The reason your recipient may get less money than you both anticipated is often due to fees the banks at each end can charge. Fortunately many services eliminate these fees by having local bank accounts in the receiving countries and sending countries. For larger amounts these fees become less significant, but for smaller amounts they can be very significant. You can fund your transfer on XE with a bank transfer, wire transfer, credit card, or debit card.
Generally if you can make bank to bank transfers, you will save significantly on fees. Their most comparable alternative is OFX see full review here , which has a more transparent fee structure. They also have lots more local bank accounts, which can mean the amount that arrives is greater.
But they support fewer currencies and countries than XE. Opening an account with XE opens a new tab is simple if you follow the steps below. See the complete list of supported countries here. You can also monitor 10 currencies of your choice and set up a historical exchange rate chart for any currency in the world. XE is rated 4. Check out some of the reviews here. Excellent service from XE staff in setting up my account for the first time.
Simple process to make a transfer, and the money was in my vendors account in the US really quickly compared to my experiences with banks. Fees seemed reasonable. Transfer delays: This can happen with large amounts as they need to meet the compliance requirements of different countries. Other reasons for delay include converting to an exotic currency, funding your transfer from your bank account, or setting up your transfer on a weekend or holiday.
Some users complained that XE was asking for their personal details such as social security numbers in the US or bank statements. There were one or two instances of account closures in the reviews. Though rare, this can be distressing, especially with a large amount of money on the line. For the issues faced by users, most were linked to XE simply following regulations. While these are issues that you may face with any money transfer service XE seems to do a good job of minimising the problems they might cause.
For more information, here is a list of the central banks and financial regulatory agencies that monitor XE:. Moreover, as an international business with over 25 years under their belt, XE makes sure they adhere to regulatory standards such as:. Market Orders To select your desired exchange rate and automatically transfer your money after sending it to XE when that rate is reached.
XE is a good choice for safe, secure international transfers to countries in currencies. They are known for good customer support, have a great online platform, and a user friendly app.
For larger amounts they are a great option particularly if you are in North America with their network backs you up. The fees for transferring money between local US bank accounts can be expensive.
And importantly the margin on the exchange rate reduces as the transfer amount increases. This is the reason why XE is ideal for larger transfers as it gets less expensive. Compared to exchange rates offered by traditional banks, XE is far better and its rates are competitive in the money transfer market. XE doesn't charge any fees on international money transfers.
However, there may be hidden charges levied by the participating banks which XE has no control over. Since XE uses the SWIFT messaging system to facilitate money transfers across the globe, the recipient's banks or intermediary banks may charge a fee for processing the payment made through the wire transfers. It is better to check with the receiving banks about such kinds of fees so that you are prepared for the expenses.
If you use your credit card to fund your transaction, additional fees of about 1. Most transfers are processed on the same day. Usually, the transfer speed depends on the currency you are sending, the amount of fund transfer, and the banks involved. In most cases, it may take days for the recipient's bank to receive the money. For wire transfers where the SWIFT system is used, intermediary banks may take part in facilitating the payment delivery before it finally reaches the recipient's account.
That's why it takes longer for the transactions to be completed. Opening an account with XE is straightforward. Here are the steps. Once your account gets approved, setting up your money transfer is effortless.
You will normally receive an email confirming the account approval. Here are the steps to transfer money through your XE account. Getting help when needed is possible with XE, but live chat features and around-the-clock support are lacking.
Although opening a new account with XE Money Transfer can take some time, in general, making a transfer and using the service is easy, with card and bank pay-in options available to choose from.
XE Money Transfer is a large and trusted international foreign exchange service that offers international money transfers between almost all currencies worldwide. Much-loved by its customer base, XE has been exchanging currency for over 25 years and are today part of the Euronet Worldwide Group, a prominent player in cross-border financial services. As an XE customer, you can set up an account online and make currency exchange transactions on their secure online platform using your online banking, debit card, or credit card.
Be aware that using a credit card will incur an additional fee, however. When sending money abroad, all customers have access to customer support and even to a personal account manager if the transfer is large enough. In addition to standard foreign exchange, the service also provides forward contracts and other currency transfer services and offers several business-specific services for international commerce.
XE Money Transfer offers an impressive scope of service, allowing customers to send money to countries and around currencies worldwide. More impressively still is that most of these transactions are completed within a single working day, with SMS status updates being provided along the way.
Overall, all of this means XE's service is a trusted, reliable, fast, and secure option to send money abroad. While we found registration at XE Money Transfer to be a fairly straightforward process, we disliked the fact that it took a long time to complete due to the obligatory validation period.
What's more, we also found customer service to be less accessible than with most other services. It wasn't obvious how to navigate to find help on the dashboard and no live chat features were available — only phone and email support were available within working hours. XE Money Transfer's mobile app, which allows users to send money from their smartphone in a few taps and receive exchange rate alerts, has garnered good ratings on iOS and Android.
For example, on the App Store, the XE app earned a 4. Meanwhile, on Google Play Store, reviewers were more lukewarm about the app, giving it 3. In addition to standard currency exchange, XE also offers several additional services for clients of all kinds who have more complex currency transfer needs. These include:. In addition, XE is also available to developers to "white label" either as a standalone platform, managed service, or fully integrated API.
XE was the cheapest option in a minority Despite its reasonably competitive pricing, XE Money Transfer is seldom the cheapest money transfer service of all for bank transfers.
Fees and exchange rates can broadly be broken down as follows:. In addition, there may be other situations in which you can be charged a fee, although these are typically not levied by XE Money Transfer itself but rather passed on by them and levied by the bank receiving your funds or an intermediary bank for example.
Where possible, we always recommend checking with the receiving bank to understand any fees that may be charged. Finally, if you fund your transaction with a credit card, you'll be charged a surcharge of around 1. These costs can be accounted for as the difference between XE's exchange rate and the mid-market exchange rate i. At XE, these exchange rate margins typically hover between 0. With a 4. Earning around 42 thousand four- and five-star reviews on Trustpilot, XE Money Transfer is much-loved in the eyes of its customers.
With an average Trustpilot rating of 4. In general, reviews reflect the following sentiments about the service:. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.
Sign up using your email address, full name, country of residence, physical address, and mobile phone number. When prompted, you'll also be required to indicate how much you plan to transfer over the next 12 months and set a security question if you ever need to prove your identity in the future.
After validating your mobile phone number via SMS, you'll be signed in to your new dashboard. However, your account will still under review at this stage, and you won't be able to start making transfers until it's been approved. This process can take up to two working days. Once you receive a letter in the post confirming that your new account has been approved, you'll need to upload a valid photo ID to prove your identity e. Once your documents are reviewed and your identification validation, you'll have full access to your new dashboard, from which you can set up your first money transfer.
To do so, simply enter the amount you'd like to send and the sending and receiving currencies and click 'New Transfer'. After setting up your money transfer and adding your beneficiary, you'll be able to review your transfer, including your beneficiary's details, payment method, the exchange rate, and the amount to be received.
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