XE Money Transfer Review (XE.COM)

Matt Di Vincere (Chief Editor)
Last Edited Oct 30, 2022

Should I use XE for money transfers?


  • No Industry Awards
  • Has Fixed Fees for Some Countries (Competitors Normally Have £0 Fee Policy)
  • Access to Private Dedicated Dealer Only from $70,000 Min Transfer
  • Support May Be Difficult to Reach
  • Less Transparent than Competitors Like Wise
  • Less Techy than Competitors like Wise
  • No Virtual Bank Accounts


  • Operating Since 1993
  • Owned by Industry Giant Euronet Worldwide
  • Provided by HiFX Since 2019, Fully Regulated in all Jurisdictions Present
  • Great Customer Reviews
  • HiFX (merged into XE) had Strong Reputation

Services Offered by XE Money Transfer

Transfer Money Abroad to a Bank Account  + 5

Official Website:

XE Review: Executive Summary

XE Money Transfer is a very well known international money transfer service mainly due to xe.com being one of the biggest sites for live currency rates since the 1990s. XE Money Transfers which started off as a white-label has eventually turned into the new face of HiFX, one of the best known currency brokers approximately 5 years ago, through a merger. XE money transfer is safe and reliable, but does not necessarily offer the best rates or has the highest industry ratings nor awards.
Overall ratingN/A
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Updated on Oct 30, 2022

Not Top 10 Ranked

🏆 No Industry Awards

Where is XE Money Transfer Available?

Xe Money Transfer: Alternatives & Competitors

There are many Xe alternatives out there. In fact, we have reviewed 80+ Xe money transfer competitors on our international money transfer comparison process. Xe Money Transfer is completely safe to use, and HiFX was considered a very well respected currency broker before its merger into xe.com, but we believe the following Xe money transfer alternatives are the best to use:

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance

Found a Better Alternative? Closing your Xe Account?

If you are an existing Xe money transfer client and would like to close down your XE account – read this manual.

Wise vs Xe: How the Two Compare?

Wise (formerly TransferWise) vs XE pits two of the biggest brands in the FX space against each other. Although, XE originally reached fame for its foreign exchange data services as opposed to its money transfer capabilities. What’s more, the benefits of using XE have been largely driven by their merger with HiFX as opposed to its ability to provide foreign exchange data.

It’s also worth noting that most of XE’s selling points are only accessible to corporate clients.The ability to trade options and receive dedicated dealer guidance through XE is not available to private clients. XE’s private offering has much more of a digital focus and for readers who are interested in going down the digital route then Wise is likely to be the better bet. Its super simple interface and low costs make it a great option for spot transfers (i.e. payments initiated at the time of booking).

As a private client, it is possible to speak with a customer service rep through both firms but expect long hold times. Wise prefers to steer customers to the online chat in the first instance, whilst locating the email and telephone contact channels through XE proves difficult. For businesses or individuals who want to run balances in multiple currencies then the Wise borderless account is certainly worth a mention. Its multi-currency digital bank account allows customers to send and receive payments through a digital bank account held in their name. XE has no similar competing product. So the question of TransferWise vs XE really depends on what the clients’ requirements are.

Is XE Money Transfers Safe?

Company Size:  

XE.com, which was established in 1993 in Ontario, Canada, is one of the Internet’s first currency exchange rate providers. Nowadays, there are hundreds of websites offering up-to-date information (we also have our own foreign currency rates section), but back when XE was established, there were none.

Between 1993 and 2002, together with the popularization of the internet, XE.com became a synonym for everything currency related. It created a variety of tools, graphs, and APIs that many companies were happy to pay a monthly subscription fee in order to gain access.

In 2002 XE started XE Trade, an online international money transfer service. While it is still selling currency data packages to companies, this has supposedly become the company’s main revenue stream. Since 2002, XE Trade Money Transfers has processed billions in global payments and has served thousands of businesses and individuals.

In July 2015 XE.com was bought by Euronet, the owners of HiFX and Ria money transfer (among others). The company employed 20-30 staff in Canada prior to the purchase and is now estimated to have around 350 employees in 2022. Last year the Euronet group processed over $113 billion in transfer volumes (slightly down on the $115 billion transferred in 2020) – but still a staggering amount and we’d be interested to see how much XE has transferred itself.

