If you’re a business owner or just looking for a way to transfer money to another country, XE Money Transfer is a well trusted international money transfer service. They offer good exchange rates with no fees and provide their users with regular updates on transfers made.
XE Money Transfer is a reliable, fast, and secure option to send money abroad. If you’re interested on this service, continue reading below to see what products and services that XE offers.
|Transfer Limits||No minimum
Up to $500,000 USD online
|Transfer Methods||Bank account to bank account|
|Transfer Options||One-off payments
|Transfer Speed||1- 5 days|
How XE Works
With XE, you can only fund the transfer by paying from your bank account and the only way it can be received is by a bank account deposit.
You can send money from your linked bank account from either ACH or a wire transfer. Then the funds will be deposited into your recipient’s bank account, plus they don’t need to have an XE account to access the money you just sent.
- Spot Transfers are great if you need to send money fast. The existing exchange rate applies here and XE will process your transfer as soon as needed.
- Buy or sell currency when the exchange rate reaches a certain level. You will get a contract note via email when the target rate is achieved then you’ll need to make the payment.
- For business clients, you can lock in the exchange rate for up to 12 months.
XE provides useful tools, to help the money transfer process much easier for you:
- Mobile app: The XE app is available for Android, iOS, BlackBerry, Alexa, Slack, and Google Assistant.
- Foreign exchange tools: Get free access to currency converter and charts, historical currency rates, travel expenses calculator, an IBAN calculator, as well as rate alerts. Plus there’s a currency converter widget at your service.
How to Register
XE is available to both individuals and businesses. The online registration is quick and easy. You’ll need to:
- Provide your residential address with a bank statement or utility bill. Please make sure that the document is dated within the last three months, contains y our first initial and last name and that the address matches.
- Prove your identity with a copy of your passport or both sides of a government-issued national identity card. Make sure the document is valid and not expired.
How to Send Money
You can transfer at any time, online or via the mobile app with the following steps:
- Log into your account
- Choose the currencies you want to pay in and transfer to.
- Provide the amount you wish to transfer.
- Enter the recipient’s bank account details.
- Confirm the payment method.
- Accept the quote provided.
When XE receives your payment, the company will notify you by email. When the payment is released to your recipient, you’ll get another email notification. So depending on how quick the recipient bank processes your transfer, the time of funding can take from one to five business days.
XE Fees & Rates
XE doesn’t charge any fees. It’s free to open an account and there are no monthly charges. The company doesn’t charge fees to receive the money, nor do the foreign exchange transactions. But please note that third-party banks may charge their own fees during the transfer process.
XE offers better exchange rates compared to banks’ numbers. XE exchange rates are linked to live market rates, so if your transferring money when they markets are open, the numbers may fluctuate until you confirm the transaction. But the rates won’t budge if you transfer when the markets are closed.
Most transfers through XE will go through the same day. As part of the transaction, the company will provide a payment date. If XE receives your payment on time, the date provided is the earliest it can process your transfer.
Keep in mind that the processing time also depends on the recipient’s bank, so some transfers can take up to five business days.
With XE Money Transfer you can trade between over 120 countries and 130 currencies. Just set up and account and start making transactions using their secure online platform that’s available anytime everyday.
If this is not the one for you, see other money transfer services like Xoom, Remitly, and Transferwise! While you’re here on HMB, check out our list of the Best Cashback Apps and Cashback Shopping Portals. Also learn more ways to earn Credit Card Bonuses!