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XE Money Transfer – BER Review

XE International Money Transfers

  • World's Trusted Currency Authority
  • Send 60 currencies to over 170 countries
  • Support is available 24/7 online or by phone
  • Regulated by ASIC and the FMA.

XE works on razor thin margins for money transfers to more than 100 countries and nearly always guarantees a fantastic deal. Transfers can be booked online and over the phone and most are processed within a single working day.

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Exchange Rates 5
Customer Service 4
Ease of Use 3

Summary

Established in 1993, XE.com quickly became the world’s most viewed currency site. Now, under the ownership of Euronet (a NASDAQ-listed company), XE is among the largest transfer specialists in the world.

XE’s foreign exchange margins are razor thin, and as such it is currently offering extremely cheap transfers to bank accounts in more than 100 countries (you’ll need to sign up via a BestExchangeRates links to get XE’s most exclusive rates).

XE allows customers to book transfers online on a multi-language platform and over the phone, and in most cases funds will be received in recipient bank accounts within a single working day.

XE is suitable for both small and large payments and is sufficiently sophisticated for business customers, who can benefit from FX forwards and options, mass payments and even credit facilities to accommodate deliverable hedging.

XE doesn’t guarantee exchange rates seen on screen at the time bookings are made, which means that received funds could be slightly different to what’s expected. Limit orders are available to partially counter this problem.

 

Positive

  • Excellent exchange rates
  • Most transfers completed within one working day
  • Customer support in English, French and Spanish
  • Toll-free phone support
  • Online platform available in 11 languages
  • No minimum or maximum transfer size
  • Service is backed my NASDAQ-listed company
  • Book transfers online and over the phone
  • FX forwards and options
  • Limit orders

Negative

  • Exchange rates aren’t guaranteed
  • Can only pay for transfers with a bank transfer or BPay
  • No cash collection; transfers to bank accounts only

 

XE Products

Spot Transfers – Lock in the exchange rate when you are ready to make your transfer

Forward Contracts – Lock in the exchange rate today for future transfers. Transfer anytime at your locked rate within 3 years

Market Orders – If you are targeting a specific rate, pick a rate and transfer automatically when the market hits your desired rate

XE Web app screenshot

 

What Savings Can I Expect?

XE consistently ranks as the cheapest or joint-cheapest foreign exchange provider for major currency routes that we monitor. When you sign up for XE via BestExchangeRates, you’ll be guaranteed razor thin margins on all your overseas transfers.

XE’s “no fee” policy means that all transfer costs are contained within the company’s exchange rates. Like nearly all other firms, XE manipulates the interbank (or “mid-market”) exchange rate to guarantee itself a profit, but in this case we absolutely cannot complain because the rates offered are outstanding.

To give you an idea: the total cost of sending $10,000 to the UK, Europe, India, Malaysia, Thailand and many other countries could cost 5-10 times more when handled by well-known banks.

XE’s costs are similar to those levied by TransferWise and are slightly cheaper than OFX (another excellent foreign exchange company), and they are perhaps half as costly as WorldRemit.

 

Are XE’s Exchange Rates Guaranteed?

No, XE doesn’t guarantee the exchange rate seen on screen at the time a transfer order is created. This is a small negative for the service, since it means that received funds could be slightly different to what’s expected.

When a particular exchange rate is needed, XE’s limit orders are useful. XE literature sometimes calls these “market” orders (they are technically “market if touched” orders) and customers frequently use the term “putting a bid in [for a rate]” to describe this approach.

XE Money Transfer Rates & Fees - Compared

  

AUD to USD International Money Transfers

   XE XE logo

Foreign Transfer ProvidersReceive USD(U$)Exchange RateFee AUDTotal CostDeal Links
XE logo
U$6,834
Compare
0.683400.58%
ANZ Bank logo
U$6,672.97
U$161 less
0.6685182.92%
BankSA International Money Transfers
BankSA logo
U$6,619.73
U$214 less
0.663320.013.7%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
U$6,619.07
U$215 less
0.6633213.71%
Bank of Queensland logo
U$6,613.1
U$221 less
0.6633303.8%
National Australia Bank (nab) logo
U$6,582.49
U$252 less
0.6597224.24%
Banks - Average Rate
Westpac logo National Australia Bank (nab) logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
U$6,561
U$273 less
0.6574154.55%
Westpac logo
U$6,517.94
U$316 less
0.6531205.18%
Commonwealth Bank (CBA) logo
U$6,440.13
U$394 less
0.64446 6.31%
St George Bank logo
U$6,425.12
U$409 less
0.6438206.53%
 
