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Xe Money Transfer Review: Send Money Fast From Canada in 2024


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Xe Money Transfer has become an industry leader since it first offered services to the public in 1993. From its humble beginnings in Ontario, Canada, Xe now has several offices around the globe, serving thousands of customers. But how does Xe perform against its competitors?

This Xe Money Transfer review will discuss everything you have to know about this platform.

What is Xe?

Xe Money Transfer is an international money transfer company, transferring billions worldwide annually to more than 650,000 customers. It’s part of the Euronet Worldwide Group and has been in the industry for over 20 years.

Xe Money Transfer is one of the most trusted sources of exchange rate information, widely used by individuals, businesses, banks, and financial instructions. This service provider is impressive as it allows you to transfer money into more countries and convert more currencies than other providers.

How Does Xe Work?

Since it’s a money transfer provider, Xe has numerous bank accounts globally. Every time you make a payment, the money doesn’t have to travel physically to reach the recipient. Xe uses those local bank accounts to complete your transfer.

Every time you pay for your transfer, you’re actually paying to Xe’s local account. Then, they will transfer the money to the recipient from their local bank.

How to Send Money With Xe

Sending money with Xe isn’t time-consuming or complicated. Below is a quick breakdown of everything you need to know when sending money using the platform.

  1. Before you can use Xe Money Transfer in Canada or anywhere else in the world, you need to sign up for an account on its site.
  2. Like other money transfer sites, Xe will require you to prove your identity by providing proof of identity and a photograph of your face.
  3. Choose which two currencies you will exchange.
  4. Confirm the amount you’re going to send.
  5. Next, you will provide the details of the person receiving the money.
  6. The Xe Money Transfer app or site will let you choose how you’re going to pay for the transfer: with a credit card, debit card, or bank account.
  7. Xe will convert the requested amount, which will be reflected in the recipient’s account within one to four working days.
  8. To access any Xe Money Transfer tracking details, click on the ‘Activity screen’ and choose the transfer you want to track. Click ‘Details’ to see your cash pick-up timeline.

Xe Tools

Xe is highly versatile as it offers different tools and services. After signing up and logging in with your Xe Money Transfer account credentials, you’ll be able to access the following tools:

  • Currency Charts: Thanks to Xe’s Currency Charts, you can view market history and analyze rate trends for any two currencies. This tool also lets you check the status of your chosen currencies and have better insight into their short- and long-term market trends.
  • Xe Currency Converter: This tool is free and allows you to check conversion rates for more than 170 currencies. The information presented is updated every minute, so check regularly to get the best exchange rates.
  • Xe Currency Data API: This tool is designed to help you monitor exchange rates and currencies. Being able to access this data in one place makes tracking easier.
  • Xe Rate Alerts: With this tool, you can determine when the market is in your favour to help you transfer between two of your chosen currencies (also known as a currency pair) at your ideal rate. To use the Xe Rate Alert, set your desired rates for your currency pairs and expect push notifications or emails once your pair hits its desired rates.

Xe Money Transfer Fees

According to their site, Xe Money Transfer fees vary depending on the country where the sender is registered and the amount the sender wishes to send. See below to learn more about Xe’s sending fees applied to different countries.

Country of RegistrationMinimum transfer required to qualify for zero transfer feeSend fee (if the amount sent exceeds the qualifying amount)
AustraliaNo transfer feesNo transfer fees
CanadaNo transfer feesNo transfer fees
European Union360.72 CAD2.89 CAD
New ZealandNo transfer feesNo transfer fees
United Kingdom360.72 CAD2.89 CAD
United StatesNo transfer feesNo transfer fees

It’s important to note that money transfers sent with Xe’s cash pick-up service to mobile wallets are subject to different send fees. The use of third parties is a separate service, and fees are calculated differently.

