Exchange rates, Payment methods, How to, Transfer fees and much more
XE Money Transfer is one of many online money transfer services that claim to offer fast and easy transfers internationally. But is it the right service for you?
There are a number of things to consider before choosing XE Money Transfer over the many other money transfer services available. Value for money, speed, and security are all major factors to look at.
With many online money transfer services, you may actually lose money on your transfer. Whether you are sending money for a business transaction or to family overseas, you'll want to keep more of it in your pocket.
If you've ever wanted an XE Money Transfer review, here's everything you need to know.
XE has been in the currency exchange business for over two decades. It is part of an international financial services conglomerate, Euronet Worldwide. As such, it is able to offer a number of options for funding your money transfer.
After signing up for an XE Money Transfer account, you can fund transfers with a debit or credit card, as well as a checking account. It is notable that any transfers made with a Mastercard are subject to a fee.
XE boasts a whopping 170 countries on its list of possible destinations for money transfers. Using the service you can transfer money worldwide between almost any two countries. In most cases the transfer is completed the same day.
You can send money to these countries in over 60 currencies. On the list of currencies is:
Unfortunately, XE Money Transfer is rarely the cheapest option when it comes to getting the most bang for your buck. The site ranks poorly when it comes to fees and the exchange rate offered.
You may have been attracted to the claim that XE makes on its site that it does not charge fees for transfers. If you scrutinize their process more closely, you may be surprised.
It makes sense as XE is a business and may want to hide the costs involved while still cashing in on each transfer it processes. In the international money transfer business, many times a service will claim there is no fee to pay. But you will still be paying a margin on the rate of exchange.
This makes it difficult to judge what the real, complete cost of a transaction will be. It’s very possible that you’ll end up paying more than you would like to.
Another way XE Money Transfer may hide the costs involved is by not specifying that you will be liable for any fees your bank may charge.
The service says that it always sends the precise amount of cash you specify, but in the fine print details an important fact. Either the bank receiving your funds, or the intermediary bank may take fees when the payment is credited to the receiver. XE makes it clear that it will not reimburse you those charges.
It would be smart to keep an eye out for these charges, but many times they are not specified beforehand, so your final cost is unknown.
XE Money Transfer's exchange rate is competitive. But, there are better services out there. The company's rate is under the interbank rate. This is good for you, the sender. But it is still not the lowest rate among XE's competitors.
As an example, take a transaction where a customer wants to send pounds from Great Britain, converting it to dollars in Australia. For sending pounds XE usually charges a 1-1.5% margin on the mid market exchange rate.
Pros
Extensive coverage with over 100 countries and currencies available
Speed of transfer — most completed within one business day
Customer reviews are overwhelmingly positive
As of August 2020 XE boasts an impressive 4.7 out of 5 rating <a href='https://www.trustpilot.com/review/www.xe.com'>on TrustPilot</a>
Cons
XE Money Transfer only supports bank account transfers, not local cash pickup
Limited options for funding transfers
Customer support issues have been reported by senders
Competitive exchange rates but not necessarily the best
Your money transfer needs may be more complex. XE has other services that may be suitable in this case. Among the services are:
In short, yes. XE Money Transfer has been in operation for a long time and is registered in several different countries.
In Canada it is regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
In Australia, XE Money Transfer is regulated by the ASIC (Australian Securities and Investments Commission).
In the U.S., FinCEN or the United States Financial Crimes Enforcement Network governs the industry.
In the United Kingdom, it is regulated by the FAC (Financial Conduct Authority).