XE Money Transfer Review: Is it safe? How does it work? What are the rates?
How can you use XE Money Transfer to send money abroad? Is their service reliable? Can you trust XE Money Transfer with your money? How good are their fees and exchange rates?
Our independent review of XE Money Transfer
XE Money Transfer is a large and trusted international foreign exchange business. Although they are a UK company and primarily serve individuals and businesses in the United Kingdom, they can transfer money between almost any two countries in the world. XE Money Transfer are widely trusted and appreciated by their customer base, scoring an enormously high 9.4 out of ten in customer reviews.
XE Money Transfer have been exchanging currency for over 20 years and are part of the Euronet Worldwide Group, a large, very successful, international financial services business.
You can easily setup an account online and make currency exchange transactions using their secure online platform (available all day, every day) or by contacting their customer service center. You can fund transactions via your bank account, debit card, or credit card. Be aware that funding via credit card will incur an additional fee.
You can get help with any type of transaction including the assistance of a personal account manager if you’re transferring large amounts. They also offer advice if you’re trying to target a specific rate, want to make multiple payments, or if you have complex needs. In addition to standard foreign exchange they provide forward contracts and other currency transfer services. They also have several business-specific services for international commerce.
XE Money Transfer lets you transfer money between over 120 countries and over 130 currencies with most transactions being completed the same working day. They offer good exchange rates with no fees, and provide regular updates on your transfer via email or SMS.
Overall, XE Money Transfer are a trusted, reliable, fast, and secure option to send money abroad.
What we like about XE Money Transfer
You can trade between over 120 countries and 130 currencies.
Most transfers are completed in one working day, but can take up to four working days.
Widely loved by their customers, with glowing reviews.
You can fund via bank transfer, debit card, or credit card.
What we dislike about XE Money Transfer
There exchange rates are competitive, but not necessarily the best you will find.
All transfers are made to the recipient’s bank account. Local cash pickups are not supported.
Compare XE money transfer exchange rates and fees
Fees & Exchange Rates
XE Money Transfer is rarely the cheapest option
This indicator is based on the percentage of searches on Monito for which %PSP% is the cheapest provider
XE Money Transfer is generally not the most competitive option
This indicator is based on the percentage of comparisons on Monito in which %PSP% offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).
XE Money Transfer doesn't offer special promotions to Monito users
Monito can access real-time pricing information from XE Money Transfer
The points above are added to calculate the "Fees & Exchange Rates" score of XE Money Transfer, who scores 2.6 points on a maximum of 10 points.
XE Money Transfer fees
XE Money Transfer doesn't charge any transfer fees.
There are a couple of other situations where you may be charged a fee, although these are typically not levied by XE Money Transfer directly, or they are simply “passed through” by them.
The bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. You should always check with the receiving bank to understand any fees that may be charged.
If you fund your transaction with a credit card, you will be charged a surcharge of around 1.6% of the transaction amount.
XE Money Transfer Exchange Rates
Overall, XE Money Transfer’s exchange rates are competitive, but they are not the best you will find on the market. They typically offer foreign exchange rates between 0.4% and 1.2% lower than the baseline interbank rate.
Here’s a comparison of converting British pounds sterling to Australian dollars.
Converting £1,000 to Australian dollars
- Mid-market exchange rate (baseline) — 1.66640 AUD per GBP — $1666.40 AUD.
- Exchange rate offered by XE Money Transfer — 1.6489 AUD per GBP — $1,648.90 AUD.
- Difference between baseline and XE Money Transfer rate for £1,000 — $17.5.
- Percentage in extra costs for using XE Money Transfer compared to baseline — 1.05%.
Converting £10,000 to Australian dollars
- Mid-market exchange rate (baseline) — 1.66640 AUD per GBP — $16,664.40 AUD.
- Exchange rate offered by XE Money Transfer — 1.6564 AUD per GBP — $16,564.00 AUD.
- Difference between baseline and XE Money Transfer rate for £1,000 — $100.40.
- Percentage in extra costs for using XE Money Transfer compared to baseline — 0.6%.
Exchange rates are correct as at April 2017.
