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Send money internationally Pros and cons


XE Money Transfer is an excellent option if you need to move money internationally and can help you send money quickly. It is among the best international money transfer platforms, with good rates, as well as a solid track record.

In an awkward situation and need to transfer money quickly and safely?

Even if you are not in a terribly dramatic scenario, you have lost your wallet in Paris or have lost your credit card in the golden sands of Acapulco, you may have to send and receive money fairly consistently.

With the world seemingly much "smaller" than ever, people are closely connected by the virtual world of the Internet. This, of course, facilitates communication, travel and business, making all kinds of transactions, particularly the transfer of money, quick and hassle free.

Undoubtedly, there are many international money transfer services. XE Money Transfer has some excellent features and can be a true lifesaver if you want to move money internationally and at good prices.

Visit XE Money Transfer

The rise of international money transfer services

However, transferring money is not new. Once the competition of the banks, which still provide these services for a higher rate, there have been some competitors, particularly Western Union.

However, relatively recently, many new companies have emerged in the market, including PayPal, Transferwise, World Remit and Skrill.

Founded in the 19th century, Western Union was originally in the telegram business. Due to the change in technology, this service ended in 2006, when Western Union focused on the money transfer aspect of the company. It has acquired many smaller companies over the years and has branches all over the world.

XE money transfer

Started in 1973 in Belgium, financial institutions around the world use SWIFT (Society for Worldwide Interbank Financial Telecommunication) to send and receive transactions in a secure, controlled and reliable environment. In 2018, SWIFT carried out 11,000 financial institutions.

However, it is important to keep in mind that SWIFT does not make the transfer of real money. Send payment orders that are settled by the correspondent accounts that each institution has. Banks involved in a SWIFT transaction must be affiliated with each other for the transaction to be completed.

Why so many options?

You may have noticed that your bank has a SWIFT code, which is the system to identify banks and transmit payment orders to comply. SWIFT has been criticized for its inefficiency. It is a cumbersome system in which transfers must pass through several banks before reaching the final destination. As a result, transfers are slow, expensive and not transparent.

PayPal is the newest boy in the block since it was established in 2002 in the United States. It is an online payment system, which allows people to sell, buy and transfer money for personal and commercial purposes. In his own words, it is an alternative to conventional methods in paper checks, transfers and, of course, telegrams.

You can use Paypal to buy online, bill customers and keep funds in your virtual account. For your convenience, you can link your bank and your credit and debit cards. However, PayPal charges a percentage fee for business transactions.

Since the rate is a percentage of the transaction, the higher the bill, the higher the rate. In personal transactions, the sending person may have to pay a fee, even if the person receiving the funds does not.

There are so many money transfer options, and the hardest part could be deciding which transfer service is best for you.

Should I stay with your bank that probably uses a SWIFT code? Or should you try one of the online platforms?

If you decide the last option, which service should you choose?

Important issues of cost, speed, convenience and service are aspects to consider when choosing an online money transfer service.

XE Money Transfer has some great advantages

XE Money Transfer is an incredibly popular company that was established in 1993 in Canada. It was one of the first currency exchanges on the Internet, and its continued presence in the top positions demonstrates its popularity and reliability.

As time went by, XE created currency-related tools, graphics and APIs, all of which were well received. In 2002, XE trade, an international online money transfer service, began. At one time, XE was affiliated with Western Union.

However, in 2015, it was acquired by Euronet Worldwide and, as of December 2018, operates under the Euronet HiFX brand. It is regulated in Europe, Australia, Canada, New Zealand and the United States, which guarantees your money. They offer support in English, Spanish and French.


Ease of use worldwide

With a 96% approval rate, XE offers sixty currencies to one hundred and twenty countries. Last year, they did business worth $ 115 billion with their international clients from that range of various countries. There is no set minimum for transfers, although the limit for online transactions is $ 500,000, and the company is known for its incredibly accurate currency quotes.

Its money transfer services include regular payments, online trading systems, cash transactions and corporate options. For those interested in currency, XE is considered the best online currency exchange calculator and provides interesting statistics, histories and exchange applications.

Supported Currencies

XE has low rates

Although they claim that there are no fees for their services, there is a small margin charged on the interbank rate, or rather "1% below the bank rate." It may vary according to the exchange rate, the volume of the transfer and the currency chosen for the transfer.

In general, adding a small percentage of the exchange rate is an industry standard practice, and for many, it is much more preferable to a flat rate that can reach $ 40.

An approximate estimate of their rates in terms of percentage costs, including the fixed rate, is 0.5% -2%, while banks charge 3% -7% and PayPal is 6% -8%. Similar services run the range of 0.4% -3.5%. Therefore, it is easy to see that XE is quite competitive in this field, and actually offers some of the best rates.

However, keep in mind that these figures do not include any potential fees that the financial institution may charge at the receiving end.

