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Xe Money Transfers

See what Xe has to offer for your international money transfer needs.

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, updated on August 18th, 2023       

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Xe.com started life as a computer consultancy and internet service provider, but now offers extensive foreign exchange services such as international money transfers, with more than 285 million people a year sending money overseas through them. 

Find out more about the money transfer service offered by Xe and compare other foreign exchange providers with Savvy before you start your transfer today.

*All product information is correct as of August, 2022.

Xe money transfer review

About Xe

Xe was founded in Canada in 1993 under the name Xenon Laboratories. It gets its unusual name from the two-letter atomic symbol for Xenon, which is a colourless gas found in the earth’s atmosphere.  In 1995, Xe launched one of the world’s first live currency converters, linked to the currency foreign exchange (forex) market.  This allowed the public to trade currencies in real-time and cemented Xe as a world leader in currency exchange data.

It’s now a subsidiary of the Euronet Group and an award-winning currency data provider also serving as an international money transfer service.  It won a Canstar 2021 International Money Transfers Outstanding Value Award and has a five-star rating, offering transfer services to 220 countries in 139 currencies.

What products and services does Xe offer?

International money transfers

Xe.com offers international money transfers both online and through a mobile app accessible by Android and iOS users. They service both retail and business users, offering their customers a range of useful currency tools.  Retail currency tools on offer include the ability to:

  • set rate alerts
  • view delivery date before authorising the transfer
  • track the progress of your transfer
  • monitor up to ten currencies
  • view historical rate charts for any currency

Transfer limits:

For Australian customers, there is no minimum transfer limit to the amount you can send, but a maximum single transfer size of $750,000.

Speed of transfer:

Many Xe transfers can be sent, and then arrive at their destination instantly, with all transfers happening within 0-4 days (depending on the size of the transfer and the destination).

For business customers:

  • guaranteed spot contracts – so you can lock in the exchange rate you receive
  • forward contracts – allowing the exchange rate to be locked in for an extended period into the future (sometimes up to a year)
  • market orders – so your transfer is completed at a set rate you’ve determined in advance
  • the ability to make mass payments simultaneously (for example, so all payees receive their payments at the same time)

Fees:

Xe charges a percentage of the transfer amount plus a markup on the exchange rate.  Their percentage fee ranges from 0.5% to 2% depending on the currency involved. They offer very competitive exchange rates for large transfers. They also charge a small ‘send fee’ for transfers less than $500, which is in the region of $4.

How to send money with Xe

There are three simple steps to take to start your transfer with Xe:

  1. Create your account, which should take less than five minutes overall. Have a form of ID such as your passport or driver’s licence handy. Once you’ve filled in your details, it may take a few minutes to verify your account.
  2. Once your account has been verified, add the details of who you wish to send money to. You’ll need their address, bank account, IBAN, SWIFT or BIC code and the required currency and payment amount.  You’ll be able to pay for your transfer by direct debit and BPAY (but not using a credit card).
  3. You’ll be shown the expected delivery date and the exchange rate on offer.  If you accept these details, you can send your transfer off.  You’ll receive a tracking number which will allow you to monitor the progress of your transfer.

The pros and cons of Xe money transfers

PROS

Strong business support

If you’re a business that makes regular international money transfers or needs to transfer large sums, Xe offers strong support for business needs.

Many useful currency tools

It’s easy to make sure you’re getting the best exchange rate possible with Xe’s extensive currency tools, including one of the best-known currency converters in the world.

Good option for larger transfers

Xe’s business focus makes it an ideal company to use if you wish to make a large transfer, offering very competitive exchange rates for sums above $10,000.

Multi-lingual customer support

Xe offers customer support in at least four languages and offers business managers to provide tailored customer solutions to businesses.

CONS

No transfers to some major Asian countries

If you want to transfer money to China, Indonesia or Malaysia, you won’t be able to with Xe, as it doesn’t offer currency transfer services to these nations.

No cash transfers

Xe doesn’t offer cash transfers through its mobile app as other non-bank transfer apps do, nor does it offer Apple Pay or PayPal payment options.

Not the cheapest for small transfers

Xe may not be the cheapest option for small transfers, such as under $500, as their set fee of around $4 can make them more expensive than percentage fees.

Anti-money-laundering compliance delays

Xe may request more information about your transfer than other companies when processing your transfer, which could potentially cause delays in the process.

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.

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