Xe Money Transfer Review

Xe is one of the most reputable foreign exchange brands, known for its wide array of online money transfer resources like its trusted currency converter tool. Over the course of almost 30 years, the company has grown in conjunction with the rapidly evolving financial services sector, and officially decided to rebrand as Xe Money Transfer in 2016. In this review we will be carefully assessing the different areas covered by this operator, looking at the cost, speed and payment options available with this international transfer provider.

About Xe Money Transfer

This online foreign exchange and money transfers platform was founded by Canadian entrepreneurs Steve Dengler and Beric Farmer, in Newmarket, Ontario. The unique company name stems from the original name of the business when it was incorporated as Xenon Laboratories. In the last three decades, Xe has developed its offerings from simple internet services to one of the most trusted live currency converter tools on the market, foreign exchange trading platform and international payments for both personal and business transfers.

One of the major selling points of Xe Money Transfer is its total transparency of the live mid-market rates for all global currencies. However, we want to know if this same transparency is provided to customers who are executing international transfers through the Xe platform.

In each section of this review we will dissect the most important aspects of the Xe money transfer service, in order to present all the facts to our readers in a clear and concise way.

Xe Money Transfer exchange rates, fees and costs

The most effective way of identifying how much money will reach your recipient when using a certain operator, is to evaluate any foreign exchange spread or fees that will apply.

Exchange rates

The free Xe currency converter tool is an invaluable resource for customers who want to find the best exchange rate for their next international transfer, as it clearly displays the live market value of foreign currencies from around the world. For example, if you want to convert GBP to USD, Xe will provide the true mid-market rate for this currency pairing.

Xe is also able to offer competitive exchange rates when arranging a money transfer; these rates are very close to the real market value, with profit margins ranging between 0.4% and 1.2% above the mid-market rate.

The profit margins increase in size as the transfer amount increases; the larger the transfer, the higher the markup. Compared to banks that charge 3 - 7%, PayPal that charges 6 - 8% and other providers that charge up to 5%, Xe is undoubtedly one of the most affordable options on the market.

Transfer fees

According to the Xe website, transfer fees are determined by the country where you are registered and the transfer amount you wish to send. Please see below table to discover the sending fees applied to the following countries:

Country of registrationMinimum transfer amount to qualify for no send feeSend fee (if less than qualifying amount)
Australia500 AUD4 AUD
Canada500 CAD3 CAD
European Union countries250 EUR2 EUR
New Zealand500 NZD4 NZD
United Kingdom250 GBP2 GBP
United States500 USD3 USD

The fees listed above are very competitive, especially considering transfers that exceed the minimum qualifying amount for each country, do not incur fees at all. Bank fees for global remittances can range from $10 - $50: find out about the varying fees applied to international bank transfers by reading this guide.

At the time of writing (Feb 2022) customers based in Asia and Africa are unable to register with Xe to send money from their country. Check out WorldRemit or InstaRem, two companies with vast global networks that offer global money transfers to and from some of the most remote countries.

Additional costs

The two main types of additional charges customers should watch out for when sending with Xe include payment method and third-party bank fees. For instance, when paying with credit card, fees can amount to up to 5% of the transaction, and for customers in the US, a flat-fee of 2.99% of the sending amount is applied to all credit-card funded transfers: it is free to pay with a debit card.

Top destinations for sending money with Xe Money Transfer

The Xe currency converter tools can be used by anyone, anywhere in the world. However, the Xe Money Transfer services allows users to send money internationally to 170 countries around the globe, but these services are only available to customers based in the following countries: the US, the UK, Canada, Austria, Australia, New Zealand, Belgium, Denmark, Finland, France, Germany, Guernsey, Ireland, the Isle of Man, Italy, Jersey, Luxembourg, the Netherlands, Norway, Portugal, Spain and Sweden.

Of these countries, the most popular destinations for sending money with Xe are:

Pros and cons of using Xe Money Transfer

In this section we will present the full scope of Xe services, to give readers a better understanding of how the company has ascended to the top of the global remittances ladder.


