Xe Review

Xe is a mobile money transfer app that is owned by one of the world’s biggest overseas transfer providers.

They offer bank-beating exchange rates and are a low cost alternative for sending money overseas. 

They also have an extremely popular currency converter tool that attracts a lot of users to their app. 

But is XE the best provider for your transfer needs?

In this XE review, we’ll look at the company’s metrics and take a deep dive into some key areas. 

We’ll be evaluating Xe’s services for both personal and business users, and assessing the large pool of verified reviews from genuine Xe customers. 

By the end, you’ll have a good grasp on the company’s strengths and weaknesses, and will know whether or not they’re the right partner for your needs.

If you’re in a hurry, we could summarise Xe as a very safe choice for making an international transfer, offering cheaper rates than banks, but not the cheapest in the industry. 

Is Xe the right partner for your international transfer needs?

How did we review Xe?

To review Xe, we first registered an account and proceeded to make a test transfer.

We’re always careful to not let the company know this is for review purposes.

That way we can ensure we’ve received an authentic service, similar to what you’d receive as a genuine customer. 

Whilst signing up and conducting a test transfer, we paid attention to registration simplicity, the process of transferring funds, and the ability to utilise additional tools and features.

This provided insights into the efficiency and user-friendliness of the Xe service and platform. 

Our analysis also focused on:

  • Compliance and regulation
  • FX rates and fees
  • Service quality
  • Customer reviews
  • Australia-specific features and feedback

Based on our findings, we’ve scored Xe across 5 performance indicators.  

Their cumulative score in these areas represents our overall review score for Xe.   

Key information

Established1993 (money transfer service launched in 2002)
Launched in Australia2018
HeadquartersOntario, Canada
OfficesCanada, U.S.A, UK, Netherlands, Australia, New Zealand 
RegulationASIC (AU) and many others globally
No. of customers280 million global users
No. of currencies139
Transfer feesVariable fee of up to AU$10 for transfers <AU$5,000 
Customer reviews (Overall)4.3/5, 67,747 reviews
Customer reviews (Australia)N/A 
Annual trading volume (Overall)AU$173 billion
Minimum transfer$0
Maximum transferNo (online limit of AU$2,321,960)
Online platformYes
Mobile appYes
Account managerYes (if trading >AU$76,000 per year)

Pros and cons

ProsCons
Highly trusted – Xe has been established for more than 30 years and is regulated in most major territories across the globeSlow transfers – compared to some alternatives, Xe can take several more days to complete an overseas transfer
Currency choice – Xe supports transfers in more than 100 currencies including many exotic currenciesNo rate guarantee for spot transfers – the final rate can alter in between initiating and completing a spot transfer, which has caused customer frustration 
Hugely popular app – The Xe app has been downloaded more than 100 million times and is very highly reviewedSlow refund process – a number of negative reviews highlight that Xe has held customer funds for an extended period after a transfer has been cancelled.

About Xe

Xe originally launched in 1993 as a B2B provider of computer consulting and Internet services, but gained popularity in the early days of the internet with a live currency converter.

This became their main focus from 2001 onwards, coinciding with their rebrand to Xe.com. 

Shortly after, Xe began offering an international money transfer service.

As of 2009, they were the world’s most trusted currency authority and the internet’s most popular currency site. 

By 2013, Xe was one of the internet’s top 500 most visited sites. 

A couple of years later, they were acquired by Euronet Worldwide Inc. 

Euronet had already recently purchased HiFX, a UK-headquartered international payments provider that also had an office in Australia.

Euronet announced in 2018 that the two companies would be merged, under the Xe brand name. 

Today, as part of the Euronet family, Xe is considered by many to be one of the leaders in currency exchange. 

Euronet is also a publicly traded company, which puts Xe in rare company as one of the few publicly traded money transfer providers. 

This gives XE customers far greater transparency and provides additional insight into how much the company is profiting from its operations. 

Xe currency exchange services

One off & recurring international transfers 

Transfers can be funded via bank or wire transfer, debit and credit card, as well as Osko. 

As of March 2024, Xe does not currently accept PayID payments in Australia (available for customers in New Zealand only).

There is no minimum transfer amount, although transfers less than AU$5,000 are subject to a small transfer fee. 

Those processing an overseas transfer online will be subject to a maximum limit, which varies by currency (AU$2,321,960 for personal customers).

Xe allows users to set up recurring international transfers, which they refer to as a regular payment abroad (RPA). 

With an RPA, you can fix an exchange rate for up to 24 months, which can provide peace of mind for various types of regular payments, like an overseas mortgage or pension.

Forward contracts

With a forward contract, you can lock in an exchange rate for a set amount and specific date in the future for up to 2 years.

