XE Money Transfer Review: Fees, Features, and User Feedback

XE Money Transfer is a globally recognized international money transfer service that evolved from one of the earliest online currency conversion platforms. Originally launched in 1993 as a foreign exchange data provider, XE gained popularity by offering real-time exchange rate information to both individual users and businesses. Over time, the company expanded its services to include international money transfers and has since become a trusted name in the remittance industry.

Today, XE is part of Euronet Worldwide, a multinational financial services company that also owns Ria Money Transfer, one of the largest remittance companies globally. This strategic backing gives XE access to an extensive global payment infrastructure, which strengthens its reach and reliability.

Target Audience

XE Money Transfer caters to a diverse range of users, including:

• Individuals sending money to family or friends abroad
  
• Expatriates managing finances between two countries
  
• International students paying tuition or living expenses
  
• Small and medium-sized businesses conducting cross-border transactions
  
• Investors purchasing property or other assets overseas
  

Reputation and Trust

Over the years, XE has built a solid reputation for providing transparent, secure, and efficient money transfer services. Its long-standing presence in the market, association with Euronet, and commitment to regulatory compliance make it a reliable choice for customers in over 130 countries. The brand is particularly well-known for its transparency in exchange rate information and is often cited as a benchmark source by financial professionals and publications.

Global Reach

XE supports money transfers to and from major economies and developing markets alike. Customers can transfer funds in more than 100 currencies, including popular pairs such as:

• USD to EUR
  
• GBP to INR
  
• CAD to MXN
  
• AUD to CNY
  

With a network spanning Europe, North America, Asia-Pacific, Latin America, and Africa, XE provides services that accommodate a wide variety of financial needs — from regular monthly transfers to large one-time payments.

Key Features and Benefits of XE Money Transfer

XE offers a suite of features designed to simplify and optimize the process of international money transfers. The platform focuses on low-cost, secure, and user-friendly services, backed by years of experience in the foreign exchange industry. Below are the most notable benefits:

No Transfer Fees

One of XE’s standout advantages is that it does not typically charge a transfer fee for sending money internationally. This distinguishes it from many other money transfer services that apply flat or percentage-based fees. Instead, XE generates revenue through a small markup on the exchange rate. While this markup means the rate is slightly less favorable than the mid-market rate, the absence of a transfer fee often makes XE more cost-effective, especially for larger transactions.

However, users should be aware that intermediary banks (especially for SWIFT transfers) may charge separate fees that are outside of XE’s control.

Competitive Exchange Rates

XE is renowned for its foreign exchange expertise, which enables it to offer highly competitive currency conversion rates. Customers have access to:

• Real-time mid-market exchange rate data
  
• Historical charts to track long-term trends
  
• Forward contracts (for businesses and advanced users)
  
• Rate alerts to notify users when a preferred exchange rate is available
  

By empowering users with accurate rate information, XE helps them make better financial decisions about when and how to send money.

Global Transfer Coverage

XE supports transfers to over 130 countries and facilitates conversions in more than 100 currencies. This broad geographic coverage makes the platform suitable for users with ties across different continents. Whether you’re sending money to family in the Philippines, paying for property in Spain, or conducting business in South Africa, XE can facilitate the transaction.

Fast Transfer Processing

While transfer speed can vary depending on the destination, currency, and funding method, XE typically completes transactions within 1 to 4 business days. Transfers to popular currency corridors and using common banking networks are often faster. For example:

• Transfers within the Eurozone or North America may arrive within 24–48 hours
  
• Transfers to developing countries or involving exotic currencies may take slightly longer
  

XE also offers a tracking system, allowing users to monitor the status of their transfers from initiation to delivery.

Multiple Funding Options

XE offers several methods for users to fund their transfers, although availability may depend on your country of residence. These options may include:

• Bank account transfers (standard)
  
• Debit or credit card payments (limited regions)
  
• Online banking integration for selected countries
  

The most common and cost-efficient method remains the bank-to-bank transfer, though credit/debit card options offer faster processing at slightly higher rates.

High Transfer Limits

Unlike some platforms that restrict maximum transfer amounts, XE is well-suited for both personal and business transactions, including large sums. Depending on the user’s country, verification level, and banking laws, the transfer limit can be as high as $500,000 per transaction, though most personal users will send smaller amounts.

This makes XE a popular choice among users transferring large funds for real estate purchases, tuition fees, or overseas investments.

How to Send Money with XE

XE has streamlined its transfer process to make it intuitive for both first-time users and experienced customers. Here’s a step-by-step overview of how you can send money internationally using the XE platform.

1. Create an Account

To start using XE Money Transfer, users must first create an account either through the official XE website or by downloading the mobile app (available for both Android and iOS devices).

