Transferring money abroad in the most effective way possible has always been a serious subject for many. There is always the search for that prefect blend of low transfer fees, faster execution times and limits to look at.
That is, of course, considering exchange rates and the reliability of the platforms being used.
Putting all of that into consideration, one of the payment services that have crossed our radar is XE.
In this piece, we take a holistic look at this money transfer service to see if it is a great bet for you.
XE is an international money transfer and remittance service that has been in the business since the year 1993. Recently purchased and run by Euronet since the year 2015, their longevity in the game gives them a lot of credence, putting trust in the hearts of their many customers.
That is not the only thing that makes this service great though. Combining a slew of cool features and policies, it is no wonder that they have been able to stay in this industry, and kept their relevance too, for years.
Having served more than 285 million unique visitors and processed more than $74 billion, they are surely worth a look at.
As of the time of writing, this payment service is supporting close to 40 currencies from all over the world. There is a chance that more gets added in time to come too. For now, though, the supported currencies are:AED, AUD, BGN, BHD, BWP, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HRK, HUF, ILS, JMD, JOD, JPY, KES, KWD, LSL, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RSD, SAR, SEK, SZL, THB, TND, TRY, TTD, USDand ZAR.
From the time the transfer was initiated, the initiator would have to wait anywhere between 3 – 5 business days. It is recommended that you contact the customer service personnel if your r transfer hasn’t been approved within that timeframe. Speaking of getting in touch with the customer care reps…
You can choose to either phone in or use their dedicated email service. There are toll free numbers for users in Canada, UK, US, Australia and New Zealand. There are also local numbers for these regions and beyond. If you have special requests, they have set up different email accounts that will help redirect your needs to the appropriate quarters.
The good news about XE is that you are not limited in how much you can send to or receive from anywhere in the world. That means you can send/ receive as low as 0 USD and as high as you can imagine.
You will be happy to know that no fees are imposed on transactions handled on XE. To put that in another way, the platform will not charge you anything to send your money to another recipient or receive from them. They, however stay profitable by earning some fees on the exchange spread whenever they convert currencies for you. Likewise, you should know that XE does not have any power to stop third party banks from imposing their own transfer fees on users. Thus, any fee you get charged will most likely be a doing of your bank.
There are two basic form of money transfers that are possible on this platform:
Like any other service, there would be great sides and the poor sides. Here is how XE compares on both fronts: Pros
We have compiled some of the top reviews from TrustPilot to help you have an idea of what people are saying about XE:
Review #1 – Donagh O’Neill First class service. So easy to do money transfers.
Review #2 - John Transfer went well and process was clear and straightforward. Would recommend without reservation
Review #3 - Paul Latest transfer, can’t think how you could make it easier, clear and straightforward, fast and efficient. Good job
Review #4 - Michael Super-fast, easy, and value priced, XE is why old stodgy firms that just don’t get it (like Western Union), have abandoned the space. Stay amazing XE!
Review #5 – Geoffj2 I have used the system many times and find it accurate, reliable, honest and very trustworthy. For moving money about, to relatives or for any other reason, to any part of the world, it is no problem. I have sent money to Canada and Australia so far and have no complaints.
Overall, XE remains one of the most solid platforms that you can use to send money almost anywhere in the world. A competitive exchange rate plan which works in line with live forex markets means you get the best rates, and you don’t even pay fees on your transfers. Combine that with the flexibility, and you have one of the best remittance services to put your money on.