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XE Money Transfer – BER Review

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.

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 BestExchangeRate 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

 

CAD to JPY International Money Transfers

 Compare  XE logo

Provider ReviewReceive JPY(¥)Exchange RateFee CADDeal Links
XE
¥78,020
1.51%
78.020
TD Canada Trust logo
TD Canada Trust
¥76,200
3.8%
¥1,820 less
76.20
HSBC logo
HSBC
¥76,146
3.87%
¥1,874 less
76.26C$1.50
Coast Capital Savings logo
Coast Capital Savings
¥75,567
4.6%
¥2,453 less
76.33C$10.00
Royal Bank of Canada logo
Royal Bank of Canada
¥75,480
4.71%
¥2,540 less
75.480
Scotiabank logo
Scotiabank
¥74,735
5.65%
¥3,285 less
76.26C$20
Banks - Average Rate
HSBC logo Coast Capital Savings logo Royal Bank of Canada logo Scotiabank logo TD Canada Trust logo
¥75,626
4.53%
¥2,394 less
76.1115
XE
 
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XE: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee:
Exchange Rate:78.02 (1.51% from mid-rate)
To Amount (JPY) ¥78,020
Total Cost:1.51%
Time:13:41 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:


TD Canada Trust
 
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TD Canada Trust: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee: Minimum 15 CAD
Exchange Rate:76.20 (3.8% from mid-rate)
To Amount (JPY) ¥76,200
Total Cost:3.8%
Difference:
¥1,820 JPY less than using XE
Time:13:41 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare TD Canada Trust Rates
HSBC
 
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HSBC: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee:C$1.50 CAD (.15%)
Exchange Rate:76.26 (3.73% from mid-rate)
To Amount (JPY) ¥76,146
Total Cost:3.87%
Difference:
¥1,874 JPY less than using XE
Time:13:41 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
Coast Capital Savings
 
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Coast Capital Savings: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee:C$10.00 CAD (1%)
Exchange Rate:76.33 (3.64% from mid-rate)
To Amount (JPY) ¥75,567
Total Cost:4.6%
Difference:
¥2,453 JPY less than using XE
Time:13:41 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Coast Capital Savings Rates
Royal Bank of Canada
 
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Royal Bank of Canada: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee: Minimum 15 CAD
Exchange Rate:75.48 (4.71% from mid-rate)
To Amount (JPY) ¥75,480
Total Cost:4.71%
Difference:
¥2,540 JPY less than using XE
Time:13:41 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Review:


Compare Royal Bank of Canada Rates
Scotiabank
 
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Scotiabank: Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee:C$20 CAD (Minimum fee)
Exchange Rate:76.26 (3.73% from mid-rate)
To Amount (JPY) ¥74,735
Total Cost:5.65%
Difference:
¥3,285 JPY less than using XE
Time:13:41 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Scotiabank Rates
Banks - Average Rate
 
loading
Foreign Transfer CAD→JPY
From Amount (CAD)C$1,000
Fee:15
Exchange Rate:75.25 (5% from mid-rate)
To Amount (JPY) ¥75,626
Total Cost:4.53%
Difference:
¥2,394 JPY less than using XE
Transfer Speed:
Services:


 
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Snapshot 07/02/2020 - View live rates
 

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.

1 Review for “XE Money Transfer – BER Review”

  1. Avatar 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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Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 
 

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