Information required during sign-up:

• Full name
  
• Email address
  
• Phone number
  
• Residential address
  
• Identification documents (passport, national ID, or driver’s license)
  

In some regions, XE may also ask for additional verification to comply with financial regulations, particularly for large transfers.

2. Add a Recipient

Once the account is set up and verified, the next step is to add a recipient. You’ll need to provide:

• Recipient’s full name
  
• Recipient’s bank name and SWIFT/BIC code
  
• Account number or IBAN (for European countries)
  
• Recipient’s address (in some cases)
  

XE does not support cash pickups or mobile wallets — all transfers are account-to-account.

3. Choose Currencies and Enter Amount

After setting up the recipient, users must select the source and destination currencies and enter the amount to be sent or received. XE will then:

• Display the current exchange rate
  
• Show the amount the recipient will get
  
• Provide an estimated delivery time
  
• Confirm that no transfer fee will be applied
  

At this stage, users can lock in the exchange rate and proceed to payment.

4. Fund the Transfer

Payment options vary by country, but the most common methods include:

• Bank transfer: Users send funds from their local bank account to XE’s collection account.
  
• Debit/Credit card: In select countries, users can pay using a Visa or MasterCard for quicker transfers. This method may incur third-party fees or result in slightly lower exchange rates.
  

XE does not allow payment via cash, checks, or cryptocurrency.

5. Transfer Processing and Tracking

Once XE receives the payment, the system begins processing the transfer. Users can track the progress in real-time via:

• The XE dashboard (web or app)
  
• Email status notifications
  

The transfer process is typically completed within 1 to 4 business days, although this varies based on the:

• Currency pair
  
• Recipient bank processing times
  
• Local banking holidays
  

Pros and Cons of Using XE Money Transfer

Like any financial service, XE Money Transfer has its strengths and weaknesses. Understanding both can help users decide if it’s the right platform for their needs.

✅ Pros

1. No Transfer Fees

Unlike many competitors, XE typically does not charge a transfer fee. This is especially beneficial for users making regular or large transactions, as the savings on fees can be significant over time.

2. Strong Reputation and Trust

XE has been in the currency and money transfer business for over two decades. As a subsidiary of Euronet Worldwide, it benefits from strong financial backing and strict regulatory compliance.

3. Broad Currency and Country Coverage

XE supports over 100 currencies and provides service to more than 130 countries, including many emerging markets. This global reach makes it a reliable choice for a wide range of use cases.

4. Excellent Foreign Exchange Tools

In addition to money transfers, XE offers advanced FX tools, including:

• Live exchange rate tracking
  
• Rate alerts
  
• Historical data analysis
  These features are especially valuable for users who want to time their transfers for maximum value.
  

5. High Transfer Limits

For those looking to send large amounts of money — such as real estate buyers, business clients, or expatriates — XE provides high transfer thresholds and the option to lock in rates for future payments.

6. User-Friendly Interface

The XE website and mobile app are both well-designed and easy to navigate. Users can complete transactions, view their history, manage recipients, and track transfers all from a single dashboard.

❌ Cons

1. Exchange Rate Margin

Although XE doesn’t charge transfer fees, it makes money by applying a margin on the exchange rate. While this markup is competitive, it’s not the same as the mid-market rate, and can add hidden cost — especially for very small transfers.

2. No Cash Pickup or Mobile Wallet Support

Unlike services such as Western Union or Remitly, XE does not allow recipients to pick up cash or receive money in a mobile wallet. All transfers go directly to a bank account, which may not be convenient for recipients without formal banking access.

3. Limited Funding Options in Some Countries

While users in many countries can fund transfers via bank accounts or cards, some regions have more limited options. This can affect processing speed and convenience.

4. No Instant Transfers

XE is not designed for instant or emergency transfers. Most transactions take 1–4 business days, depending on the countries and banks involved. If speed is a top priority, services like Wise or WorldRemit may be faster alternatives.

How XE Compares to Competitors

While XE excels in cost efficiency, reliability, and FX tools, it may not be ideal for users who prioritize speed or cash-based transfers. Still, for most users with access to banking services, XE offers an excellent balance of value and trust.

Security and Regulation

When it comes to handling international money transfers, security and regulatory compliance are paramount. XE Money Transfer places strong emphasis on safeguarding customer funds and personal data, adhering to global financial standards.

Regulatory Compliance

XE is fully regulated by financial authorities in the countries where it operates. As part of Euronet Worldwide, XE complies with strict anti-money laundering (AML) and know your customer (KYC) regulations. This means:

• Customers must verify their identity before sending money.
  
• XE continuously monitors transactions to detect and prevent fraud, money laundering, and terrorist financing.
  
• The company adheres to data protection laws such as GDPR (General Data Protection Regulation) in the European Union.
  

