XE Review

Known for its popular currency conversion tool and widely used foreign exchange information website, XE is also fully licensed to complete international money transfers. Based in Canada, XE traces its history to 1993. Since then it’s grown to become the world’s third-largest money transfer company.

XE began to offer international money transfer services after it merged with its United Kingdom-based sister company HiFX in 2019. The combined entity rebranded itself under the XE banner. On its website, XE states that it processed the equivalent of $115 billion in money transfers in 2019.

XE operates in an increasingly competitive segment of the fintech industry. In this review, we’ll take a closer look at everything you need to know about the company’s services.

Pros and Cons of XE



What Does XE Offer?

XE offers money transfer services in 139 currencies and 220 countries, territories, and jurisdictions. It costs nothing to open and maintain an account with XE, and you can use XE to send money between almost any two countries in the world. The company doesn’t apply transfer fees to most of its exchange-based transactions.

However, you only have the option of paying for your transfer via online banking. Plus, the recipient can only receive the funds via a deposit into their bank account. These approaches optimize speed and security but somewhat limit convenience.

XE states that the majority of its transfers are completed on the same business day. The service also allows customers to cancel transactions and change recipient details, but these functions are time-sensitive.

What To Expect on the Site

Both personal and business customers can use XE to send and receive money across borders. Conducting a person-to-person transfer is fast and easy. In fact, it only takes three steps:

  1. Sign up to create an account online.
  2. Get an instant, competitive quote for your transfer by specifying the original currency, the conversion currency, and the amount you wish to convert.
  3. Confirm your transaction to lock in your rate, enter the recipient’s details, and track your transfer online or with the mobile app.


XE doesn’t apply transaction fees to money transfers involving currency exchanges. Instead, the company earns its revenues from the foreign exchange margins it receives when changing money on the international markets. These margins fluctuate as exchange rates rise and fall when currency trading markets are open.

Because of this pricing model, XE can’t guarantee your rate until you formally confirm your transaction. So, your rate is fixed based on the market price that was valid at the moment of your confirmation.

What People Are Saying About XE

As we noted above, XE has high customer satisfaction ratings. For instance, XE has an excellent Trustpilot score. As of July 2021, World Remit has a rating of 4.5 out of 5 stars. Based on scores from nearly 46,000 customers who left World Remit reviews:

The Bottom Line

XE is a fast, legitimate, and safe international money transfer service with outstanding customer satisfaction scores. Its lack of support for alternative payment methods is somewhat limiting, but
Its exchange rates are solid and its service is speedy.

For these reasons, it’s a good idea to include XE in your comparison of top money transfer companies.