XE (XE.COM) Money Transfer Review

Quick FactsPros and Cons

Established: 1993. Owned by Euronet since July, 2015.

International Clients: ✓ Internationally

Currencies Offered: Not published

Minimum Transfer: No set minimum.

Trading via: Website platform or app.

Offices In: UK

Regulation: ✗ Payment providers used by are regulated

Fees: Currency and volume dependent 

Promotional Code: None

Client Reviews: 50 reviews on ReviewCentre, 50 reviews on SiteJabber

Client Rating: 30%


Awards Won

– None To Date

Our Rating: 50.8%

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Since 1992

Ultra-Accurate Currency Quotes

Local Business Partners Across The Globe


No Dedicated Dealers

White Label Product

Mainly Negative Client Experiences

Vague Information on Website

Our Rating: 50.8%

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Company Information and Credibility

Company size:, 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 in the day when XE was established, there were none.

Between 1993 and 2002, together with the popularization of the internet, became synonym for everything currency rated. They created a variety of tools, graphs, and API’s, and many companies were happy to pay a monthly retainer to gain access to them.

In 2002 XE started XE Trade – an online international money transfer service. While they were still selling currency data packages to companies, this has supposedly become their main revenue stream. Since 2002, XE Trade Money Transfers has processed more than $10 billion in global payments and served thousands of businesses and individuals.

The company now has between 20 – 30 employees in Canada, and transferring unknown sums of money each year (we assume they are one of the bigger players in the field, so anywhere between several billions of dollars to tens of billions annually).

In July 2015, was bought by Euronet, the owners of HiFX and Ria money transfer (among others).

Regulated By: 

None. XE works with various commercial foreign and banks in different regions, which they claim are regulated by the relevant regulatory authorities. Since they do not provide a definite list of providers they work with, it’s impossible to verify these claims.

Update: is moving its currency payments provider, Western Union on October 30th 2016. As of this date all payments will be conducted by HiFX. has operated in partnership with Western Union for several years, but will be using ‘sister company’ HiFX as of October 30th 2016, facilitated by the Euronet takeover last year..


Conclusion: is quite established and appears to be trustworthy considering how long it has been operating. It’s extremely well known is indeed the world’s currency authority (their motto is “the world’s favorite currency site”).

On the other hand, the site is merely a currency data website which connects clients with different payment providers, and in fact, the staff does not handle the transactions at all. Why would you bother to use XE instead of dealing directly with the company providing the payment service (HiFX or others). Why would you rely on’s judgement in choosing a payment partner instead of choosing a company on your own?

Credibility Rating

Client Feedback


There are 50 review’s XE Trade on Review Centre, 20 more on Site Jabber, and about 10 complaints on Considering how well known is, we can only wonder how come they don’t have more reviews. For the sake of comparison, companies like World First has more than 4,000 verified reviews on Feefo.

Clients who loved XE Trade said that:

  • They like to stick to the bigger, better known, brands
  • Rates were excellent
  • The registeration process was easy
  • The transaction went smoothly
Dissatisfied clients have reported the following faults:

  • They degraded over time and rates have been non-competitive before negotiation
  • Money that has been sent was not received within 14 days
  • Some trades did not go through, but money was still charged (!)
  • Clients are not passed on to the managers if they want to speak to a higher authority
  • Clients got less money than they anticipated
  • Client support is outsourced and non-professional
  • Rates are worse than banks at times


Most clients are completely dissatisfied with the quality of services they receive from XE.

It starts off with non-responsive support which refuses to forward calls to managers, which is apparently outsourced (never a good sign).

Then, we discovered multiple complaints about the rates. It seems to us that some currency pairs are extremely expensive to trade with, and some currency pairs are cheaper (as some clients also indicated the prices were good in comparison to other companies they tested).

The worst thing we have noticed through our research is the fact some payments did not go through at all, and clients did not receive satisfactory explanation to that.

To summarize, has less than 100 online reviews, which is worrisome to begin with, and out of those 100 at least half are complaints which point at very serious faults.

User Rating

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Exchange Rate & Fees

Fees: Unknown. It is not stated anywhere on the site what are the wire fees, and we assume the reason to that is because they use local payment providers for each locale. That means wire fees may vary. We assume the service is not fee-free, else they would have stated that.

Exchange Rates: We have mixed client opinions about their rates. Satisfied clients swear by the fact they are the cheapest company to use for currency exchanges bar none. Discontent clients swear their rates are sometimes worse than banks. Our only indication were two blog posts we discovered that discussed a default markup rate of ~1.8%, which is quite high but somewhat comparable to most FX companies out there.

Limits: Not specified on their website.

