XE Review (December 2022) – Pros, Cons, Features, & Pricing

When looking at currency rates, the majority of people have probably come across XE. Sending money from one country to another is always a challenge as they could not find the best platform to do this. They also send money abroad, which you might not know. Even though they are well-known, you should still make sure they are safe to use and the best option for you.

So, therefore, if you need to transfer money worldwide quickly, XE Money Transfer is a wonderful choice. It has good prices, and a proven track record, and is one of the best platforms for international money transfers.

Getting to know more about a financial platform for sending and receiving payment is one of the things to take into consideration. There are so many scam platforms for sending and receiving payments but as an individual, you need to make your research before choosing a payment platform.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: Nov 28, 2022

https://comparewise.ca/wp-content/uploads/2022/10/xe-review-brand-logo-comparewise.png

Transfer Money Globally Instantly With A Free Personal Or Business Account - Claim this offer

XE Review

  • See best exchange rates instantly
  • Free to start and see rates
  • Cheapest way to send money around the world

Transfer Money Globally Instantly With A Free Personal Or Business Account - Claim this offer

Before deciding on XE Money Transfer from the several alternative money transfer services available, there are a lot of considerations to take into account.

Three crucial considerations are cost-effectiveness, timeliness, and security. To learn more about how XE can help with this, check out more of our XE review.

With many online money transfer services, your transfer could end up costing you money. You’ll want to retain more of your money in your pocket whether you’re sending it to a business partner or family members who live abroad.

To more than 200 different countries, Xe users can transfer payments in 139 different currencies. This is because Xe is a member of one of the world’s major money transfer companies. This means that Xe likely offers the most exotic currency options for you, even if you’re seeking them.

Thanks to technology, the world isn’t quite as big and terrifying as it once was. Finding friends, getting a job, and, best of all, sending money over the world is simple. As connectivity has grown, a wide range of possibilities has appeared, including money transfer services. But you may be asking what distinguishes XE Money Transfer as a top choice among the many others.

In this review, we’ll go over everything there is to know about XE Transfer, including its origin, benefits, usage instructions, standout features, and both positive and negative aspects. If you’ve ever looked for a Xe Money Transfer review, this page has all the details you need.

Xe App Iphone - Comparewise

XE Money Transfer Origin

In 1993, XE was founded in Canada by a group of high school friends founded Xe, which was originally known as Xenon Laboratories. The Universal Currency Converter was one of the first products made available, and it rapidly rose to the top of the list of the most used currency converters. By 2001, Xenon changed its name to Xe and began to concentrate solely on tools and services related to foreign exchange.

As technology advanced, Xe added dynamic currency trackers and app services, which are still accessible today. One of the biggest international transfer service providers in the world, Euronet, acquired Xe in 2015. With more recent innovations, such as tools that let users obtain exchange rates through Amazon Alexa devices, Xe has continued to improve its services.

Today, Xe provides both personal and commercial users with a variety of international payment services.  Tools for managing currencies are also included for companies looking to lower the risks brought on by exchange rate fluctuation.

XE Money Transfer Review

Undoubtedly, there are numerous international money transfer options available. If you wish to transfer money worldwide at reasonable rates, XE Money Transfer has some fantastic features that could save your life.

It’s impressive that TrustPilot gave the service five stars out of five. But how did this product receive a 5-star rating?

The service offered and the effectiveness of using Xe was highlighted in reviews that gave the product the highest possible rating. Here are a few positive client testimonials:

“Excellent service, cash transferred into my account the next day. Good exchange rate and kept updated”

“Fast quick and efficient”

Concerning the less favorable reviews, common themes included difficulties with high-value payment verification and several transactions that took longer than expected. Before you start using Xe, check out Trustpilot to see the entire range of recent reviews.

Xe Business Payments - Comparewise

XE Money Transfer Overview

As we have said earlier, if you need to send money quickly across borders, XE Money Transfer is a fantastic choice. With reasonable costs and a solid track record, it is among the best platforms for international money transfers.

Even if your situation isn’t particularly dramatic, you can still need to send and receive money regularly. This is easy because people are tightly connected through the internet’s virtual world, making the world appear to be much “smaller” than it formerly was.

