XE Money Transfer Review

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XE Money Transfer Review

Written by Caitlin Wood

XE Money Transfer Review

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Money Transfer Review

XE is a popular online source of currency information that provides an intuitive and comprehensive way for users to look up the exchange rates of different foreign currencies. The company was founded in Canada back in 1993 and was acquired by Nasdaq-listed Euronet in 2015. XE’s headquarters are still in Canada, but they also have offices in the United States, Australia, New Zealand and the UK. The company now offers an international money transfer service for both businesses and individuals across the globe.

Sending a Money Transfer With XE

To make a money transfer with XE, you can create an account online through their website – you will need to provide your address, nationality, and upload your ID documents.

From the online dashboard, select “New Transaction” and you will be asked to enter the amount you are looking to send, the associated currency pair, recipient details, and payment method. For Canadians, the only payment method available is bank transfer. Upon confirmation of the transfer, funds need to be transferred to XE who will then complete the transfer to the designated recipient.

What Type of Transfers Can You Send With XE?

XE offers four different types of money transfers that consumers can take advantage of.

  • Limit Orders – A limit order allows the sender to automatically buy a currency once the exchange rate reaches a predetermined level.
  • Forward Contracts – Forward contracts allow you to transfer funds at a future point in time using an exchange rate that is set or fixed.
  • Recurring Payments – For senders looking to transfer funds regularly, setting up recurring payment transfers can allow you to secure exchange rates for payments with various frequencies.
  • Business Transfers – XE offers a separate product that caters specifically to businesses.

Want a cash-pick up money transfer option? Click here

XE Key Features

Transferable AmountsCAD 1 Minimum; CAD 500,000 Maximum
Transfer Channels Online, Phone, Bank Account to Bank Account
Types of TransfersLimit Orders, Forward Contracts, Recurring Payments, Business Transfers
Payment OptionsBank Transfer
Service Coverage130 countries and 65 currencies

How Long Does It Take To Send Money With XE?

When sending international money transfers with XE, funds will typically arrive on the same day for most transfer options. However, keep in mind that the same-day time frame only starts from the point of XE receiving the funds from your bank account – bank transfer times vary but it may take several business days.

Is a wire transfer faster? Find out here. 

What Are The Costs Associated With Sending Money With XE?

XE does not charge a fee for consumers to send an international money transfer. Rather than charge an upfront fee, XE makes their money from the spread of the exchange rates – the quoted buy or sell rate is different than the actual spot rate of the currency. Make sure you compare the quoted rate from XE with the spot rate (on Bloomberg, Google, etc.) as well as quotes from other currency exchange service providers.

There are no fees associated with the money transfer, but your bank may charge you a fee to transfer money to XE’s local bank account. Additionally, the recipient’s bank may charge fees for an incoming international transfer.

Check out how much it costs to send money from your credit card to your bank account

Is XE Safe?

Although XE is not regulated by the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) in Canada, their parent company Euronet is. Euronet is an American-based conglomerate that operates a network of international money transfer companies. In Quebec, Euronet is registered with the Autorité des Marchés Financiers (AMF). As with most money transfer companies, the money that consumers send through XE is held in a separate account. This means that is XE runs into financial issues, your money is safe.

Should You Choose XE to Send Your Next Money Transfer?

One of the main advantages of using XE for international money transfers is the lack of fees as well as the highly competitive exchange rates. There are no ongoing account fees either, which means that you will never have to pay out of pocket when using XE to send money. Customers can transfer as little as $1 and as high as $500,000 so XE’s service should appeal to a wide range of individuals and businesses.

One downside of XE’s international money transfer service is that it does not support remittance to popular destinations such as China, Indonesia or Bangladesh. Additionally, Canadians can only pay using bank transfer and do not have the option of remitting using their credit cards.

XE Money Transfer FAQs

Can I track my XE money transfer?

You will receive an email notification whenever an order is placed and when a trade is executed. From the online portal, users can track the status of their transfers and will also receive an email once the transaction is complete.

Does XE have a mobile app?

XE’s mobile app, XE Currency, is available for iOS, Android, Blackberry, Windows and Firefox. While the app has a number of useful tools and resources, users cannot make transfers directly on the app.

Does XE have a reward system?

XE does not currently offer a reward program but there is a referral program. For each new referral, both the referrer and the referred person will receive a gift card valued at $25.

What do I do if I need to cancel an XE money transfer?

You should contact XE’s customer support as soon as possible if you need to cancel a money transfer. There may be a cancellation fee involved but there is a good chance that they can stop the transfer if the money hasn’t already been sent out. Their toll-free number in Canada is 1-877-932-6640.

Choosing The Right Money Transfer Company

There are countless international money transfer companies to choose from, this is why it’s important that you research at least a few options before making your final decision. XE is a great option for many consumers, just keep in mind that there are a few location limitations.

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