The XE business model and ownership: As a result of an online-optimised approach, the pricing is able to offer beats the industry average. Large firms with large overheads typically charge higher commission rates and wider spreads compared to but equally, offer a deeper subset of interactivity for customers. The most pivotal reason why should in theory be able to offer very competitive rates is close partnership with a much larger entity called Euronet.

Euronet Worldwide Inc. (Nasdaq: EEFT) is a large money transfer company worth US$4 billion by market capitalisation and handling over $77 billion in cash per year across 155 countries. Euronet acquired in a cash and shares deal worth around $100 million. The acquisition is this year being followed up by switching its payment provider from Western Union to HiFX.

HiFX is a global provider of foreign exchange and already a part of the Euronet group of companies. The Euronet takeover has allowed’s online brand to be matched with HiFX’s reputation and market position. HiFX currently has a 5 Star ‘excellent’ customer service rating on Trustpilot from 10,000+ verified reviews.

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 and earns transaction-based revenue from XE Trade Money Transfers, its online international payments service made available to businesses and consumers through an outsourced service contract.


Exchange Rates & Fees Rating

Global Reach & Service


  • Dedicated Dealer: No.
  • Offices: Canada.
  • Ways to approach: Telephone and email.
  • Translations: No.
  • Accepts clients: Worldwide.
  • Currencies Handled: Unknown.
  • Client reviews: Less than 50% positive.


You could say is extremely international, because they don’t specifically mention they don’t deal with clients from certain geographical areas, but on the other hand, it’s not completely clear. is primarily focused on technical platform functionality as opposed to direct customer service. Customers are offered a wide range of tools and add-on services but it is not actively marketed or used to upsell its currency transfer service. The vast majority of customer interaction is done online, via email or through Frequently Asked Questions (FAQ’s).

The problem with the above is that clients don’t seem to be happy with the setup. There an abundance of complaints to be found online about’s support. This is probably one of the reasons they are switching over to a different payment provider – from poor Western Union to industry leaders HiFX.

Global Reach Score

Additional Functionalities is the best currency exchange calculator on online, and has everything relating to this aspect. Currency pairings history, interesting statistics, currency exchange apps, API’s, etc.

On the realm of money transfer, they offer nothing beyond simply moving money from point A to B (or if they do, it is not specified on their website nor was mentioned by any of its reviewers). The only thing they do offer is to set up automated trades – if a certain rate will be reached, a transfer should be intitated. This is something which most other currency companies also offer.


XE Trade’s offering is extremely limited, and somewhat comparable to companies like Transferwise and Currencyfair, but unlike them… isn’t transparent about its trading conditions, rates, availability and offering, and is generally speaking – less customer-friendly.

Special Features Score

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  1. Arfana Sallman

    Im very pleased how XE handled it in a timely manner.
    Contacted me few minutes after, authorized the transfer and sent me an email confirmation.

    I see it as honest company.

    Posted on August 17, 2016
    • compare

      Thank you Arfana Sallman for your honest feedback. It would be great if you could add more details about the transfer:
      – Which ballpark amount
      – Destinations
      – The rate you got
      – The data it was executed
      – Which company handles the transaction (they use local agents in each country)

      The thing about XE is that we don’t have enough information about the company. The more we get and the more positive impressions we hear of them, the higher the chances we will increase their ratings.

      Posted on August 17, 2016
    • Jola ajibade

      XE is the worst money transfer option you can use. TAKE YOUR MONEY ELSEWHERE. They do not deliver on time, and if you complain they will put you on hold for hours. The customer relations is also very poor. They don’t care about you or your concern…. so find a better option but DO NOT USE EX MONEY TRANSFER. When they tell you the money will get to the recipient in 5 working days they actually mean 20 working day.

      Posted on December 5, 2017
      • Compare - MTC Admin

        Hi Jola, could you share more details about your transfer and howcome it took so long?

        Posted on December 5, 2017
  2. Chris Corfman

    I send money from the US to the Euro Zone every so often to purchase musical instruments. I’ve never had a problem with The rates have almost always been the same as the bid, and very close to the actual exchange rate. Once there was an additional small charge, I think from a bank.

    I’ve never had a problem with support; on the contrary, the support has always been very quick and helpful.

    Transfers take a few days or a week. My experience is that security and verification is taken very seriously.

    Posted on October 19, 2016
    • compare

      Thank you Chris. We will keep your feedback in mind! Could you provide us more details about the transfer? What kind of margins were applied? Which companies actually handled your transaction?

      Posted on October 23, 2016
  3. Sally Aquilina

    I used xe for 2x transactions, and won’t be anymore.

    I am transferring savings from Australia for a house deposit in Ireland. I’m not in a huge rush on this, so xe’s limit trades looked great, and I didn’t look much further after that.

