XE does not charge any fees or commissions on international money transfers. It instead turns a profit on the spread, which is the difference between the price you receive for a transaction and the price it actually costs XE to complete that trade.
There are no ongoing account fees to worry about and no transaction fees. The exchange rate you'll end up paying is different from the one on XE's currency converter tool, which is a live feed of the mid-market rate.
In some rare cases, you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers. You'll need to check with your recipient's bank to find out how much it will be.
Calculate how much sending money overseas would cost with XE by using our tool below. You can also check out the real-time exchange rate XE offers and if there are any additional fees.
You can pay for your international money transfer with XE using:
You first need to confirm your transaction, then XE will provide you with its bank details. Unfortunately, XE doesn't accept payments with cash or card.
What types of transfers can you make with XE?
XE offers a few different tools to help you make your money transfer, including:
Limit orders. Choose an ideal exchange rate and your transfer will automatically go through when it's met.
Regular payments. Set up a recurring payment at a frequency that suits you.
Forward contracts. Lock in today's exchange rate for a transfer in the future.
Business transfers. XE has a separate product specifically for businesses.
How long does a transfer with XE take?
Most international money transfers with XE should arrive within the day. However, certain transfer types may take longer. In Australia, XE only accepts payments through bank transfer or BPAY.
It’s important to be aware when you’re setting up the transfer that your bank may take extra time to transfer money to XE. XE will only start your money transfer once it's received the funds from your bank account.
Transfers typically take
Is XE safe to use?
Security and regulation: XE is government regulated and holds its customers' funds separate from the company's own.
Number of customers: 112,000* customers (this number is for Euronet, XE's parent company, that also includes Ria).
Reviews: Trustpilot gives XE a score of 9.1* out of 10, based on around 1,900 reviews.
*According to XE and Trustpilot on 11 September 2018.
XE is part of a group of other international money transfer companies called Euronet, who also own Ria. As such, while XE isn't regulated by Australia's regulatory body ASIC (Australian Securities and Investments Commission), XE's parent company is.
Part of this regulation means XE has to keep its customers' funds separate from its own. This means that should the company have any financial difficulties, your funds stay safe and secure.
How does XE make its money?
While XE charges no fees, it still makes money from each transfer because of the margin. That's where the rate you're quoted when setting up a money transfer is different from the live mid-market rate you'll see on Google or Reuters. As a result, you should compare both the exchange rate the money transfer provider is offering, as well as any additional fees.
How to register an account
Signing up for an account with XE is simple and free. The following steps can help guide you through the process.
XE also offers live market rates, so make sure you're in the specific money transfer section of their site.
Provide the country you live in and your name. You'll also be asked to create a password and security question.
You'll get a choice between providing your driver's licence number and issuing state or your passport number, and inputting these details creates your XE account. At this stage, you won't need to upload any copies of either of these.
While you may have access to your account and can check out what transfers you'd like to make, you'll need to upload copies of your proof of identity and address to be able to make a transfer. Examples of each include:
Proof of identity: Passport, national ID card, driver's licence.
Proof of address: Recent utility bill, bank statement.
How to make a money transfer with XE
Log in. You'll land on your dashboard screen where you can navigate around your account details.
Click "new transaction". This button is at the top of your screen in the menu bar.
Finalise how much you want to send. You'll need to add in the currency pair and either how much you want to send, or how much you want the receiver to get. XE will then provide you with a quote the exchange rate you'll receive.
Add in the recipient's details. This includes the recipient's name, address, bank details and the reason for the payment.
Select your payment method. For transfers from Australia, you can choose between a bank transfer or BPAY.
Confirm your transfer. Make sure to double-check the exchange rate in case it has changed. You'll also want to make sure all of your recipient's information is correct, as cancelling the transfer later on is difficult.
Transfer the funds to XE. XE will give you details so you can transfer money into its local bank account. This information will be on your PDF confirmation.
XE sends your transfer. XE will complete the transfer once it receives the money. You can track this through your email updates or your online account.
What is XE's background?
XE was established in Canada in 1993 by two high school friends and has since grown into one of the world's leading currency rate providers. XE offers currency exchange tools and services to customers around the world.
Euronet acquired XE in 2015, where it joined other electronic payment and transaction companies. Other than XE's Canadian headquarters, it has international offices in Australia, New Zealand, the UK and the US.
In a nutshell
No fees. XE doesn't charge any transaction fees, commissions or ongoing fees.
Competitive rates. XE offers highly competitive exchange rates to customers. Compare XE’s rates with those offered by the banks to see how they stack up.
Currency specialists. Unlike banks, which offer a wide range of financial products and services, XE specialises solely in global currency markets.
No credit card payment. XE does not allow you to pay for an international money transfer from your credit card in Australia.
Need to create an account. To get a quote on the current exchange rate for your transfer, you need to create an account and sign in.
Currently missing some of the major currencies. You can't send money to China or India with XE.
No cash pick-up. Transfers must be sent to your recipient’s bank account.
Our table below shows you the exchange rate and fees for other money transfer specialists.
Rates last updated December 18th, 2018
Yes, XE Currency. However, it only allows you to access a range of handy currency tools and resources, not make a money transfer. The app is available for iPhone, iPad, Android, BlackBerry, BlackBerry 10, Windows Phone, Windows 8 and Firefox. If you want to know more about money transfer apps, check out our guide on the most popular ones.
No. XE works with your existing bank account to allow you to send international money transfers.
No, XE doesn't let you pay with a credit card because the merchant fees the credit card companies charge would significantly increase the cost of your transaction.
XE can be quickly and easily accessed online 24/7.
XE will send you an email notification whenever you place an order, while you can always track a transfer using the company’s reporting features when you log in to your account. Finally, you’ll also receive an email once your transaction is complete.
You'll need to contact XE as soon as you can on their Toll-Free number in Australia 1800 875 483. If the money hasn't already been sent, there's a good chance they'll be able to reverse the transfer. There may be a cancellation fee involved.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply. Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. *Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
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