XE

xe-money-transfer

Founded: 1993

Headquarters: Newmarket, Ontario, Canada

Offices: Canada, USA, United Kingdom, Australia, New Zealand

Regulated by: FinCen, FCA, ASIC, FMA

Trading channels: website, telephone

Website: www.xe.com

Founded in 1993 by two friends, Steven Dengler and Beric Farmer, this Canada based company, XE, is well known for its currency converter services. With over 20 years of development, XE becomes the favorite currency app worldwide, as well as the most popular site serving 285 million visitors annually. In June 2015, it was acquired by a Nasdaq listed company, Euronet worldwide, which owns Ria and HiFX. One year later, in 2016, it launched XE money transfer service, using its sister company, HiFX’s platform to move your money. When it comes to authority, XE is government regulated in all countries it operates, ensuring your safety to transfer money overseas.

XE aims to offer its customers simple and reliable money transfer services, regardless of small amount transactions or blockbuster deals. With XE, you can transfer money without paying a dime of transfer fees, which, needless to say, matter, with 38 currencies to more than 170 countries. In most circumstances, recipients are likely to receive money in 1 to 2 days, as XE initiates your transfers the same day if it receives the funds by noon. The only downside is that its mobile app doesn’t support any transfers, which you need to complete online through its website.

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Overview

>No transfer fees for all transfers

>No limitations on minimum and maximum transfer amounts.

>Bank to bank transfer services only for both senders and recipients

>Website based platform, with no app available for transfers

Payment options: International bank transfer

Delivery options: Bank deposit

Minimum transfer amount: There’s no min transfer amount ($1)

Maximum transfer amount: 500,000 USD

Currencies available: 

AED, AUD, BGN, BWP, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KWD, LSL, NOK, NZD, PLN, RON, SAR, SEK, SGD, USD

AED, AUD, BBD, BGN, BHD, BSD, BWP, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, JMD, JPY, KWD, LSL, MXN, NOK, NZD, PGK, PHP, PLN, RON, SAR, SEK, SGD, THB, USD, VUV, XPF, ZAR

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Transfer Fees

XE charges no transfer fees, no matter how much and what currencies you send.

Exchange Rate

XE does offer great exchange rates as it claims.

Markups tend to be 0.5% to slightly below 1% over the mid-market rate for most of the currencies it trades, whereas many of its rivals have markups more than 1%. For few currencies, the margin on the exchange rate is still above 1%. For example, the markup for converting currency from KWD to PHP is around 1.3%.

Delivery Speed

XE can deliver money from one country to another within 1 to 2 business days, but possibly up to 4 days in rare circumstances. You should be aware that sending money to XE will take time, as it only accepts bank transfers. If XE receives your funds by noon, then it will send them out the same day, and your recipient potentially will receive them the next day.

User Experience

XE money transfer presents its currency converter upfront on its homepage, providing the live mid-market rate to all visitors, who can compare their costs. It features money transfer in its menu that you can find it in a breeze. The FAQs under money transfer section is very helpful, and includes all relevant questions. Your money can be transferred online through its website 24 hours a day, 7 days a week. In case you have any concerns regarding money transfer, you have options to reach its customer support team either by phone or email, which are not 24/7 though.

XE developed a mobile app as a currency tool, but it doesn’t support your money transfers. It also falls short when it comes to calculating transfer costs, because XE only allows its registered customers to check the real exchange rate. Luckily, sign up with XE is quite simple and only take a couple of minutes to complete.

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Pros and Cons

  • Zero transfer fees

  • You can send money to 170 countries

  • No minimum transfer amount (even $1)

  • Excellent exchange rate below 1%

  • Full regulated in all countries it operates

  • Lack of mobile app for money transfers

  • Debit or credit card is not available for payment

Top 5 Money Transfer Services

2018-06-14T10:28:37+00:00

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