XE Money Transfer Review

XE Money Transfer Review

Today’s global economy is more connected than ever, making it easier for people to establish friendships and business relationships across borders. Yet many people who want to stay in touch with their friends or family members who live overseas are limited by the high cost of sending money back home. 

Because of this, many individuals are looking for new and affordable ways to send money abroad. Fortunately, there are a variety of solutions designed to meet that need. 

One such solution is XE Money Transfer, an affordable and secure way to transfer money overseas fast and conveniently. In this article, you will discover how XE Money Transfer works and why so many people use it daily. 

XE Money Transfer Overview

The company was founded in 1993 by high school friends and was originally called Xenon Laboratories. In the early days, the most commonly used converter tool was the Universal Currency Converter. By 2001, Xenon had become Xe, which was exclusively focused on services and tools for foreign exchange.

Today, Xe offers real-time currency tracking and app services that have evolved with technology. Xe joined Euronet, a leading international transfer provider, in 2015. Recent additions to Xe’s services include tools users can use to search for exchange rates via Amazon Alexa.

Both individuals and businesses can use Xe’s international payment services today, including services designed to minimise exchange rate risks. 

XE Money Transfer Individual Services

Individual customers are primarily offered international transfers as a service. The Xe payment platform supports 139 currencies and more than 200 nations and regions, so there’s no place where payments can’t be made. Customers considering transferring money through XE are probably attracted by this impressive reach.

Payments can be made with a credit card, a debit card, or via a bank transfer online, over the phone, or through the Xe app. A fee of 2 GBP is charged for payments of less than 250 GBP, and no fee is charged for transfers over 250 GBP. A markup is also applied to exchange rates that are mid-market.

  • Suitable for: individuals and companies that send money online, via phone, and through mobile apps.

XE Money Transfer Business Services

In addition to offering payment services abroad for individuals, XE facilitates business transactions in a wide range of currencies.

Additionally, businesses have the following options:

  • Forward contracts
  • Market orders
  • Payments in bulk

Multi-currency management requires market orders and forward contracts, which minimise business risk. You can place forward orders to secure a future exchange rate or place a market order to automatically purchase or sell other currencies at a predetermined rate. Depending on the size of the change in exchange rates, businesses may be able to minimise losses or maximise gains.

Business owners find mass payments convenient not because they save money but because they can save time. Xe helps you make all international payments automatically after you submit a file by showing the payments you want to make – such as payroll or contractor invoices.

  • Suitable for: trading internationally, paying remote employees, or collaborating with suppliers overseas.

XE Money Transfer Accessibility

In addition to Xe’s desktop site, you can also download their app for iPhones and Androids. Payments can also be made by phone, but card payments aren’t available in this case. The funds for your transfer will be transferred via a bank transfer.

As soon as you open an account with Xe, you’ll be able to talk to customer service in real-time. If you need help, you can log in to see your options. You can also write to the Xe head office or request a response by email.

XE Money Transfer Available Currencies

With Xe, you can send money to more than 200 different countries and regions in 139 different currencies. Basically, they cover the entire globe.

Check here for the most up-to-date information about the countries and currencies available on Xe.

XE Money Transfer Exchange Rates & Fees

Exchange Rate

With Xe, you can get real-time exchange rate information showing the mid-market rate between different currencies. It shows what currencies are being sold wholesale, which is a great resource as a reference point. However, XE won’t give you this exact exchange rate.

When you start setting up your international transfer, Xe’s offer will be displayed. On top of the midmarket exchange rate, there will be an additional markup.

As part of the agreement process, currency exchange rates will be displayed at two different stages. As you enter your information for payment, an indicative rate will appear. The opportunity to review and confirm your transfer will be available after completing the process and entering your recipient’s information.

In some cases, the available rate fluctuates between these two levels. You’ll be notified by Xe in this case, allowing you to double-check before confirming.


You’ll be notified if Xe charges a fee for a transfer. For international payments under 250 GBP, there is a charge of 2 GBP from the UK. Transfers of higher values usually don’t have a transfer charge, but exchange rates may be subject to a fee.

Additionally, Xe warns that third-party charges may apply. Depending on how you pay, these may include fees imposed by your own bank, the receiver’s bank, or even your credit card provider.

How to Send Money With XE Money Transfer

Creating an Account 

To begin using XE, you only need to register an account and fill out all the necessary information. Their tight security system allows you to share sensitive information with confidence, even though you will have to upload some documents. 

The registration process consists of the following steps:

  • Visit their official website and select “Get Started”
  • Create an XE account next. In this section, you will be asked to enter your name, country, and e-mail address. Click on “Continue.”
  • Choose a security question and create a password. Then click “Next.”
  • Go to the tab “Your Requirements.”
  • Provide a form of identification that meets the requirements.
  • Your account must be approved before you can use it. 

Documents You’ll Need

You may be required to provide proof of your identity, address, and other details may be required as part of the Xe account creation process. Depending on the payment method, you will need to provide different documents. 

An image of a document, such as:

  • Passports or driving licenses issued by the government
  • Statements from the bank
  • Utility bill copy

In addition, make sure you provide details about how and when you intend to utilise Xe services in your account.

Verification of Documents

Your documents will usually be verified instantly, so you can continue right away after they’ve been checked.

