XE Money Transfer Review

Is XE Money Transfer Legit?

You bet! With an overall four and a half star TrustPilot rating, XE offers money transfers that are fast, easy to use, and secure in their delivery.

Over 115 billion dollars was processed in 2018 from the XE group. Users from the United States can send money transfers to over 130 different countries.

Bank transfer rates and fees are a hassle. XE is aware of this and offers bank-beating rates in addition to no fees.

The only time charges may occasionally crop up is in the instance of a third-party bank transferring the funds to XE Money Transfer or before the funds arrive in the recipient account.

If you’re looking for a visual representation of the money you could save when working through XE Money Transfer, check out their Money Transfer informational page to view a chart that reflects savings compared to other banks such as:

  • Chase
  • Citibank
  • Bank of America
  • Wells Fargo
  • HSBC

Visit XE.com’s Website

Video Overview

How does XE Transfer Work?

Signing up for and using XE Money Transfer is accomplished in three easy steps:

The first step in working through XE Money Transfer’s services is opening up a free account that incurs no monthly charges. If you don’t have access to a computer to open an account, you can also set one up over the phone.

After your account is activated, receive an instant quote for a money transfer with your chosen currency that is sure to beat the bank’s rate.

Lastly, send and track your currency. To submit your currency, simply confirm the type of currencies, amounts, and receipts. Afterward, you can leave the rest to XE.

Business accounts are additionally made available through XE’s Money Transfer program.

Is XE.com Safe and Secure?

Privacy and security is a top priority at XE.

While this section of the article will give you a rundown of why you can and should trust XE with some of your information—feel free to visit their privacy policy page to get the full report on XE security.

Data Protection

Your data, when processed with XE, is used lawfully and fairly in a transparent way.

Personal data is only used by XE to identify you, or the beneficiary of your transaction. Expect XE to only hold on to this information for as long as it’s necessary and no longer.

What Data Does XE Collect?

Good question! XE collects the following data for transactions:

  • Name
  • Title
  • Residential or business address
  • Email
  • Telephone number
  • IP address
  • Travel details

Third-party advertisers that place ads on XE’s website have no access to the information that you submit. All customer service correspondence is saved by XE for future reference if needed.

XE Money Transfer Average Time

Processing times can vary based on the location you are sending funds, as well as the transfer method that you select.

Wire transfers typically take one-three days to complete Electronic funds transfer usually occur over a two-four day period

Most transfers are made available through one working day.

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XE Money Transfer vs. Bank

If you’re looking for a cost-effective alternative to banks, XE is an excellent option.

For the amount of service that both XE Money Transfer and banks provide, the difference in cost percentage is considerable.

Bank’s costs that include fixed fees: 3-7% XE’s costs that include fixed fees: .5-2%

While XE hits its users with a lower percentage of outright fees than banks do, customers can still expect banks to apply processing fees for XE transfers. These fees tend to be small and don’t exist as frequently for amounts over $1,000, but it’s still worth noting.

XE Money Transfer vs. Western Union

While Western Union is the fastest option, those looking to save money on transfers and still attain fast processing should look toward XE Money Transfer.

Which Has Lower Fees

We have a clear winner in this category as XE doesn’t charge any fees, while Western Union does.

Western Union’s transfer fees vary from currency to currency and hinder the amount transferred, in addition to the method of transfer.

Which Offers Better Exchange Rates?

XE adds a margin to the exchange rate that varies based on the type of currency. The converter tool on XE’s website does not include markup.

Similar to XE, Western Union adds a margin to the exchange rate that changes depending on the type of currency, method of payment, and collection method. Bank transfers through Western Union offer better exchange rates than cash pick-ups.

Which Is Faster?

We have a tie in this category.

While Western Union cash-pickups are available within minutes, bank transfers can take up to six days. XE has faster bank transfers but does not offer cash-pickups.

Verdict: Western Union vs. XE

XE is generally the better option as the markup fee is smaller, and there are no added fees.

Visit XE.com’s Website

XE Money Transfer vs. Transferwise

The competition between XE Money Transfer and Transferwise is a bit tighter than the race between XE and Western Union.

Who Offers Lower Fees?

When using XE, you pay no fees on your money transfer, no matter the amount. Fees for Transferwise depend on the location of the recipient and the amount. Transferwise charges a percentage of every transfer, plus a fixed fee.

The winner in this category is XE.

Who Offers Better Exchange Rates?

Transferwise wins this category as they quote the mid-market rate for money transfers. Exchange rates for XE are based on the live foreign exchange markets.

Some state in their comparison of the two services that you receive better rates for your money with the mid-market rate that Transferwise gives users.

Who’s Faster?

The delivery estimation for XE transfers is 1-4 days, and the recipient’s country impacts delivery time.

A calculator is provided to Transferwise users that help estimate when a transfer will arrive. Timing depends on:

  • Where you live
  • Recipient’s country
  • Method of payment for the transfer

This category is a tie as there are several similar variables between the two services that make a clear answer hard to determine.

Overall Verdict: XE vs. Transferwise

Transferwise seems to beat out XE slightly due to their mid-market rates saving users money when transferring large amounts. The two services are side-by-side when it comes to smaller values.

