Learn more about:

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 takeClock icon for transfer speed

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.
*According to XE and Trustpilot on 13 February 2019.

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.
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How does XE compare to other providers?

Our table below shows you the exchange rate and fees for other money transfer specialists.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day ZAR 0.00 0.066 USD
3,296
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
AUD 2,000 2 days ZAR 0.00 0.066 USD
3,295
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
USD 1 Within an hour ZAR 2,500.00 0.066 USD
3,292
Use promo code FREE to send your first transfer with no fee. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
EUR 8 3 - 5 days EUR 3.00 0.066 USD
3,285
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 2,000 1 day ZAR 0.00 0.066 USD
3,295
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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