💲 Is XE Money Transfer free?

No, XE Money Transfer is not free. However, it's considerably cheaper than the banks and its exchange rates are very competitive (especially for larger transfers). XE does come with two costs; namely an exchange rate margin of between 0.4% and 1.6% of the transfer value, as well as a fixed fee for transfers of under US$500 or equivalent.

🛑 How do I cancel a transfer with XE Money Transfer?

To cancel an international money transfer with XE Money Transfer, you'll need to call +44 1753 441 844 as soon as you can, and an XE customer support agent will assist you in reversing the transfer. However, be aware that doing so will come along with a service fee.

🌴 Does XE Money Transfer send money to Nigeria?

No. Although you can send money to 98 currencies in over 130 countries with XE, Nigeria is currently not among them.

💸 How does XE Money Transfer work?

XE is not only an international foreign exchange service but also a money transfer platform. To transfer money with XE, you'll need to do the following: Sign up for a XE Money Transfer account; Verify your identity. Decide how much you'd like to send and between which currencies; Provide recipient's details; Pay for your transfer (by bank transfer, credit card, or debit card);

⛔ How do I delete my XE Money Transfer account?

Because XE Money Transfer doesn't provide specific direction for how to delete an account online, the only way to get the job done will be to reach out to customer service, who will be able to assist you in closing and taking down your account.

XE Review: Monito's Definitive XE Money Transfer Review 2023

Item: XE Money Transfer
Rating: 8.7
Author: Byron Mühlberg

Byron Mühlberg

Guide

Jarrod Suda

Reviewer

May 9, 2023

Advertiser disclosure

XE Money Transfer is an excellent money transfer service (8.5/10), recommended by Monito's experts, especially for larger transfers abroad. Opening an account and sending money with XE Money Transfer is straightforward (8.2/10). Although their exchange rate margins are not fully-transparent, the company itself offers a fully secure and highly credible specialist service (7.8/10). XE Money Transfer's fees and exchange rates are among the cheapest available globally (10/10). Overall, the service enjoys fairly good feedback from its customers (7.8/10).

What Monito Likes About XE

Vast scope, supporting 130 countries and around 100 currencies;
Backed by Euronet Worldwide;
Most transfers are completed within one working day;
Exchange rates are among the most competitive you'll find;

What Monito Dislikes About XE

Fees are buried away in nontransparent exchange rate margins;
Bank transfers and deposits are the only way to fund and receive.

XE Money Transfer is a top-notch money transfer service for US, Canada, and UK-based users, and frequently ranks on Monito's comparison engine as one of the cheapest providers for transfers from the United States to India, Mexico, or Canada. XE Money Transfer services from Canada to the US and from the UK to Pakistan, Poland, and India are also highly recommended. Although we recommend XE for these corridors, we also advise running a search on Monito's comparison engine to take advantage of the best rates in real time.

Try XE Now ❯

or compare XE's fees

Key Facts About XE

📍 Head Office	Newmarket (CA)
📃 Established	1993
💳 Pay-in Methods	Bank transfer, credit/debit card
🏧 Pay-out Methods	Bank deposit
💶 Min. Transfer	None
💷 Max. Transfer	USD 500,000
💱 Currencies	98
👥 Customers	500,000
🌍 Available	US, UK, Australia, Canada6 others
💬 Languages	English, German, Spanish, French6 others

How We Review Money Transfer Providers

With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:

🔎 See how our scoring methodology works

All international money transfer services we review are put through a comprehensive and rigorous scoring methodology, which involves the testing of the platform's functionalities, assessment of customer reviews, fees, pay-in options, customer service, and business metrics. The methodology is also powered by an analysis of millions of searches on Monito's comparison engine to determine each provider's competitiveness in terms of pricing. When the research is done, each Monito Score is then peer-reviewed by at least one Monito expert. Learn more about our scoring methodology here.
🤝 See why you can trust our recommendations

Reviews are written independently by Monito's editors, and the recommendations given are our own. We might make money from some links on our reviews to bring you premium content without pesky banner ads and paywalls. We promise you that this never impacts the independence of our recommendations. Learn more about our promise and our business model here.

