XE Money Transfer review: What you need to know

XE Money Transfer delivers a very good foreign exchange experience and offers some advanced functionality. However, there are downsides to its use of the SWIFT network.

Average cost:	0.54%
Transfer speed:	2-4 days
Receiving countries:	220
Trustpilot score:	4 stars
Our score:	4 stars
Website:	xe.com/xemoneytransfer

XE Money Transfer is not like other companies, insofar that its original purpose was not to transfer money at all. Instead, for a long time, XE.com was one of the largest developers of financial software on the internet.

With Euronet’s acquisition of XE in 2015, it joined a stable of companies that included HiFX. In 2019, HiFX was rebranded as XE Money Transfer, and a serious competitor was released into the online payments market.

To learn more about this service and see if it’s right for you, read on for our in-depth XE Money Transfer review.

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About XE Money Transfer

What is XE Money Transfer all about? Let’s begin our XE Money Transfer review with some general information about the service.

Company profile

XE.com was founded in 1993 by two high school friends, Steven Dengler and Beric Farmer. Originally named Xenon Laboratories, the company’s primary focus was developing internet-based foreign exchange software. Within a few years, it became the world’s most popular currency website and was eventually renamed to its present title in 2001.

Throughout the company’s development, it has operated from various offices in Canada. In 2015 XE.com was acquired by Euronet, a global supplier of electronic payment and transaction processing solutions. Euronet, who also owns Ria Money Transfer and HiFX, continues to build its market presence. In 2019 HiFX was rebranded as XE Money Transfer.

XE Money Transfer is currently headed up by Simon Griffin as CEO, with Richard Hodgson in the role of Chief Financial Officer. The broader XE.com website is influenced by the leadership of Ken Taylor and Darren Bruce. While Cecilia Tamez and Jason Judge play important roles as Chief Strategy Officer and Head of Technology respectively.

Head office

XE Money Transfer is headquartered at the following address:

HiFX Europe Limited
Maxis 1, Western Road
Bracknell, Berkshire RG12 1RT
United Kingdom

International offices

XE Money Transfer has established local offices in the following countries:

• Australia
• Canada
• New Zealand
• United States

Supported countries and currencies

XE Money Transfer supports the transfer of funds to approximately 220 countries. For the most part, the service facilitates its transfers using the SWIFT network, which allows it to deliver funds to all corners of the globe. The downside to this network is that there may be additional charges incurred by the recipient, of which XE Money Transfer has little control of.

Transfer limits

XE Money Transfer has a minimum transfer value of £1. There is no maximum transfer value, which is great news for anyone who needs to make large transfers. However, its online platform is limited to £350,000. For values larger than this, XE Money Transfer will complete your transfer manually.

XE Money Transfer rates and fees

What are XE Money Transfer rates and fees? It will take a few minutes to explore the foreign exchange market, so we can properly consider this question.

How the foreign exchange market works

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of the transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Q. Do XE Money Transfer rates include a spread?
A. Yes, there is a spread.

Q. What about XE Transfer fees?
A. No, there is typically no transaction fee.

But for the moment, don’t pay too much attention to the details. Rather, for the purpose of our XE Money Transfer review, let’s consider the overall cost.

Why focus on overall cost?

If you focus on the spread or transaction fee in isolation, it is easy to become lost in marketing gimmicks. Instead, it is more helpful to consider the overall cost when these factors are combined. For example, a typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

But what about XE Money Transfer? To determine its overall cost we need to compare a transfer with a benchmark, the mid-market rate, which in theory has no cost. Practically speaking, it is unlikely that you will ever receive the equivalent of the mid-market rate, however, your goal should be to get as close as possible.

If you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research. To find out the mid-market rate of any currency pairing, use this calculator at xe.com.

What is the cost of XE Money Transfer?

To calculate the cost of XE Money Transfer, we received three quotes to exchange British Pounds (GBP) into Australian Dollars (AUD) – for low, medium, and high values. The overall cost of each transaction was then compared against the mid-market rate and represented as a percentage of the transfer value.

