Last Updated on December, 2024
XE is known as the BEST provider for its online currency converter application.
(Do you agree with me?) If you’re here, you might have known some basics of XE money transfers. However, there are a lot more things you need to know about this online money transfer service platform.
Especially knowing some basics like exchange rate, money transfer fees, transfer process, cash pickup payment methods, interbank rate, contact details about the recipient’s account, and many more will help you decide whether to choose this platform for international payments or not.
So, keep reading…
Contents
- About XE Money Transfer
- Who Should Use XE?
- Payment Methods to Use in XE Money Transfer
- XE Money Transfer: Available Countries
- XE Money Transfer Fees and Exchange Rates
- XE Transfer Speed and Limits
- What Other Services Does XE Offer?
- Is XE Safe?
- XE Customer Support
- Customer Reviews
- Pros and Cons
- Alternatives
- Conclusion
- FAQs
About XE Money Transfer
XE allows you to send money to people in different countries directly to their bank accounts. The transfer fees depend on how you want to pay, and there’s an extra cost added to the mid-market exchange rate to calculate the XE send rate.
I’ll talk more about these fees later so you can compare them with the other providers.
Key Features of XE
How Does XE Work?
To use XE Money Transfer, follow these simple steps:
It’s as simple as that! This way, you can initiate a transfer without delay.
Who Should Use XE?
If you want to send money to over 170 countries in 65 different currencies and prefer the method for your recipient to pick up the cash at a physical location like a store or a bank, then XE is a good choice for you. However, if you’re looking to AVOID fees or extra costs on exchange rates, XE may not be the best option.
Understood? Now, you might have an idea whether you’re eligible to use XE or not.
Payment Methods to Use in XE Money Transfer
GUESS WHAT? XE has been helping people exchange money for over twenty years. It’s part of a big group called Euronet Worldwide, which provides financial services globally. Because of this, XE can offer different ways for you to put money into your transfers.
When you make an account for XE Money Transfer, you can add money using a credit card, debit card, or checking account. However, It’s important to note that transfers made with a Mastercard will have an additional fee.
XE Money Transfer: Available Countries
XE offers money transfer services to an extensive list of 130+ countries worldwide. You can use this service to send money between nearly any two countries, and in most cases, the transfer is completed on the same day.
You can send money in over 60 different currencies, including:
For more details, check this. (Is your country available? If yes, continue reading)
XE Money Transfer Fees and Exchange Rates
To decide if XE is the most suitable international money transfer service for you, it’s important to understand the fees involved and how to calculate the overall cost of your payment.
XE Money Transfer fees consist of different charges, including:
Payment Type and XE Money Transfer Fee:
Foreign Exchange Rate:
XE uses the XE send rate, which includes a percentage fee added to the mid-market exchange rate. This rate is different from the mid-market rate you see on Google. Understanding these details will help you calculate the total cost of your money transfer with XE and determine if it suits your needs.
XE Transfer Speed and Limits
Listen, when you make a transfer with XE, the exact delivery time will be confirmed after your transaction is approved. In most cases, payments are completed on the exact day that XE receives the money from your bank.
However, the overall time from initiating the transfer to the recipient receiving it can range between 1 and 4 business days.
The transfer duration depends on the processes employed by your bank and your recipient’s bank. It might take longer if you’re arranging a transfer outside of regular working hours, on weekends, or during public holidays.
For sending money with XE, there are certain limits to be aware of. You can transfer up to 535,000 USD or the equivalent in another currency from the US. It’s important to note that you cannot send amounts under 3,000 USD when paying by bank or wire transfer from the US.
What Other Services Does XE Offer?
XE Business Products
XE can assist your business in various ways. When you create your account, they’ll ask if it’s for business or personal use, ensuring your account is designed for your needs. For business, you have OPTIONS like immediate transfers, signing up for market orders, or arranging forward contracts.
XE App
GUESS WHAT? With an XE account, you can make transfers using their website or iOS and Android apps. The company has two apps, one for checking currency exchange rates and another for making actual transfers.
Having these apps on your phone makes it easier to share money on the go. The XE app is available for both Apple and Android users.
Is XE Safe?
Yes. XE is a well-established and reliable company that operates globally and follows all the necessary regulations. They use standard measures to prevent fraud, making sure to track and stop any problems.
This includes thorough checks to verify information and a secure system for logging in. All of these efforts are in place to keep you and other customers and their money safe.
XE Customer Support
XE offers customer support through phone, live chat, and online text messages. You can contact them at 877-932-6640, and they are available 24/7. They respond to emails within 24 hours in over 100 languages.
I’ll share the experience I had through a test call to get XE’s customer support. During a test call, the representative correctly mentioned that transfer times vary (1-4 days).