Current 2022 statistics about XE’s parent company, EuroNet Worldwide, based on their 2021 Annual Report:

  • More than 8,000 employees.
  • More than 48,000 operated ATMs.
  • More than 438,000 Point of Sale Terminals.
  • Prepaid Processing of almost 775,000 POS terminals.
  • Revenue of 3bn USD with profit of 395m USD in the 2021 financial year ( up from 2.4bn and 302m respectively).
  • Money transfers accounted for 46% of group revenue – $1.4bn
  • 135 million money transfers processed (up from 116 million in 2020)
  • 25% increase in US-outbound transactions

New in 2022: XE Launches Cash Pick Up

Cash pickup allows Xe users to send money to a recipient quickly and in physical form. As a sender, simply pick the amount of money to send and once the transaction is paid for, wXE will generate a PIN number. The recipient can then go to a selected destination and pick up the money using the PIN number. Collection points could be a specific store, or any branch of one of Xe’s selected partners. Xe Cash Pick Up is only available through the app.

The cash pick up network will have already been established by Ria money transfer. It is not surprising to see Euronet leveraging the capabilities it has within the group to offer its existing capabilities under a new brand. This is exactly what the group did with HiFX and we’re sure it will only serve to boost Xe and group revenue.

Regulated By: 

XE Money Transfer, now provided by HiFX, is regulated in the UK, Europe, Australia, Canada and New Zealand. Adding to XE’s existing licenses in the US.

Following the loss of EU financial passporting rights for the UK, XE Money Transfer for European Union based individuals is now provided by Xe Europe B.V. which is supervised by the Netherlands Central Bank for the provision of payment services.

In its younger years and prior to using HiFX as their payment provider (as part of the acquisition by Euronet Worldwide), XE worked with Western Union. Which is also, of course, fully regulated, being the largest non-bank money transmitter in the world.

XE’s Announcement on Moving to HiFX in 2016:


XE Money update as of January 2019:

XE Money Transfer FAQ

+Are XE and HiFX the same business?

Yes, when Euronet acquired both XE and HiFX they merged the two firms. HiFX now trades under the XE brand.

+Is XE suitable for private clients?

Yes, XE can be used by private clients but the private solution is predominantly online. Individuals looking to speak with an account manager and trade over the telephone should consider Currencies Direct.

+What are XE’s strengths against its competitors?

XE’s brand is definitely its strong point – as a global leader in exchange rate information it has leveraged its position to offer money transfers too.

+What are XE’s weaknesses against its competitors?

Customer service is not considered as strong as when the firm was operating as HiFX, at least based on recent client reviews on Money Transfer Comparison and other client review sites. Some users have also complained that the spreads are not as competitive as they used to be, driving the cost of the transfer up. Transparent spreads and fees can be found with WorldFirst.


xe.com a is a well-established player on the foreign exchange scene and is a trustworthy choice considering how long it has been operating. It is extremely well-known as the world’s currency authority (Its motto is “The World’s Trusted Currency Authority”) Since 2016, Xe Money Transfer has been delivered by HiFX who are regulated by the FCA in the UK and all relevant regulators in the jurisdictions it operates.

Xe money transfers is owned by publicly listed EuroNet which is one of the world’s largest payment giants, and is absolutely safe to use.

This is preferable to the previous set up where customers of XE would be reliant on XE.com choosing the right outsourced FX partner to provide a white-labelled service for their money transfer service. However, even despite the move, XE is still not listed as one of the best money transfer companies to provide the service.

XE Customer Reviews


As of 2022, there are over 53,000 TrustPilot reviews which are 94% positive (down on the 96% positive in 2021). With the strong XE brand, usage of the service and indeed the number of reviews appear much higher than before. Within the last year, the company has amassed an additional 8,000 reviews.

For the sake of comparison, a company like TorFX has around 5,000 verified reviews on TrustPilot but achieves a higher review score of 4.9 / 5.

Clients who loved XE Money Transfer (formerly XE Trade) said the following:

  • They like to stick to the bigger, better-known brands
  • Rates were excellent
  • Service is safe to use
  • The transaction went smoothly

Dissatisfied clients have reported the following faults:

  • Some clients complaining that the online system is not as easy to use as before
  • Rates appear to have been raised for some HiFX clients since the migration to XE
  • Some trades are taking too long to go through
  • Clients are not forwarded to the managers if they want to speak to a higher authority within the company
  • Clients receive less money than they anticipated
  • Client support is outsourced and non-professional
  • At times, rates are worse than banks


Just over 4% of the Xe reviews we have discovered online are negative, detailing a number of reasons for their poor rating: non-responsive staff, poor rates, and a tricky online platform. This means there are around 2,500 bad Xe reviews, which is certainly a significant amount and means XE has more bad reviews than virtually any other money transfer company on the market.

