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Xe Business Review

A heavyweight money transfer provider, but no card support

Xe offers business support in the form of sending money, utilising APIs for batch payments and risk management. The account does not offer incoming payments or multi-currency cards, but does come with an account manager.

Keith Hodges
Author 
Keith Hodges
18 minutes
October 10th, 2024
Xe
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Expert Rating
8.2/10

Xe Business overview

Features

Insight

Monthly Fee

$0

Exchange rate

1%-1.3%

Transfer fees

From free, but some currencies incur costs

Multi-currency account

Batch payments

✅ Up to 1,000 payments

Expense management

Pay invoices

✅ Includes APIs for some accounting software

Receive payments

Marketplace integration

API options

✅ Leading currency converter API can be built into existing financial systems

Manage Payroll

ATM Access

Forward Contracts

Rating breakdown

Scoring Xe Business

Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.

Pros
  • Strong API that includes currency conversion
  • Adaptable to different business sizes
  • No fees on bigger payments in excess of $500k in particular
  • Can send payments to over 190 countries
Cons
  • No local account options, ATM access or expense management
  • No integration with Xero (although Sage is supported)
  • Is a payments only platform
Product offering
8.8

Product offering is excellent for risk management, batch payments and sending large amounts. Xe does not offer multi-currency local accounts.

Fees and rates
8.5
Transfer speed
7.0
Transfer limits
9.0
Ease of use
9.5
Safety and trust
9.5
Customer feedback
8.0
Analysis of online reviews

Online review software is unreliable because it averages out scoring across a company, for decades at a time. To give a clear view of how Xe Business is actually performing now, we analysed online review scores from a number of different sources, specifically for the business offering. This chart shows an average score out of 5, per month, since the start of 2023.

Product offering

Xe Business accounts

8.8
Product Offering

XE Business offers access to an online portal and management platform, but does not offer access to multi-currency accounts with local details in the same way Wise Business or Airwallex does.

This is not necessarily a negative, but for full end-to-end management, would mean you would need a different provider.

The product offering from Xe Business focuses more on risk management, sending money and integrating with accounting APIs and software.

The product is strong in this respect in that it adds to your existing accounting banking, as opposed to ‘replacing’ it in the form of a business bank account such as Revolut Business.

The account comes back with some credentials as well - $115 billion in annual transfers and over 275 million customers (across business and personal brands).

Supported local accounts and holding currencies

Xe Business offers access to over 190 countries and 130 currencies, this is one of the largest in the business market.

Transfer times and speeds to these countries will differ. For core business markets like USD, EUR and GBP - Xe Business offers almost instant, or same day transfers. For locations where transfers can be trickier, the transfer times tend to be a couple of days to five days.

When setting up a transfer however, this will be outlined.

Transfer types supported for US businesses are:

  • ACH direct debits (self service)

  • Wire transfers (self service)

  • Foreign currency exchange (through an agent)

Businesses in Canada can also benefit from using EFTs as well.

Send to almost any currency

Something that is a huge perk of using Xe Business is the ability to send almost any currency.

This is where the product is strongest, as when operating globally the need for a business multi-currency account is smaller.

As you can also use the API to integrate with certain account software.

Account limits and sending limits

Limits on transfers will differ based on the type of transfer being made.

These are:

Transfer type

Daily send limit

ACH direct debit

$25,000

Wire transfer

$15 million

Foreign currency exchange

$15 million

ETFs (Canada only)

$33,000 CAD

The limits on sending with Xe Business exceed that of the like of Revolut Business, but are lower than companies such as Wise Business which offers $50 million per day, or Moneycorp Business which has no caps.

Should this be a factor in decision making, then opt for Moneycorp Business over Wise Business - they, like Xe Business offer account management and better use of forward contracts.

If $15 million per day is enough, I’d recommend Xe Business over Moneycorp Business based on speed of transfers and the online portal for Xe Business being a little more intuitive.

Expense management

Expense management through Xe Business is more in the form of batch payments hooked up to accounting software, as opposed to being a standalone product.