A forward contract can provide financial certainty for substantial overseas purchases such as buying a property. It’s the same type of contract that’s used to secure a rate for an RPA.

Market orders

Xe offers two types of market orders that let you target specific exchange rates.

Limit orders will automatically trigger a transfer when a currency pair hits your desired rate.

Stop loss orders do the opposite, so if exchange rates suddenly drop, you’re protected.

Business FX services

Xe offers their full product suite to business customers with no online limits, as well as an FX risk management solution.   

Xe fees & exchange rates 

Xe does not charge any fees for overseas money transfers above AU$5,000. 

For anything smaller, they charge a variable rate of up to $10. 

Xe also adds an fx margin to all of their exchanges, by offering a slightly worse rate than the mid-market rate. 

With that said, Xe is one of the few companies that shares the mid market rate on its platform and app. 

It’s great to see a money transfer company with this much transparency, making it even easier for customers to know the true cost of their overseas transfer. 

Xe also publicly advertises their own live rates.

We’ve calculated the FX margin for a range of AUD to USD transfers in the table below, to give you a general guide. 

Figures correct as of March 2024.

Transfer volume (AU$)FX margin
1,0001.29%
10,0001.1%
100,0000.8%
500,0000.8%
1,000,0000.79%

Xe’s advertised rates are significantly cheaper than most Australian banks, as the ‘big four’ typically apply an fx margin between 2.5-5%. 

As you can see, Xe’s rates get better as the transfer volume increases. 

It’s worth noting that for all transfers >AU$50,000, Xe offers a dedicated service similar to a currency broker. 

Meaning users will work with an account manager, likely receiving a more competitive and bespoke rate than those listed in the table above.

You can make huge savings by choosing Xe instead of your bank for overseas transfers

Is there a Xe app?

Yes, Xe has a very popular mobile app that is available on both Google Play and Apple’s App Store.

It has had more than 100 million downloads, and received extremely positive reviews: 

4.8/5 on the App Store, based on 43.9K reviews.

4.5/5 on Google Play, based on 195K reviews.

The app lets you make international transfers, set rate alerts, and compare live mid-market exchange rates. 

Whilst the ability to compare mid-market rates is a very useful feature, it has caused confusion and frustration for some. 

The feature appears under the ‘Convert’ tab of their app, but Xe is not offering this rate for transfers.

There is a small greyed out notification that highlights this, but it is understandable that some users find this to be misleading.

Overall, the app has received a very good average rating based on almost 240,000 reviews. 

You can download and use the Xe app for tracking conversion rates, without having to register an account, which will give you a feel for the app interface and usability.The Xe app has more than 10M downloads, and has mostly excellent reviews

Is Xe safe?

Yes, we consider Xe a very safe and trustworthy choice for international transfers. 

They’re owned by Euronet, one of the world’s largest money transfer businesses.

Euronet is also a publicly traded company on the NASDAQ, so they face added scrutiny and have to ensure they’re strictly abiding by all of their regulatory authorities. 

Xe are authorised and regulated by ASIC, as well as many other financial regulators around the world, including the FCA in the UK.

They’re also trusted by some huge global brands for currency conversion, including Shopify and Xero. 

Lastly, Xe’s customers provide a further vote of confidence, given their fantastic online reputation based on over 300,000 reviews across Trustpilot and various app stores. 

Xe Reviews 

As of March 2024, Xe has a 4.3 / 5 star rating on Trustpilot, earning the firm an ‘Excellent’ rating. 

This is based on more than 67,000 reviews, 80% of which were 5 stars, with another 10% awarding Xe 4 out of 5 stars. 

Throughout these positive reviews, Xe were frequently praised for the following traits:

  • Being easy to deal with
  • Ability to speak to customer service very quickly
  • Fast and reliable transfers
  • Trustworthy
  • Bank-beating exchange rates

In contrast, we also looked at the negative reviews for Xe. 

2% of total reviews awarded Xe 2 stars, and 5% of total reviews gave the firm just 1 star.

One of the most common themes throughout the negative reviews was customer frustration for not receiving the rate that was advertised when they first initiated the transfer. 

Unlike some alternative providers, Xe does not offer a rate guarantee for a set period of time while you’re confirming the details of a spot transfer. 

There are various factors that can affect the rate Xe initially offers you, meaning there are occasions where your rate will change by the time you come to confirm your trade. 

It’s understandable why this would be frustrating.

Imagine committing time and effort into a transfer process with Xe, only to be offered a less favourable rate at the final moment. 

There is one other complaint mentioned by several users that is of slight concern. 

On occasions where transactions have been cancelled, some customers have not received a refund until much later than the guideline times stated by Xe. 

