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Xe Money Transfer Review

Last updated 29th Nov 2022

Xe has grown to be a global powerhouse in money transfer since its humble beginnings in Canada. Today it boasts offices around the globe serving half a million customers — but how does it stack up against the competition? This Xe Money Transfer review discusses all the key things you need to know about this platform.

About Xe Money Transfer

Much like other brilliant inventions of the modern day, Xe (then known as Xenon Laboratories Incorporated) began in a basement of a house in Canada. The company has seen exceptional growth since its launch and has always been innovative in its approach; it launched its iPhone app as early as 2009 and adapted to cloud computing by 2012.

After being a reliable currency converter for many years, Xe got its first taste of transferring funds when they were bought by Euronet Worldwide and disrupted the industry altogether when it partnered with HiFX to become a full-blown money transfer provider.

Today, the company boasts a significant reach and exceptional plans that cater to all sorts of needs, while still providing competitive exchange rates for businesses and individuals.

Xe Money Transfer Review at a Glance

💳 Pay-in OptionsBank Transfer, Debit Card & Credit Card🏧 Pay-out OptionsBank deposit, cash pickup💶 Min. Transfer AmountUSD 1💷 Max. Transfer AmountUSD 475,454 for online transfers💱 Currencies Supported95👥 Number of Customers500,000+🔐 Trustpilot Score4.3/5📝 Number of Reviews53,034🌍 Available in130 countries💬 Languages SupportedEnglish, German, Spanish, Swedish, French, Portuguese, Arabic, Chinese, Japanese, Italian📍 HeadquartersBerkshire, UK📃 Established1993🌏 OfficesBerkshire (HQ), Amsterdam, Toronto, Buena Park, London, Auckland👥 Number of Employees400+📈 Private/PublicPrivate🏆 Award(s)International Money Transfers Outstanding Value Award by Canstar (2021)👮 RegulatorsDutch Central Bank, ASIC, FinTRAC, and other regulatory bodies

How Xe Money Transfer Works

As a money transfer provider, Xe has multiple bank accounts globally. When you make a payment, money doesn’t cross borders; instead, they use those accounts to make the transfer.

When you pay for your transfer, you pay to the company’s local account. They will then transfer the money to the recipient from their local bank account at the destination.

Top Xe Money Transfer Features

In-Depth Exchange Rate News

XE originally set out to be a currency converter tool, with the platform also providing detailed information on currencies; including historical exchange rates, local central bank interest rates, and general information about currency pairs.

Rate Alerts

While it doesn’t offer money orders for personal clients, Xe does provide a rate notification service where users are notified when an exchange rate has reached the desired level so that they can complete their transfers.

What We Like and Dislike About Xe Money Transfer

Why Should You Use Xe Money TransferWhy Shouldn't You Use Xe Money Transfer?Low fees — Xe asks for very modest fixed fees for small amounts and asks for no additional fee above low limits.Poor customer service — There are a considerable number of complaints about the poor performance of customer service, which is even more concerning as users tend to use Xe for large transfers.Multilingual services — Besides English, Xe provides services in a range of languages, including Japanese and Portuguese.Long transfer times — The user feedback suggests that the times offered at the time of the transfer don’t always translate to reality.Favorable exchange rates — Xe’s bank beating rates have very small markups.Reliable exchange rates — As an industry veteran, Xe famously produces very reliable rates with which users can compare their quotes.Great reach — Xe has an impressive reach of over 100 countries.

Xe has access to exotic currency pairs that can be hard to find with other providers — so you are more likely to find exotic currencies with their services. It's also one of the prime choices to save on transfers, as the fees are excellent by industry standards.

At the time of writing this Xe Money Transfer review, the company is not the best choice for those who prioritize personalized help. This is important for those who are new to international payments or have urgent transfers to send out.

What do Users Have to Say About Xe Money Transfer?

While Xe’s ratings are excellent on TrustPilot, with a score of 4.3/5, its reputation on other review sites like Sitejabber is substandard. The most common complaints include inconsistent transfer times, poor customer service and communication, and occasional account closure. The latter is concerning as money left in the account has to be disputed. Xe explains why some accounts get closed and note that the company reserves the right not to provide further information about the closure — which can be very frustrating.

Separately, a significant number of users are content with the straightforward and easy-to-follow process for transferring, and the ratio of positive feedback to delay complaints suggests that most transfers are completed in reasonable times. There’s also a great deal of praise for Xe’s favorable rates and affordability.

