XE money transfer review - Everything you should know

Sending money to someone in another country has never been easier than it is today. With the rise of digital payment platforms, people can send money to their loved ones or business associates with just a few clicks. However, not all payment platforms are created equal, and it's important to choose the right one for your needs. One such platform that has gained popularity in recent years is XE Money Transfer. In this guide, we'll delve into XE Money Transfer.

XE money transfer review - Everything you should know

What is XE Money Transfer?

XE Money Transfer is a service provided by XE.com, a global currency exchange, and financial news website. The company was founded in 1993 as a small foreign exchange operation, and since then has grown to become one of the world's most trusted currency exchange providers. XE Money Transfer offers a simple and straightforward way to send money internationally, with competitive exchange rates and low fees.

XE money transfer features

XE Money Transfer offers several options for users to send money, including bank debit (ACH), bank or wire transfer (for amounts of $3.000 and above), and debit or credit card payment. XE recommends using ACH direct debit to avoid additional fees, while wire transfer or card payment is suggested for faster processing and wire transfer is advised for sending large sums of money.

XE Money Transfer supports transfers in 65 currencies to over 170 countries. If you live in one of the 22 countries that XE supports, you can register to send money through their platform.

Typically, an international transfer through XE takes between one to five business days. However, XE notes that most transfers are completed within 24 hours, with some being processed in just a few minutes or even in real time. XE processes transfers as soon as the funds are received, and once the transfer is complete, you'll receive a notification via email or text message.

XE Money Transfer offers several notable features, including cash pickup at over 500.000 locations worldwide. This includes locations such as Walmart stores in the U.S. and Bancomer bank branches in Mexico. However, it's important to note that transfers involving cash pickup must be sent through the XE app.

XE also offers facial recognition as a means of verifying a user's identity. In some cases, a transaction cannot be completed until the customer provides a photo as proof of identity, such as a driver's license or passport photo, and takes a selfie using XE's facial recognition service.

XE money transfer fees

Setting up an XE account is completely free of charge. However, there may be instances where XE applies fees for money transfers, while in other cases, no fees are charged.

For example:

Australia - Minimum transfer amount to qualify for no send fee: 500 AUD - Send fee (if sending less): No fee

European Union - Minimum transfer amount to qualify for no send fee: 250 EUR - Send fee (if sending less): 2 EUR

It's possible that you could be subjected to fees by a bank, credit card issuer, or debit card issuer as well. These fees could include a cash advance fee of up to 5% by a credit card issuer or a wire transfer fee ranging from $15 to $30 by a bank.

When transferring money using a debit card from the United Kingdom or Europe, XE doesn't charge any fees. On the other hand, XE does charge a debit card transfer fee for money transfers made from the U.S., Canada, Australia, or New Zealand, which is a percentage of the amount being transferred.

XE’s transfer limits

When it comes to bank transfers, XE doesn’t set a minimum limit, but your bank may impose limits on the amount you can send on a daily, weekly, or monthly basis.

If you choose to send a wire transfer via the XE app, the minimum amount required is $3.000 USD.

However, there are also limits on the maximum amount of money that can be sent online in a single transfer through XE. For example, you can transfer up to $535.000 USD or the equivalent amount in the currency being sent from the United States. If you need to send amounts exceeding these caps and you send over $70.000 USD per year, XE may be able to make arrangements for you to send larger individual amounts. Contacting the XE team directly can provide more details.

XE’s exchange rates

XE uses the mid-market currency exchange rate on its currency converter, which is typically only accessible to major buyers of currency or large financial institutions. This wholesale rate is published by XE for informational purposes, but the exchange rate offered by XE to its customers includes a percentage margin that is retained by XE.

Meet DNBC Financial Group - The best alternative choice for XE when transferring money

DNBC Financial Group offers a convenient and affordable way for customers to transfer money to and from over 170 countries and territories worldwide. The processing time for transactions can vary, ranging from immediate to up to five business days, depending on the type of transaction. Additionally, our customers can transfer up to EUR 200,000 per day with a personal account and up to EUR 500,000 per day with a business account.

DNBC Financial Group provides a digital banking platform that offers competitive conversion rates and enables you to conveniently send and receive payments, as well as hold funds in multiple currencies. Our services are accessible online, and you can utilize them from any location at any time. To create a DNBC Financial Group account, you can visit our website and complete the application form while submitting the necessary documents.

About DNBC Financial Group

DNBC Financial Group's objective is to streamline international financial transactions, and our concentration is on decreasing the expenses associated with global shipping and spending, gathering payments from foreign customers, transferring money between worldwide branches, and decreasing the danger related to currency exchange rate changes. This dedication has facilitated the growth of our services and helped us serve individuals and businesses worldwide.