XE Money Transfer Review

01. Is XE Money Transfer safe?
02. How good is XE Money Transfer's service?
03. What are XE's fees and exchange rates?
04. What are other customers saying?
05. FAQ about XE

Where Is XE Money Transfer Available?

XE Money Transfer

Trust & Credibility

Background check

Owned by Euronet Worldwide Inc, XE Money Transfer is regulated by the FCA in the UK and is duly authorized in every region in which it does operates.

Security & reliability

XE's platforms are fully secured and use top-notch security protocols, including segregated user accounts and HTTPS.

Company size

Founded in 1993, XE Money Transfer is a fast-growing money transfer company handling around US$10 billion in transactions each year for some 500 thousand personal customers and 6 thousand businesses.

Transparent pricing

XE Money Transfer is not transparent in its pricing, failing to disclose that all (100%) of its fees are hidden in the exchange rate margin.

Can I Trust XE Money Transfer?

Moving more than US$10 billion on an annual basis for around 500 thousand users, XE Money Transfer is indeed a prominent and trustworthy money transfer service.

XE Money Transfer is a large and well-known international foreign exchange provider offering services around the world. They're a part of Euronet Inc, a publicly-traded money transfer company that employs over 4,500 people worldwide and has partnerships with hundreds of companies, including Amazon, Visa, MasterCard, PayPal, Apple, and Google. A world leader in ATM services, Euronet also processes over US$70 billion in ATM withdrawals, money transfers, and prepaid products every year.

As a matter of fact, Euronet also owns Ria, the third-largest money transfer company on the globe after Western Union and MoneyGram.

Is XE Money Transfer Safe?

Yes, XE Money Transfer is most certainly a safe and secure company. Founded in 1993 at the very beginning of the internet era, XE Money Transfer is one of the oldest and most distinguished online money transfer operators on the market. Today, the company services over six thousand businesses and half a million personal customers by moving some US$10 billion in annual transfer volume around the globe.

Authorization: Is XE Money Transfer Legit?

Fully authorised and licensed by the Federal Conduct Authority (FCA) and HMRC in the UK, XE Money Transfer is recognised worldwide as one of the market leaders in international money transfers. To top things off, the company also uses industry-standard encryption technology to protect clients' funds, and in line with regulatory requirements, they also hold all client money in segregated user accounts.

Try XE ❯

or compare XE's fees

Service & Quality

8.2

Opening an account

7.0

Opening an account with XE Money Transfer is easy enough to do, but it can take some time to complete.

Making a transfer

8.0

With an XE account open and ready to go, making a new money transfer is a fast and simple process.

Contacting support

9.5

Getting help when needed is a breeze with XE, with live chat features and around-the-clock support available.

XE Money Transfer's Service Quality

Although opening a new account with XE Money Transfer can take some time, in general, making a transfer and using the service is easy, with card and bank pay-in options available to choose from.

What Is XE Money Transfer?

XE Money Transfer is a large and trusted international foreign exchange service that offers international money transfers between almost all currencies worldwide. Much-loved by its customer base, XE has been exchanging currency for over 25 years and is today part of the Euronet Worldwide Group, a prominent player in cross-border financial services.

As a new customer, you can now send money immediately after registering, though a verification check will sometimes be required before you send your first transfer if your transfer is large enough or between certain countries.. During this verification check, you may be asked to verify your identity and physical address (both of which can be done online).

As an XE customer, you can set up an account online and make currency exchange transactions on their secure online platform using your online banking, debit card, or credit card. (Be aware that using a credit card will incur an additional fee, however.)

When sending money abroad, all customers have access to customer support and even to a personal account manager if the transfer is large enough. XE also offers tailored advice for those who’d like to send at a specific spot exchange rate, make multiple payments, or have complex requests. In addition to standard foreign exchange, the service also provides forward contracts and other currency transfer services and offers several business-specific services for international commerce.

XE Money Transfer Limits

XE Money Transfer offers an impressive scope of service, allowing customers to send money to 130 countries and around 100 currencies worldwide. More impressively still is that most of these transactions are completed within a single working day, with SMS status updates being provided along the way.

