When it comes to money transfer services, XE is a well-known name. Established in 1993, XE offers international money transfer services to individuals and businesses worldwide. The platform is designed to provide a fast, secure, and cost-effective way to send and receive money globally.
XE Review – Overall score 9
XE is a reputable and established online money transfer service that provides reliable and affordable options for sending money abroad. With user-friendly platforms, intuitive interfaces, and a strong focus on customer experience, XE is an excellent choice for those who are tired of paying high fees and dealing with delays from traditional money transfer providers. One of the standout features of XE is that it allows users to lock-in exchange rates, which helps to avoid any unexpected fluctuation in currency values. Also, XE offers free, personalized alerts to ensure users are informed on exchange rate changes. XE provides a wide variety of money transfer options, including bank transfers, credit/debit card payments, and ACH payments. With competitive exchange rates and transparent fees, XE is a great choice for both personal and business money transfers.
What MoneyZoe appreciates about XE:
What MoneyZoe considers as areas for improvement:
Where Is XE Money Transfer Available?
XE Money Transfer is available in over 200 countries, with support for over 100 different currencies. The platform offers services in North America, Europe, Asia Pacific, Africa, and South America, making it a global solution for anyone looking to send or receive money across borders.
Who Should Use XE?
XE Money Transfer is perfect for anyone looking for a reliable and secure way to transfer money globally. Whether you’re an individual looking to send money to friends or family overseas, or a business looking to pay suppliers in different parts of the world, XE provides a fast, secure, and cost-effective solution.
XE Money Transfer Individual and Business Services
XE Money Transfer offers a comprehensive suite of services for both individuals and businesses, providing convenient and cost-effective solutions for all their international payment needs.
Here are some of the key services offered by XE Money Transfer:
Individual Services:
- Recurring Payments: Enable individuals to automate regular payments, such as mortgage or utility bills, saving time and effort.
- Forward Contracts: Allow individuals to lock in an exchange rate for future transfers, protecting them from currency fluctuations.
- Market Orders: Help individuals take advantage of favorable exchange rates by setting a target rate and automatically executing the transfer when that rate is reached.
- Limit Orders: Allow individuals to set a desired exchange rate and execute the transfer when the market reaches that rate, maximizing potential savings.
Business Services:
- Bulk Payments: Enable businesses to make multiple payments in a single transaction, streamlining the payment process and reducing administrative overhead.
- Spot Contracts: Provide businesses with the ability to make immediate payments at the prevailing exchange rate.
- Forward Contracts: Allow businesses to secure a favorable exchange rate for future payments, protecting their bottom line from market volatility.
- Market Orders: Assist businesses in executing transfers at their desired exchange rates, optimizing their international payment strategy.
Ways to Send Money with XE
- ACH Direct Debit: XE allows users to utilize ACH, commonly referred to as Direct Debit, to deduct amounts straight from the user’s bank account.
- Bank Wire Method: XE facilitates bank wire transactions, enabling users to transfer funds from their bank to XE’s account. These transactions are typically completed within a day.
- Using Debit or Credit Cards: XE accepts card transactions which are often processed in under 24 hours. However, a minor surcharge is associated with card-based transfers.
Ways to Receive Money with XE
- Bank Deposit Option: XE enables users to directly deposit into the beneficiary’s bank account. This process generally concludes within 3 days without incurring extra charges.
- E-Wallet Transfer: XE offers the option to transfer to an individual’s digital wallet through reliable service providers. Funds are typically available in a matter of minutes.
- Physical Cash Collection: Beneficiaries have the option to collect money in person from any of the extensive 500,000+ XE cash collection points across the globe.
Payment Methods Supported by XE Money Transfer in Various Countries
XE Money Transfer accepts multiple payment methods dependent on the region you are located in:
- In the UK and Europe: bank or wire transfers, bank debits, and debit and credit cards are accepted.
- In the United States: ACH payments and Interac transfers (CAD only) are accepted.
- In Canada: EFT, Interac transfers (CAD only), and bill payment (subject to bank) are accepted.
- In Australia and New Zealand: Interac transfers (CAD only), Osko, and other methods are accepted.
In order for them to forward the funds, one must first settle the transfer payment. The payment methods available differ based on the region they are in. For security reasons, initial access to card payments might be restricted. It’s important to note that prepaid credit or debit cards are not accepted.
How much does it cost to send money with XE?
The fees for sending money with Xe depend on various factors including the payment method, currency, and recipient’s country. There are three types of fees to consider:
Send fees: Xe charges a small fee for some transfers, which will be clearly displayed before you confirm the transfer.
Payment method fees: In some countries, customers are charged a fee when they use a credit or debit card to pay for their transfer. There may also be additional cash advance fees imposed by the card provider. If your transfer is urgent, it is recommended to pay by card. Bank or wire transfers do not incur a fee but may take up to 4 business days for the money to reach the recipient.
