Xe is an easy to use and recommended money transfer provider. The company blends self-service and potential account management options where you need them.
As cost goes, there’s not a lot that sets it apart from competitors. Fees can be competitive - but you might find cheaper options occasionally.
Speed is something Xe does claim to excel at, with transfers completed within 24 hours in most cases.
Then, for large money transfers, there’s no fees and you can access an account manager. This is similar for businesses as well.
All-in-all, Xe is an established and reliable money transfer provider. We would recommend working with them.
Xe vs banks for international transfers
Xe offers some pricing options which allow it to stand out against banks. In some cases it also beats other providers.
Comparison | Xe | Chase Bank (US) | Barclays (UK) | Emirates NBD (UAE) | Scotia Bank (Canada) | NAB (Australia) |
|---|---|---|---|---|---|---|
Exchange rates | 0.3% to 2.1% | 2% to 7% | Up to 2.75% | Up to 4.6% | 3.35% | From 3% |
Fees | Up to $2.99 | $40-50 per transfer | £25 per transfer | 60 AED + 1.99% | 1.99 CAD | 30 AUD |
Speed | Within 24 hours | 2 to 5 days | 2 to 5 days | 3 - 7 days | 2 to 5 days | 3 to 7 days |
Customer service | Available for certain products and transfers | A chat bot and generic help articles which cover basics | Generic, non-specialized help articles. Ability to call which adds £15 to the cost of sending money | Generic help portal | Generic help portal, telephone assistance | Generic help portal only |
Cost Verdict:
Xe can be cost effective, but you might also get a better deal on some currencies by shopping around.
They’re certainly better than sending with a bank, but transferring with Wise has a total cost of 0.33%. So, could make Xe more expensive for some transfers.
We’ve compared Xe to popular banks in each country, more banks can be found on our bank fees page.
For all transfers, we do recommend comparing live rates using the search function. This will also compare against banks, and also let you know if there’s a better provider than Xe for your transfer.
Why are people choosing Xe?
While Xe is a pretty simple money transfer offering, it caters to a few different scenarios.
Day-to-day transfers: More than anything, Xe is suitable for anybody with regular transfer needs. This could be sending money home or transferring a pension. It might not always be the cheapest option as we’ve said, so it is best to check your specific route. More so, it will be a consistent option, and an easy to use one, for different transfer types.
Property purchases: Large transfers are also catered for, and the speed and ability to access support make Xe a good option. In some cases they are a better option than currency brokers. This will depend on the countries you want to move the money between.
Business transactions: Xe caters to business clients. This includes options for risk management tools, bulk payments and accounting software support.
Currency tracking: The Xe app has a standalone currency converter within its app. It’s a small option to choose them, but worth using it even if you just want to keep on top of currency fluctuations.
Why wouldn’t you choose them?
If you want a multi-currency account: Xe does not offer multi-currency accounts or spending abroad. This is the same for personal and business accounts.
Receiving money: If you need to receive money, Xe might not be the right choice. The platform is designed for outgoing transfers.
Features
Versatile app
Xe has an app that is home to one of the most used currency converter tools globally. Of course, it offers money transfers a well.
It might seem like a small perk, but having an app that offers value beyond money transfers isn’t always something you’ll always get.
Within the currency converter side, you can see historic charts and set up rate alerts. Naturally, these can be linked to regular transfers you might need to make.
Overall, it’s a nice offering from Xe, and is very easy to use.
Hybrid support
Sending large amounts of money can feel tricky, and Xe is a company that offers another level of support for bigger transfers.
Like most things, this isn’t revolutionary by being offered by Xe, but it is convenient.
When ‘sending online’ it can sometimes feel very isolated. With most digital providers, problems solved by chatbots or help portals.
The offering from Xe is different in that their product is tailored to what you need from it, at the time you need it.
For large transfers, it’s always best to check all providers. Some will offer specialist support for certain locations
Supports a nice range of options for the recipient
Xe offers support for the recipient as well.
Companies like Wise, or brokers such as Regency FX, are very bank account and digital based.
Xe has a couple of other options, in that it is possible to send to mobile wallets and for cash pickup as well.
The company has around half a million cash pickup locations around the world. This is a decent amount of choice, and puts it on the same par as Western Union.