Ease of Use
A lot of Monito users going to XE Money Transfer end up making a transfer with them
XE Money Transfer's homepage is clear and very easy to understand
It's very easy to open an account with XE Money Transfer
Setting up your transfer is quick and easy
It's easy to sign up and make a transfer both on mobile and desktop
The points above are added to calculate the "Ease of Use" score of XE Money Transfer, who scores 8.3 points on a maximum of 10 points.
Credibility & Security
XE Money Transfer is fully licensed and authorized
XE Money Transfer has many positive customer reviews
A very large number of customers already trust XE Money Transfer
XE Money Transfer employs a very large number of employees
XE Money Transfer has already transferred at least 5 billion USD for their customers
XE Money Transfer has been mentioned in countless recognized media outlets
XE Money Transfer is part of Monito's network of trusted partners
XE Money Transfer only recently started their activity
The points above are added to calculate the "Credibility & Security" score of XE Money Transfer, who scores 9.5 points on a maximum of 10 points.
XE Money Transfer is a large and well-known international foreign exchange provider offering services around the world. They are part of Euronet, the third-largest money transfer business in the world. In 2016 Euronet had nearly $2 billion in revenue, $250 million in income, and assets of over $2.5 billion. Euronet is the leading company in ATM services, processing over $70 billion in ATM withdrawals, money transfers, and prepaid products every year. Euronet Worldwide is listed on the Nasdaq with over 4,500 employees around the world. They have partnerships with hundreds of companies including Amazon, Visa, MasterCard, PayPal, Apple, and Google.
Euronet also owns Ria which lets you transfer money so recipients can pick up their cash in person.
XE Money Transfer serves over 6,000 businesses and 100,000 customers every year and they have already transferred over £140 billion for customers across 120 countries. They are authorised and licensed by the Federal Conduct Authority (FCA) and HMRC in the United Kingdom. They use extremely strong encryption and technology to protect clients funds and all client money is held in segregated accounts in line with regulatory requirements. XE Money Transfer are recognised all over the world as one of the market leaders in international money transfers.
The company has been featured in the Sunday Times, the Daily Mail, the Daily Telegraph and The Guardian.
Service & Coverage
XE Money Transfer allows you to send money from a lot of different countries
XE Money Transfer allows you to send money to an average number of countries
XE Money Transfer is available in very few languages
It is possible to pay for your transfer by local bank transfer
It is not possible to pay for your transfer by credit/debit card
XE Money Transfer doesn't offer additional pay-in options
It is possible to send the money to your recipient's bank account
XE Money Transfer doesn't offer a cash pick-up service
XE Money Transfer can’t send money to a mobile phone (airtime top-up or mobile wallet)
XE Money Transfer doesn't offer a bill payment service
XE Money Transfer offers additional banking features
XE Money Transfer doesn’t offer a multi-currency debit card
XE Money Transfer doesn't offer guaranteed exchange rates
It is not possible to set up repeating transfers / standing orders
There is no minimum amount (or very low)
There is no maximum amount (or very high)
The points above are added to calculate the "Service & Coverage" score of XE Money Transfer, who scores 5.2 points on a maximum of 10 points.
Additional Services From XE Money Transfer
XE does offer several additional services for people with more complex currency transfer needs. These include:
- Forward contracts — you can “lock in” an exchange rate for a future date, up to two years in the future. This does incur a small fee and require a small, up-front deposit, but gives you peace-of-mind from fluctuating exchange rates.
- Regular payments — you can set up regular payment agreements with XE Money Transfer and lock in exchange rates for transfers between currencies. These are typically paid for via direct debit, and in some cases there is no additional fee to pay.
- Rate alerts — you can signup to receive rate alerts by email if a currency pair you are following reaches a certain exchange rate. This lets you take advantage when the foreign exchange rate is in your favor.
- Business services — XE provides several dedicated services for businesses including: automatic notifications, international payment options, account control, multiple payments, forward orders, credit terms, three-year hedging, and early draw down.
- XE is also available to developers to “white label” as a standalone platform, managed service, or fully integrated API.
XE Money Transfer has a very high percentage of excellent customer reviews
XE Money Transfer has a very low percentage of negative customer reviews
XE Money Transfer has a very high number of positive customer reviews
The points above are added to calculate the "Customer satisfaction" score of XE Money Transfer, who scores 9.2 points on a maximum of 10 points.
