Home Reviews XE Money Transfer

XE Money Transfer Review

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 commonly cited downsides of the company is the fact bank transfers are the only pay-out option and card payments are not accepted. These factors often locks out potential customers looking for alternative pay-out methods. To learn about everything XE offers, read along as we delve deeper into their services.


XE Money Transfer Icon Send Money with XE Money Transfer

XE Money Transfer exchange rates, fees and costs

Money transfer operators make their profits out of exchange rate margins, transfer fees and other costs they charge their customers.

Transfer Fees

XE doesn’t charge transfer fees.

Exchange Rates

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.

Other Fees

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.

Top destinations to send money with XE Money Transfer

XE Money Transfer allows users to send money internationally 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.

Pros and cons of using XE Money Transfer

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.

Network Coverage – XE allows its customers to transfer funds to 170+ countries in more than 65 currencies
Bank-beating exchange rates -With minimal margins off the mid-market rate, XE rates are among the most competitive in the market.
Zero transfer fees – Irrespective of the amount you transfer, XE doesn't charge you any fees. The only fees you may have to pay are for the payment method and receiving bank landing fees.
Interactive live rates and transparent currency conversion widgets. Other providers use XE's live rate widgets for their mid-market rate references.
Multi-lingual support – The currency services team at XE, supports English, French and Spanish. This support broadens the website interactivity to include non-English speaking clients.
Limited payout options – XE only offers bank deposits with no option for cash pickup.
Limited transfer payment channels – You can only pay for your transfer online or through a telephone-guided bank transfer. XE doesn't allow for card payments.

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.

Types of transfers offered by XE Money Transfer

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.

XE Money Transfer speed explained

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.

Payment methods offered by XE Money Transfer

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.

What is XE Money Transfer good for?

XE is a preferred money transfer service provider for both individuals and businesses. Here are some of the use cases.


  • Receive payment from overseas customers for goods and services supplied
  • Pay suppliers abroad in their home currencies
  • Pay your contractors or freelancers in different parts of the world


  • Move your earnings to your home country through local bank deposits
  • Receive payment from overseas clients
  • Buy property abroad or repay a mortgage
  • Send money to your family

Can I trust XE Money Transfer?

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:

  • 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 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.

User opinion on XE Money Transfer

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.


  • Speed of transfer – Funds take a relatively shorter time to get to the recipient
  • Simple to use interface – XE has a simpler and easy to use interface with a currency conversion widget
  • Reliable- XE is a trustworthy brand that ensures your transfer gets to the recipient as promised
  • High exchange rates -Customers praise XE for the high exchange rates the brand gave them


Only 2% of the reviewers rated the company as either ‘Poor’ or ‘Bad’ and this is what they had to say about XE

  • Information request-Some customers were not comfortable submitting their details to the company for verification purposes. They felt it was too personal and private.
  • Lack of live chat support-Especially when in need of urgent support, the lack of a live chat can mean lots of inconveniences

Getting started with XE Money Transfer

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.

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. 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.

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.

Can I cancel my transfer?

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.

Keith Hodges
Written by
Keith Hodges

Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.

Customer reviews

Post your review: