XE Money Transfer Review

XE Money Transfer provides cost-effective international money transfer services for residents of various regions including the US, Canada, the UK, Europe, Australia and New Zealand.
 

What XE Money Transfer offers

• International money transfers
• Forward contracts
• Market orders
• Regular transfers

International money transfers - Existing XE Money Transfer exchange rates apply on your Spot transfers.

Forward contracts - Lock in existing exchange rates for subsequent transfers.

Market orders - Buy or sell currencies when exchange rates reach desired levels.

Regular transfers - Set up regular transfers to go out at predetermined intervals.
 

What XE Money Transfer doesn’t do

• Unique local multi-currency accounts
• FX-optimized travel card
• Dedicated account managers (access only if you're trading over $100,000)
• Digital wallets
• Cash pickup

XE Money Transfer score

XE Money Transfer's personal services score is below average because customers don't get travel cards, digital wallets, multi-currency accounts or access to personal account managers.

XE Money Transfer provides different forex-based solutions for business clients.
 

What XE Money Transfer offers

• Forward contracts
• Market orders
• Mass payments
• Payments API
• Business account managers

Forward contracts - Secure existing exchange rates for up to three years.

Market orders - Set up an automatic trade for when the exchange rate reaches a desired level.

Mass payments - Use the XE Mass Payments system as a standalone platform, a managed service or a fully integrated API.

Payments API - Receive international payments from your clients directly through your website.

Business account managers - Turn to your account manager to make targeted trading decisions.
 

What XE Money Transfer doesn’t do

• FX-optimized business travel card
• Unique local multi-currency receiving accounts
• Solutions for online sellers
• Digital wallets
• Accounting integration

XE Money Transfer score

XE Money Transfer's score suffers in this section because it does not provide business travel cards, multi-currency accounts, digital wallets and online seller solutions. 

XE Money Transfer fees - XE Money Transfer does not charge any fees for carrying out transfers.

Are there additional XE Money Transfer fees? - XE Money Transfer applies an exchange rate margin on existing mid-market rates. For example, to send money to Colombia from Australia, XE add 0.4% to the real time exchange rate. From the USA to Colombia there is an aggregate 0.7% exchange rate margin fee added. Both of these rates are very competitive for this currency.
 

XE Money Transfer score

XE Money Transfer can do better in this section by increasing transparency surrounding its exchange rates.

What XE Money Transfer does well

Sign up process - Use the XE app or website to sign up, or you can sign up over the phone. 

Transfer speed - Your transfer can take 1 - 2 days. 

Payment options - Depending on where you live, you may pay via bank transfer, debit card, or credit card. Other region-specific methods are also available. For example, Australians can pay via BPAY.

Phone transfers - While you can send money online, you can also carry out over-the-phone transfers.

Minimum transfer amount - You can transfer any amount over $1.

Mobile app - The company provides apps for iOS and Android.
 

Where XE Money Transfer could improve

ID verification - The ID verification process can take 1 - 4 days.
 

XE Money Transfer score

Speeding up the ID verification and transfer processes, as well as making registration even simpler, would help XE Money Transfer increase its better-than-average score in this section.

What XE Money Transfer does well

Supported send from countries - Send money from Australia, Bahrain, Bulgaria, Canada, Croatia, Czech Republic, Denmark, European Union, Hong Kong, Hungary, Israel, Japan, Kuwait, New Zealand, Norway, Oman, Poland, Qatar, Romania, Saudi Arabia, Singapore, Sweden, Switzerland, The UK, The US, Tunisia and United Arab Emirates.

Supported send to countries - XE Money Transfer lets you send money to more than 170 countries, in over 60 currencies.

Customer support - XE Money Transfer provides local phone support in a number of countries, including the US, Canada, the UK, Australia, and New Zealand. You can get support in English, French and Spanish.
 

Where XE Money Transfer could improve

More languages - You can only use the XE Money Transfer website in English.

Chat support - XE Money Transfer does not provide support via online chat. 
 

XE Money Transfer score

Providing website access in more languages, as is the case with the main XE website, will increase XE Money Transfer's score in this section. This also holds true for providing chat support.

What XE Money Transfer does well

Regulated - XE Money Transfer is licensed by regulatory bodies in the US, Canada, the UK, Australia and New Zealand.

XE Money Transfer reviews - On Trustpilot, XE Money Transfer rates as Excellent, getting a score of 9.4 out of 10 with around 40,000 reviews. Most XE Money Transfer reviews demonstrate a high level of trust. 
 

Where XE Money Transfer could improve

Exchange rate transparency - You get to know of the exchange rate margin only toward the final step of your transfer.
 

XE Money Transfer score

Making its exchange rates completely transparent or charging a fixed margin would help increase XE Money Transfer's score in this section.