XE Money Transfer Fees

One of the most significant informational pieces you’ll pick up from reading this article is the fact that XE does not charge any money transfer fees, no matter how much you’re sending.

It’s essential to keep in mind that while no upfront charges are applied to transfers through XE, fees may occasionally be administered by a third party bank when the funds are being transferred to XE or the recipient’s account.

While these occasional third party bank fees may be undesired, using XE still saves you money on up-front fees you would typically have to pay through using banks or other transfer services.

Visit XE.com’s Website

Which Countries Does XE Support?

XE Money Transfer covers 65 currencies across 170 countries—so virtually the entire globe.

Support for transactions is in the following languages:

  • English
  • French
  • Spanish

A full list of currencies is made available on XE’s website. Some of the most popular routes for transfers include the following currencies:

  • Hong Kong dollar
  • Japanese yen
  • Pound sterling
  • Canadian dollar
  • Mexican peso
  • Brazilian real
  • Colombian peso

Is there an XE Money Transfer App?

Yes, there is. Not only is there an XE Money Transfer app, but the app has also received exceptional ratings from users.

With over 70 million downloads on both the Apple App Store and Google Play, the XE Money Transfer App has a 4.⅘ star rating.

The XE mobile app has some useful features that allow users to:

  • Monitor up to 10 currencies of their choice
  • Access historical charts for any currency pair in the world
  • Customize your currency to list priorities
  • Set rate alerts and receive notifications to stay in the loop

You can set up your free XE account through the mobile app to get started.

Visit XE.com’s Website

History of XE.com

Founded in 1993 by two high school friends, Steven Dengler and Beric Farmer, XE has remained a currency powerhouse for over 25 years through which users can:

Check live currency conversion rates Utilize a range of money transfer services


After being founded in a basement just outside of Newmarket, Ontario, XE only took two years to move to the financial district of Downtown Toronto.

1995 was an especially important year for XE as it marked the launch of the company’s Universal Currency Converter. It only took a few short years for XE.com to become the world’s most popular currency conversion site.


During these two years between 2000 and 2001, XE began to focus more attention on foreign exchange tools and services and changed their name to XE.com Inc.

Shortly after, in the year 2002, XE registered their “Universal Currency Converter” and “XE” trademarks in Canada before enrolling them in the US, Europe, and then the world.


In 2005, XE moved its headquarters back to Newmarket, Canada. 2007 featured the advent of new dynamic currency charts and graphs that are notable features on the site today.


The XE iPhone App was launched in 2009 and was downloaded over one million times in its first year. A few years later, the XE iPhone app became the world’s most popular currency app.


With the growing presence of cloud computing, XE merged with cloud trends in 2012 to create a platform that provides customers with the best experience during times of high information demand from servers.

After a new website launch in 2013, XE released ‘XE Currency Data,’ which is a trusted API choice for thousands of organizations worldwide.


In more recent years XE has continued to grow via:

  • Acquisition by Euronet Worldwide
  • Serving 280 million visitors
  • Alexa bot launch to access currency info via voice command
  • Joining forces with HiFX to offer a range of currency transfer services

Does XE Support Bitcoin?

Like many other financial organizations, XE is aware of the growing presence of cryptocurrencies and has made Bitcoin an option in their converter tool.

To load Bitcoin into XE’s converter tool, simply select the XBT option with the Bitcoin logo. XBT is a commonly used currency code for Bitcoin as there is no official ISO currency code for Bitcoins.

While Bitcoin is made available in the currency conversion input and output on XE’s converter tool, XE does not endorse, nor express an opinion on whether Bitcoin is an official or legitimate form of currency.

What is the XE Currency Converter?

The XE Currency Converter is a feature on XE’s website that allows users to view the most up-to-date currency conversion rates.

Let’s say you’re visiting Europe for a vacation from the United States and are looking to view the current conversion rates from US Dollars to Euro.

Utilizing XE’s currency conversion calculator will provide you with currency information that is both accurate and live. Upon entering the conversion rate for 1 US Dollar to 1 Euro, users have a variety of easy to read charts with up-to-date info.

To make sure that users are getting top-tier information, XE provides the date and time that the conversion rate calculated was last updated in addition to:

  • Monthly high-low charts
  • Conversion rates for higher values
  • Regularly updated XE Market Analysis
  • Dynamic graphs and charts representing requested info


We’ve made it to the end! Let’s outline what we’ve learned about XE Money Transfer:

  • XE Money Transfer charges zero upfront fees for transfers of any amount
  • 65 currencies in over 170 countries are supported on the platform
  • The XE mobile app is readily available to Android and iOS users
  • Delivery estimation is 1-4 days with most transfers arriving in a day
  • XE beats banks in terms of fees
  • Your data will be well protected and only used when necessary to complete transactions
  • XE rates are based on live foreign exchange markets

XE is a platform that simplifies the process of converting currencies and transferring money.

With over 25 years of successful company history, a reach that extends to 170 countries, and over 100,000 customers served every year; you’re in good hands with XE.

Rating: 4.7

Visit XE.com’s Website