However, when asked about fees, they inaccurately stated a $2 fee for transfers under $250, which is not true according to XE’s website. The representative may have confused this with the £2 fee for transfers under £250 from the UK.
Customer Reviews
I ALWAYS check customer testimonials before I conclude an international money transfer app because there will be both negative and positive reviews based on their experiences. XE got 4.3 stars in Trustpilot, with different reviews. I’ll share some random screenshots so you can see what people have experienced!
- Customer Review 01:
Good rates and quick easy transfer.
Excellent quick service. Easy to navigate website, check rates etc. and set up overseas transfer with account. Initial query regarding bank security checks dealt with very promptly. Competitive rates, will use this company regularly in the future. Would recommend.
Anon has given five stars and says that he had a great experience with the service. Anon says the website was easy to use, and they were able to check rates and set up an overseas money transfer easily. Any questions they had about the bank’s security checks were answered quickly.
He also mentioned that the rates offered were competitive, and they plan to use this service regularly in the future. Overall, they would recommend this service to others.
- Customer Review 02:
Responsive team and easy system.
Transferred some GBP to a Euro account, 2 separate transactions, getting excellent rates and the system is super easy.
One transfer went smoothly, the other not due to the bank at the other end, the customer service team at XE was great and really helpful. Refreshing change!
Yann has given five stars, saying that he had a great experience with XE while transferring money from GBP to Euro. He has got excellent rates, found the system easy to use, and praised the responsive and helpful customer service team despite a hiccup with the receiving bank of one of the transactions.
- Customer Review 03:
They took my money and closed my account after 3 minutes.
I opened a new account, followed all the process, sent $1000 dollars to my own account in colombia for an emergency payment I had to do tomorrow and they took my money, and 2 minutes later they canceled my account with no explanation and said it can take 10 days to get my money back. now I cannot even log in to that account and I don’t have my money. I read a lot of reviews now of hundreds of people who had the same problem. Stay Away from this company. Hopefully, I can get my money back at some point in the future.
Rodrigo has given only 1-star to show his disappointment with XE. He opened an account and sent $1000 for an emergency, but the company canceled his account without explanation. He warns others to avoid the company, hoping to get his money back, and mentions others had similar issues.
Pros and Cons
Most people talk positively about XE international money transfer service. But, one thing you should remember is that, even though, like the other money transfer companies, XE has also tried its level best to give the best service, some users will find it unsuitable while others might benefit from it.
So, before you choose XE as one of your international money transfer services, check out these pros and cons.
Pros
Cons
If you’re looking for more convenient alternatives to XE, don’t worry! I have shortlisted four different options below for you to check.
Alternatives
Wise
Wise, previously known as ‘TransferWise,’ excels in transparent and cost-effective international money transfers. It ensures users get more value for their money with real-exchange rates and no hidden fees.
The displayed mid-market rates, the same as on Google, and upfront transfer fees make Wise an excellent choice for individuals and businesses alike. Plus, Wise offers a multi-currency account for managing money in various currencies, perfect for international travelers or those dealing with multiple currencies.
Simply click here to learn more about Wise.
TransferGo
TransferGo focuses on swift and affordable cross-border transfers with low fees and competitive exchange rates. The platform provides a transparent pricing model, offering both standard and express delivery OPTIONS for users to select from based on their needs and budget.
Its ‘Guaranteed Rate’ feature assures users of the agreed-upon exchange rate, providing stability at a mid-market rate(s). This feature is particularly beneficial for those looking to lock in a specific rate.
Remitly
Remitly focus on quick and free money transfers, especially for migrants and expatriates. It stands out with competitive exchange rates, transparent fees, and an express service for instant or same-day transfers.
A UNIQUE feature of Remitly is its cash pickup option, allowing recipients to collect funds in cash from designated locations. This flexibility is valuable in regions with limited digital banking infrastructure.
Simply click here to learn more about Remitly.
CurrencyFair
GUESS WHAT? CurrencyFair’s standout feature is its peer-to-peer marketplace for currency exchange. Users can send and receive funds at rates set by the market, potentially securing more favorable exchange rates.
With transparent fees and the ability to place limit orders for specific exchange rates, CurrencyFair empowers users. The ‘Auto-Transaction’ feature automates currency exchanges based on predefined conditions, enhancing convenience for regular transfers.
Other online bank reviews:
Conclusion
Alright, listen to me carefully. Many customers, including you, might have heard of different international transfer services. XE money transfer work is done in just a few clicks through the XE website.
However, there can be some features you expected to lack in XE, such as a prompt service like Wise. If you prefer an alternative, be sure to check the ones I’ve discussed above.
FAQs
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