Network coverage: Xe boasts an unmatched global network of 170 supported countries, with more than 65 available currencies
Bank-beating exchange rates: Xe applies minimal margins on top of the real mid-market rate, making their exchange rates some of the most competitive on the market
Live and interactive exchange rates: The infamous Xe currency converter tool can be found on the company website or mobile app; it is widely considered one of the most reliable sources of foreign exchange rates
Multilingual accessibility: Xe services are available in English, French, Italian, Portuguese, Swedish, Spanish, Japanese and Chinese; this inclusive approach broadens the accessibility of Xe services


Limited pay-out options: Xe only offers to deposit funds directly into the bank account of the recipient; providers like WorldRemit and Wise offer more alternatives
Customers in Asia and Africa cannot sign up with Xe Money Transfer services; it is not clear if these countries will be supported in the future
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What type of transfers can you make with Xe Money Transfer?

Xe supports bank transfers sent directly to the recipient’s account; unlike some other providers - such as WorldRemit - Xe does not offer cash pickup or airtime top up services. If you are sending money to your family or friends in areas with no formal banking services, check out the other leading providers in the money transfer industry.

How long will it take to receive money using Xe Money Transfer?

From the moment you initiate payment, transfers can take between 1 to 4 business days to arrive with the recipient. Some transfers may take just 24 hours; it all depends on the currency pair and destination. Find out the Fastest Ways to Send Money here.

What payment methods can I use when sending money with Xe Money Transfer?

Like many other providers, how you pay for your transfer determines the delivery speed. Xe supports wire transfers and ACH payments: learn what the differences are between these two types of transactions by reading our ACH vs Wire Transfer Guide. The originating bank that you send the funds from may also delay payment thus affecting the duration of the transfer. For instance, customers who transfer money from major UK banks such as Lloyds and Barclays, will enjoy faster delivery rates due to the wider disbursing network of both banks. Local banks may have to navigate a chain of intermediaries before getting the funds to the recipient.

What are the best reasons to use Xe Money Transfer?

As a trusted authority within the FX world, there are a number of great reasons to use Xe Money Transfer. The first being, the state of the art currency converter tool that is found across Xe platforms - desktop and mobile - which is a reliable, real-time reflection of the true market value of each global currency. This is an invaluable tool to use when researching the true value of your foreign currency transfer.

Secondly, the transparency given to currency conversion is extended to the company’s money transfer service, offering exemplary exchange rates as close to the mid-market rate as possible. Elsewhere, banks typically apply a foreign exchange spread of 4 - 6%, making Xe your best bet if you want to benefit from the true market value of a currency.

Finally, Xe is a widely accessible and trusted platform that provides services in 11 different languages. This means customers from all over the world will be able to benefit from the various offerings of Xe, albeit currency exchange rates or send money services.

Can I trust Xe Money Transfer?

Xe is a well-known international money transfer service with almost 30 years of established global operations under their belt. The company is continuously recruiting, and retraining professionals who help clients all over the globe execute affordable foreign currency transfers using the true market value.

Incorporated in August 1993 as Xenon Laboratories Incorporated, over the years, the company has recorded phenomenal growth and in 2018, Xe decided to join forces with UK money transfer provider HiFX. Together the two companies now operate under the Xe brand.

Together with Ria Money Transfer, Xe is a member of Euronet Worldwide, Inc. family, a leading payments solutions provider. In 2018, Euronet reported in its annual accounts $2.5 billion in revenue, $3.3 billion in assets and $115 billion in payments processed for the year.

The company is regulated in the following countries:

  • United Kingdom – Financial Conduct Authority (FCA)

  • United States – Financial Crimes Enforcement Network (FinCEN)

  • Australia- The Australian Securities and Investments Commission (ASIC)

  • Canada -Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

  • New Zealand – Reserve Bank of New Zealand

These regulations ensure the company operates fairly and clients funds are separated from the company funds, and protected at all times.

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What do users have to say about Xe Money Transfer?

