XE Money Transfer Review: Is It The Right Choice For You?

XE Money Transfer is widely recognized in the remittance industry for its global reach and competitive rates, but does it live up to the hype?

Most importantly, is XE the right choice for your money transfer needs?

In this in-depth review, we’ll explore XE’s standout features, fees, exchange rates, and user experience to help you decide if it’s the right fit for your international transfers.

To review XE Money Transfer, I personally tested a transfer from the UK to India, and I’ll walk you through the process step-by-step. Alongside my experience, I’ve also gathered insights from user reviews across the web and XE’s mobile app listings to give you a well-rounded perspective.

Plus, we’ll see how XE compares to other major players like Wise. By the end, you’ll have all the details to make an informed decision—and we’ll offer tips on getting the best value from XE.

Whether you’re sending money abroad or receiving payments from overseas, our in-depth analysis will highlight XE’s strengths and limitations.

That should provide you with enough data to make an effective decision on whether XE works for you or not.

And if XE doesn’t fit your needs, we’ll also explore some top alternatives.

Let’s dive into our in-depth XE international money transfer review!

Disclaimer: This post contains affiliate links, meaning Comparism may receive a commission if you sign up through our links, at absolutely no extra cost to you. This support helps keep Comparism free. For more information, you can check our affiliate disclaimer. Thanks in advance if you sign up using our links. 🙂

In a hurry? Here’s my quick verdict on XE Money Transfer, based on my experience and user reviews.

XE Money Transfer Review: Verdict

XE is a reliable money transfer service, with a score of 4.4/5 in our independent review.

As a fully licensed and secure provider, XE allows you to send money to over 220 countries in 139 currencies, with services to 130 countries from the UK.

XE holds a TrustPilot score of 4.3/5 from over 73,500+ reviews, with 90% of ratings at 4 stars or higher.

XE doesn’t charge separate fees over a certain amount for many corridors. For example the fees goes down from £2 to £0 for GB transfer of £1000 or over. XE do add a slight markup to exchange rates as well. But it’s still a valuable alternative to banks, offering up to 90% in savings vs banks.

Compared to alternatives like Wise and Remitly, XE may come with a slightly higher cost due to a markup on the exchange rate. However, with low to zero upfront fees, XE remains competitive. This markup is typical in the industry, as most providers add a minor margin to cover operational costs.

These are the main points to consider when deciding if XE is the right choice for you.

Overall, is XE worth considering your next transfer abroad? Yes.

If you currently use a bank for money transfers, switching to XE is a no-brainer. However, if you’re familiar with other services, a few alternatives may offer a slightly better amount converted.

If you’d like to go through the full review of XE money transfer in detail, read on as I list down what I like, what I don’t like and is XE good for you?

What is XE?

Founded in 1993, XE is a well-established and trusted name in currency exchange and international money transfers, known for its reliable real-time and historical exchange rate data.

While XE offers a variety of financial tools, international money transfers have become a primary focus, allowing users to send funds quickly and securely at competitive rates for both personal and business needs.

XE is usually my go-to site for referencing historical exchange rate data on Comparism.

At the time of this review, XE supports transfers in 139 currencies to 200+ countries and territories, including 130 countries from the UK.

XE also caters to a range of users, from individuals making remittances to businesses managing cross-border payments, offering an easy and accessible transfer experience.

Unlike traditional banks, XE charges a low upfront fees which goes down to zero over a moinimum amount (like 1000 GBP for UK transfers), adding only a small markup to the exchange rate, which often makes it a more cost-effective option.

In the past year alone, XE handled over $115 billion in global remittances, underscoring its scale and reliability as a trusted industry provider.

Is XE Money Transfer Safe and Reliable?

Yes, XE is a legitimate currency transfer company and is completely safe. They’re one of the most trusted brands globally, with extensive experience in money transfers.

XE Money Transfer is licensed and regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, ensuring strict standards for financial stability and customer protection.

In addition to the FCA, XE complies with regulations from other international bodies, which further ensures safe and lawful operations worldwide.

