XE International Money Transfer – Pros and Cons

XE is an international money transfer agency transferring funds to over 170 countries, XE money transfer has their most popular routes including Canada, New Zealand and the United States. The brand uses enterprise-grade security, this is to make sure that their transfer service remains safe. XE is also offers low rates for overseas remittances and are well-known for that.

XE has an overall rating of 'Excellent' on Trustpilot with over 40,000 reviews.

Pros and Cons of XE money transfer

Now we will talk about the pros and cons of XE money transfer.

Pros

° Trusted name in the money transfer industry

° Transfers to over 170 countries in over 60 different currencies

° No transfer fees

° 24/7 account management

Cons

° Card payments not supported

° Exchange rate markup can be sometimes greater than other providers

How do I send money through XE?

First you must sign up for an account by registering your personal details with them which includes your name, contact address, social security number and your occupation.

Once you have successfully registered and your account is approved, then you can now set up your transfer using the payment details of your choice, the amount you want to transfer, the currency to which you want to send and then the recipient’s details. 

However, it is very important to know that XE only supports payments via online banking and through the phone. Also, XE does not support the option of payment with a card or request a cash pick-up service.

XE Fees and exchange rates

XE applies little mark-up and adds it to the mid-market exchange rate as they do not charge any transfer fee. The margin ranges from 0.5-2% which you will only know once you are ready to transact.

XE Transfer speed

Most money transfers completes on the same day of execution. However, the bank involved in the transaction and the type of currency being transferred determine the transfer speed of the funds to arrive with your recipient. This can range between 1 – 4 business days.