XE Money Transfer sets no minimum transfer limit on their customers. However, they do have a USD 500,000 maximum limit (or equivalent in another currency) for online transactions.

Overall, all of this means XE's service is a trusted, reliable, fast, and secure option to send money abroad.

XE Mobile App Review

XE Money Transfer's mobile app, which allows users to send money from their smartphone in a few taps and receive exchange rate alerts, has garnered good ratings on iOS and Android. For example, on the App Store, the XE app earned a 4.5 out of 5-star rating from around 5,200 reviews. Meanwhile, on Google Play Store, reviewers were more lukewarm about the app, giving it 3.5 out of 5 stars on average across more than 112 thousand reviews.

Additional Services From XE Money Transfer

In addition to standard currency exchange, XE also offers several additional services for clients of all kinds who have more complex currency transfer needs. These include:

Forward contracts: Customers can lock-in in an exchange rate for a future date, up to two years in the future;
Regular payments: Customers can set up regular payment agreements with XE Money Transfer and locked-in exchange rates for transfers between currencies;
Rate alerts: Users can sign up to receive rate alerts by email if a currency pair reaches a certain exchange rate;
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 drawdown.

In addition, XE Money Transfer is also available to developers to "white label" either as a standalone platform, managed service, or fully integrated API.

How XE Money Transfer Works

Step 01

Check XE's Rates

Use Monito's comparison engine to see how XE Money Transfer’s fees and exchange rates weigh up against the rest and make sure that they're indeed the cheapest option for your international money transfer. There, you'll be able to discover the cheapest ways to fund your transfer and have the money received.
Step 02

Create an XE Account

Sign up using your email address, full name, country of residence, physical address, and mobile phone number. When prompted, you'll also be required to indicate how much you plan to transfer over the next 12 months and set a security question if you ever need to prove your identity in the future.
Step 03

Set Up Your Transfer

On your new dashboard, you can set up your first money transfer. To do so, simply enter the amount you'd like to send and the sending and receiving currencies and click 'New Transfer'.
Step 04

Verify Your Identity

Sometimes, if your first transfer meets certain conditions, you'll need to verify your identity, which can be done completely online, where you can easily take a photo of your passport or driver's license and submit it digitally.
Final step

Review and Pay

After setting up your money transfer and adding your beneficiary, you'll be able to review your transfer, including your beneficiary's details, payment method, the exchange rate, and the amount to be received. If everything's in order, confirm the transfer and pay using your debit card, credit card, or online banking.
Try XE Today ❯

Fees & Exchange Rates

7.2

Transfers to a bank account

7.2

Extremely cheap and competitive on Monito's comparison results.

XE Money Transfer's Fees & Exchange Rates

Despite its reasonably competitive pricing, XE Money Transfer is seldom the cheapest money transfer service of all for bank transfers. Fees and exchange rates can broadly be broken down as follows:

XE Money Transfer Fees

XE Money Transfer charges a fixed fee on smaller transfers sent abroad under a certain amount, usually up to US$500 or the currency equivalent. This fee is US$3.00 or equivalent (e.g. €2.00, AU$4.00, or HUF 850.00), which can quickly make the service very expensive for smaller transfers.

However, all transfers above the threshold do not incur a fixed fee.

In addition, there may be other situations in which you can be charged a fee, although these are typically not levied by XE Money Transfer itself but rather passed on by them and levied by the bank receiving your funds or an intermediary bank for example. Where possible, we always recommend checking with the receiving bank to understand any fees that may be charged.

Finally, if you fund your transaction with a credit card, you'll be charged a surcharge of around 1.6% of the transfer value.

XE Money Transfer Exchange Rates

Overall, XE Money Transfer’s exchange rates are very competitive. These costs can be accounted for as the difference between XE's exchange rate and the mid-market exchange rate (i.e. the one you'd find on Google) and are expressed as a percentage fee called an exchange rate margin.

At XE, these exchange rate margins typically hover between 0.4% and 1.6% of the transfer value, making them much more attractive than those you'd find at high-street banks. Although these exchange rate margins are higher for smaller transfer amounts and more favourable for larger ones, XE sometimes charges a flat rate instead, meaning they can be very competitive on both small and large transfer amounts.