Because XE uses the SWIFT banking system (see above), the recipient will be charged and XE has no control over this. XE may not know the exact charge, so it would be advisable to check with the bank first.

On a positive note, this seems to apply mainly to people who transfer less than $ 1000, so the higher the amount of the transfer, the fee is relatively small.

Unfortunately, you will not know what the daily or current exchange rate is and, by extension, the small percentage of charge until you actually register an account and schedule a transaction. However, this is also quite normal for the money transfer business.

Rate Comparison

XE money transfer: how to get started

To begin with, it is easy to set up an account, although you must provide the relevant information, including the phone number and email address. There may be requests for more personal information, such as the social security number, and you may need to upload documents.

If you are not comfortable with this, or are not sure you want to be completely digital with your finances, then this may not be the best option for you. However, XE has business-level security, so you can do business with confidence.

Once you register an account, programming and making transfers is incredibly easy. Most XE transfers are made on the same day and you will be informed of the payment date, but it may take between one and three days for the funds to arrive, due to the use of the SWIFT network.

Account registration

Good platform

XE presents an excellent online platform that is easy to navigate. There is also a mobile application so that business can be done by smartphone if necessary or preferred.

There have been conflicting comments about the functionality of the application, but the web platform is definitely well designed. XE definitely works well with a smartphone that offers you the flexibility to transfer money while traveling.

Although XE does not offer cash withdrawal, it can be linked to a bank, a debit card and a credit card, even if you keep in mind that your provider will charge a service charge on the credit card. In fact, XE is a truly viable profitable alternative to banks, operated by market experts.

In addition to international money transfers, XE can provide business solutions that include risk management, improved credit facilities. Currency data, mass payments, personalized payment platforms and reference partners.

Who can use the platform?

Almost anyone can use XE, from the individual to the corporation, whether they need to make a transfer to a friend or multiple monthly payments to a customer. The wide variety of options is convenient for almost anyone, unless you are trying to transfer low amounts.

With its commercial solutions, XE definitely serves companies that are engaged in international transactions, but this does not mean that the average person cannot or should not use it. For personal transfers, XE supports electronic transfers and automated clearing house.

As noted above, the funds are deposited in the recipient's bank account and the recipient does not have to have an XE account to access it.

If you are interested and need to determine what the exchange rate is, XE offers a convenient currency converter so you can play with amounts, rates and currencies. Again, you will not know the exact charge until you register an account and make the transfer.


Despite XE's excellent reputation, it has some competition, that is, with Transferwise. Transferwise allows transfers through Apple Pay, Facebook Messenger and Google Pay, in addition to standard bank transfers, credit and debit cards.

Visit Transferwise or read our review

However, Transferwise only offers service to fifty countries and takes three to five days to deliver funds. They also have different limits of XE, namely that the established limit is $ 250,000 annually.

Transferwise charges service fees, which are made up of a flat rate plus a percentage of the amount you are sending. However, they offer mid-market rates that can mean more money for your dollar in higher transactions.


Another new contender in the virtual financial scene is WorldRemit, which announces itself as a "low cost online alternative for money transfers" which, frankly, is what XE is too. Founded in 2010 by a former UN adviser, WorldRemit operates in fifty countries, allowing bank deposits, instant electronic wallet, mobile top-up or cash withdrawal.

World Remit Review

Visit World Remit or read our review.

With an easy-to-use platform, WorldRemit rates and exchange rates are low, and transfers are fast, almost instantaneous. Licensed by government regulators around the world, WorldRemit is a safe and convenient way to send money.

The Trend Micro certification is used for security during transactions and is backed by Technology Crossover Ventures. However, it is not accredited with the Better Business Bureau and seems to have a slow response time to handle complaints.

Although these two platforms are fierce competitors for your business, XE still maintains its reputation as the best service with more professionals in general than cons.

XE Money Transfer is among the best options available

Technological development has allowed radical changes in financial services, challenging the preconception of a traditional brick and mortar bank. If you need money quickly, instead of working on the paperwork process at a branch and incurring high rates, you can now examine all the options online.

For those on the move, who prefer a single digital footprint, XE emerges as the best option for international money transfers, both for individuals and companies. With a long history of currency exchange reputation, it is an incredibly reliable, reliable, secure and easy way to transfer money.

XE has the largest variety of participating countries, currencies and languages, even if it only accepts bank deposits. It does not charge fixed rates and offers a precise and competitive exchange rate.

The mobile application makes it more convenient, as it offers flexibility adapted to your schedule, as well as countries, currencies and languages. So, if you find yourself on that desert island or with cash in Asia, be happy knowing that XE not only supports you but will also help you with your wallet.

Visit XE Money Transfer

XE money transfer

XE money transfer


  • no fees
  • Transfer in 60 currencies to more than 170 countries.
  • Competitive rates
  • Currency experts
  • Well designed application


  • Card payments not supported
  • No cash withdrawal

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Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.

Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.

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