Third-party fees: Some recipients’ banks or intermediary banks may deduct a fee from the transferred amount, which is beyond Xe’s control. These fees are driven by local laws and regulations in the recipient’s country.
It’s important to note that Xe always provides transparency regarding fees and any changes to the send rate. You will be informed of any rate changes before confirming the transfer. Additionally, the mid-market rate, which is the midpoint between the buy and sell rates, is used as an indicator of the exchange rate. The send rate may change based on factors such as the currency, destination, and type of transfer. Xe strives to send transfers at the best rate but certain types of transfers may not qualify for the original rate. Rest assured, Xe is committed to providing fast and cost-effective money transfers.
XE International Money Transfer fees and exchange rate
When sending money to another country with Xe, the cost of the transfer can vary based on several factors. Here are some key points to consider:
To determine the exact cost of your transfer, you can check the Xe app or website before finalizing the transaction. Xe uses live exchange rates, so the cost may change until the transaction is completed. Any changes in the cost will be communicated to you promptly.
In certain countries, there may be fees associated with using a credit or debit card for the money transfer. These fees are usually a percentage of the total amount being sent. Additionally, if you choose to use a credit card, your card company may charge a separate fee known as a cash advance fee.
If you require the money to be delivered quickly, using a card is recommended as most card transfers are typically completed within minutes. However, if you opt to pay via a bank or wire transfer, you may not have to pay a fee, but it could take up to four business days for the money to reach the recipient.
XE International Money Transfer: coverage and limits
Xe has limits on how much customers can send in a single online transfer for security reasons. Please note that the limits below apply to personal customers and not business customers:
- UK & Europe: GBP 350,000 or sending currency equivalent
- United States: USD 535,000 or sending currency equivalent
- Canada: CAD 535,000 or sending currency equivalent
- Australia & New Zealand: NZD 750,000 or sending currency equivalent
It’s important to note that the payment method chosen may also affect the amount that can be sent with Xe. Customers in Canada and the USA paying by bank or wire transfer must send $3000 CAD/USD or more to use this payment method.
XE Money Transfer: How long do transfers take?
When initiating a transfer with XE Money Transfer, customers are promptly informed of the estimated delivery time. As more information is given to the system, the delivery time may be subject to further changes. This time estimate is based on various factors such as the currency being sent, the destination country and the payment method. Tracking the status of the transfer can be done through the XE mobile app’s Track screen, online account or virtual assistant, Lexi. To expedite the payment process, customers can opt to use their credit or debit cards to receive almost instantaneous payment processing from the service. However, customers should note that payments through bank transfers, direct debit, and ACH can take up to two business days to be received. Once the payment has been processed, customers can expect to receive their transfers within one to three business days, depending on the country of destination.
Xe’s forward contracts: lock in your exchange rate for future transfers
Xe provides forward contracts, enabling customers to lock in a specific exchange rate for a future transaction. Here’s what you need to know:
- A forward contract is a commitment to purchase or sell an asset at a predetermined price on an upcoming date.
- By using this contract, customers can secure today’s exchange rate and execute the transaction on the chosen future date.
- To establish a forward contract, one must choose the currency pair, set the transaction date, and share payment and recipient information.
- After setting up the contract, customers can rest easy, knowing Xe will handle the transaction automatically on the designated date.
- Such contracts are invaluable for those wary of fluctuating exchange rates, ensuring they get the rate they’ve locked in, regardless of future market changes.
- For significant transactions like property acquisitions or investments, forward contracts offer a way to secure a favorable rate, providing peace of mind.
- Some customers can initiate a forward contract directly on the Xe website by adjusting the value date. If this feature isn’t accessible, Xe’s support team is available to help.
- However, it’s crucial to understand that U.S.-based customers cannot avail of forward contracts.
Cash Pickup with Xe: Sending Money Without a Bank Account
Xe offers cash pickup as a quick and physical option for sending money directly to friends or family without the need for a bank account. In this service, Xe users in the UK, Europe, Canada, and the USA can send money to recipients who can pick it up in the form of cash at a selected destination by providing a PIN number. The recipient needs to have a valid government-issued ID and the unique PIN number provided by the sender to pick up their money. Payment options for cash pickup transfers include credit or debit card and ACH (US customers only). Recipients can pick up the money from a specific store or any branch of a selected partner, and the sender can select the location when going through the payment process. Transfer limits depend on location, payout method, and payout partner restrictions, and the recipient will be required to provide proof of identification that matches the name on the transfer. Xe’s Location Finder tool available on the app and the website can help in finding a participating location to pick up your Xe money transfer.