This, of course, makes it easier to communicate, travel, and conduct business, which speeds up and streamlines many kinds of transactions, particularly those involving the transfer of money.

To begin with, XE Money Transfer reviews show that this platform provides a ton of amazing functions in one convenient location. Other solutions may contain one or two of the qualities, but overall, they don’t have as many.

For instance, you can start a same-day transfer in the majority of the platform’s 170 participating nations. Additionally, you can convert money into another kind. They are difficult to beat when you factor in their affordable prices and the lack of any additional costs.

Users can use their computers or phones to send and receive several currencies thanks to this online company. You can log in at any moment to keep tabs on things with your account. Because of their success thus far, it is obvious that they are doing fairly well.

This includes the fact that there are over 285 million views on the site each year and over 65,000 downloads. Even several well-known international companies, such as Amazon and Apple, use XE Trade to send money.

Without a question, maintaining online security is crucial, particularly when dealing with sensitive financial data. Users can feel secure knowing their money is protected thanks to an FCA authorization and Norton Security protection.

XE Money Transfer Fees

When it comes to getting the most value for your money, XE Money Transfer is unfortunately not always the cheapest option. Regarding fees and the exchange rate provided, the website receives poor ratings.

You might have been interested as XE claim that it does not impose fees for transfers on its website. If you look closely into their process in greater detail, you might be surprised.

Given that XE is a business, it makes sense that it might want to hide the additional costs so it can continue to profit from each transfer it processes. In the business of international money transfers, a service will frequently assert there is no fee to pay. But you’ll still have to pay a margin on the exchange rate.

Another way XE money transfer hide their fee is by failing to mention that you would be responsible for any fees your bank may impose, 

The business guarantees that it will always transmit the exact amount of cash you want, but there is a crucial element in the fine print. Fees may be charged when a payment is credited to the recipient by either the bank receiving your funds or the intermediary bank.

Exchange Rate

For users looking for the best exchange rate for their upcoming overseas transfer, the free Xe currency converter tool is a useful tool. This is because it displays the current market value of foreign currencies from all around the world in crystal clear detail. For instance, Xe will offer the real mid-market rate for this currency pair if you wish to convert CAD to USD.

When setting up a money transfer, Xe is also able to provide cheap exchange rates. These rates are fairly close to the actual market value, with profit margins fluctuating between 0.4% and 1.2% over the mid-market rate.

The size of the profit margins grows in proportion to the transfer amount; the more the transfer, the higher the markup. Xe is probably one of the least expensive solutions available on the market when compared to banks that charge between 3% and 7%. PayPal charges between 6% and 8%, and other companies also charge up to 5 percent.

Knowing that you can view the currency rate at two points when deciding on your transfer is helpful. When you begin entering your payment information, you will see the approximate rate that is currently available.

You will then have another opportunity to review and confirm the transfer when you have completed the process and input all the information for your recipient. It’s possible that between these two points, the rate will fluctuate. Before you approve the payment, Xe will let you know if it does so that you may double verify.

Xe Mobile App - Comparewise

Advantages Of Using Xe Money Transfer

XE was founded in 1993 in Canada and since then they have been giving out their best in terms of money transfer. It was one of the original currency exchangers on the internet, and the fact that it has consistently ranked high indicates how well-liked and trustworthy it is.

As time went on, XE developed APIs, infographics, and tools for dealing with currencies, all of which were favorably appreciated. It launched XE commerce, an online tool for sending money abroad, in 2002. XE formerly shared a partnership with Western Union.

However, Euronet Worldwide purchased it in 2015, and as of December 2018, it is now marketed as HiFX by Euronet. It is governed in Europe, Australia, Canada, New Zealand, and the US, which ensures the safety of your money. The following are the benefits you will get for choosing XE money transfer:

Easy to use

 Platform XE offers a fantastic online platform that is simple to use.  Additionally, a mobile app exists so that, if necessary or preferred, commerce can be done through a smartphone.