Again, this isn’t a negative by any means. The way the API works with things like Sage, effectively gives you international expense management between the two systems.

Syncing between the API and accounting software is real time. Developer guidance, as well as support through Xe Business is available.

For companies without an existing core accounting software, this may not be the best option if expense management is important to the business.

You cannot input or send receipts directly to Xe Business, or make payment requests.

Sending and receiving payments

Sending money through Xe Business can be done in a few different ways - most notably, if you use the API you can send money directly from an accounting software like Sage.

Fees are only charged on transfers between the same currencies as standard, so USD to USD say. Xe Business standard fees aren’t quite clear however. As comparison to general fees though, Wise Business and Revolut Business both charge $10, Airwallex charges $1.50 - so there is a wide range that could potentially be paid.

Sending also benefits from a SWIFT Code GPI tracker, with real time tracking and payment confirmation included.

Sending to an individual

Sending to an individual is straightforward.

Through Xe Business itself, if not connected to an API, the process is straightforward.

Pick the amount, add recipient details, select a payment method confirm.

For both, you will get tracking information.

For larger payments, I’d recommend agreeing this over the phone with XE themselves. It’s possible to get a forward contract in place in this way.

Sending mass or batch payments
Sending through an integration

Interest on balances

As Xe Business is not operating as a bank account, interest rates are not available.

Account options

Xe Business is similar to Xe’s personal offering. The company offers API access, and accounting software integration for business users.

With Xe Business there are some areas lacking vs. competitors that many others offer. Not having an option to receive payments means no marketplace integration either.

Feature

Business

Personal

Transfers at the mid-market rate

Access to 130+ currencies

Access to local accounts

Earn interest on balances

Multiple user logins

Make batch payments

Receive payments from marketplaces

API access

Accounting software integration

Setup fees

None

None

Integrations and APIs

I have touched on integrations and APIs already from a payments perspective, but there are some more options available.

Currency API

The XE Currency Data API is listed as part of the business offering, but is actually a standalone product in its own right. The data is used by companies such as Shopify and (oddly as there is no integration available) with Xero.

ERP integration
Compare Business Multi-Currency Business Accounts
Compare Business Multi-Currency Business Accounts

Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.

Cost

Fees and rates when using Xe Business

Xe Business fee breakdown

Service

XE

Domestic Transfers

Not available

International Transfers

Fee free

Currency Conversion Fee

From 1%

Receiving Fee

Not possible

Holding 70+ currencies

Not possible

Card Payments

Not possible

Monthly Fee

$0

Setup Fee

$0

Payment Tracking

$0

Mass Payout

$0 (currency conversion fees apply)

Accounting Integrations

$0

Additional Fees

Not applicable

Rates on batch payments

When planning a batch payment, you can use Xe Business to get a forward contract. This can also be used on large payments and would be expected to for part of a hedging risk management strategy within a business.

With a forward contract a company is legally bound to making the agreed payment by the end date. For regular batch payments like payroll, this can be hugely helpful.

Speed

Transfer speeds with Xe Business

7
Transfer Speed

Xe Business transfers are fast, generally within a day - although these can be up to 5 business days for harder to reach locations.

Speed of transfers with Xe Business by transfer type

Transfer type

Send time

ACH direct debit

1-5 days

Wire transfer

1-5 days

Foreign currency exchange

1-5 days

ETFs (Canada only)

1-5 days

Xe Business service and account management

Xe Business comes with a few different options in relation to account management.

It is possible to work with a contact at Xe for risk management needs and there's also options for phone support and email support of individual transfers.

In testing we found:

Phone support

AVAILABILITY

24/7 (general), 8.30 am to 5.30pm (business specific)

RESPONSE TIME

Minutes

LANGUAGES

English

Phone support is useful on Xe for sorting out issues on accounts and is recommended ahead of any big transfers or what support on forward contracts or risk management is likely to be needed.