    In August I transferred$10,000. The wire and EFT options had fees, so I chose the draft option. I assumed the cheque arriving would be local, and I had checked the rates with my bank re cheque deposits. All the while assuming the cheque would come from a UK or Eu bank. It came from bank of America, Frankfurt branch. My bank advised it had to be a special collection, and the fees would be around €600 and it would take 6 weeks to clear. I didn’t really blame xe for that, but did think warning of a potential €600 fee is slightly different to regular bank fees.

    The cheque was never cashed. On 1 Nov I started asking my bank in Ireland where the funds were. On 2 Nov xe emailed me to see if the cheque had arrived, if I wanted it reissued, and offered to complete the transaction by wire or EFT. I was delighted to be able to avoid the €600 fee and get it sorted. They ordered the cheque be cancelled.

    2 weeks later, the cheque cancelling process is completed and they tell me my only option is to return it to the originating account, because they can not honour transactions from before the change of partners. While that in itself is annoying, my complaint was they should have told me that when giving me my options on 1 Nov. They would not engage in conversation about that, just kept repeating that that’s all they can do.

    Meanwhile, another transaction had triggered because my desired rate was reached. This time I requested an EFT. When they sent me the transfer details (AUD to EUR) they sent a UK account (that wasn’t the case for the previous transaction). I had to request details for an Australian account, and wonder if that will be the case going forward (I won’t be finding out).

    Because these two were happening at the same time, I also suggested using the $10k they wanted to return to my Australian account against the $20k for the second transaction. They just ignored the question on 3 different e-mails (I accept if it can’t be done, I don’t accept them pretending I didn’t ask).

    I didn’t do much homework before selecting xe, but this site has been very helpful in my choosing of the next organisation I will try.

    Posted on November 17, 2016
    • compare

      Hi Sally, thank you for your detailed input. We appreciate your kind words.

      I would definitely blame for the cheque situation you firstly described. This is exactly the problem with online-only payment providers, and the reason our most recommended services have dedicated currency experts to help you through the process. It is unreasonable to let you do all the legwork with your bank and figure out the fees yourself. It is only expected something will go wrong in the process and the fees would be higher than expected. At EU 600 on a $10,000 we’re talking about 6.5% – 8.5% of the money sent (depending on whether you are talking about Aussie dollar or American dollar), not including XE’s markups! It would have been remarkably cheaper to transfer the funds directly through your bank! Of course they did what they could to reverse this situation because the payment that was due is completely disproportional. I’m glad to hear they did.
      Then, asking you to send funds from Australia to a UK to fund your transfer is complete rubbish. It would have costed you AUD 15-30, and result in a further delay.

      The worst thing about this whole thing is the service. Ignoring your requests. Not engaging in a conversation. Not explaining you the reasoning for their requirements. The exact opposite of how this industry should work! After all, you’re sidestepping from your comfort zone (bank), and they are the ones to make you feel completely comfortable and safe.

      As you said there are other options around! We are certain that with our top recommended companies your experience would be completely different.

      Posted on November 17, 2016
  4. Ryno Terblanche

    Terrible service. I’ve been asked too many times to prove who I am, even though I’ve been using this service for over ten years! See ya xe trade

    Posted on January 27, 2017
    • Compare - MTC Admin

      Hi Ryno indeed odd to ask you for a proof of identity when you’ve been using them for 10 years. Which company do you plan on using now?

      Posted on January 27, 2017
  5. Ishaq

    I ask a simply question that I’m living in north Cyprus and my home country is Pakistan so can I send money by Xe to pakistan???
    Plzzzz reply me is must.

    Posted on April 13, 2017
    • Compare - MTC Admin

      I can’t tell you for sure but I think the answer is no. Very few companies of this sort work with sending money to Pakistan.

      Posted on April 14, 2017
  6. Ali

    Very funny we have been told in 4 days benificiary will receive funds in Pakistan. It is our contractor invoice amount he has to pay his employees.but today is 5th day. And customer service audacity is praiseworthy saying same line as parrot – pls check with your bank and when we asked MT 103 or any other code which we can be given to our bank as international payment reference number, we got reply we will check with our bank and then no reply. how come a money transfer service does not have any substantial proof to produce apart from its own internal reference number even after 4 working days.

    Posted on June 8, 2017
    • Compare - MTC Admin

      Please keep us updated on that Ali. I am sure it’s pretty busy for them at the moment considering the UK elections today. Cheers.