Here is the calculation:

Transfer value	Overall cost
£1,000 (Low)	0.54%
£10,000 (Medium)	0.54%
£100,000 (High)	0.54%
Average cost	0.54%

An average cost of 0.54% means that for every £1,000 sent, on average £5.40 will be lost in spread + fees. By using this figure, we can make a general representation of XE Money Transfer across a range of transfer values. Of course, it is not a perfect representation by any means, but it is helpful for comparative purposes.

Important note on SWIFT: You should be aware that any transfer conducted via the SWIFT network may incur additional hidden charges by correspondent banks; the exact cost depending on the amount of the transfer and the recipient bank. In our experience, these fees can be as high as £25 per transaction.

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XE Money Transfer review: Market comparison

So, how does XE Money Transfer compare to other services in the market? To help you determine its relative competitiveness, we have prepared a chart. Beside the name of each service, we have listed its average cost, speed of transfer, receiving countries, and our review score – sorted from highest to lowest.

To sort this chart by column, click its respective headings. If you are reading on mobile, you may need to scroll horizontally to view all fields.

If you would like to learn more about the rationale of our XE Money Transfer review, take a look at our review methodology.

Transfer speed

A typical transfer with XE Money Transfer takes 2-4 business days, from sending to receipt. The exact duration will depend on a few factors, including the currency pairings involved, the transfer value, as well as the particular systems of the sending and receiving bank.

Key payment features

How do payment features affect our XE Money Transfer review? Let’s take a look at its capabilities.

Spot contract

A spot contract consists of a single payment from one currency to another at the current available rate. If you need to send money right away, simply login to the XE Money Transfer app or website and with a couple of clicks a spot payment can be arranged.

Recurring payment

A recurring payment is the easiest way to transfer money to the same recipient on a regular basis. A recurring payment allows any future payments to be direct debited automatically, providing a convenient solution to make better use of your time.

Market order

A market order allows you to set a target exchange rate that you would like to transact at in the near future. If and when your target rate is reached, XE Money Transfer will initiate the transfer of funds immediately. This is useful if your transfer is not urgent and you willing to wait for a better rate.

Forward contract

A currency forward contract is useful if you would like to lock in an exchange rate but aren’t quite ready to transfer. This feature allows you to confirm a specific rate for up to 12 months in the future, protecting you from unfavourable rate movements.

Options

Foreign currency options give you the right, but not the obligation, to purchase a particular currency at a predetermined exchange rate. It is one of the most useful methods of protecting a future transaction from adverse exchange rate movements.

XE Money Transfer phone number

XE Money Transfer customer service can be contacted by phone or email. Here are the contact details for a few of their offices:

+61 2 8270 4500 (Australia)
+44 175 344 1844 (United Kingdom)
+1 416 642 6590 (United States)
transfers@xe.com

In our experience, we found XE Money Transfer customer service to be friendly and helpful. We did not have to wait too long to speak with someone on the phone, and our queries by email have been answered in a prompt and professional manner.

Is XE Money Transfer safe?

As a customer, is XE Money Transfer safe to use? Let’s take a look at some of its security measures.

Government regulated

XE Money Transfer is regulated by the Financial Conduct Authority in the UK and is licensed as an Electronic Money Institution under reference 462444. Its international subsidiaries are regulated by the relevant authorities in the jurisdiction of their operations, such as ASIC in Australia and FinTRAC in the USA.

Customer funds are held in trust

In accordance with the standards imposed by government regulators, the funds of XE Money Transfer customers are held in segregated accounts and are kept apart from the company’s own operating accounts. This ensures the security of customer funds, should XE Money Transfer encounter financial difficulty.

Website is securely protected

The XE Money Transfer website is protected with TLS encryption, which prevents sensitive data from being intercepted during your visit. You can confirm that this is in place by recognising a green padlock next to the website’s URL on your browser. XE Money Transfer has also implemented two-factor authentication.

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XE Money Transfer complaints? A look at its reputation

Are there any XE Money Transfer complaints? Let’s take a look at its reputation.