Although there have been some conflicting comments on the app’s usefulness, the web platform is unquestionably beautifully made. The ability to transfer money while on the go is provided by XE when used with a smartphone.

XE can be linked to a bank, a debit card, or a credit card even though it does not enable cash pickup; however, it should be noted that your provider will charge a service fee for using a credit card. In actuality, XE is a market-savvy, cost-effective alternative to banks that is viable.

In addition to international money transfers, XE also offers risk management and improved credit options as corporate solutions. Currency information, mass transactions, specialized payment systems, and referral partners.

Accurate quote

XE is renowned for its precise quotations. The most precise currency converter available online, XE has a wealth of fascinating histories and facts.

Good customer service

Along with its corporate office in the UK, XE also maintains regional offices in Australia, Canada, and New Zealand. Due to its extensive geographical reach, XE can offer local customer support during regular business hours on weekdays.

In case you have any complaints or requests, you can contact the Xe either by phone call or through e-mail. The XE customer care team is reportedly courteous and helpful, and the majority of email inquiries are responded to quickly and competently.

Reasonable limit

With the ability to send money to over 100 different currencies and 130 different countries worldwide, XE Money Transfer provides an impressive range of services. Even more impressive is the fact that the majority of these transactions are finished in a single working day while receiving SMS status updates.

Customers of XE Money Transfer are not subject to any minimum transfer requirements. For online transactions, they do have a maximum limit of $500,000 or an equal amount in another currency.

Xe Currency Exchange Rate - Comparewisepng

Accessibility

Anyone, from the small business to the individual, can utilize XE to send a single transfer to a friend or a series of payments over time to a client. Almost everybody can benefit from the sheer variety of possibilities unless they need to transfer little sums.

The fact that XE offers business solutions to organizations that conduct international business does not exclude the typical person from using or recommending it. Wire transfers and automated clearinghouses are supported for personal transfers by XE.

Low fees

Despite their claim that there are no fees associated with their services, a little margin on the interbank rate is charged, or more precisely, “1% below the bank rate.” The amount transferred, the volume of the transfer and the selected transfer currency can all affect it.

A little percentage increase in the conversion rate is generally accepted in the industry. So many people find it to be much preferable to a flat cost that may be as high as $40.

Their percentage charges, including set fees, are roughly between 0.5% and 2%, whereas banks charge between 3% and 7%.  PayPal charges between 6% and 8%. The price range for comparable services is 0.4%–3.5%. It is clear that XE is quite competitive in this market and provides some of the best rates as a result.

Easy to set up

It is simple to create an account to get started, but you will need to supply necessary details like your phone number and email address. It may be necessary for you to upload files and give more personal information, including your social security number.

This might not be the greatest choice for you if you feel uneasy about it or are unsure of your desire to handle your finances entirely digitally. However, with XE, you can do business with confidence because it has industry-standard security in place.

Scheduling and transferring money is relatively simple after you open an account. The majority of XE transactions are finished on the same day, and you will be informed of the payment date. However, due to the foreign location of the currency country or destination, it may take one to three days for the cash to arrive.

Disadvantages Of Xe Money Transfer

The following are the drawbacks of using Xe money transfer: 

Does not support cash transactions

Cash payments and monies sent for cash pickup are not accepted.

Limited receiving options

Only bank accounts can be sent. There is no support for transfers to mobile wallets like Alipay, Apple Pay, or Google Pay.

Does not support some exotic currencies

Although Xe is available in over 170 countries, there are some currencies that it does not support; Some of these currencies are Egyptian pounds, Liberian dollars, Lebanese pounds, and Iraq Dinar.

Xe Review - Comparewise

How To Set Up Xe Money Transfer Account

Setting up XE is as simple as opening an account and entering all the required data. Although you may be asked to upload several documents and provide sensitive information, their strict security measures let you share with confidence. What to anticipate from the registration procedure is as follows:

  • First, go to their official website and click “Get Started.”
  • Create an XE account. You must provide your name, country, and email address on this page.
  • Next, click “Continue.”
  • Create a password and a security question.
  • Choose “Next.”
  • Locate the “Your Requirements” tab.
  • Upload the required form of identification.

