Saturday, September 23, 2023

Everything You Need To Know About XE Money Transfers

XE Money Transfers has been around for a while, but not many people know about them or understand how they work. If you’re interested in international money transfers and you want to know more about XE, this article will give you information about this money transfer company that you may be able to use in the future. You can also check out this great XE Money Transfer review online which can also help give you more information. Let’s take a closer look now:

XE Money Transfers: Your In-Depth Guide

What Is XE Money Transfers?

XE money transfers is a company in Ontario, Canada which provides international money transfers in a number of currency options. This company has a subsidiary office in California and provides phone and online support in many different languages. XE’s currency exchange rates are competitive against its competitors. The one good thing about this company is they don’t charge fees for international money transfers. The way this company works is by transfering funds via bank transfer only.

History Of XE

XE first started out as a website that provided information only. It wasn’t until 2002 that it offered international money transfer services. Using this service to transfer money internationally can save you money depending on where exactly you live. The reason why this is, is because it offers no transaction fees and competitive exchange rates.

First beginning it’s operations in 1993 as Xenon Laboratories, this company then became in 1994 and registered the domain name with the Xenon’s atomic symbol. In 2001, the company officially launched and changed its name to Inc. In 2002, this company then launched the XE trade which allows for overseas money transfer service.

In 2015 the company acquired Euronet Worldwide, Inc and then rebranded their name XE Trade to XE Money Transfer in 2016. In combination of providing a money transfer service, this company also offers other tools and assets which includes IBAN calculator, online currency converter, amd currency charts. In 2016, according to XE, the website had over 280 million unique visitors that year.

In 2013, was ranked by independent ranking site, Alexa, in the top 500 websites based on traffic. It’s also won the Top Employer in Greater Toronto by Mail and the Globe for the previous 5 years.

It’s also registered in US, UK, New Zealand, Australia, and Canada and features dedicated websites for all these regions.

Who’s Most Likely To Benefit From XE Money Transfers?

Those who live in Australia, Europe, and America can benefit from using this company the most. Businesses and individuals alike can also gain great advantages. For businesses, they can transfer up to $500,000 while also having the option to choose different hedging tools. It provides versatility via the use of the mobile app or the website platform from anywhere. Some of the circumstances where you can use XE Money Transfer services for international transfer includes:

  • When making an overseas charitable donation.
  • Paying overseas employees or suppliers.
  • Purchasing homes in foreign countries.
  • Paying tuition fees as an overseas student
  • Sending money to friends or family.

The versatility of XE Money Transfers provides many benefits to many people. Long term use of this service is ideal and recommended to gain the most out of the company and what they have to offer.

What Type Of Transfers Can Be Made?

There’s a few different transfers that can be made with this company. Deciding which one is the right one for you really depends on what you’re looking to achieve with your money transfer. These include, but isn’t limited to:

  • Business Transfers – They feature a separate product for business owners.
  • Forward Contracts – Ability to lock in a day’s exchange rate for future transfers.
  • Regular Payments – Setup a frequency of payment that can suit you.
  • Limited Order – Choose an exchange rate and choose the feature where the system only transfers when this exchange rate is met.

Make sure you know what one you’re looking into prior to sending as it’s hard to cancel payments.

Types Of Payments Accepted By XE

XE accepts money transfer by using BPAY and Bank Transfer. Unfortunately XE doesn’t accept any payments via card or cash. This can be a flaw for them but with that said their services for payment reliability is high which is a good compromise.

What Timeframe Does It Take To Transfer

Generally most money transfers from international countries should be processed within a day. However there may be some transfers that take longer depending on the type and where they come from. Your bank may also take some more time when transferring money to XE. Once XE receives funds it will then start your transfer.

XE Money Transfer Details: What You Need To Know

Different factors are involved if you’re deciding whether to use this company for sending money overseas. Below is some information of these different factors for your convenience:

Country Registration: You can register to use this service if you live in the following locations:

  • Jersey
  • New Caledonia
  • Netherlands
  • Australia
  • Austria
  • Canada
  • France
  • New Zealand
  • Denmark
  • South Africa
  • Sweden
  • Germany
  • Spain
  • French Polynesia
  • United States of America
  • United Kingdom
  • Switzerland
  • Isle Of Man
  • Ireland
  • Guernsey

Currency Trading: XE Money Transfer can trade in up to 60 different currencies but can send money across 170 countries: Below are the currencies which can be traded in.

  • Danish Krone – DKK
  • Swiss Franc – CHF
  • Canadian Dollar – CAD
  • Botswana Pula – BWP
  • Bahraini Dinar – BHD
  • Bulgarian Lev – BGN
  • Australian Dollar – AUD
  • Emirati Dirham – AED
  • Czech Koruna – CZK
  • Hong Kong Dollar – HKD
  • British Pound – GBP
  • Fijian Dollar – FJD
  • Euro – EUR
  • Jordanian Dinar – JOD
  • Jamaican Dollar – JMD
  • Israeli Shekel – ILS
  • Croatian Kuna – HRK
  • Hungarian Forint – HUF
  • Tunisian Dinar – TND
  • Kuwaiti Dinar – KWD
  • Norwegian Krone – NOK
  • Mauritian Rupee – MUR
  • Basotho Dinar – LSL
  • Kenyan Shilling – KES
  • Japanese Yen – JPY
  • South African Rand – ZAR
  • US Dollar – USD
  • Turkish Lira – TRY
  • Mexican Peso – MXN Saudi Arabian Riyal – SAR
  • Thai Baht – THB
  • Polish Zloty – PLN
  • Swazi Lilangeni – SZL
  • Swedish Krona – SEK
  • Serbian Dinar – RSD
  • Romanian Leu – RON
  • Qatari Riyal – QAR
  • Philippine Peso – PHP
  • Omani Rial – OMR
  • New Zealand – NZD

Information About Exchange Rates

Exchange rates from XE compared against most other banks gives a better overall outcome. The reason why the exchange rates from XE Money Transfers is more competitive is because their linked to the live forex rates. Just like the forex market when you complete a transfer during open market times, you’ll find the rate will continuously fluctuate. It’s not until you confirm the transaction that you’ll know the exact exchange rate.