Business payments
Xe offers business transfers with a solid range of options.
These include:
Currency risk tools: Options like forward contracts and limit orders can be put in place for regular transfers, or upcoming needs
Integrations: There’s options to integrate Xe into existing software. This includes Sage or Microsoft Dynamics 365
Batch payments: It’s possible to pay up to 1,000 recipients in one go
API access: Using this you can tailor any products within your business to use Xe within them
Exchange rates and fees are similar to what’s offered across the personal account. Access to account managers is also available.
Receiving money
Xe is designed for people who want to send money, not receive it.
Our guide on receiving money from abroad will help decide on the best option available.
Limits
Limits on transfers from Xe are $15 million. So really, there’s not much of a limit at all!
In fact, this is almost 10 times higher than Wise, which has a limit of $2 million.
Transfer speed
Transfer speed is a tricky thing to confirm. The actual speed will be dependent on factors such as the amount being sent and the route the money is moving.
What we can tell you is that Xe is generally one of the faster ways to send money. The company says most transfers are received within 24 hours. In our testing, we’ve not been able to debunk that theory.
Regulation and safety
Xe has a range of regulation and safety features in place to protect users globally.
Aspect | Details |
Regulatory Authority | State Licensing and Regulation - XE operates as a licensed money transmitter in the United States. - Regulated by individual state banking departments and complies with all state laws. - Registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). |
Client Funds Protection | Segregated Accounts - Client funds are held in segregated accounts separate from XE's operational funds. - Uses reputable Tier 1 financial institutions to safeguard client money. |
Data Security | Advanced Encryption - Employs strong encryption protocols to protect personal and financial data during transmission. Secure Infrastructure - Utilizes robust cybersecurity measures to prevent unauthorized access and data breaches. |
Anti-Fraud Measures | Transaction Monitoring - Continuously monitors transactions for suspicious activities to prevent fraud and money laundering. Identity Verification - Implements strict verification processes to confirm customer identities and prevent fraudulent accounts. |
Compliance Standards | Anti-Money Laundering (AML) Compliance - Adheres to federal AML laws and regulations to prevent illicit activities. Know Your Customer (KYC) Procedures - Conducts comprehensive KYC checks to verify client identities. OFAC Compliance - Complies with the Office of Foreign Assets Control regulations by screening transactions against international sanctions lists. |
Data Protection | Privacy Policy - Transparent about how client data is collected, used, and protected. GDPR Compliance - For customers outside the US, complies with the General Data Protection Regulation where applicable. |
Financial Stability | Backed by Euronet Worldwide - XE is a subsidiary of Euronet Worldwide, a leading global financial technology solutions provider. Regular Audits - Subject to regular internal and external audits to ensure financial integrity and compliance. |
Certification | PCI DSS Compliance - Compliant with the Payment Card Industry Data Security Standard for secure handling of payment card information. SOC Compliance - Adheres to Service Organization Control standards for data security and privacy. |
Secure Payment Systems | Trusted Banking Partnerships - Collaborates with reputable banks and financial institutions for secure transaction processing. Secure Payment Gateways - Utilizes secure payment systems with multi-factor authentication to protect payment information. |
Customer Support | Dedicated Support Team - Offers customer service to assist with inquiries, transactions, and security concerns. Comprehensive Help Centre - Provides resources, FAQs, and guides for additional support. |
Customer service
There’s a range of customer support options on offer from Xe.
These will depend on what you need to do, and how you want to do it. Ultimately though, they are accessible and simple to use. Xe feels a little more accessible in terms of contacting than some other digital first options.
Not keen? There’s other options
Company | Features | Rating | Pricing |
|---|---|---|---|
TorFX (UK only) | Best for UK customers sending land amounts of money, Risk management tools, Regular payments and mobile app support | ⭐⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Regency FX | Supports large payments globally, Risk management support, Regular payments | ⭐⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Currencies Direct | 24/7 transfers, forward contracts and other risk management tools, mobile support, regular payments | ⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Moneycorp | Forward contracts, currency risk tools, personal account for regular payments, account manager | ⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
OFX | Forward contracts, limit orders, mobile app, regular payments | ⭐⭐⭐ | No fees + competitive margins |
