XE Review 98

Website: www.xe.com
Currencies: 60+
Regulation: FinCen, FCA, ASIC
Speed: 1-2 Days
Transfer Method: Bank transfer , Debit Card

Company Information

XE.com was conceived in August 1993 by Xenon Laboratories. Founders Beric Farmer and Stephen Dengler had a vision of empowering people to understand international currency exchange with simple, friendly and reliable money transfer services. By 1995, the company had moved offices to Toronto, Ontario, and by May 1995, it became the premier FX currency platform in the world. In 2002, XE.com was registered in the European Union and the US, and by March 2005, XE moved its headquarters to Nicholson Road, in Newmarket.

The company subsequently included multiple additional features and functions such as currency charts, graphs, mobile apps, and other automated trading options for clients. In 2013, XE celebrated 2 decades of excellence as a Top 500 global site. The XE Currency Data API was launched in December 2014, and by June 2015 XE was acquired by Euronet Worldwide. As at October 2016, the company serves 218 million clients around the world. XE.com is committed to the core principles of respect, dignity and the simplification of complexity. It does this by making money transfers quick, easy and cost-effective.

XE.com is a responsible corporate entity, and it supports multiple global charities including bullfrogpower, Inn from the Cold, and Matoto Multicultural Arts Society.

How does XE.com work?

XE.com is tailored to personal and business money transfers. The process of sending money via XE.com is conducted over several steps. These include the following:

  • Determine how much you would like to send, with a free quote on the amount of currency from one person to the next, or one business to the next.
  • Confirm your FX transaction and send the money to XE.com
  • XE.com will then transfer the money around the world to the individual or business entity.

The initial registration to open the account is fully eKYC standard compatible, which enables to avoid the need for paper document turnover completely.

There are free personal accounts, and free business accounts available at XE.com. There are no hidden charges, and information is presented upfront in a transparent fashion. For business transfers (sending or receiving), the services provided by this online money transfer service are designed to accommodate SMEs of all sizes. The currency solutions are intuitive, and cost-effective. XE.com claims that 2,000+ businesses use the payments transfers options at the company over banks and other financial institutions.

Who should use XE.com?

XE.com is designed for individuals and businesses wanting to send money, or receive money, from abroad. It is a cost-effective alternative to banks and other traditional financial institutions for money transfers. XE.com’s services are enjoyed by 33,000 individuals and 2,000 businesses. They trust this brand to send money/receive money across borders, with bank-beating rates, a free range of tools, safe and secure transactions, and prompt payments. It is 100% free to create a personal account, or a business account with this money transfer service.

Exchange Rate & Fees

XE.com is designed to allow businesses and individuals to save more of their money and pay less to the middlemen/brokerages that transfer the funds. These begin at £0, in other words they are fee free. However, there are costs involved when transferring money to XE money transfer. Any transactions that include charges levied in different currencies to destination banks will be borne by the sender.

It should be noted that these cost savings are significant. For example, PayPal charges an average of £464 for £10,000 that is transferred online, while HSBC may charge £4, Lloyd’s bank £9.50, NatWest £30, and Barclays £25. The biggest cost savings are found in the exchange rates which have lower spreads than traditional banks. This means that personal and business clients get to keep more of their receipts than with other money transfer services.

Is XE.com Safe & Reliable?

Security is ironclad at XE.com. Whether you are seeking a personal account, or a business account, the Norton security system in place guarantees the integrity and security of your account at all times. Some 93% of Fortune 500 companies currently trust Norton for their online security. 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

Additionally, XE.com is owned and operated by Euronet Worldwide, Inc which is listed on the NASDAQ composite index. The group that owns XE.com reported $11 billion + worth of transactions with over 112,000 clients (personal and business) around the world. Trust is a big part of XE’s operations. With thousands of annual money transfers conducted by personal and corporate clients, this brand has international recognition across 127 countries. To date XE.com has transferred $10 billion.

How Much Does it Cost to Use XE.com?

The services provided by XE.com are fee free. However, it’s the exchange rates that generate the best cost savings. Personal and business clients can contact customer support or set up a free personal business account to estimate the total cost of sending money. XE.com offers live currency rates for popular pairs (major pairs, minor pairs, and exotic currency pairs on site). These can be compared to central bank rates, and other commercial banks.

How long does it take?

According to XE.com most money transfers are completed on the same day they are processed. Payments will be confirmed within the transaction flow, and this is concluded  the earliest date they can make your money transfer providing they have already received your payment. Clients will automatically be notified via SMS or email, but the company advises senders to wait between 1 – 4 days for the payment to arrive at the recipient. If payments haven’t arrived by 4 working days after payment confirmation has been received, clients can contact the customer support team at +441-753-441-844.

XE Customer Support

It is easy to contact customer support at multiple locations around the world. For general information about the company, there is a toll-free telephone number for the US, Canada, UK and Australia. Local numbers also available for the said regions. Email queries can be directed at the following address: [email protected] . To make matters easier, there are toll-free options for other countries as well. Customer support information can also be accessed by social media platforms on Twitter and Facebook.

Special Features

There are many special features available with XE.com. These include the XE currency converter which can be integrated onto your website for quick currency conversions for 180+ global currencies. They can be tailored to specific countries and languages. A series of premium features is also available to clients, including the XE currency data API which costs $799 per year. This offers accurate/reliable currency rates for businesses. The daily option provides 10,000 request volumes per month for small businesses at $799 per year, while the live option costs $1,199 per year with 100,000 request items per month for medium businesses, and unlimited requests per month for enterprise-level businesses.

Client Feedback

Client feedback about XE.com is generally excellent on TrustPilot. An overall rating of 5/5 from 2,152 reviewers confirms this company’s professionalism, low-cost money transfer services, and extraordinary customer support.

Compare XE.com to other services:

Bottom Line

XE.com works hard to provide extremely competitive Forex rates with low spreads to personal and business clients. There are free personal accounts and free business accounts, and a range of added extras to help clients understand the mechanics of the Forex market. Various tools and resources ensure the smooth functioning of Forex transactions on site.


  • Fully regulated by the FCA, FinCen, ASIC and FMA.
  • Used by 33,000 individuals in 2000 businesses every year
  • £0 fees per transaction with highly competitive exchange rates
  • Free demo accounts for individuals and businesses



  • Some clients complain of inefficient money transfers to high risk countries like Russia
  • Since XE was taken over by Euronext Worldwide the platform is a little more complicated to use