Review: XE Money Transfers October 2018

Enjoy fast, secure and fee-free international money transfers from global payments provider XE.

Quick verdict

With all the money transfer specialists out there, is XE right for you?

Best for

  • Smaller transfers that other providers don't allow
  • The security of a well-known brand in the currency exchange sector
  • No fees
  • Exchange rates that are more competitive than major banks'

Not so great for

  • Sending money to popular remittance countries like China or India
  • Cash or card payments
  • Transfers over the $500,000 limit
  • Setting up regular payments
  • Cash pick-up

Product NameXE International Money Transfers
Min. Transfer AmountUSD 0
Max. Transfer AmountUSD 500,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsOne off payments, Market orders
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, 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
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 0
Exchange Rate UpdatesReal time

Pros

  • No fees
  • Competitive rates
  • Currency specialists

Cons

  • No credit card payment
  • Need to create account to get a quote
  • Currently missing some of the major currencies

XE exchange rates and fees

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.

Rates last updated October 19th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
XE International Money Transfers
USD 0
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Available currencies

XE transfers money in over 40 different currencies. You can check out the full list of the currencies above, but some of the more popular ones include:

  • CAD Canadian dollar
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • NZD New Zealand dollar
  • PHP Philippine peso
  • TBH Thai baht
  • USD US dollar

What payment methods does XE accept?

You can pay for your international money transfer via bank transfer or BPAY. 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?

Other than the usual one-off money transfer, XE offers limit orders. Also known as market orders, you can request XE to buy or sell a currency at a specific exchange rate. XE doesn't currently offer regular payments or forward contracts, that lets you lock in an exchange rate for future transactions.

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.

Clock icon for transfer speed1 day

Is XE safe to use?

  • Security and regulation: XE is government regulated and holds its customers' funds separate from the company's own. However, it doesn't give you the option for Two Factor Authentication on your account.
  • Established: 1993
  • Number of customers: 112,000 customers (this number is for Euronet, XE's parent company, that also includes HiFX and Ria).
  • Reviews: Trustpilot gives XE a score of 9.1 out of 10, based on around 1,900 reviews.
These numbers are 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 HiFX and Ria. XE itself doesn't actually do your money transfers – its sister company HiFX does instead. As such, while XE isn't regulated by Australia's regulatory body ASIC (Australian Securities and Investments Commission), HiFX 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.

How to make a money transfer with XE

  1. Log in. You'll land on your dashboard screen where you can navigate around your account details.
  2. Click "new transaction". This button is at the top of your screen in the menu bar.
  3. 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.
  4. Add in the recipient's details. This includes the recipient's name, address, bank details and the reason for the payment.
  5. Select your payment method. For transfers from Australia, you can choose between a bank transfer or BPAY.
  6. 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.
  7. 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.
  8. 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 other international offices in Australia, New Zealand, the UK and the US.

In a nutshell

Pros
  • 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.
Cons
  • 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.
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How does XE compare to other providers?

Our table below shows you the exchange rate and fees for other money transfer specialists.

Rates last updated October 19th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
USD 0
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Transfer amounts as low as $50. No maximum transfer amount. No transfer fees if you transfer more than AU$10,000.
BFX Australia International Money Transfers
AUD 250
2 days
Online, Phone, Agent, Bank Account to Bank Account, International Money Order
Pay $0 fee when you transfer more than $5000, regardless of whether you transfer online, over the phone or in branch.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
PayPal International Money Transfers
AUD 1
1 day
Online, Bank Account to Bank Account
Send money overseas to more than 20 countries. Rate last updated on 17/08/2018 at 1:30 pm. Find out how we calculate this exchange rate.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
Commonwealth Bank International Money Transfers
AUD 0
3 - 5 days
Online, Phone, Bank Account to Bank Account
Send money overseas using NetBank or the CommBank app. Rate last updated on 17/08/2018 at 1:30 pm. Find out how we calculate this exchange rate.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

FAQs

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Rosie Russell

Rosie is a writer at finder.com.au, specialising in money transfers. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand.

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International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldFirst International Money Transfers

Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.

FC Exchange International Money Transfers

FC Exchange will match any competitor's exchange rates. Conditions apply. No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

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