Trustpilot

As of publication, XE Money Transfer has received 38,000 reviews on Trustpilot with an average rating of 4 out of 5 stars; representing a positive experience in 96 percent of interactions with its customers.

Here are our observations of the feedback posted:

Social media

Upon viewing the Facebook and Twitter feeds of XE Money Transfer, we can see a range of interactions between the service and its customers. Because XE Money Transfer offers many products, it attracts a board range of queries. All in all, it appears responses occur same-day.

Mainstream media

XE Money Transfer receives a lot of mainstream media reporting because of its online currency conversion software. As a result, a quick search online returns hundreds of articles recommending the use of its products.

The owner of XE Money Transfer, Stephen, has also received a significant amount of attention for his extracurricular activities. Most notably, he and his father, Bob, became the first Canadians to circumnavigate the globe in a helicopter.

Taxes From A To Z (2018): X Is For Xe.com.

Forbes

XE is the go-to site for currency conversions on the web.

The Guardian

Global celebrations as XE Money Transfer goes live.

Ria Corporate Blog

XE Money Transfer app and user experience

How does product design affect our XE Money Transfer review? Let’s take a look at its user experience.

XE Transfer online platform

The XE website has been designed thoughtfully, with special attention being paid to user experience and functionality. It is available in 9 languages; English, Arabic, Chinese, French, Italian, Japanese, Portuguese, Spanish and Swedish.

XE Money Transfer app

An XE Money Transfer app has been developed for Apple and Android devices. By using the XE Money Transfer app you can access your account at any time and use its core features; such as initiating new payments or tracking the status of in-progress transfers.

Registration

The registration process takes around 10 minutes and is relatively straight-forward. You begin by selecting your country and entering your email, before providing essential contact information such as name, address and phone number.

Identification requirements

Before you can commence transferring funds with XE Money Transfer, you will first need to verify your identity. This will typically require providing two types of documents:

1. Photo identification, such as a passport or drivers licence
2. Proof of address, such as a bank or utility statement

How does XE Money Transfer work?

As a part of our XE Money Transfer review, we will take you through an example transaction. If you would like some guidance in navigating your own account, you can follow along below.

Step 1 – Sign up and login

Visit xe.com/xemoneytransfer, sign up and login. To begin a transfer, click New Transaction. Alternatively, you can enter some basic information into the quote widget and click New Transfer.

Step 2 – Select currencies

To formalise your quote, enter the value of either the sending or receiving currency, and click Continue.

Step 3 – Enter recipient details

Enter the personal information of your recipient, including their bank details if that is the delivery method chosen. Click Continue.

Step 4 – Select payment method

Select a method of payment and click Continue.

Step 5 – Confirm transaction

The terms of your quote are presented, including the exchange rate and fees applicable. When you are happy to proceed, click Confirm Transaction Now.

Step 6 – Deposit funds into local account

You are provided with instructions to proceed with your part of the payment. If you selected bank transfer, now is the time to deposit your funds into the local bank account of XE Money Transfer.

Step 7 – Track payment

When your funds are received by XE Money Transfer, it will complete the final leg of the transfer. You can track its status online or with the XE Money Transfer app. You will also receive email updates throughout the process.

All done!

Finally, once the transfer is complete its status will be updated accordingly. The funds should arrive in your recipient’s bank account shortly.

In our experience, XE Money Transfer was simple to use and we were satisfied with the instructions provided along the way. The entire process took 2 business days, and the funds arrived into our recipient’s account as requested.

XE Money Transfer review: Final thoughts

XE Money Transfer delivers a strong online experience. Its online platform is robust, and transfers are completed at a reasonable cost. Using the SWIFT network allows it to facilitate payments to all corners of the world, and there is some advanced functionality if that’s what you’re after.

As an all-round performer, XE Money Transfer is very good option. If you want a more consumer-focused experience, take a look at TransferWise or CurrencyFair. If you have more complicated business requirements, you might also consider WorldFirst or OFX. Otherwise, you can’t really go wrong with XE Money Transfer.

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If you have any questions or feedback about our XE Money Transfer review, let us know in the comments below.