Xe Mobile Wallets for Quick and Secure Transfers
Mobile wallets offer a convenient and secure way of sending, storing, and receiving money, as users can manage their virtual cards through an app on their smartphones, smartwatches, or tablets. Xe Money Transfer provides an innovative ‘Mobile Wallet’ delivery option for customers to send money directly to over 35 countries. This option offers several benefits, including quicker delivery times, enhanced convenience, greater security, and the ability to store multiple debit, credit, loyalty, and gift cards on a mobile device. Additionally, mobile wallets protect sensitive bank and card information with temporary tokens and user authentication features, such as 2FA. Customers can easily access this delivery option through the Xe app or their online account.
XE Money Transfer Verification, Safety & Security
E Money Transfer prioritizes user safety and security. As a regulated financial service, XE follows stringent verification procedures to confirm users’ identities and adhere to regulatory requirements. Here are some key points to note about XE’s verification process:
- Verification is a mandatory process that confirms a user’s identity before they can proceed with a money transfer.
- The user may need to submit an identity document and take a selfie as part of the verification process.
- Additional documents, such as proof of address or source of funds, may be requested based on the amount of money being sent, the destination country, and the user’s country of residence.
- XE’s verification provider, Onfido, completes most identity checks in real-time, ensuring that users can proceed with their money transfer without delays.
- Users who wish to complete the verification process later may select the “Do this later” option.
- Verifying a user’s identity involves taking a selfie, which is compared with the submitted identity document to validate their identity. Tips for submitting acceptable documents include ensuring they are in date, in color, clear, and not covering any information.
- The verification requirements may vary by country, and users can check the specific requirements for their region on XE’s website.
By prioritizing a robust verification process, XE aims to create a secure environment for users to conduct their money transfers while safeguarding their personal information and funds.
XE Money Transfer Customer Reviews & Customer Support
XE.com is highly regarded by its users, boasting an impressive rating of 4.3 out of 5 on Trustpilot. This rating is not just based on a handful of reviews; it reflects the feedback of a substantial number of users, specifically over 61,823 individuals. Such a high score from a large user base indicates consistent satisfaction and trust in the platform.
Beyond its favorable ratings, XE.com is known for its proactive customer service. Whether users prefer to communicate through email or over the phone, XE ensures that they receive timely and helpful responses. But that’s not all. For those who prefer self-help options or are seeking quick answers, XE.com’s website is a treasure trove of information. It features an extensive FAQ section, which covers a wide range of topics, from basic queries to more complex issues. Additionally, the platform offers a variety of resources, guides, and articles that delve deeper into common questions, ensuring that users have all the information they need at their fingertips. This commitment to user support and education further solidifies XE.com’s reputation as a trusted and user-friendly platform.
- Competitive exchange rates
- Low transfer fees
- Fast and reliable transfers
- Excellent customer support
- Easy-to-use platform
- Some currency pairs may not be available
Here’s a step-by-step guide on how to send money with Xe
- Start here by registering: If you’re new to Xe, register for a free profile. If you already have an account, simply log in.
- Choose Your Destination: Select the ‘Destination country’ where you want to send the money.
- Determine the Amount: Input the amount you wish to send in the ‘You send’ field. Alternatively, if you have a specific amount the recipient should receive, fill in the ‘Recipient gets’ field first.
- Pick a Payment Method: You have several options – ‘Direct Debit (ACH)’, ‘Debit Card’, ‘Credit Card’, or ‘Wire Transfer’. If you’re in a hurry, opt for a debit or credit card for faster processing.
- Decide on Delivery Method: Typically, you’d send directly to the recipient’s bank account. However, in some regions, you might have the option for cash pickup or sending to a mobile wallet.
- Share Recipient’s Information: Provide the necessary details of the recipient, including their name, address, and bank details. Also, specify the reason for the transfer.
- Wait for Bank Transfer Details: If you’re using a bank transfer, Xe will send you a confirmation email containing their bank details. Use this information to initiate the payment from your bank.
- Complete the Transfer: Once everything’s set, go ahead and send your money. Rest assured, Xe will handle the rest and ensure your money reaches its destination.
Remember to always double-check all details before finalizing the transfer to ensure a smooth transaction.
XE Money Transfer Frequently Asked Questions
Is Xe safe?
Yes, XE is safe and secure. The platform uses bank-level security measures to ensure that users’ information is protected.
How much money can I send with XE?
XE Money Transfer has certain limits in place for online transfers to ensure the security of its customers. While these limits are specific to personal customers and do not apply to business customers, they provide an important guideline to the maximum amount that can be sent in a single transfer. Here are the online transfer limits for different regions:
- UK & Europe: GBP 350,000 or sending currency equivalent
- United States: USD 535,000 or sending currency equivalent
- Canada: CAD 535,000 or sending currency equivalent
- Australia & New Zealand: NZD 750,000 or sending currency equivalent
It’s important to note that the payment method chosen may also influence the maximum amount that can be sent. For more information and a comprehensive list of available payment methods, customers are encouraged to refer to XE Money Transfer’s FAQs. Customers in Canada and the USA who opt for bank or wire transfer payments have a minimum requirement for their transfers. Customers in Canada are required to send $3000 CAD or more, while customers in the USA need to send $3000 USD or more to utilize bank or wire transfer payment options.