Does XE Money Transfer Offer Coupons?

Currently right now this company doesn’t offer any coupons. Maybe in the future they could but at this stage there isn’t any available.

Other Information To Know About XE Money Transfer

Just like any other company there’s always additional information. Before signing up to this service, it’s good to know the following:

  • It’s registered in the USA with FinCEN – Financial Crimes Enforcement Network.
  • It’s operations come under the ASIC – Australian Securities and Investment Commission – in Australia.
  • It’s registered in the UK with FCA – Financial Conduct Authority.
  • In New Zealand it’s registered with FMA – Financial Markets Authority.
  • It’s registered with FINTRAC – Financial Transactions and Reports Analysis Centre of Canada.
  • To safeguard customer information they use enterprise grade security.
  • Language and support on the site is available in the following – Arabic, Japanese, Chinese, Swedish, Italian, Portuguese, French, Spanish, and English.
  • It annually supports one charity a year from it’s employees by donating $1000.

How Do You Sign Up To XE Money Transfer

The online application for XE money transfer is easy for businesses and individuals to sign up to. For those who are interested in signing up for this service you’ll need:

  • Email address
  • Complete name
  • Phone number
  • Residential address
  • Tax file number
  • Social security number
  • Government issued identification document

How To Transfer Money Using XE

Using XE Money Transfer is quiet easy to follow. Here’s a step by step guide on how to transfer money using XE:

  1. Log into your dashboard to see all your account details.
  2. Find and click on ‘new transaction’. You should be able to find this in the menu bar at the top of your screen.
  3. Finalise the quantity of money you want to transfer and choose the currency pair you’d like to send money in. From here you’ll be quoted the exchange rate.
  4. Add the recipients details including their address, name, reason for payment and bank details.
  5. Select your preferred payment method. Australians can choose between BPAY or Bank Transfers.
  6. Double check and confirm your transfer by checking the exchange rate in case it’s changed. Also check the information is correct for the recipient as it can be hard to cancel if it’s wrong.
  7. Next transfer the funds to XE. They’ll give you their bank account details for you to transfer money into it. You’ll see this information on your PDF confirmation.
  8. Once XE receives your money it then sends your transfer along to the recipient. This can be tracked via your online account or email updates.

You can also view this video to find out how to transfer money overseas.

Are There Limits On The Amount You Transfer?

With XE Money Transfer, you have the ability to transfer up to 500,000 USD or the currency equivalent. This means large businesses can really take opportunity and use this service to their advantage when moving money around.

Pros and Cons

In a nutshell here are the pros and cons to consider as an overview:

Pros Of XE Money Transfers

  • Currency Specialists: They offer a wide variety of financial services and products, unlike most banks. They specialise in global currency markets.
  • Competitive Rates: They provide to customers highly competitive exchange rates to its customers. You can compare their rates against banks and see which one is the better option.
  • No Fees: There’s no charges of fees for transactions or commissions. There’s no ongoing fees as well.
  • Quick Use: You can use XE within 24 hours after opening an account.
  • Convenient – You can use XE 24/7 whenever you need it the most.

Cons Of XE Money Transfers

  • No Credit Card Payment: You can’t pay for international money transfer from Australian credit cards.
  • No Cash Pick Up: You can’t pick up cash it can only be sent via transfer to the recipient’s bank account.
  • Missing Currencies – Some currencies are missing like India and China.
  • Need An Account – You need to create an account to get quoted on the current exchange rate.
  • Cancelling Transfers – It’s hard to cancel a transfer you’ll need to contact them directly as soon as possible to get this resolved.

Overall Reputation

Many people who are looking to transfer money ask the same question. Is it a reputable business and is it easy to use? After searching online you can see that Trustpilot has over 25,000 reviews and equals to 5 stars. It provides an 86% excellent rating while there’s only a 1% bad and poor rating.

Some of the positives include:

  • Helpful phone support

  • Great rates

  • An easy and quick transfer process

Some negatives include:

  • Swift fees unexpectedly incurred.

  • Requirements of compliance are strict.

You can also see what people are saying about them upon investigating further.

For social media like that on facebook, as seen in the screenshot below you’ll see over 106,000 people like this company and over 105,000 people follow them.

Upon reviewing some of their questions and feedback it seems that they take the time to respond to as many of their customers questions and feedback as much as possible.

Like with any other business it’s important to check into a company first before you use their system and when checking into XE there isn’t a lack of feedback to go along with it which is great. This way it gives you the ability to easily understand the good parts and the flaws this company has on offer.


XE Money Transfers is a convenient and versatile money transfer company which doesn’t cost you a fortune in fees. By understanding about this company and all it has on offer, you’ll be able to make a sound decision in whether it’s a good choice for your individual needs. So do you think you’ll use XE Money Transfers for your individual or business needs?

Andy Debolt
Andy is a graduate of the University of Minnesota with a Bachelors Degree in Journalism. When he isn't writing Andy enjoys water sports and spending time on the golf course.


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