XE is a globally recognized currency exchange tool and service provider based in the UK. They offer several services and interfaces that everyday users could find useful. Apart from that, they offer an easy-to-use service for currency exchange and sending money abroad.
You can transfer money to over 120 countries with XE. They also offer one of the widest selections of currencies to exchange on their platform. When it comes to their unique offer, it’s their ease of use and unique, helpful tools that make them shine. Unfortunately, their exchange rates often leave much to be desired. Depending on the currencies you’re sending and the country you’re sending them to, you may get a good deal with XE, but you may get an awful one as well.
XE is fast and reliable when it comes to international money transfers. What they lack in consistently good rates they make up for in speed, security, and reliability.
What are their exchange rates?
XE doesn’t charge any upfront fees for using their money transfer service. Instead, they charge you exchange rate markups that change based on the currencies involved in the transaction and the amount of money you send. The more money you send at once, the better your exchange rates will be.
Actual exchange rates vary based on multiple variables, but you can usually expect them to charge a margin of 1%-2.2% on the mid-market rates. Keep in mind that if you opt to use a credit card, this rate shoots up by another surcharge of approximately 1.6% of the transaction.
Of course, you will still beat the banks by quite a bit if you use XE. They generally offer rates 0.4%-1.2% lower than the interbank rates they are trying to beat.
What XE costs to use?
The average cost of using XE varies significantly more than average. For example, a $1000 transfer from the US to India will cost you about $27 (2.7%), whereas sending the same amount to Poland will cost you about $17 (1.7%).
For example, imagine you need to send money from the US (USD) to Poland (PLN)…
|Money Sent (USD)||Money Received (PLN)||Midmarket Rate|
*These rates are only applicable at the time of writing and are subject to change at any time.
How do I transfer money with them?
To transfer money with XE, you’ll need to first register an account with them. Signing up with XE is only slightly more complicated than what you’d get elsewhere, but it still only takes 5-10 minutes. Make sure you’re ready with proof of address and ID documents. After you sign up and link your payment option, you can get ready to send your first transfer.
Sending money with XE is easy just like with other money transfer companies. You simply use their interfaces to select the currency you’re sending, the amount being sent, and the recipient. After you lock in the transfer, they take care of the rest.
What other products do they offer?
XE offers a relatively wide array of financial products and services. Most of these services surround foreign exchange and international money transfers.
XE offers foreign exchange services and a currency converter that seeks to provide the best currency exchange rates for individuals and businesses. You can use their platform to access current and historical foreign exchange data.
They also provide a daily email update with exchange rates on over 80 currencies. These emails include headlines for relevant news, as well as changes to central bank interest rates.
The Personal Currency Assistant offered by XE is a popup that allows you to conduct your money transfer business while surfing the web.
XE offers many more specific financial services. Most of these services are related to foreign exchange and currency conversion. That being said, they also offer several resources for calculating travel expenses.