What are Xe Money Transfer Exchange Rates, Fees & Costs

Exchange MarkupFrom 0.4% to 1.2%Transfer feesUSD 3 below USD 500, USD 0 aboveBank and wire transfer feesVariesCredit card feesUp to 5%, 2.99% for US usersDebit card feesVaries

Exchange Rate Markup

The “real” exchange rate, is the rate at which banks trade between each other, and it is usually better than the money transfer providers provide (except for some, like Wise). That’s because providers add a small markup to the exchange rate when they sell your currency as a fee for their services. Xe, which is also a reputable converter tool, makes it easy to compare and understand how much margin they add to your transfer.

The margin typically hovers around 0.4% and 1.2% — which is on par with industry standards and way better than bank rates.

Transfer Fees

Xe asks for very small fixed fees, which depend on the originating country and the transfer amount. The fees are deducted before the payment is sent out to the recipient.

CountryTransfer AmountFixed FeeAustraliaAUD 500AUD 4CanadaCAD 500CAD 5European UnionEUR 250EUR 2United KingdomGBP 250GBP 2New ZealandNZD 500NZD 4United States of AmericaUSD 400USD 3

Additionally, XE money transfer is a good option to send money from the USA to Philipines as fees start from %0

Additional Costs

Like other providers, Xe is not immune to occasional fees deducted from the transfer, which may be taken by banks or other intermediaries and come unannounced.

There are also fees associated with different payment methods, all of which depend on the originating country. Credit card fees can go as high as 5%, while debit card fees vary between 0% to 2%, with the rate lowering as the transfer amount increases. Xe documents all the applicable fees on its help center, but there is not a detailed breakdown of different fees on the initial calculator.

Xe Money Transfer Fee Transparency

Xe notes all fees that may arise during a transfer, but the calculator doesn’t offer a breakdown of fees, nor does it differentiate between the types. Nevertheless, it’s not impossible to make up the fees involved by applying the margins explicitly displayed on the website. Note that any additional costs that are independent of Xe’s fees are attributed to third parties by the company.

The firm displays high levels of transparency about exchange rate markups — the company only recently extended its services to money transfer and originally started as a currency converter. Many other institutions use Xe’s rates as a trusted source, which also gives the users the chance to compare rates in real-time to see how much extra they are putting on top of the mid-market rate.

Top Currencies and Destinations for Sending Money with Xe Money Transfer

Xe Money Transfer has a large reach of 130 countries to which senders can transfer in 52 currencies — though you should note that it's a dynamic list subject to change. The list includes non-Western countries, such as Colombia, Vietnam, and Jamaica. The company has recently expanded its list of countries clients can make money transfers from to include Asian and Middle Eastern countries; including Japan and the UAE. The destinations to send money to include

  • United Kingdom

  • United States

  • EU

  • Japan

  • UAE

  • Singapore

  • Switzerland

  • Qatar

  • New Zealand

  • Romania

What Types of Transfers Can You Make with Xe Money Transfer?

Though not as versatile as offerings of other providers like WorldRemit, Xe provides two basic forms of transfers: bank deposits and cash pickups.

  • Bank Transfer: Senders can pay in by card or direct bank deposit depending on the country they are making the transfer from, and funds will be deposited to the recipient’s bank account. Depending on the amount and destination, payments can take between 1 to 4 days to arrive. Albeit slow, this is a very convenient way to access the funds for the recipient.

  • Cash Pickup: By choosing this method, recipients can collect their funds from an agent location by providing the PIN number provided to the sender and a government-issued photo ID. This way, the recipient may avoid unexpected fees that may arise during bank transfers.

Does Xe Money Transfer Offer Business Money Transfers?

Xe has different business plans depending on the size of your business operation; including for sole/traders and micro businesses, small-to-medium size businesses, and enterprises. The firm offers solutions exclusive to business clients, including a variety of transfer types or industry-specific services.

Spot & Forward Contracts and Money Orders

While spot contacts are suitable for quick and urgent payments, forward contracts and money orders are suitable for payments you wish to complete in the future. With forward contracts, clients can secure the exchange rate they are getting on the day and complete their transfer anytime within the next 3 years using the locked rate. Money orders allow clients to set the desired exchange rate, and the transfer is completed automatically once the rate is achieved.