On the flip side, we also have to consider that with over 50,000 positive reviews, XE has more positive reviews than virtually any other money transfer company. The 94% of positive reviews we have found online shows that on a percentage basis XE is perhaps just below the top performing money transfer companies that usually have a client review score between 95%-99%. The positive reviewers are extremely satisfied with the service they have received, the rates, and every other aspect. The positive XE reviews really like the speed and ease in which transfers are made.

It’s worth noting that there are additional reviews in the comments section of our very own XE review. These are non-verified clients but it has to be said the vast majority of them are negative, most of the comments are reporting significant delays with their transfers.

Xe Exchange Rates & Fees

Fees: There are very few instances when Xe charges a payment fee for bank-to-bank transfers. This is only when transfers are so small that the firm cannot make sufficient revenue in the exchange rate spread to cover its cost. Xe payment fees as of 2022 are as follows:

The fees are quite reasonable, especially considering they only apply when a very small sum is sent. They are far better than the payment fees charged by banks but companies like Currencies Direct have a flat, no-fee structure for transfers of any size.

Fees do apply when using Xe’s cash pick up service.

XE Exchange rates:  Xe generates most of its revenue from the FX spread it charges clients. The exchange rates in which Xe.com uses are not visible on the website. You have to register and sign in to the online system, or speak to a phone representative, to get the current rates. These rates depend on the currencies and the volume of trading.

If we were to look into the 100+ Xe reviews that were collated on our website, we can see mixed opinions about the exchange rates used by XE. One user comment mentions a 1% margin “below the bank rate” (we suppose that’s the interbank rate that the reader is referring to). This is somewhat average for the industry, although it really depends on the volumes sent and currencies involved. Another user comment from 2022 is much more positive and says “the exchange rate was incredible”.

Limits: Xe implement a single transaction limit for online payments as follows:

RegionXE Single Transaction Limit (Online)
UK & EuropeGBP 350,000
USUSD 535,000
CanadaCAD 535,000
Australia & New ZealandNZD 750,000


Customers who send at least $70,000 a year will have access to a dedicated dealing team and can place trades with no limit over the phone.

XE Business Model and Ownership:

Euronet Worldwide Inc. (Nasdaq: EEFT) is a large money transfer company worth US$5 billion by market capitalisation and handling over $113 billion in cash per year across 155 countries. Euronet acquired XE.com in a cash and shares deal worth around $100 million. Once Euronet owned both HiFX and XE.com it made the decision to remove Western Union as XE’s money transfer provider and utilise the in-group capabilities of HiFX.

Established in 1998, HiFX was one of the first non-bank currency brokers to be established and was a well-known global provider of foreign exchange for many years. The Euronet takeover allowed XE.com’s online brand to be matched with HiFX’s reputation and market position. The improvement in customer feedback since XE has been run by HiFX indicates it was the right decision by Euronet to merge the two brands.

XE earns revenue from two services tied to currency exchange rates: currency data and international payments. XE earns subscription-based fees for delivering global currency exchange rate data through its proprietary currency data API. XE then earns transaction-based revenue from XE Money Transfers, its online international payments service made available to businesses and consumers through the HiFX team who have now rebranded to XE Money Transfers too.


There are generally no payment fees when making a bank-to-bank international transfer with Xe. The only exception to this is when very small payments are sent and a small payment fee applies. Some brokers counteract their ‘no-fee’ policy by implementing a minimum transfer of $1,000+ so we don’t see it as a particularly bad thing that Xe chooses to allow customers to make smaller payments but offsets this with a small fee. The online limits are unlikely to put off too many prospective customers as people generally prefer to speak to somebody over the phone before parting with hundreds of thousands of dollars.

Judging by the client reviews we could find online, the FX spread applied by Xe seems to be about the norm for an online money transfer website or currency broker.