You then have to wait for your profile to be verified after finishing these steps. Note that the approval of the account will not be done immediately. This is because the platform will have to check the validity of the profile details provided and the document you uploaded.

How To Send Money On Xe Money Transfer

Are you looking forward to sending it to your peers and your family and you are finding it hard to navigate through it? Follow these steps if you want to send money using Xe money transfer:

Sign in to your account

You may monitor and track transfers, view the most recent exchange rates, and more on the account dashboard.

Start a new transfer

On a mobile device, click “Send” at the bottom of the display. On a desktop, select New Transaction at the top of the screen to start entering transfer information there instead.

Enter the sending amount and currencies

From the drop-down choices, choose the sending and receiving currencies, and then type the amount you want to send or receive. The total cost of the transaction, the currency rate, and any applicable transfer fees will be displayed.

Enter the details of your recipient

Be ready to supply the recipient’s name, country of residence, and bank details if necessary. You must also specify the reason for the payment transaction such as bill payment, investment, gifts, salary, etc.

Choose a payment option

To fund your transfer, select whether your payment will be through debit, bank transfer, wire transfer, or credit

Verify the information

Verify all of the transfer details, including the expenses, the amount being received, and the recipient’s information. Ensure that everything is entered accurately. If you need to cancel the transfer later, it will be challenging.

Submit your transfer

You will receive a PDF confirmation form from Xe with instructions on how to finish the transaction by making a payment to its bank account. The transfer will start once this is finished. Logging into your account is all that is necessary to verify the condition of your transfer.

Types Of Transfers Xe Accept

Xe only allows sending to bank accounts, therefore sending to mobile wallets or for cash collection is not possible. For this reason, the company provides several choices for sending money to bank accounts, including several hedging measures. The sole aim is to protect against unfavorable changes in exchange rates. It specifically backs the following:

  • Recurring payments:  Setting up recurrent payment transfers might help senders who need to send money frequently lock in exchange rates for payments of different intervals.
  • Limit orders:  With a limit order, the sender can instruct the receiving party to automatically purchase a currency when the rate reaches a specific level. Your transfer will be executed instantly once the ideal exchange rate is obtained.
  • Forward contracts: Forward contracts give you the option to send money at a future date using a predetermined or fixed exchange rate.
  • Business transfer:  A selection of transfers and currency solutions for business use are available from Xe.

XE Money Transfer Securities

Xe adheres to industry best standards and is governed in every nation where it conducts business. This helps to protect clients’ money and personal information.

The business complies with legal requirements such as the Privacy Act in Canada and the United States, as well as the GDPR in the EU. It is governed by a variety of organizations worldwide, notably the Quebec-based Autorité des marchés financiers (AMF). It is also governed by Canada’s Financial Transactions and Reporting Analysis Centre (FINTRAC).

Xe claims to have handled over $115 billion in transactions for over 112,000 consumers across 170 nations. In case the business ever experiences financial difficulties, customer funds are maintained apart from corporate funds.

XE Money Transfer Alternatives & XE Review Conclusion

Wise Review Transferwise-App - Comparewise

Wise

Wise (formerly TransferWise) is another alternative money transfer platform to also check. This is a result of the solid track record they have established over time. Also, due to its true mid-market exchange rate, Wise has grown to be a well-known service. You can estimate your costs because the fees are transparent.

Wise, on the other hand, only provides service to fifty countries and delays the transmission of funds by three to five days. They have different limits than XE, with the set limit being $250,000 per year.

There are service fees associated with using Wise, which are made up of a fixed fee and a percentage of the money you are sending. They do, however, provide mid-market rates, which can result in higher dollar amounts on larger transactions.

Remitly App - Comparewise

Remitly

Remitly is another affordable online money transfer service. It has an easy-to-use user interface, and both the website and the mobile app may be used to send money. The recipient then picks up the transfer at their local bank.

You enjoy the benefit of a locked-in rate with Remitly from the minute the transfer is initiated. This means that you shouldn’t worry about any changes that occur before the receiver collects the item.

