Xe.com Review (2024)

Background check

Security & reliability

Company size

Transparent pricing

Moving more than US$10 billion on an annual basis for around 500 thousand users, XE.com is indeed a prominent and trustworthy money transfer service.

Xe.com is a large and well-known international foreign exchange provider offering services around the world. They're a part of Euronet Inc, a publicly-traded money transfer company that employs over 4,500 people worldwide and has partnerships with hundreds of companies, including Amazon, Visa, MasterCard, PayPal, Apple, and Google. A world leader in ATM services, Euronet also processes over US$70 billion in ATM withdrawals, money transfers, and prepaid products every year.

As a matter of fact, Euronet also owns Ria, the third-largest money transfer company on the globe after Western Union and MoneyGram.

Is Xe.com Safe?

Yes, Xe.com is most certainly a safe and secure company. Founded in 1993 at the very beginning of the internet era, Xe is one of the oldest and most distinguished online money transfer operators on the market. Today, the company services over six thousand businesses and half a million personal customers by moving some US$10 billion in annual transfer volume around the globe.

Authorization: Is Xe.com Legit?

Fully authorised and licensed by the Federal Conduct Authority (FCA) and HMRC in the UK, Xe.com is recognised worldwide as one of the market leaders in international money transfers. To top things off, the company also uses industry-standard encryption technology to protect clients' funds, and in line with regulatory requirements, they also hold all client money in segregated user accounts.

Opening an account

Making a transfer

Contacting support

Although opening a new account with Xe.com can take some time, in general, making a transfer and using the service is easy, with card and bank pay-in options available to choose from.

What Is Xe.com?

Xe.com is a large and trusted international foreign exchange service that offers international money transfers between almost all currencies worldwide. Much-loved by its customer base, Xe.com has been exchanging currency for over 25 years and is today part of the Euronet Worldwide Group, a prominent player in cross-border financial services.

As a new customer, you can now send money immediately after registering, though a verification check will sometimes be required before you send your first transfer if your transfer is large enough or between certain countries.. During this verification check, you may be asked to verify your identity and physical address (both of which can be done online).

As an Xe.com customer, you can set up an account online and make currency exchange transactions on their secure online platform using your online banking, debit card, or credit card. (Be aware that using a credit card will incur an additional fee, however.)

When sending money abroad, all customers have access to customer support and even to a personal account manager if the transfer is large enough. Xe.com also offers tailored advice for those who’d like to send at a specific spot exchange rate, make multiple payments, or have complex requests. In addition to standard foreign exchange, the service also provides forward contracts and other currency transfer services and offers several business-specific services for international commerce.

Xe.com Limits

Xe.com offers an impressive scope of service, allowing customers to send money to 130 countries and around 100 currencies worldwide. More impressively still is that most of these transactions are completed within a single working day, with SMS status updates being provided along the way.

Xe.com sets no minimum transfer limit on their customers. However, they do have a USD 500,000 maximum limit (or equivalent in another currency) for online transactions.

Overall, all of this means Xe.com's service is a trusted, reliable, fast, and secure option to send money abroad.

Xe.com App Review

Xe.com's mobile app, which allows users to send money from their smartphone in a few taps and receive exchange rate alerts, has garnered good ratings on iOS and Android. For example, on the App Store, the Xe app earned a 4.5 out of 5-star rating from around 5,200 reviews. Meanwhile, on Google Play Store, reviewers were more lukewarm about the app, giving it 3.5 out of 5 stars on average across more than 112 thousand reviews.

Additional Services From Xe.com

In addition to standard currency exchange, Xe.com also offers several additional services for clients of all kinds who have more complex currency transfer needs. These include:

• Forward contracts: Customers can lock-in in an exchange rate for a future date, up to two years in the future;
• Regular payments: Customers can set up regular payment agreements with Xe.com and locked-in exchange rates for transfers between currencies;
• Rate alerts: Users can sign up to receive rate alerts by email if a currency pair reaches a certain exchange rate;
• Business services: Xe.com provides several dedicated services for businesses, including automatic notifications, international payment options, account control, multiple payments, forward orders, credit terms, three-year hedging, and early drawdown.

In addition, Xe.coms is also available to developers to "white label" either as a standalone platform, managed service, or fully integrated API.

Transfers to a bank account

Despite its reasonably competitive pricing, Xe.com is seldom the cheapest money transfer service of all for bank transfers. Fees and exchange rates can broadly be broken down as follows:

Xe.com Fees

Xe charges a fixed fee on smaller transfers sent abroad under a certain amount, usually up to US$500 or the currency equivalent. This fee is US$3.00 or equivalent (e.g. €2.00, AU$4.00, or HUF 850.00), which can quickly make the service very expensive for smaller transfers.

However, all transfers above the threshold do not incur a fixed fee.

In addition, there may be other situations in which you can be charged a fee, although these are typically not levied by Xe.com itself but rather passed on by them and levied by the bank receiving your funds or an intermediary bank for example. Where possible, we always recommend checking with the receiving bank to understand any fees that may be charged.

Finally, if you fund your transaction with a credit card, you'll be charged a surcharge of around 1.6% of the transfer value.

Xe.com Exchange Rates

Overall, Xe.com’s exchange rates are very competitive. These costs can be accounted for as the difference between Xe.com's exchange rate and the mid-market exchange rate (i.e. the one you'd find on Google) and are expressed as a percentage fee called an exchange rate margin.

At Xe, these exchange rate margins typically hover between 0.4% and 1.6% of the transfer value, making them much more attractive than those you'd find at high-street banks. Although these exchange rate margins are higher for smaller transfer amounts and more favourable for larger ones, Xe sometimes charges a flat rate instead, meaning they can be very competitive on both small and large transfer amounts.

In Practice: The Xe.com Exchange Rate

To find out how these fees and exchange rates can impact the total cost of a transfer, take a look at the example below comparing a British pound to Australian dollar currency conversion* using Xe.com's fees and exchange rates:

Sending GBP 200 to CAD

• Exchange rate margin: 1.33%/£2.66
• Fixed fee: GBP 0
• Total cost (GBP): £2.66
• Total cost (%): 1.33%
• Received (CAD): C$333.08

Sending GBP 5,000 to CAD

• Exchange rate margin: 1.08%/£54.5
• Fixed fee: GBP 0
• Total cost (GBP): £54.5
• Total cost (%): 1.08%
• Received (CAD): C$8,348

* Data fetched on 9/5/2023 at 12:00 +01:00 GMT

Trustpilot reviews

App Store reviews

Google Play reviews

With an average Trustpilot rating of 4.3 out of 5 stars, Xe.com is well-liked by its customers. In general, reviews reflect the following sentiments about the service:

Positive Xe.com Reviews

• International bank transfers are speedy and delivered fast;
• Complex foreign exchange services are top-notch and set Xe apart;
• The web platform is simple to understand and use.

Negative Xe.com Reviews

• Exchange rates are not as good as they once were;
• Waiting times on the customer support phone line;
• Transfer fees were introduced after previously being fee-free.