XE Money Transfer Offices & Global Presence


  • Dedicated Dealer: Yes (HiFX dealer when sending $70,000 or more – high hurdle compared to others).
  • Offices: UK, Spain, Canada, Australia, New Zealand
  • Ways to Approach: Telephone, online and via email.
  • Translations: No.
  • Accepts Clients: Worldwide.
  • Currencies Handled: 98+.
  • Client Reviews: Nearly all positive post HiFX rebrand


Now that XE is beginning to use the payment capabilities of another Euronet company, Ria Money Transfer, they’ve been able to drastically improve their remittance offering, i.e. private client transfers to low and middle income countries. Throughout 2020 and 2021, XE announced a number of new payment channels through their partner Ria. New payment destinations include:

  • Bhutan
  • Chile
  • Columbia
  • Costa Rica
  • Domincan Republic
  • The Gambia
  • Guatemala
  • India
  • Mozambique
  • Nepal
  • Paraguay
  • Philippines
  • Rwanda
  • Sri Lanka
  • Tanzania
  • Uganda
  • Uruguay
  • Vietnam

Updates to the Xe product offering have gone very quiet in 2022 and indeed their blog has barely been updated in the last 12 months.

The Xe Money Transfer service accepts clients internationally with no real limitations. Their main focus is on clients from North America, Australia-NZ, the EU, and the UK. There are different pages on the money transfer section on Xe.com devoted to people from these different locales but the content is highly similar between each location. The primary difference is the end-user agreement depending on which region the client is based in.

Since HiFX came under the XE name it means XE is in the UK, Spain, Australia and New Zealand in addition to their original office in Canada.  This is a marked improvement from before when it was just Canada in which it held an office, and is a fairly consistent map of coverage that’s in line with the biggest providers in the market today. For the sake of comparison, its highly-rated competitor Currencies Direct boasts offices in 4 continents, with 7 functioning offices in total.

By now adding Ria money transfer payment capabilities, Xe combines the benefits a traditional currency brokerage such as HiFX can provide, with the extensive payment network across the globe that a large remittance company such as Ria can provide. The result should be quite exciting for customers, leaving them confident that Xe is no longer just for payments between the major currency corridors.

Additional Functionalities

Xe.com operates arguably the best online currency exchange calculator and has everything relating to this aspect – historical currency rates, currency charts, rate alerts, currency transfer and exchange apps, API’s, and more. All of the aforementioned services are great but fall outside the realm of making an international money transfer.

Specifically within international money transfers XE offers the following: option contracts, forward contracts, regular payments, mass payments, an online trading system and of course, spot transactions. Like most FX transfer companies who offer options, these are only available to corporate clients. Xe is also one of the few brokers that can offer credit lines to corporate customers. In fact it can grant credit facilities for up to 5 years, meaning clients may not have to provide a deposit for every forward or options contract they book. Corporate FX customers can also process mass payments via API.


For private clients, the Xe Trade online system is similar in function to Wise and Currencyfair. You can use the online system to move money from point A to point B with no trouble.

The suite of products available to corporate clients is comprehensive and clearly showcases the value that HiFX has brought to XE. Specialist market intelligence and a dedicated team that can discuss bespoke FX risk management strategies is just what we expect from a large money transfer brand. Much like the corporate services provided by Moneycorp and Global Reach Partners.

Review Summary

Bottom Line

XE is one of the biggest brands in this space and its parent company Euronet is a payments juggernaut.

XE has some of the highest number of client reviews of any money transfer company in existence today. This can be looked at twofold – the firm has more negative reviews than can be found elsewhere but it also has more positive reviews than can be found elsewhere. Overall, a 96% satisfaction score is good – it’s not the strongest in the industry (Key Currency for example has 98% positive reviews) but it’s certainly not the weakest either.

Given that the private offering is largely online, private clients may prefer the better exchange rates offered by the online-only service by Wise or the benefits of both a good online trading platform and telephone trading service offered by Currencies Direct. For private clients, we do get the sense that XE gets a little caught between being a traditional currency broker and an online-focused digital money transfer company.

Corporates will enjoy the comprehensive suite of payment options, as well as the regular flow of market intelligence and the experience of XE (formerly HiFX) staff. XE’s ability to offer credit lines will also appeal and shows how a money transfer company that’s as large as XE can start to compete with a bank-level offering.

Readers who are keen to use a money transfer company that has been verified and approved by us can use the button below to discover the top recommended companies on our website.

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