The Xe team will notify you directly if there are any delays or extra documents needed.

Transferring Funds 

You can schedule or make transfers following your registration and approval. You simply need to sign in, provide your payment details, review the transaction, and submit it.

Money can be sent using XE in the following ways:

  • Debit cards (ACH) from banks
  • Wire transfer or bank transfer ($3,000 or more)
  • Credit card 

If you want your transfer to be processed quickly, use ACH direct debit, or a credit card if you want to avoid extra fees. For large transfers, use a wire transfer. Customers of XE Money Transfer are not restricted to a minimum amount of transfers.

Most transfers are completed within the same day, which is very convenient for customers. It is important to note, however, that funds may not be available for three days. As soon as the money is available to you, you will receive a notification.

The site is easy to navigate both as a web-based platform and a mobile app. Your payment platform will also help you manage business risk, increase credit facilities, send mass payments, refer partners, and customise your payment options.

XE Money Transfer Reviews

XE Money Transfer reviews are generally positive. A staggering 55,113 reviews have been posted on TrustPilot about XE, giving it an average rating of 4.2 stars.

The majority of positive reviews highlight the ease of getting started, low exchange rates, and good customer service.

Negative reviews accounted for only 4% of all reviews. Those reviews raise the following issues:

  • Merger confusion

XE and HiFX recently merged, even though they both operate under the same name. Customers have noticed slight changes in service since this change and have found it confusing.

  • Money lost or delayed

Sadly, some reviewers failed to get their money in a timely manner or at all. Some reviewers simply had a misperception about how long it would take to receive their money. The good thing, in this case, is that XE attempted to fix the problem. 

  • Having trouble verifying your account

The approval of a few users to send money was revoked once they earned it, or they were not approved to send money at all.

Although there are a few complaints, overall, XE has proved to be a strong service.

XE Mobile App Review

Around 5,200 reviews gave the XE app a 4.3-star rating on the App Store. More than 110 thousand reviews on Google Play Store, however, gave the app an average rating of 3.6 stars out of 5.

Is XE Money Transfer Safe?

There is no doubt that XE Money Transfer is a safe and secure service.

A number of countries, including the UK, Europe, Australia, Canada, and New Zealand, have regulated the company. US licenses are being added to the ones XE already has.

For European Union-based individuals, XE Money Transfer is now provided by Euronet Worldwide, a Dutch Central Bank-supervised payment service provider.

Before being acquired by Euronet Worldwide, XE used Western Union as its payment provider. The company is also, as a global money transmitter, fully regulated.

The XE Money Transfer service is a popular and trusted money transfer service that transfers US$10 billion a year for around 500 thousand clients.

XE Money Transfer Pros

  • Over 100 different currencies can be transferred to over 200 countries. 

Regular payment transfers benefit from this wide reach.

  • Transfer rates that are competitive. 

Compared to other providers – especially banks – their exchange rates are highly competitive.

  • Extensive knowledge of foreign exchange rates. 

Banks offer financial services in a wide variety of ways. However, XE specialises in a variety of world currency markets.

  • User-friendly and well-designed, the app is easy to use. 

You can easily transfer money with it.

  • There is no limit. 

Each month, you can send an unlimited amount with XE.

  • The process of registering and getting started is simple. 

All necessary information can be entered via the app, and transfers can be initiated instantly.

XE Money Transfer Cons

  • Card payments can only be processed in the US, UK, and Europe. 

Credit cards and debit cards can’t be used for global money transfers.

  • There is no cash pickup available. 

A bank account must be used for all transfers.

  • There is no travel card
  • Digital wallets are not available

XE Money Transfer Competitors & Alternatives

Transparent fees and real exchange rates are available when sending payments, or you can open an international online account for sending and holding multiple currencies simultaneously. There are no ongoing monthly charges.

The company offers online and in-app payment options in addition to domestic and international agents. Payments can be made via bank transfer or collected in cash. Fees tend to be higher.

Through a specialist broker, you can make payments online and in-app directly to recipients’ bank accounts. Order target rates, stop losses, and forward contracts.

Multiple currencies can be sent and held from a global account online. Account features such as savings vaults and budgeting tools are available in Revolut accounts.

XE Money Transfer Summary

Key Features

  • Payments to 200 countries and territories worldwide for individuals and businesses
  • Pay by card or bank transfer online, in-app, and by phone
  • A low fee of 2 GBP applies to payments under 250 GBP, and no fee for payments over 250 GBP
  • Payments and market orders for businesses, including forward contracts and market orders

Key Stats

  • Before becoming Xe in 2001, Xenon Laboratories was founded in 1993 as a currency exchange company
  • Annually, 115 billion USD are being transferred
  • More than 200 nations and territories can be reached by sending 139 currencies
  • A member of Euronet, the third-largest money transfer service in the world
  • Thousands of businesses in more than 100 sectors use it every year

Business customers will also find that Xe offers a great range of risk management products, as well as a global reach. 

To summarise, if you’re looking for the best deal, XE is definitely a provider you should consider when sending exotic currencies.

by Matt Woodley
Matt Woodley is the Founder of Money Transfer Expert and is a recognised expert on international money transfers. Matt holds a Bachelor of Commerce (BCom) majoring in Finance and Marketing and a Bachelor of Arts (BA) majoring in Economics and History from the University of Auckland.