XE Money Transfer Review 98

1-2 Days

XE Money Transfer Overview

Established back in 1993 as one of the Internet’s first currency exchange rate providers, nowadays XE is part of the huge and industry-leading Euronet holding, on a par with HiFx and Ria. XE.com is designed for individuals and businesses interested in sending or receiving money internationally.

It is a cost-effective alternative to banks and other traditional financial institutions for making money transfers. 33,000 individuals and 2,000 businesses have already trusted this brand to send and receive money across borders in a safe and secure manner, with bank-beating rates, prompt payments, and a range of free tools.

Creating an account, either for business or personal purposes, is 100% free with this money transfer service.
XE is a responsible corporate entity and supports multiple global charities, including Bullfrog Power, Inn from the Cold, and Matoto Multicultural Arts Society.

Transfer speed1-3 days
Transfer Charges
No transfer fees. Mid-market exchange rate.
RegulationFinCen, FCA, ASIC
Onboarding simplicity
Required documentsID, Proof of address (eKYC)
Key features- Widely trusted currency authority
- Owned by Euronet Worldwide (NASDAQ:EEFT)
Transfer methodsWire transfer, Debit/credit card
TrustPilot rating
Customer service

How XE Money Transfer works

XE is focused on transferring money, both for personal and business purposes. The process of sending money via XE.com is very simple and includes just four steps:

1) Sign up for a free account

2) Enter the transfer amount, the currency, and the recipient

3) Confirm your transaction and send the money to XE.com

4) XE.com will transfer the money to the designated recipient, a process you can track online 24/7.

Opening an XE account is free, regardless of the account type (business or personal). Transparency is key: all relevant information is presented upfront and the registration process is free of hidden charges.

The currency solutions are not just cost-effective, they also work in a pleasantly intuitive manner.

How much will it cost you

XE.com saves its customers money by not charging a transfer fee, although transferring money to XE Money Transfer does involve costs since any transactions that include charges levied in different currencies to destination banks will be borne by the sender.

Clients can contact customer support or set up a free personal or business account to estimate the total cost of transferring money. XE.com displays live rates for popular currency pairs (major pairs, minor pairs, and exotic currency pairs). These can be compared to the bank rates.

UK (GBP-EUR) Amount: £10, 000
ServiceFeeExchange rateRecipient gets

*Charges may occasionally be applied by a third party bank when transferring the funds to XE Money Transfer or before the funds arrive in the recipient account.


US (USD-EUR) Amount: $10, 000
ServiceFeeExchange rateRecipient gets

*Charges may occasionally be applied by a third party bank when transferring the funds to XE Money Transfer or before the funds arrive in the recipient account.


Australia (AUD-EUR) Amount: $AUD 10, 000
ServiceFeeExchange rateRecipient gets
$25-40MEDIUM€6, 075

*Charges may occasionally be applied by a third party bank when transferring the funds to XE Money Transfer or before the funds arrive in the recipient account.


So as you see in the table, the combination of the transaction fee and the exchange rate used by the transfer agent may drastically change the final amount that you or your recipient will see on the account payslip.

For example, if Paul residing in the UK decides to help out with his sister’s college tuition back in France, he can make it happen in two different ways: the “classic” way, through his bank,  or the “new” way, via XE Money Transfer.

With Bank Service
The most common and obvious way to go would be to contact your bank and request them to transfer the money from your account, in this case, the Lloyds Bank, where Paul is holding his savings. He will need to set an appointment with his banker and sign a couple of documents to initiate the transaction. The transaction fee for international transfers at Lloyds Bank is mostly quoted between £23-37 (+ extra £20 of withdrawal charge) and their exchange rate for GBP-EUR is 1,09. In this case, a couple of days later Emma, Paul’s sister will get €10,837 out of £10, 000 generously sent by her brother.

With Xe Money Transfer
Another route to go would be choosing a modern money transfer service, such as XE. Since opening an account is completely free and you can do it online, as well as process a needed transaction, Paul will never need to leave his house for that matter: after registration and an online quick authorization, his account is up and running, with his current Lloyds bank account connected. XE is able to offer a much more favorable deal with £0 transaction fees and a fair mid-market GBP-EUR exchange rate of 1.14. For £10,000, Paul will transfer his sister within 48 hours an approximate total of €11,465, which is €628 more than via Lloyds Bank.

As you see from this example, XE clients get to keep noticeably more of their transfer sum since unlike others, they use the actual mid-market range very similar to the one you can find in Google and don’t take the margin from it. Rates are however volume driven, meaning the more you transfer the better rate you get.

DISCLAIMER: (from the xe.com website): Exchange rates were obtained by independent mystery shoppers by Informa Research Services at 1.30pm PST, Tuesday 13th December 2016. Comparison based on converting $10,000 USD into Euros as quickly as possible. Results have been ranked by the amount you would receive not including any additional fees.