Remitly may offer lower exchange rates than other options; however, it is not always the most affordable alternative for sending money. Additionally, because there are set fees, it is better to use this service for greater sums.

Worldremit Review-Registration-Comparewise

WorldRemit

WorldRemit is another option alternative to look into for money payment. It is described as an “online low-cost alternative money transfer” and it is a brand-new competitor on the virtual financial scene. Former UN advisor who founded WorldRemit in 2010 offers bank deposits, mobile top-ups, quick e-wallets, and cash collection options. WorldRemit operates in fifty different countries.

WorldRemit offers a user-friendly site, minimal fees, currency rates, and almost immediate payments. WorldRemit is an easy and secure way to send money because it is authorized by international regulatory bodies.

Technology Crossover Ventures supports Trend Micro certification, which is utilized for transaction security. It does not, however, hold a Better Business Bureau accreditation, and it appears to take a while to respond to concerns.

Sending money transfer via Bank

You could be accustomed to sending money using banks, which is the conventional manner. Since many individuals are unaware of the alternatives and view banks as a secure option, they are widely used.

Assessing banks’ speed, efficiency, and costs in comparison to the variety of contemporary options for money transfers reveals that they don’t stand up.

A bank branch might not be nearby for your recipient. A service like XE Money Transfer, which offers online money transfers, may be more advantageous if they require the money right away.

 You may send money in minutes for considerably less money with the help of money transfer websites and apps.

Offline money transfer companies

You may be familiar with traditional money transfer alternatives to banks like Western Union, MoneyGram, Ria, Paypal, and so on.

The accessibility of these services is one of its key advantages. They frequently have locations that are more accessible than banks do. One can be in your neighborhood supermarket or a shop on a street corner. These could be desirable alternatives due to accessibility, but they have disadvantages as well.

The choices for sending and receiving money are restricted. In addition, they have relatively high prices for the convenience of their service. For instance, if you only want to transfer a small sum, the fees will account for the majority of the sending expense.

Thanks for checking out our XE review.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get 50 Free Trades on Canada's #1 trading platforms.
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

FAQs about our XE Review

How does Xe operate?

Create a quick Xe account online or with the app to transmit payments internationally. Online or through the Xe app, you can set up a transfer and pay using a card or bank transfer.

Can I Use XE Money Transfer to Send Cash?

Every transfer of funds made through XE must be made via bank transfer. If your bank offers online banking, you can do a bank transfer. Banking over the phone is another option. Additionally, the receiver needs a bank account to receive money.

How quickly can Xe send funds?

When you set up your payments, you'll see an anticipated arrival time. It's important to keep in mind that this is the earliest time your money will likely arrive; nevertheless, this depends on a variety of factors, this includes your own and the recipient's bank processing timeframes.

Can I cancel an XE transfer?

On their website, cancellation is permitted, although there can be a price for the service. Before sending, double-check the transfer's specifics to prevent this.

Is Xe money transfer secure?

Yes. Sending money online is secure with XE Money Transfer. The FCA fully regulates XE Money transfers.

How much is the Xe transfer fee?

For over 500 CAD, there is no transfer fee while the transactions under 500 CAD cost 3 CAD. The currency rate utilized for payments does, however, include a fee.

How many currencies does Xe support?

With Xe, you can send funds to over 200 countries, it supports 139 currencies.

Can I download Xe on my mobile phone?

You may download the Xe app on both Apple and Android smartphones.

Do I need a new bank to use xe app?

No, you can make use of your pre-existing bank account with the Xe app.

When will I be able to make send money?

Customers can access the procedure online every day of the week, 24 hours a day. Remember that until the banks are open, the transfer may not be successful.

October 21, 2022
Fact Checked
Categories:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

You may also like

Whether you are a small or large business owner, you can save time and money with the J...
Technology growth has allowed us to bring even our wildest imaginations into reality. F...
Canadian entrepreneurs rely on cash advances to get by in tough times, making a 2M7 rev...
Are you a business owner needing business loans to move your business to the next level...
With each Driven.ca review, you can see why this company has such a good reputation. Dr...
Car loan?
Personal Loan?

Top deals await you just a short
application away!