On Trustpilot, Xe has almost 50,000 customer reviews and 94% of this feedback is categorised as ‘Excellent’ or ‘Great’. To understand what users are saying about the Xe brand, we have compiled a list of recurring comments posted on Trustpilot:


Speed of transfer: Funds are delivered to the recipient quickly, often within a day
Simple user interface: Users report that the platform is easy to use, with high praise for the effectiveness of the Xe currency converter widget
Reliable rates: The transparency of Xe services means the transfer amount displayed is, as promised, exactly the amount that reaches the recipient
Minimal margins: Customers praise Xe for providing as close to the mid market rate as possible, even for exotic and less popular currencies


Information request: Some customers did not feel comfortable submitting their details to the company to meet verification requirements as certain information was very private
No live chat option: Customers in need of urgent support noted their disappointment at the lack of live chat support

How to get started with Xe to send and receive money

Sending and receiving money on Xe is very simple. The process is straightforward and brief. In about 5 to 10 minutes, you should be done sending the money. Subsequent transfers are even faster

Sending Money with Xe

Step 1: Sign Up
Step 2: Identity Verification
Step 3: Get an Instant Quote
Step 4: Input the Recipient Details and Pay for Your Transfer
Step 5: Send and Track

Receiving Money with Xe

When sending through Xe, the money is deposited in the recipient's bank account. Other than confirming receipt, there is no procedure the recipient is required to do. In some countries, when the recipient gets large amounts of money, they are required by law to declare the source and the purpose of the funds.

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Does XE Money Transfer have a mobile app?

Yes, Xe has a mobile app that is free to download for both Android and iOS platforms.

What is the XE App?

Xe is primarily known for its currency conversion services which are among the best in the world. However, they also offer excellent international money transfers that allow you to send cash in 65 currencies, to 170 countries.

The company is based out of Canada and was founded in 1993. The CEO is Mark Ledsham, and the founders are Steven Dengler and Beric Farmer. In this review of the Xe app you’ll learn if it’s a good choice for making international money transfers.

Through the app, you can do a lot of transactions such as:

  • Checking live rates

  • Making funds transfers

  • Tracking your transfer

  • Monitoring specific currencies

  • Checking historical currency charts dating back 10 years

  • Setting alerts and notifications

  • Currency conversion on the go using the calculator.

How do I get the Xe App?

This app is free and available to download from the Apple and Google Play stores, depending on what device you’re using.

Can I make international transfers with the Xe App?

Yes, you can send funds to more than 170 countries using 65 currencies. The service includes a tracking system so you know where the money is at each stage of the journey. Also, the up to date currency calculators give you some of the best rates around.

How does the Xe App perform?

It’s time to examine the Xe app in closer detail to figure out how it stands up against the competition. Our hands-on approach to inspecting the app means you don’t have to.

User interface: the app has a simple-to-understand user interface, which means beginners have a small learning curve. Most tasks take just a few moments once you are familiar with the app. While playing around with the menu system, we found the app to be responsive and the pages loaded fast.

Speed and bugs: During our testing we found no glitches to speak of. The app ran smoothly on a variety of smartphone models. Be careful of the Google Play version because it has a lower rating than the Apple store version. It might be cause of bugs that people have encountered. However, XE does a great job of patching these out periodically.

How to Send Money with the Xe App

The step-by-step process of sending money with the Xe app is straightforward. It’s comparable to the majority of other competitive intentional money transfer services.

  • Step 1: Log into the Xe app, which will require a security step. This might be the password, SMS message to your phone or fingerprint. The security settings depend on what you have selected for your user profile.

  • Step 2: Next, you’ll need to enter the recipient account details such as the name, address, IBAN and SWIFT number. The details you need depends on the type of transfer you are making and where the money is going.

  • Step 3: Review the details and hit the confirm button once you’re satisfied.

How long does it take to send through the Xe App?

You’ll spend an extra few minutes sending money via Xe if it’s your first time. However, subsequent international money transfers will take just 1-2 minutes. Even faster if you are sending to the same recipient. That’s because the app will save info on past transfers.

The money transfer time depends on the transfer amount, currencies used and recipient destination.

Can you add money directly to the XE App?

It’s not possible to hold money on the Xe app: it is a service that can only send money electronically from one bank to another.

Customer feedback on App Store and Google Play for XE App

On Google Play, the app has 86,405 reviews. The average rating for the Xe mobile application is 4.4/5. On App Store, the application has 4,400 reviews giving it an average rating of 4.6/5. There are no regional restrictions for downloading the app.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.