Advantages of Xe Money Transfer

Secure your Xe Money Transfer login credentials and get to enjoy the following:

  • Cash pick-up options: Recipients can pick up cash transferred using Xe at one of the 500,000 Xe cash pick-up locations worldwide.
  • Excellent customer service: Do you have questions about Xe’s services and tools? Reach out to Xe’s customer service. It offers multilingual support in over 100 languages for chatbot and email inquiries.
  • Favourable exchange rates: Compared to other international money transfer providers, Xe offers one of the most favourable exchange rates, adding only a small margin to the mid-market rates.
  • Flawless mobile app and web platform: Most of Xe’s positive reviews are due to its easy-to-use, fast, intuitive, and straightforward digital solutions. You can access their services via the app and website.
  • Global service coverage: Xe allows you to transfer funds to more than 170 countries and territories across all continents.
  • Local coverage: Xe users can access additional help by visiting one of their physical locations in Canada, the US, the UK, Australia, and New Zealand.
  • More currency coverage: Xe users can send money in over 70 different currencies.
  • Multiple payment options: Xe users can use their debit or credit cards, bank transfers, or digital banking methods to send money.
  • Request for custom quotes: Fill in the transfer details to receive instant information on how much your fees and rates will be.

Disadvantages of Xe Money Transfer

As part of our Xe Money Transfer review, we’ll also highlight some of its disadvantages, namely:

  • No cancellation policy: Once the amount has been transferred to the recipient, it can no longer be terminated or disputed.
  • Not all customers have account managers: Xe users will only have a dedicated account manager if they make transfers of at least 94,000 CAD (or 70,000 USD) annually.
  • Limited exotic currency coverage: Xe doesn’t support transfers in small currencies used in different regions, such as Asia, Africa, South America, and Eastern Europe.

Is Xe Money Transfer Legit?

Yes, Xe Money Transfer is legit. It has been operating for years and is rated highly by customers, with reviewers stating that it’s “great” and “excellent.”

Additionally, Xe is known for its fraud prevention, security and technology capabilities and emphasizes its track record for successfully processing more than 115 billion USD in transfers annually.

Xe Money Transfer Alternatives

See how Xe stacks up against the competition in the section below.

Xe vs. Wise

Xe offers higher transfer amounts than Wise. Plus, it supports more currencies and countries than Wise. That said, Wise offers better exchange rates, as it does not mark up the mid-market rate.

Related: Learn more about Wise.

Xe vs. WorldRemit

Xe adds a lower markup to its exchange rates compared to WorldRemit. Xe is also regulated by financial regularity agencies and central banks worldwide, including The Financial Transactions and Reporting Analysis Centre of Canada, The New Zealand Financial Markets Association, and The Australian Securities and Investments Commission.

Related: WorldRemit review.

Xe vs. Xoom

Xoom allows money to be sent from more countries than Xe does. A Xoom user can also add cash to a prepared phone account, which isn’t available with Xe.

However, Xe allows you to send money to more countries than Xoom does, and Xe has fewer transaction limits. Xe also offers various payment options, including debit and credit cards, bank transfers, and online wallets.

Xe is One of the Best Options Available

As you can see, Xe champions as the best option for international money transfers for businesses and individual users. It’s reliable, secure, and trustworthy. So the next time you want to send money internationally, you know which service to use.

Transfer Money Using Xe


Is Xe better than MoneyGram?

Yes, Xe is better than MoneyGram because of its business offerings, exchange rates, and transparent fees.

Does Xe work in the USA?

Yes, Xe supports the transfer of US funds to any bank in the US.

Is it safe to use Xe money transfer?

Yes, Xe money transfer has been operating since 1993 and is registered in several countries. In Canada, it’s regulated by the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC. Its mandate is to deter money laundering and other financing or terrorist activities while protecting the personal information of its users.

Is Xe better than PayPal?

Overall, Xe is a better choice than PayPal because it provides low-fee or fee-free money transfers. Its exchange rates as also better than PayPal’s.

Related: Best international money transfer apps.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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