This too is frustrating but quite common across the industry. 

Usually, money is returned for compliance purposes. You may not be making an illegal transfer but it’s simply beyond the risk appetite of the provider.

Saying this, let’s not forget that the vast majority of Xe reviews are extremely positive.   

90% of Xe’s verified reviews are positive, earning an ‘Excellent’ Trustpilot rating

 

How does an overseas transfer with Xe Work? 

Create an account

Your first step is registering for a money transfer account with Xe. 

To do so, you’ll need the following: 

  • Email address
  • Country of residence
  • Home address
  • Mobile number
  • Date of birth
  • Basic info on your money transfer preferences

There’s a chance you’ll be asked for a few more details, such as bank account information, a utility bill, or a piece of government ID.

It is typically a very fast process, and should only take around 5 minutes to register. 

Confirm the details of your trade

How much you’re transferring will dictate whether or not you’ll receive support from Xe’s account team.

For larger transfers, their support team will help guide you through the process, and likely offer you a bespoke rate.  

For smaller transfers, it’s down to you to manage the transfer yourself, ensuring everything is entered correctly. 

Remember though, the rate you’re offered when you first start processing the transfer, might have changed by the time you come to confirm the trade. 

Xe should notify you if this is the case, but be sure to double check.

Enter your beneficiary’s details

The exact details required will vary depending on the payment destination, which is another reason it’s handy to have a dedicated currency expert for support.

If you’re self managing the transfer, Xe’s platform will change dynamically based on the destination country and currency you enter. 

This is so you’ll only need to enter details that are relevant to your transfer currency corridor. 

You’ll normally need to provide the full name of the beneficiary, along with their bank name and address.

You’ll also need some form of bank identification code, which could be a BSB if you’re transferring to New Zealand, IBAN if it’s to the UK or Europe, or a routing number for transfers to the U.S.A. 

Sit back 

Once you’ve done a final check of the details, including the latest rate, you can confirm your transfer. 

Now, you can relax and wait for the funds to hit your beneficiary’s account. 

How long does an Xe transfer take?

Xe are fairly cautious regarding the timelines they provide for completing a transfer. 

Once they’ve received your funds, ​​they state you should allow 1-4 business days for your transfer to reach your recipient. 

If you’re funding your transfer by bank transfer, direct debit, or ACH, it can add up to another 3 working days into your total transfer time. 

This is because Xe can’t process your transfer until they’ve received your funds.

Unfortunately, funding a transfer by debit card is not a feasible option for many, as Xe has a total daily limit of just AU$5,000 for debit card payments.

Not to mention there’s a small additional fee for funding transfers with a card.

We find these limits and timelines to be quite frustrating. 

However, based on the overwhelming majority of positive reviews, we think Xe is just being extra cautious with its informational material.

When to use Xe for money transfers

Xe offers a cheaper alternative than using your bank, but that doesn’t mean they’re always the cheapest or the best provider for international transfers. 

Seeing as Xe is somewhat of a hybrid between a money transfer app and currency broker, depending on how much you send, let’s compare them against both. 

If you’re transferring <AU$50,000 a year, then you won’t qualify for Xe’s dedicated support service, so you’re on your own. 

However, Xe is certainly worth adding to your shortlist of providers for smaller transfers, as they’re a very well established and trusted provider that handle a large variety of currencies.

Wise is often the cheapest provider for international money transfers less than AU$20,000, but Xe has been operating for longer, offers a greater variety of payment solutions, and a greater variety of currencies. 

For large transfers, you shouldn’t immediately discount Xe, but again, we’d recommend comparing them to one of Australia’s leading currency brokers like OFX, or Send Payments

It’s difficult to know how competitive Xe’s rates are without building a relationship and trading a large amount over time.

However, OFX and Send are regarded as having some of the best rates in the industry for large transfers. 

Not to mention, you’ll also receive telephone support for any size transfer, including those <AU$50,000.

Our Verdict

Xe are a huge name in the international money transfer industry, and for good reason. 

They have one of the world’s most popular money transfer apps, and have amassed a huge following by offering a slick, transparent, and user friendly currency converter tool. 

Seeing as Xe is highly regulated across the globe and is owned by a publicly traded company, they are considered an extremely safe method for sending money overseas. 

Xe can facilitate international transfers to an impressive number of countries and currencies, which might make them the right partner for your specific needs. 

However, despite Xe having largely positive reviews and performing well in most areas, they’re not necessarily the ‘best in class’ for any particular category.

For transfers under $20,000, you may well get a cheaper and faster service using an alternative money transfer app like ‘Wise’. For transfers between $20,000 and $50,000, you’ll still get dedicated support from other leading Australian providers like Send.

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