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.
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.
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.
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.
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 registration||Minimum transfer amount to qualify for no send fee||Send fee (if less than qualifying amount)|
|Australia||500 AUD||4 AUD|
|Canada||500 CAD||3 CAD|
|European Union countries||250 EUR||2 EUR|
|New Zealand||500 NZD||4 NZD|
|United Kingdom||250 GBP||2 GBP|
|United States||500 USD||3 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.
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.
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 Zeland, 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:
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.
Xe supports bank transfers sent directly to the recipient’s account; unlike some other providers – such as WorldRemit or Azimo – 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.
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.
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.
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.
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:
These regulations ensure the company operates fairly and clients funds are separated from the company funds, and protected at all times.
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:
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 -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.
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.
Yes, Xe has a mobile app that is free to download for both Android and iOS platforms.
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:
This app is free and available to download from the Apple and Google Play stores, depending on what device you’re using.
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.
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.
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.
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.
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.
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.