XE logo
XE: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:0
Exchange Rate:0.6834 (0.58% from mid-rate)
To Amount (USD) U$6,834
Total Cost:0.58%
Time:0:46 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
ANZ Bank logo
ANZ Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:18
Exchange Rate:0.6685 (2.75% from mid-rate)
To Amount (USD) U$6,672.97
Total Cost:2.92%
Difference:
U$161 USD less than using XE
Time:
Rate Fetched: website - Sun Jan 19 2020 00:03:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 
BankSA logo
BankSA: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20.01
Exchange Rate:0.6633 (3.51% from mid-rate)
To Amount (USD) U$6,619.73
Total Cost:3.7%
Difference:
U$214 USD less than using XE
Time:
Rate Fetched: website - 0:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of Melbourne logo
Bank of Melbourne: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:21
Exchange Rate:0.6633 (3.51% from mid-rate)
To Amount (USD) U$6,619.07
Total Cost:3.71%
Difference:
U$215 USD less than using XE
Time:
Rate Fetched: website - 0:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of Queensland logo
Bank of Queensland: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:30
Exchange Rate:0.6633 (3.51% from mid-rate)
To Amount (USD) U$6,613.1
Total Cost:3.8%
Difference:
U$221 USD less than using XE
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 
National Australia Bank (nab) logo
National Australia Bank (nab): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:0.6597 (4.03% from mid-rate)
To Amount (USD) U$6,582.49
Total Cost:4.24%
Difference:
U$252 USD less than using XE
Time:
Rate Fetched: website - Sun Jan 19 2020 00:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:15
Exchange Rate:0.6683 (2.78% from mid-rate)
To Amount (USD) U$6,561
Total Cost:4.55%
Difference:
U$273 USD less than using XE
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 
Westpac logo
Westpac: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.6531 (4.99% from mid-rate)
To Amount (USD) U$6,517.94
Total Cost:5.18%
Difference:
U$316 USD less than using XE
Time:
Rate Fetched: website - Sat Jan 18 2020 21:30:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 
Commonwealth Bank (CBA) logo
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:6
Exchange Rate:0.6444 (6.26% from mid-rate)
To Amount (USD) U$6,440.13
Total Cost:6.31%
Difference:
U$394 USD less than using XE
Time:
Rate Fetched: website - Sun Jan 19 2020 00:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
 
St George Bank logo
St George Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.6438 (6.34% from mid-rate)
To Amount (USD) U$6,425.12
Total Cost:6.53%
Difference:
U$409 USD less than using XE
Time:
Rate Fetched: website - 0:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 01/19/2020 - See full table
 

 

How Long Will My Transfer Take?

In most cases, after XE receives your funds, these will usually arrive at the destination bank account within one business day; however, some transfers might take as long as four business days. The precise timing will depend on which currencies are involved, the time of day you make your transfer and on the timing of national holidays.

 

How Do I Pay for My Transfer?

XE can only accept payment via bank transfer and in Australia, via BPay. Cards are not accepted.

 

Minimum / Maximum Transfer Size

XE has no restrictions. There’s no minimum transfer size, making it a great choice for small payments, but it can also handle massive sums — that means “unlimited” if booking transfers over the phone and USD500k if booking online.

Is Money Safe with XE?

Absolutely!

The regulatory bodies under which XE operates ensure that the company meets high standards in its efforts to safeguard customer funds. In 2019, XE was regulated by FINTRAC (Canada), FinCEN (the US), ASIC (Australia) and the FCA (UK), among others.

XE’s financial position is undeniably rock solid, especially since 2015 when XE joined the Euronet family — a multi-billion dollar, NASDAQ-listed company.

XE makes use of Euronet’s payment technology which is trusted by over 200 financial institutions and some of the world’s leading brands, including Google, Apple and Amazon.

 

Customer Service

XE’s customer support options are solid. The company’s multilingual staff will support you over the phone or via email in English, French and Spanish.

XE offers toll-free and local phone lines for the US, Canada, the UK, Australia and New Zealand.

 

What Do Users Think of XE Money Transfer?

XE is among the highest rated transfer services on popular review sites. On TrustPilot, for example, more than 85 percent of the 30,000 XE reviewers gave the service a 5-star rating.

Most negative feedback is centred on the lack of an exchange rate guarantee (see Are Exchange Rates Guaranteed?’) and, in rare cases, on long waiting times for account approval.

 

Further Reading

 

New Year Optimism Retreats on US/Iran Tension

The threat of a proxy war between the US and Iran in Iraq has pared back some of the recent gains of “risk-on” currencies.

Last update: 8 Jan, 2020

Disruptors Challenging Australian Banks in Forex Price and Service: ACCC Report

Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.

Last update: 11 Dec, 2019

AUD/GBP Between a Rock and a Hard Place – USD Strength

AUD/GBP versus AUD/USD and GBP/USD

Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.

Last update: 7 Jan, 2020

  

Posted to: Reviews

 

1 Review for “XE Money Transfer – BER Review”

  1. BER Team BER Team says:

    XE consistently ranks as the cheapest or joint-cheapest foreign exchange provider for major currency routes that we monitor.
    XE’s customer support options are solid. The company’s multilingual staff will support you over the phone or via email in English, French and Spanish.
    The XE platform is easy to use, however integration to Xero and accounting packages would be a big plus for businesses.

    4

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