XE uses the latest encryption technology and enterprise-grade security for all transactions, with information encrypted using 256-bit SSL certificates. Client funds are held in segregated accounts, meaning your money is protected and separate from XE’s operational accounts. For added protection, XE offers two-factor authentication (2FA) and undergoes regular security audits.

So, sending money with XE is completely reliable.

With over $115 billion moved in remittances last year, XE’s secure platform has been trusted by millions. Their well-designed site and robust customer support options, including live chat, add to an overall secure and user-friendly experience.

Plus, XE’s compliance with data privacy standards like GDPR ensures that your information is safe and responsibly managed.

How does XE money transfer work?

Sending money with XE is a straightforward process that begins with setting up an account. Here’s a step-by-step look at how it works:

Sign Up and Verify Your Account

Start by creating an XE account either on their website or through the mobile app. You’ll need to provide basic information like your name, address, and contact details.

Verification process

For added security, XE will ask you to verify your identity by uploading a photo ID, like a passport or driver’s license. This process typically takes 1-2 business days to complete.

Once you provide your information, you might need to wait for a few days depending on the details you submitted.

“We’re reviewing the information you provided, this usually takes 1-2 days. Once your account is complete, you’ll be able to make your first transfer.”

Enter Transfer Details

Once your account is verified, log in to your account and click Send Money.

Select the destination country you’re sending money to.

I selected India for this walkthrough.

Enter the amount you wish to send, and XE will display the current exchange rate, and total amount the recipient will receive.

Next step, add the recipient’s details, including their name, bank account number, and bank information.

XE supports direct bank transfers, cash pickup and Mobile wallet. So it’s a convenient option for recipients with many options available.

Choose Payment Method and Pay for the Transfer

You can fund your transfer directly from your bank account, debit card, or other payment methods, depending on availability in your country.

XE doesn’t charge an upfront fee, though exchange rates include a small markup. The payment method you select may impact transfer speed and limits.

Confirm and Track Your Transfer

Review the transfer details carefully before confirming the transaction.

Once confirmed, XE will process the transfer, typically completing it within 1-3 business days, depending on the destination and payment method.

XE provides tracking for all transfers, and you can monitor progress via your account dashboard or through the XE mobile app. You’ll also receive email notifications updating you on the transfer status.

Delivery and Receipt

The recipient will receive the funds directly in their bank account once the transfer is complete. XE will notify both you and the recipient when the transaction is finalized.

Tips

• Use XE’s Currency Converter: Before initiating a transfer, check XE’s currency converter to estimate exchange rates and amounts.
• Transfer Limits and Requirements: Be aware that XE may have minimum and maximum transfer limits, which vary by country. Check these limits within your account if sending large amounts.

XE Money Transfer Time: How Fast is XE?

XE offers competitive transfer speeds that are on par with or faster than many traditional banks, especially for popular routes and currencies.

XE typically completes most transfers within 1-3 business days. However, some transfers may process even faster, especially if the currency is popular (such as USD, EUR, or GBP) and the recipient’s bank supports swift transactions.

For example, UK to India transfers are instant

Transfer speed with XE generally depends on factors like the destination country, the currency involved, and the payment method you choose. Here’s what you can expect:

Factors Affecting Transfer Speed

• Destination Country: Transfers to certain countries may take longer due to local banking systems, processing times, or regulatory checks.
• Payment Method: Transfers funded by bank account transfers may take longer to process compared to debit card-funded transfers, which can be quicker.
• Cutoff Times and Holidays: Transfers initiated outside of banking hours, over weekends, or during local bank holidays can experience delays, which is common for most international transfer services.

Express Transfers

• While XE doesn’t explicitly offer “express” transfers, transfers funded by debit or credit card often process faster. However, some countries may allow priority payments for a small additional fee, so you can check if that’s an option when speed is critical.

Tracking and Notifications

• XE keeps you updated on your transfer’s progress through email notifications, and you can track the transfer in real-time through your account dashboard or the XE app. This feature helps you stay informed about any delays and monitor when the transfer reaches the recipient.

Average Transfer Speeds by Region:

• US & Canada: 1-2 business days
• Europe: 1-2 business days
• Asia-Pacific: 2-4 business days
• Africa & Latin America: 2-5 business days

XE Exchange Rates

While XE often offers competitive exchange rates, it includes a small markup on the mid-market rates to cover operational costs.