Email

AVAILABILITY

24/7

RESPONSE TIME

Within an hour

LANGUAGES

Over 100

Email support is accessible and easy to use, we tested ahead of sign up with queries. This took a day or so to get a reply.

Help center

AVAILABILITY

24/7

LANGUAGES

Over 100

The help center on XE Business can answer most queries, but not all. Like most help center options it is very functional and difficult to get a specific answer. Anything transaction and specific to an amount, the recommendation is to call XE Business.

Experience

Using Xe Business

We tested the following for ease of use

  • Invoicing

  • Integrations

  • Adding multi-user access for employees, roles and permissions

  • Paying-in and withdrawing funds

Eligibility and sign up

When signing up to Xe Business you will need the following:

Documents required

A supplier invoice (if the business was incorporated within the last 18 months)

Information required
Specific requirements for US businesses
Regulation

Safety and regulation

Xe Business security measures

Xe is regulated as part of HiFX and offers some security measures as part of this.

The company monitors accounts for fraudulent activity, AML requirements and is encrypted for payments.

With HifFX as a parent and the overall strength, and history of Xe as a business - we have huge confidence in the safety of user funds.

Xe regulation

Xe Business is regulated in different markets, these are:

Market

Regulation

USA

FinCen (Financial Crimes Enforcement Network)

Europe

EBA (European Banking Authority)

UK

FCA (Financial Conduct Authority)

Australia

ASIC (Australian Securities and Investments Commission)

New Zealand

FMA (Financial Markets Authority)

Canada

FinTRAC (Financial Transactions and Reporting Analysis Centre of Canada)

ALTERNATIVES

Not keen on Xe Business?

If you are unsure of whether Xe Business is for you, here's how they stack up in the market.

Wise Business Review
Our key measures when testing Wise Business for international business transfers were the product offering, cost, speed, safety and customer satisfaction. We've covered the key points in the table below and each element in more detail throughout the review.
Moneycorp Business
Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.
OFX Business
Our key measures when testing OFX Business for international business transfers were the strength of the product offering, cost of service and transfers, speed, safety and customer satisfaction.
Revolut Business
Like their personal offering, the Revolut Business offering is tiered - giving more access to features, the more you pay.
Multipass
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.
Payoneer
Globally Payoneer serves around 190 countries, gives access to local accounts in 9 and supports 70 currencies. Features within the account allow you to take advantage of payments, invoicing and bulk options in each location. Where Payoneer is stronger than the likes of Revolut Business or Wise Business, is that it is built for international companies - as opposed to being an offshoot of a personal offering. This sets them apart from other providers, alongside the likes of Airwallex, by offering a full international business solution.
AirWallex
When scoring Airwallex as an international business provider we factored in the product offering, speed of sending money, cost, safety measures in place and customer satisfaction.

Customer reviews

Feedback of Xe Business

Xe has just over 70,000 reviews on TrustPilot and is rated 4.3 out of 5. One of the core areas that users like are the quality in service and hands on approach. The other areas are the ease of using the Xe platform and simplicity of carrying out regular transfers.

As with all companies we looked specifically at a combination of review sites for the business offering from Xe. We found the average score since the start of 2023 was 3.80. 2024 however on its own shows an average review score of 2.5.

Xe user feedback

Would you recommend Xe?

Comments

Ron T

This information is not accurate for XE business accounts. They do not charge a fee but instead, make their money by giving you a much lower exchange rate. It is much more than $4. e.g. We are being quoted $20 higher than the market rate on a $330 transfer. That is ~7%

No, I don't recommend
6th November 2024

Olanrewaju Ayodele

I just love the speed of your transfer

Yes, I recommend
7th October 2024
Showing 2 out of 2 reviews

Contributors

Keith Hodges
Keith is an experienced Content Specialist with a rich background in both marketing and journalism within the financial sector. At MoneyTransfers.com, Keith plays a pivotal role in driving the business forward and broadening its reach in various international money transfer markets. His expertise is a key factor in the company's expansion and success.