      Posted on June 8, 2017
  7. Karwan

    Avoid them , I’m a British citizen originally from Kurdistan north Iraq , I was on holiday in Kurdistan and I was going to turkey from Iraq , I’ve transferred some money from my pounds account to my USD Citibank account. They ask me to send them a bank statement and price of income so I did , I’m a self employed, they have hold my money they keep playing with me , I cancelled it but they don’t want to return my money they keep telling me we can’t give you a time when we have an update we will refund your money . It’s been 5 days I’ve called them more than 20 times

    Posted on June 22, 2017
  8. M Walji

    Disgusting and very unprofessional . Website shows a rate and they quickly take your money then they start their nonsense with demanding more and more documents. Eventually they start fibbing you off a week later still no transfer and still no refund. Then they demand a large deduction of fees if you cancel. Damned if you cancel and damned if you dont because they will not transfer. Its a scam organisation FCA should close them down i still have not had my refund or my transfer and its over a week. All calls are simply given a standard reply someone will call you back and 4 days later no calls no nothing. DO NOT TOUCH THIS COMPANY !!

    Posted on July 24, 2017
    • Compare - MTC Admin

      Thank you for your elaborated review!

      Posted on July 25, 2017
  9. Vickie

    Excellent article. I’m going through many of these issues as well..

    Posted on August 12, 2017
  10. Carlos

    I wish i had seen this before starting this transaction. I asked to transfer £800 into a family member’s account in Ghana for arrangements for my mum’s funeral celebrations. I got an email saying i need to send some documents to prove who i am and where the funds were coming from. I have done that and then now they come back to me saying because i used the business account which i am the director they cannot go on with the transaction. I then asked the guy on the phone to cancell the transaction and send my money back to the account so i can send it via western they are pulling their legs and i have to be chasing them . I feel like travelling to their UK office to demand my money as i need it asap…..I will never use this service ever again.

    Posted on August 17, 2017
    • Compare - MTC Admin

      Sorry to hear about your bad experience with them, and sorrier to hear about your mum passing away. Hoping it will all work out well for you.

      Posted on August 17, 2017
  11. eugen

    I tryed to send some money using this site 10 days ago, and the transfer not arrived yet.
    They are keep saying that they have send the money, and they keep doing investiogation with their bank.

    I`m not sure if I will ever get my money back.

    This is just a scam.

    Posted on September 21, 2017
  12. Mia Anderson

    Today I completed by 4th dealing with XE, paying in Euro and sending Canadian dollars to my son who is studying in Ontario.

    First deal 16k CAD; 2nd 7.1k CAD; 3rd and fourth 2.2k CAD. Each time without a hitch. Their transfers have always completed on the date that XE has quoted. No additional fees. Better exchange rate than my bank or OFX.

    Initially I had to resend identification proof, as what I had originally sent was insufficient but once that was established there were no further issues.

    I hope I continue to have such positive experience with XE for the coming years that I have to send money to Canada. So far so good. I would probably attribute the high percentage of complaints to the fact that most clients will not report a good experience but everyone will shout loudly when they have a bad one. Maybe one day I will add my voice to theirs but for now I am very happy.

    Posted on October 4, 2017
    • Compare - MTC Admin

      Thank you for your feedback Mia. Did you check our Money Transfer Fee Calculator? This will allow you to check the precise markup they took on each trade and can help us better understand whether their margins were indeed better than OFX’s. I think you’re right in terms of people like to share their bad experiences more than giving a thumbs up but look at all our top ranked companies – they have thousands or tens of thousands of positive reviews online against very few complaints…. it could be that XE is improving, we’ll see that as time passes by, but for for now we recommend others.

      Posted on October 5, 2017
  13. SSms

    Even though the web is set up to completely trash XE Money Transfers.., I used them for the first time recently and had absolutely NO issues. It was a flawless transaction. They charged be no fees.., just 3 beeps on my end.., so an all out cost of about $9 US. Compared to other sites.., and ESPECIALLY compared to a FLIPPIN BANK.., who get you with ludicrous upfront costs of up to $40.., then they ding the hell out of you on the conversion and take another 6 points. NO FLIPPIN WAY!! It was easy.., and fast.. took less than the 5 business days.., actually took 4.
    I will use them again and again.

    Many thanks XE Money Transfer.

    5 Stars from my end

    Posted on October 30, 2017
    • Compare - MTC Admin

      Thank you SSms. If the website was set up to trash XE money transfers, then we would not have published your comment, but it is published. Indeed XE or HiFX which is the company which is actually running the trnasfers is a better alternative than a bank. Especially one taking 6 point markups. We compare various companies here. A $9 wire transfer fee isn’t much but it’s more than what you would have paid with plenty of other companies. Which rate did you receive and how big was the transfer?

      Posted on October 31, 2017
      • SSms

        I did not say anything about your website trashing XE.., I said the ‘WEB’. XE has no fees.., the $9 was basically the spread in the currency. XE was quoting 1.36, but my rate was 1.33, so 3 points less. I thought it was fair.., since that is ALL they were making for the wire transfer.

        Posted on November 4, 2017

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