This markup is typically lower than those applied by traditional banks, though it may be slightly higher than certain competitors, like Wise, which uses mid-market rates directly. Even with this markup, XE’s rates remain competitive, especially for large or frequent transfers.

Real-Time Exchange Rate Calculator

XE provides a convenient online money transfer calculator and currency tools that display real-time exchange rates, allowing you to check exactly what rate you’ll get before sending a transfer along with the total amount received at the recipient’s end.

This transparency lets you make an informed decision and even compare rates to other services if needed.

image – xe money transfer calculator

XE Rate Alerts

If you’re waiting for a more favourable rate, you can set currency rate alerts with XE, notifying you when your preferred exchange rate becomes available. This can help you maximize value for your transfers.

XE Money Transfer Fee

XE Money Transfer is known for its transparent fee structure, often charging no upfront fees for many transfers though you need to meet the minimum transfer amount critera. The fees can vary based on factors such as the destination country, currency, and payment method as well. Here’s a concise overview:

• Destination Country: Some currencies may have higher transfer fees due to factors like local banking regulations or limited availability. For example, sending money to countries with less commonly traded currencies might incur additional costs.
• Currency Pair: The expenses associated with transferring funds can differ based on the specific currencies involved. Transferring between widely traded currencies is typically more cost-effective than between less common ones.
• Exchange Rate Markups: XE applies a small markup to the exchange rate, which can vary between different currency pairs. Major currency pairs like USD/EUR/GBP often have lower markups, while less common pairs may have higher ones.
• Payment Method: Funding your transfer with a credit card may attract higher fees compared to bank transfers.

Limits for Sending Money with XE

XE imposes maximum transfer limits that vary by region and payment method. For example, personal customers in the UK can send up to £350,000 per online transaction. These limits may differ for business accounts and can be influenced by the chosen payment method.

Here’s a quick look at the transfer limits by region:

Region	Maximum Transfer Limit
United Kingdom	£350,000 or equivalent in other currencies
Europe	€400,000 or equivalent
United States	$535,000 or equivalent
Canada	CAD 560,000 or equivalent
Australia	AUD 750,000 or equivalent
New Zealand	NZD 750,000 or equivalent

Things to Know About Payment Methods

The payment method you choose can affect how much you’re able to send. For example, in the USA, bank or wire transfers require a minimum of $3,000. Debit or credit cards may have lower maximums than bank transfers, so it’s worth checking the options available in your region.

Verification Requirements

To comply with anti-money laundering (AML) regulations, XE may require you to provide identification documents or information about the source of funds, especially for larger transfers. This process ensures the security and legality of transactions.

XE: What do Customer Reviews Say?

With a Trustpilot rating of 4.3/5 from over 70,000 users, XE Money Transfer is widely appreciated for its reliability and ease of use.

How Good is XE Customer Support?

Talking about the customer support, I don’t have a first hand experience because I didn’t face any issues as such on setting up the transfer and later tracking it.

I’ve relied on reviews by real verified XE users that decided to score the service on Trustpilot. You can check them here.

I have picked a few of them for this review.

XE Mobile Apps

XE Money Transfer App is available on iOS and Android mobile platforms and they’ve both got some great reviews.

The XE iOS app has an excellent rating of 4.8/5 based on 74.8k user reviews.

XE Android app is rated 4.7/5 based on a massive 253k reviews on the Google Play store.

XE Money Transfer Alternatives

When compared to competitors, XE’s rates are generally in line with industry standards, though services like Wise and Atlantic Money may offer slightly more competitive rates for certain currency pairs by applying no markup at all – they charge an upfront transparent fee instead.

Let’s look at the comparisons in a bit more detail on how XE stacks vs competition:

#1. Wise vs XE

Wise (formerly TransferWise) is a popular alternative to XE, particularly for users seeking transparency and the best exchange rates. Unlike XE, Wise offers mid-market exchange rates with no added markup, which often results in more favorable rates for users. Wise charges a small upfront fee based on a percentage of the transfer amount, making it easy to understand exactly how much you’re paying.