How Long Does An XE Money Transfer Take?
XE Money Transfer provides customers with estimated transfer delivery times based on information such as currency, destination, and payment method. Payment via debit or credit card is the fastest option, while bank transfers, direct debits, and ACH payments may take up to two days to process. Customers can track transfer status through the mobile app, online account, or virtual assistant, and can expect delivery within one to three days of payment processing.
How can I pay for my XE money transfer?
XE supports various payment methods, such as bank transfers, debit cards, and credit cards.
How do I track my XE transfer?
To track the status of a transfer with XE Money Transfer, customers can use the Live Chat feature with Lexi. By clicking the blue “Chat with us” button found on the bottom right-hand corner of the screen, customers can enter their contract number, which usually starts with the letter ‘C’, or select the specific transfer they wish to track from their last five transactions. Lexi will then provide an update on the current status of the transfer.
How can I transfer money to a bank account?
To transfer money directly to someone’s bank account, ensure you gather the following details:
- Recipient’s full name
- Recipient’s residential address (not the bank’s address)
- Recipient’s bank account number
- Recipient’s BIC or SWIFT code
- Name of the recipient’s bank
Once you initiate the transfer, it usually reflects in the recipient’s account on the same day. However, some banks might take between 1-4 days to process the transaction. In specific scenarios, depending on the transfer method and path, the funds could be available in just a few minutes.
The recipient doesn’t need to visit their bank branch. The transferred amount will be automatically credited to their account. They can simply await a notification or alert from their bank confirming the deposit.
How do I initiate an online cash pickup transfer with XE?
For those utilizing XE in Canada, Europe, the UK, and the USA, the cash pickup feature offers a swift method to dispatch tangible funds.
When initiating a transfer, the sender determines the sum and completes the payment. XE then produces a unique PIN, which the beneficiary requires to retrieve the funds from a designated spot, all in adherence to XE’s stipulated guidelines.
This method can be selected as the desired delivery mode during the standard transaction procedure.
For newcomers to XE, after specifying the desired currencies and target nation, they can opt for the cash pickup method, provided it’s accessible. If it’s not an option, they can choose an alternative delivery method.
Transactions for cash pickups can be settled using credit/debit cards or, exclusively in the US, ACH.
The beneficiary has the convenience of collecting the funds either from a specific outlet or any branch of the chosen partners. The exact pickup spot is determined at the payment stage.
Once the transaction is finalized, the sender will be provided with the pickup spot details and the aforementioned PIN. This PIN, along with a legitimate government-sanctioned ID, is mandatory for the beneficiary to claim the funds.
What’s the process to send money to an e-wallet?
With Xe, you can directly transfer money to the e-wallets of friends and family in over 35+ countries.
E-wallets are a quick and safe method to send, keep, and get money. After Xe gets the payment from you, the transferred amount is accessible in the recipient’s e-wallet app in just a few minutes.
This feature is accessible to customers in the UK, Europe, Canada, and the USA using app version 7.14.0 or higher and also online. Ensure your app is updated to utilize this feature.
Here’s how to do it:
- Sign in to your Xe account.
- Tap on ‘Send’ in the app or select ‘Send money’ if you’re online.
- Pick the target country.
- Fill in either the ‘You send’ or ‘Recipient gets’ section.
- Decide on a payment method. For faster transfers, opt for a debit or credit card.
- For the delivery method, select ‘Mobile wallet’.
- Mention the reason for the transfer.
- Complete the payment.
Once Xe gets your payment, they’ll forward the funds to the chosen e-wallet.
Can I cancel my XE transfer?
Yes, users can cancel their XE transfer if it hasn’t been processed yet.
Can I delete my XE account?
Users can delete their XE account by contacting XE’s customer support team.
Why choose XE for online money transfers?
XE has been in the money business for 30 years, and they make sure customers’ money and details are safe.
They are part of a big company listed on the NASDAQ stock exchange called Euronet Worldwide (EEFT). They follow strict rules in every country they work in and use strong security to protect their customers.
They have a good reputation because they’ve safely handled over $115 billion in transfers across 170 countries for more than 112,000 people. They really know how to transfer money and aim to make it easy and safe for everyone.
Being a global company, they follow important privacy rules from:
- Europe (GDPR)
- Canada’s Privacy Act
- The US Privacy Act
XE also has experts and options to help customers avoid losing money from high fees or changing currency values.