Is XE safe and reliable

Security is of vital importance at XE.com. Whether you are using a personal account or a business account, Norton Security guarantees the integrity and security of your account and the online transaction process itself at all times.

As a financial institution, XE.com is fully regulated by multiple authorities around the world. These include the following:

  • FMA in New Zealand
  • ASIC in Australia
  • The FCA in the United Kingdom
  • FinCen in the United States

XE.com is owned and operated by the NASDAQ listed Euronet Worldwide Inc. company. The group that owns XE reported over $11 billion worth of transactions for over 112,000 clients (personal and business) around the world. Trust plays a big part in XE’s operations. With thousands of annual money transfers conducted by personal and corporate clients, the company is internationally recognized across 127 countries.

Does XE fit your needs

The countries acceptable for registrations are:

Australia, Austria, Belgium, Brazil, Bulgaria, Canada**, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Guernsey, Hong Kong, Hungary, Iceland, Ireland, Isle of Man, Italy, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Netherlands Antilles, New Zealand, Norway, Poland, Portugal, Saint Lucia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom*, United States

*Residents of the UK can make payments using BACS, FPS, and CHAPS.

**If you reside in Canada, you can pay for your transfer using Bill Pay.

Once you have registered and have been approved, you can transfer to over 170 countries.

Access to the XE website comes in English, French, Spanish, Italian, Portuguese, Dutch, Swedish, Arabic, Chinese, and Japanese.

Sending channels: Website and mobile app

Payment options: Bank account only

Delivery options: Bank account only

Transfer limits: $0 – $500 000*  

*There is no minimum amount you can transfer daily, maximum transfer online is USD $500,000, but they can allow larger transfers over the phone inquiry.

Available transfer methods depend on the destination country. Options include wire transfers, electronic transfers, and drafts.

XE Money Transfer offers:

  • Spot (Regular payments): You can perform a one-off transaction with XE, or you can schedule recurring payments.
  • Limit orders: You can request XE to buy or sell a currency when a specific exchange rate is reached.
  • Forward contracts: Lock in exchange rates for a future transaction.

XE Money Transfer for business 

As we’ve mentioned before, opening an XE account is free, regardless of the account type (business or personal).

For the business needs, however, the amount limits, fees, and conditions are slightly different, in order to get the most profit from the bigger and recurring transactions. The exact numbers would be quoted for each specific case upon request.

The Limit orders and Forward contracts options are fit just perfect for corporate matters.

For businesses, the services provided by this online money transfer service are designed to accommodate SMBs of various sizes.

On top of regular services, for the business clients, XE offers FX hedging and Risk Management services, Liquidity improvement, Protection against risk/certainty of cost. You can be even provided with a personal account manager as long as you’re dealing with significant amounts.

Registration and onboarding

The documents required for registration and opening a free account are the following:

  • Proof of address: a bank or building society statement, utility bill (gas, electric, landline phone, water, satellite/cable TV, broadband), driving license, residence permit, buildings or contents insurance – current year, tax bill etc.  It has to be dated within the last three months, matches address and contains customer’s initial and surname.
  • Proof of identity: Passport, Driving License, EU National ID Card, Non EEA National Id card, Armed Forces ID card, Residence permit, Visa

However, most customers are onboard within a few minutes through eKYC (eKYC stands for Electronic version of Know Your Customer standard, and makes the user verification and authorization process completely digital, excluding the need for paper document turnover).

Transfer process

Signing up for an account with XE is simple and entirely free. All you have to do is enter your name, email address, country of residence and provide two forms of identification.

Once your account is ready, you can make a transfer in a few simple steps:

XE Money Transfer Steps

Customer service

In addition to the XE’s headquarters in the United Kingdom, the company also has regional offices in Australia, Canada, and New Zealand. This global footprint allows XE to provide local customer service during standard business hours during the week. XE can be contacted by phone or email.
XE customer service staff is said to be friendly and helpful, with most of the queries by email being answered in a prompt and professional manner.

Bottom line

XE.com is well-established and appears to be trustworthy considering how long it has been operating. It is extremely well-known as the world’s currency authority. By using this existing infrastructure, XE is able to offer excellent exchange rates, a host of advanced features, and helpful customer service for offline transfers. XE Money Transfer seems to be an effective and solid service for sending funds internationally, and it is equally suitable for the individual as well as commercial customers.

The key benefits of using XE over competitor services or banks are definitely in the pricing field: a non-fee policy, combined with low mid-market exchange rates, and provided by a fully-regulated and well-established global company — makes this product a perfect international money transfer solution to look no further.


  • Fully regulated by the FCA, FinCen, ASIC, and FMA.
  • $0 fees per transaction with highly competitive “mid-market” exchange rates
  • Free accounts (personal & business)
  • 170+ countries and 60+ currencies available
  • Instant and professional customer support 24/7
  • Website is available in 10 languages


  • They do not accept payment by cash or cheque
  • Maximum transfer amount of $500,000