Data Security

XE uses advanced encryption technology to protect sensitive information during transmission and storage. Key security measures include:

• SSL (Secure Socket Layer) encryption on its website and app to secure data transfers.
  
• Multi-factor authentication (MFA) for account access, adding an extra layer of protection.
  
• Regular security audits and vulnerability assessments.
  
• Secure servers located in reputable data centers with physical and network security protocols.
  

Fund Protection

XE does not hold customer funds in operational accounts for long periods. Once a transfer is funded, the money is quickly moved to the recipient’s bank, minimizing the risk of fund misuse.

In addition, XE segregates client funds from company operational funds, complying with best practices in the financial industry.

Transparency and Customer Support

XE maintains transparency by providing clear information about fees, exchange rates, and transfer times. The platform also offers reliable customer support through email, phone, and online chat, available in multiple languages to assist users globally.

Payment Options and Money Transfer Receipt Methods

Understanding how you can fund your transfer and how your recipient will receive the funds is crucial when choosing a money transfer service. XE Money Transfer offers straightforward options for both senders and recipients, though some limitations apply.

Payment Options for Sending Money

XE provides several convenient methods for customers to fund their international transfers:

• Bank Transfer:
  The primary and most common method for funding transfers with XE is through bank-to-bank transfers. Users initiate a transfer from their local bank account to XE’s designated collection account. This method is generally cost-effective but may take longer due to bank processing times.
  
• Debit and Credit Cards:
  In select countries, XE allows customers to fund transfers using Visa or MasterCard debit and credit cards. This option can speed up processing times, but it may involve higher costs due to card issuer fees and slightly less favorable exchange rates.
  
• Online Banking:
  In some regions, XE supports direct online banking payments, which enable users to authorize transfers directly from their bank accounts via secure online banking portals. This method combines convenience with speed.
  

Transfer Receipt Options for Recipients

• Bank Account Deposit (Only):
  XE Money Transfer exclusively supports transfers directly into the recipient’s bank account. The recipient must have a valid bank account that accepts international transfers in the chosen currency. XE does not support alternative receipt methods such as cash pickup, mobile wallet deposits, or check delivery.
  
• Currency Conversion:
  Recipients receive funds in their local currency, converted at the locked-in exchange rate provided to the sender at the time of transfer initiation.
  
• Delivery Timeframes:
  The arrival of funds depends on several factors, including the recipient’s bank processing times, the currency pair, and local banking holidays. Transfers generally complete within 1 to 4 business days.
  

Limitations to Consider

• No Cash or Mobile Wallet Payouts:
  Unlike some competitors, XE does not offer options for recipients to collect funds in cash or receive transfers to mobile wallets, which can be a limitation for recipients in countries where bank account penetration is low.
  
• Bank Account Verification:
  Since all transfers require a recipient bank account, it is essential to provide accurate banking details (including SWIFT/BIC or IBAN numbers). Errors can delay transfer processing and require additional verification steps.
  

Customer Support and Mobile Apps

Customer Support

XE prioritizes customer service to ensure users have smooth and reliable experiences when sending money internationally. Here’s how XE supports its customers:

• Multi-Channel Support:
  XE offers assistance via multiple channels including email, phone, and live chat (available on the website and in the mobile app). This ensures users can reach out in the way that’s most convenient for them.
  
• Multilingual Service:
  Support is provided in several languages, reflecting XE’s global user base. While English is the primary language, other common languages are available depending on region and demand.
  
• Comprehensive Help Center:
  The XE website features an extensive Help Center with FAQs, guides, and troubleshooting articles that cover topics such as account setup, sending money, security, and more. This self-service option helps users quickly find answers to common questions.
  
• Response Times:
  Response times are generally prompt, with live chat offering near-instant assistance during business hours. Email inquiries are typically answered within 24 hours.
  
• User Feedback:
  XE encourages feedback and continuously improves its platform based on user input, aiming to resolve issues efficiently and maintain high satisfaction levels.
  

Mobile Apps

XE provides mobile applications to enhance user convenience and enable money transfers on the go.

• Availability:
  The XE Money Transfer app is available for both iOS (Apple App Store) and Android (Google Play Store) devices.
  
• Features:
  The mobile app includes all key functionalities of the desktop platform:
  
  • Account creation and verification
    
  • Adding and managing recipients
    
  • Initiating and tracking transfers
    
  • Viewing live exchange rates and rate alerts
    
  • Accessing transaction history and notifications
    
• User Experience:
  The app has a clean, intuitive design, optimized for mobile screens, making it simple for users to perform transfers quickly and monitor their money’s status.
  
• Security:
  The app supports biometric login options (fingerprint, facial recognition) where devices allow, adding convenience without compromising security.
  

Offline Access:
While actual transfers require internet connectivity, the app allows users to browse rates and access account information even with intermittent connectivity, syncing data once reconnected.