Industry Solutions

Xe offers tailored solutions for companies in specific industries or with certain use cases. These will be serviced with personalized customer service and solutions to streamline their global payment processes. Industries include law, insurance, and manufacturing; with additional solutions for pensions, payroll, and private equity.

What are Xe Money Transfer’s Payment and Withdrawal Options?

Xe’s services support the following basic deposit/withdrawal options:

Xe Money Transfer Deposit OptionsXe Money Transfer Withdrawal OptionsBank TransferBank TransferCredit CardCash PickupDebit CardInterac (e-Transfer)

How Long Will it Take to Receive Money Using Xe Money Transfer?

The transfer times can vary between minutes (for popular pairs like GBP to INR) and 3 working days (for less used pairs like USD to FJD). The amounts below transaction caps of each currency nor the payment method affect the transfer times.

The proposed transfer times are within industry standards and are still faster than that of a bank, but unfortunately, the company has a reputation among reviewers for not always being timely. As noted before, customers regularly complained about inconsistent waiting times for their payments to arrive. As per the feedback, some payments can take up to 7 days.

Is Xe Money Transfer Safe to Use?

Established in 1993 as Xenon Laboratories Inc., the company joined forces with HiFX to provide money transfer services in 2018. Xe has decades of operational experience and a legacy that cannot be matched among newer payment apps.

The firm is a member of Euronet Worldwide – a global payment solutions provider. It is regulated by leading institutions around the globe, including but not limited to the UK’s FCA; Australia’s ASIC; the USA’s FinCEN; and Canada’s FINTRAC. The firm is contractually obliged to safeguard client money by these regulators. There are also channels for dispute resolution.

Xe Money Transfer Support Options

Despite being limited in customer methods, Xe supports various languages with local agents, which makes it quite accessible for industry standards.

Contact Number+1-877-932-6640Live Chat SupportNoSupport LanguagesEnglish, Spanish, French, German, Danish, Swedish, Dutch, Portuguese, NorwegianSupport OptionsPhone, help center

How to Get Started with Xe Money Transfer to Send and Receive Money

The user feedback suggests that Xe supports a tedious and lengthy verification process with document requests at different stages of transfer. As stated on the company website, these requirements will depend on the transfer amount and the countries involved.

How to Send Money with Xe Money Transfers?

Xe requires a photo ID to verify each customer ahead of their first transfer, and the process is usually completed on the same day. Depending on the specifics, the company may ask for proof of address or the source of funds. Here’s a quick step-by-step guide to getting started:

Step 1: Use the calculator to get a quote
Step 2: Create an account
Step 3: Fill in the details of your transfer
Step 4: Double check and complete the transfer

How to Receive Money Using Xe Money Transfers?

Xe supports two types of depositing options,

  • Bank Transfers: The funds will be available in the recipient’s bank account as the transfer is completed.

  • Cash Pickups: To collect the physical cash, the recipient should visit the specified agent location with a government-issued photo ID and a PIN code that the sender should provide.

If there’s anything wrong with the transfer, the recipient can ask the bank to reject the payment or contact the sender for them to let the operator know.

Does Xe Money Transfer Have a Mobile App?

The Xe Money Transfer mobile app is available on Apple Store and Google Play, with respective ratings of 4.3 and 3.6. While iOS users praised the usability of the app, the UI for the Android version seems to have had problems due to recent updates. With the mobile app, users can receive live updates, check real-time exchange rates, and make transfers.

Xe Money Transfer Alternatives

Xe Money Transfer is many things, but it is not a solution for all — just as every digital product. Here are some alternatives that may be more suitable for areas where the company is lacking:

  • WorldRemit: Has a variety of deposit/withdrawal options compared to Xe’s bank transfer and cash pickup methods; users can cash in, top-up airtime, or simply opt for a credit or debit card payment.

  • Wise: May not be the fastest, but its guaranteed times definitely tops Xe’s poor reputation when it comes to transaction speed.

  • TorFX: Is a specialized currency broker for large transfers, such as property. While Xe has plans in place for such sums, the personalized care from TorFX is unmatched.


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Idil Woodall

Idil Woodall

Idil is a writer with interests ranging from arts and politics to history and finance. She spent several years in publishing before becoming a full-time writer, and learning the inner workings of an industry she loved ignited her interest in economics. As an English graduate, she cultivated valuable research and storytelling abilities that she now applies to make complex matters accessible and understandable to many. When she’s not writing, she can be found climbing or watching a movie.