- XE Money Transfer could be a good fit if you're looking for a reliable way to send money internationally.
- As one of the longest-standing companies in the foreign exchange industry, XE Money Transfer can help you make business or personal money transfers.
- Create an account with XE Money Transfer in a matter of minutes and send money the same day.
This XE money transfer review will take you through all you need to know about using this company.
Inside this review
What is XE?
Xenon Laboratories Incorporated was founded by Beric Farmer and Steven Dengler in August 1993 and is headquartered in Canada. In April 2001, Xenon Laboratories Incorporated changed its name, officially becoming XE Money Transfer. In 2015, XE was acquired by Euronet Worldwide, Inc. (NASDAQ: EEFT), an electronic transactions and payments business that also owns HiFX and Ria Money Transfer.
XE Money Transfer provides customers with quick access to money transfers. Whether you need to send money to a student who's studying in Europe, or you want to make a money transfer to your business account, XE Money can help.
XE Money Transfer can send funds to 130+ countries. XE Money Transfer offers low transfer fees depending on the type of transfer you want to make. According to the company, most money transfers are completed on the same day.
Money transfer services are available 24/7, which is why some see XE as a favourable alternative to a traditional bank.
Currencies and countries supported
XE Money Transfer supports over 139 currencies and operates in over 220 countries and territories. Find a complete list of countries and currencies on their website.
- Easy sign up via the XE website or over the phone.
- XE Money Transfer offers a range of account features, including relatively low fees and competitive rates. Your exchange rate will vary based on the transfer amount.
- XE Money Transfer offers both individual and business accounts.
- The XE Currency app is available on Android, iOS, or tablet.
- XE Currency Bots allow users to access live exchange rates and calculate purchase prices across online platforms like Alexa, Slack, Google Assistant and Facebook.
- Other resources include an online Xe Currency Converter, Xe Currency Charts, Xe Rate Alerts, Rate Alerts, Credit Card Charges Calculator and an XE Travel Expense Calculator.
- XE Money Transfer offers market orders, forward contracts and an automated Regular Payments Abroad (RPA) product.
How much does it cost?
Opening an account with XE is free. The company charges a $4 fee for all international money transfers below $500 but no cost for any transfers above that amount.
When it comes to making an international money transfer with XE, you can choose from a range of funding options in Australia, including:
- Bank/wire transfer
- Credit card
- Debit card
- BPAY, Osko (AU customers only)
How fast is it to send money?
According to XE, some transfers can take just minutes. However, your expected payment date may vary depending on your selected payment method. The company recommends settling via card for a faster transaction time. Once your funds are received and cleared, XE will send them on. Depending on your recipient's bank, this can take anywhere between 1-4 working days.
Is XE safe?
According to XE's website, it's a service operated by HIFX Australia PTY Ltd. HiFX Australia PTY Ltd holds an Australian Financial Services Licence (AFSL: 240917) and is regulated by the Australian Securities and Investments Commission. XE has processed more than $115 billion in 170 countries for over 112,000 customers. The company adheres to regulatory standards in every country it operates in and has "enterprise-grade security measures in place".
How it works
You need to set up an account to send money using XE. As with any financial service, you must submit your details and identification for approval. Once set up, you can send money via the app or company website.
Pros and cons
- Setting up an account is free, quick and easy.
- Low fees. XE charges $4 for transfers below $500 and no fee for transfers above this amount.
- Competitive rates. Xe says its exchange rates are "bank-beating" and are linked to the live foreign exchange markets.
- XE offers a range of order types, including market orders, forward contracts and an automated Regular Payments Abroad (RPA) product.
- XE does not allow you to pay for an international transfer via direct debit, but you can pay via BPAY or Osko.
- XE does not provide speculative trading.
- XE doesn't allow third-party payments, although some exemptions exist for its corporate customers on a case-by-case basis.
- Some currency gaps. For example, you can't send money to China.
XE promises fast, secure and low-fee international money transfers to more than 220 countries and territories. The company offers competitive exchange rates and no fees for transfers over $500. On the downside, you can't send money to China or pay for your transfer by direct debit.