XE Money Transfer Review: Free International Transfers

XE (xe.com) offers easy international money transfers with no fees on its transactions. You can send to over 130 countries from the United States. The company is so popular, it processes more than $115 billion worth of global payments worldwide every year.

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XE: In A Nutshell

• Transfer Limits: No minimum. Up to $500,000 USD online
• Transfer Methods: Bank account to bank account
• Transfer Options: One-off payments, limit orders, forward contracts
• Transfer Speed: 1-5 days

XE: How It Works

This is strictly a bank account to bank account service. The only way to fund the transfer is by paying from your bank account, and the only way it can be received is by bank account deposit.

You can send money from your linked bank account via automated clearing house (ACH) or wire transfer. The funds will then be deposited into your recipient’s bank account. There’s no need for the recipient to have an XE account in order to access the money sent.

Products

• Spot transfers. A great option if you need to send money in a rush. The existing exchange rate applies here, and XE will process your transfer as quickly as possible.
• Limit orders. Buy or sell currency when the exchange rate reaches a certain level. You’ll get a contract note via email when the target rate is achieved, then you’ll need to make the payment.
• Forward contracts. For business clients, you can lock in the exchange rate for up to 12 months.

Useful Tools

To make the money transfer process easier for you, XE provides the following tools:

• Mobile app. The XE application is available for Android, iOS, BlackBerry, Alexa, Slack and Google Assistant.
• Foreign exchange tools. As an XE member, you’ll get free access to a currency converter, currency charts, historical currency rates, a travel expenses calculator, an IBAN calculator, as well as rate alerts. There’s also a currency converter widget at your service.

Sending Money

You can start a transfer at any time, online or via the mobile app. Simply follow the steps below:

1. Log into your account.
2. Choose the currencies you want to pay in and transfer to.
3. Provide the amount you wish to transfer.
4. Enter the recipient’s bank account details.
5. Confirm the payment method.
6. Accept the quote provided.

As soon as XE receives your payment, the company will notify you by email. When it releases the payment to your recipient, you’ll get another email notification. Depending on how quickly the recipient bank processes the transfer, the funding time can take from one to five business days.

XE: Fees & Rates

XE charges no fees. It’s free to open an account and there are no monthly charges. The company doesn’t charge any fees to receive money, and foreign exchange transactions carry zero transfer fees. With that being said, third-party banks may charge their own fees during the transfer process.  

Exchange Rates

If you compare XE exchange rates to those offered by banks, you’ll find that the former consistently offers better numbers than the latter. Because XE exchange rates are linked to live market rates, you’ll see that the numbers will fluctuate until you confirm the transaction. That is, if you’re transferring money when the markets are open. The rates won’t budge if you transfer when the markets are closed.  

XE: Transfer Speed

The majority of transfers serviced by XE will go through on the same day. As part of the transaction flow, the company will provide a payment date. If you do your part and XE receives your payment on time, the date provided is the earliest it can process your transfer.

Keep in mind, however, processing time also depends on the recipient’s bank. As such, some transfers can take up to five business days.

Bottom Line

XE gives quite the affordable and competitive solution for those looking to send money abroad. There are no transaction, commission or ongoing fees. The exchange rates are great, and the company is a global currency market expert.

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