Wise also supports transfers to 160+ countries, slightly fewer than XE’s 220 destinations, but covers major currencies. Wise may be especially beneficial for smaller or medium-sized transfers where the mid-market rate advantage is most noticeable.

If you prioritize a true mid-market rate with clear, low fees, Wise could be a strong choice. However, for larger transfers and destinations not covered by Wise, XE remains a competitive option.

#2. Atlantic Money vs XE

Atlantic Money offers a unique flat £3 fee and true mid-market exchange rates, making it ideal for all transfers larger or small. However, you get a bigger saving on larger amounts because of the fixed £3 fees for any amounts up to a million pounds.

So, if you’re sending a big amount with XE, it makes sense to quickly use the currency calculator on Atlantic website or app and compare.

Although Atlantic Money supports fewer currencies and countries, it’s highly cost-effective for major currency corridors. For a wider range of destinations and flexible amounts, XE’s broad reach and user-friendly options make it a versatile choice.

#3. XE vs Western Union

With over 150 years in the business, Western Union is a global giant, offering cash pickup and other flexible delivery options at more than 550,000 agent locations worldwide.

You can transfer money online, via their app, or in person, making it convenient for users needing in-person support or quick cash access.

However, Western Union’s fees and exchange rate markups (0.7-3%) can make it more expensive than online-only services like XE.

In comparison, XE offers a simpler, more affordable experience with a low or zero upfront fees, direct bank transfers, and a user-friendly app.

#4. InstaReM vs XE

InstaReM is an excellent alternative to XE that offers a fast, secure and convenient way to send money overseas. Like XE, InstaReM charges low fees and is regulated by the authorities globally.

With InstaReM you can send money to 55+ countries at low fees and great FX rates. They also have a loyalty rewards program where you can collect points to use on your subsequent transfers and save money.

You can use our InstaReM discount code and save £/$/€10 on your first transfer.

#5. WorldRemit vs XE

WorldRemit is a great alternative to Wise if you’re after an international money transfer service that offers a variety of different ways to send money to your loved ones. It is a trusted name in the remittances industry serving 5.7 million customers using 70 different currencies in 130 countries worldwide.

With WorldRemit (review), you can send money via bank transfers, mobile wallets, Airtime top-up and cash pickup.

As a Comparism reader, you can take advantage of the WorldRemit promo code and get your first transfers free.

XE Review: Summary

There you have it – a detailed review of the XE money transfer service.

If you’re looking to transfer money abroad, XE Money Transfer is a great option. With competitive rates and no/low transfer fees, XE is a popular choice for those looking to save money on their international transactions.

I hope this post helps you have a better understanding if XE meets your remittance needs.

To summarize, XE is a good service when it comes to the ease of getting started – setting up an account and making your first transfer. The XE mobile apps also have great customer reviews on both iOS and Android platforms allowing you to send money on the go (quite literally).

XE is clearly a great alternative to banks as it saves you a lot in bank hidden fees and charges.

But, the down-side to using XE is:

You don’t always get the best exchange rate compared to a few competitors like Wise (review), Atlantic Money and Western Union offer a better overall amount sent to the recipient.

Below is how I rate the different areas along with the overall score based on personally testing the XE money transfer service.

Frequently Asked Questions About XE Money Transfer

What are the XE Money Transfer rates?

XE Money Transfer rates include a small markup on the mid-market rate, which varies by currency pair. While XE charges no upfront transfer fees, this exchange rate markup is the primary cost. For the latest rates, check XE’s currency converter.

What are the XE Money Transfer fees?

XE Money Transfer usually has no upfront fees. Instead, it applies a small markup to the exchange rate, which is the main cost.

How long does the money transfer take with XE?

XE typically takes around 1-3 working days to transfer funds overseas. However, the transfer speeds could take shorter or longer than this estimate depending on the region, currency pair or payment method used.

Can you send money using your credit card?

Yes, you can use a credit card (Visa or Mastercard) with XE for international transfers. While XE doesn’t add fees for credit card payments, your card issuer may charge cash advance fees. Credit card payments may also have higher processing costs than bank transfers, so it’s wise to check with your provider.