XE Money Transfer have some of the best customer reviews we’ve ever seen. They have an average score of 9.4 out of ten on Trustpilot, which is astonishingly high. 86% of reviewers rate their services at five stars, with fewer than 4% giving reviews of three stars or lower. They are very-widely loved by their customer base with reviewers citing their excellent customer service, competitive rates, and the speed of transfers. Many of their customers have been using XE Money Transfer for years and are delighted with the services.
Here’s a typical review, “I have used XE Money Transfer for several years and have always found the online service easy to use. Recently I needed help to transfer funds back to the UK and needed help with this. Their telephone service was excellent, the people I spoke with were friendly and very professional. They knew their stuff! I would recommend the company to anyone with absolutely no reservations.”
Because around 95% of reviews of XE Money Transfer were full of praise, it was quite difficult to find negative reviews. Of the ones we located, there wasn’t really a clear, overarching type of problem people had. Instead there were issues with getting accounts authorised, some money transfers taking a few days to get through, or accounts being closed due to inactivity.
Here’s an example of a two-star review, “Slow and requiring too much manual intervention. Therefore increased risk. Two days and counting between funds payment and receipt in their accounts. Not including final remittance of destination currency.” It’s notable that XE Money Transfer did respond to almost all negative reviews with explanations and offers to help resolve any outstanding issues.
Overall though, customer reviews for XE Money Transfer are among the best we have seen for any business — foreign exchange provider or otherwise.
The FAQ and help center of XE Money Transfer are easy to understand
XE Money Transfer doesn't has any live chat
XE Money Transfer doesn't offer email support
XE Money Transfer offers phone support (even to noncustomers)
It's relatively easy to get in contact with XE Money Transfer
The FAQ and help center are translated in all languages
Monito cannot contact XE Money Transfer on behalf of our users
The points above are added to calculate the "Customer support" score of XE Money Transfer, who scores 5 points on a maximum of 10 points.
The exchange rate margin makes up most of the total cost of your transfer
It's quite straightforward to understand the fees of XE Money Transfer
XE Money Transfer’s exchange rate margin is not properly disclosed
A real-time quote can’t be obtained without registering
XE Money Transfer applies the same fees and exchange rates to all customers
The pricing information of XE Money Transfer is made available to Monito
The points above are added to calculate the "Transparency" score of XE Money Transfer, who scores 2.8 points on a maximum of 10 points.
How XE Money Transfer works
Step by step breakdown of how to use the service. XE Money Transfer’s currency exchange process works as follows:
- Setup an account with XE Money Transfer—they will need your name, address, phone number, and contact details.
- You may need to provide bank details and other proof of identification like a photo or scan of identification documents.
- You will need to let XE Money Transfer know the types of exchanges you are planning to complete.
- Decide the currencies that you want to exchange money between.
- Book a rate through the XE Money Transfer website or by calling their customer service center.
- Provide details of the sender and receiver of the funds, including the receiver’s bank account.
- Send money to XE Money Transfer, you can pay via bank transfer, debit, or credit card.
- XE Money Transfer converts the money and deposits it in the recipient’s bank account.
- You can track your transfer through email or get text message alerts and notifications.
Why you can trust Monito's reviews
Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.
We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.
We have partnerships with many money transfer providers (XE Money Transfer included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.
We put a lot of efforts to review money transfer providers like XE Money Transfer in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.
Compare XE Money Transfer to 300+ other providers
Questions you may have
Read our guides on sending money abroad
- In August 2018, in partnership with the user-testing platform UserBrain, Monito published a benchmark study of 10 leading money transfer services. You will find the highlights of this study on this page, but download the report to get …
- How can you make the most of your currency exchange when you transfer large sums of money across borders? By finding the right money transfer company for your needs. When making large money transfers there are two key details to consid…
- When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. We’ve got you covered, with our complete Monito glossary and guide to the main…
- Each Venmo transfer needs the sender and beneficiary to be physically in the US, so you can’t use it to send money abroad to a friend or family. If you’re looking for the best & cheapest way to send money internationally, you can comp…