In Practice: The XE Exchange Rate

To find out how these fees and exchange rates can impact the total cost of a transfer, take a look at the example below comparing a British pound to Australian dollar currency conversion* using XE's Money Transfer's fees and exchange rates:

Sending GBP 200 to CAD

Exchange rate margin: 1.33%/£2.66
Fixed fee: GBP 0
Total cost (GBP): £2.66
Total cost (%): 1.33%
Received (CAD): C$333.08

Sending GBP 5,000 to CAD

Exchange rate margin: 1.08%/£54.5
Fixed fee: GBP 0
Total cost (GBP): £54.5
Total cost (%): 1.08%
Received (CAD): C$8,348

* Data fetched on 9/5/2023 at 12:00 +01:00 GMT

Find alternatives to XE in real time:

Customer Satisfaction

9.5

Trustpilot reviews

8.7

With a 4.1/5 star rating on Trustpilot, XE customers are generally very satisfied with their service.

App Store reviews

9.8

XE got an excellent 4.5 out of 5-star rating from around 5,200 reviews on the Apple App Store.

Google Play reviews

9.9

Google Play reviewers were lukewarm about XE, giving it 3.5 out of 5 stars on average across over 112 thousand reviews.

Customer Reviews of XE Money Transfer

With an average Trustpilot rating of 4.1 out of 5 stars, XE Money Transfer is well-liked by its customers. In general, reviews reflect the following sentiments about the service:

Positive XE.com Reviews

International bank transfers are speedy and delivered fast;
Complex foreign exchange services are top-notch and set XE apart;
The web platform is simple to understand and use.

Negative XE.com Reviews

Exchange rates are not as good as they once were;
Waiting times on the customer support phone line;
Transfer fees were introduced after previously being fee-free.

Try XE Money Transfer ❯

FAQ About XE

🛡️ Is XE Money Transfer safe?

Yes, as a world leader in currency exchange, XE Money Transfer is indeed a very safe service. It's licensed and authorized by the Financial Conduct Authority (FCA) in the UK under the Payment Services Regulations 2017. What's more, XE is part of the well-known Euronet Worldwide, the third-largest money transfer business in the world, making it parted of a prominent and trusted player in cross-border financial services.
💲 Is XE Money Transfer free?

No, XE Money Transfer is not free. However, it's considerably cheaper than the banks and its exchange rates are very competitive (especially for larger transfers). XE does come with two costs; namely an exchange rate margin of between 0.4% and 1.6% of the transfer value, as well as a fixed fee for transfers of under US$500 or equivalent.
🛑 How do I cancel a transfer with XE Money Transfer?

To cancel an international money transfer with XE Money Transfer, you'll need to call +44 1753 441 844 as soon as you can, and an XE customer support agent will assist you in reversing the transfer. However, be aware that doing so will come along with a service fee.
👨🏻‍⚖️ Is XE Money Transfer legit?
Yes, XE Money Transfer is indeed a perfectly legitimate company. The service is duly authorized and supervised in the following countries around and their respective financial regulators:
- United Kingdom: FCA (Financial Conduct Authority)
- United States: FinCEN (Financial Crimes Enforcement Network)
- Canada: FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)
- Australia: ASIC (Australian Securities and Investments Commission)
🌴 Does XE Money Transfer send money to Nigeria?

No. Although you can send money to 98 currencies in over 130 countries with XE, Nigeria is currently not among them.
💸 How does XE Money Transfer work?
XE is not only an international foreign exchange service but also a money transfer platform. To transfer money with XE, you'll need to do the following:
1. Sign up for a XE Money Transfer account;
2. Verify your identity.
3. Decide how much you'd like to send and between which currencies;
4. Provide recipient's details;
5. Pay for your transfer (by bank transfer, credit card, or debit card);
⛔ How do I delete my XE Money Transfer account?

Because XE Money Transfer doesn't provide specific direction for how to delete an account online, the only way to get the job done will be to reach out to customer service, who will be able to assist you in closing and taking down your account.