XE is one of the most reputable foreign exchange brand names known for its wide array of foreign exchange tools. In addition its focus on UK businesses and individuals, XE can help you transfer funds to 170 countries in 65+ currencies. The brand doesn’t charge transfer fees, rather it makes its margin from exchange rates. This means you can transfer large amounts of money without spending a cent on fees.
However, two of its commonly cited downsides is that it only has bank transfer as a payout option and doesn’t accept card payments for its transfers. While these are company policy issues, the provider potentially locks out customers who may be looking for cash pickup payout options.
There is so much about XE that you need to know before you decide to either use it for your transfers or look for another money transfer operator. This guide goes into the details of what makes up XE.
Money transfer operators make their profits out of exchange rate margins, transfer fees and other costs they charge their customers.
XE doesn’t charge transfer fees.
The brand offers competitive rates comprising a margin of between 0.4% and 1.2% off the interbank rate. The rates increase as the amount you are transferring also increases. On its website, XE displays live exchange rates and has a currency converter widget.
Compared to banks that charge 3-7%, PayPal that charges 6-8% and providers similar to XE that charge 0.4 – 3.5%, XE stands out as an affordable service provider.
The two main types of fees you’ll have to watch out for include transfer payment method and receiving bank fees. You should find out what these fees are before you commit to a transfer.
XE Money Transfer allows transfers to 170 countries around the globe. Out of these, there are certain transfer routes that XE customers send the most funds either regularly or in large amounts. Our findings show that UK – USA, UK – Poland, UK – India, UK – Australia, UK – Pakistan, UK – Canada and UK – Malaysia are among the most frequented transfer routes.
As a new generation money transfer service, XE has some real positives that have put it head and shoulders above most other providers in the market.
If you’re considering other providers, we’ve looked at how XE compares to TransferWise in our XE vs TransferWise article to help you make a better decisions.
With XE, you can make bank transfers to the recipient. It doesn’t allow for cash pickup or XE-to-mobile payments. If you are sending money to your family or friends in areas with no formal banking services, you may have to reconsider other options.
From the moment you initiate a transfer, it may take up to 4 business days for the money to be credited to the recipient’s bank account. However, some transfers may take only one business day. It all depends on the currency pair and the destination.
Some banks use intermediaries and this may delay the transfer process let alone costing you more in third-party fees.
How you pay for your transfer determines the delivery speed. XE only allows wire transfers and ACH payments. Even with that, no two banks work the same way. The bank you transfer from may also delay payment thus affecting the duration of the transfer. For instance, customers who transfer money from banks such as National Westminster Bank, Lloyds Bank and Barclays, enjoy faster delivery rates. Read our ACH vs Wire Transfer guide, to lear more about the different transfer and payment methods.
Local banks may have to weave through a string of intermediaries before getting the funds to the recipient.
XE is a preferred money transfer service provider for both individuals and businesses. Here are some of the use cases.
XE is a well-known international money transfer service with established global operations. Together with Ria, XE is a member of the Euronet Worldwide, Inc. family, a leading payments solutions provider. In 2018, Euronet reported in its annual accounts that it had $2.5 billion in revenue, $3.3 billion in assets, and $115 billion in payments processed for the year.
As of December 31, 2018, Euronet employees totalled 7,100. The company is continuously recruiting, and retraining professionals who help clients all over the globe in executing their transfers.
XE was incorporated in August 1993 as Xenon Laboratories Incorporated. Over the years, the company has recorded phenomenal growth leading into 2018 where it joined forces with HiFX, a UK money transfer provider incorporated in 1998. Together the two companies operate under the XE brand.
The company is regulated in the following countries:
These regulations ensure among other things that the company operates fairly and clients funds are separated from the company funds. Even in times of turbulence customers are still assured that their funds are cushioned.
On Trustpilot, XE has 33,422 reviews with 86% ‘Excellent’ ratings. Most of the customers on the review site pointed at specific features of XE that they really liked.
Only 2% of the reviewers rated the company as either ‘Poor’ or ‘Bad’ and this is what they had to say about XE
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
How to Send Money Using XE?
Step 1: Sign up -You can create an account online or over the phone. It is simple, free and super easy
Step 2: Identity Verification -The XE system requires that you upload your documents for identity verification purposes. Upon success verification, your account will be approved.
Step 3: Get An Instant Quote – Based on your chosen currency pair, get a rate from XE. Remember, it will always be a rate lower than the live quotes
Step 4: Input the recipient details and pay for your transfer. XE allows only for bank transfers as a mode of payment. You cannot use debit or credit cards.
Step 5: Send and track-Once you send the money to the recipient, you’ll get a code you can use to track the transfer.
How to Receive Money Using 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.
Yes, XE has a mobile app that is free to download for both Android and iOS platforms. Through the app, you can do a lot of transactions such as:
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.
If you need to cancel your transfer for whatever reason, contact the customer support immediately. Their toll-free number is 00-800-932-66400. Depending on the stage the transfer is in, it may be reversed. However, if the money has already been paid out you may have to contact the recipient or the receiving bank for further assistance. Any closeout costs arising from the process will be borne by the sender.