Banque en ligne How Does Currency Transfer Work?

To the point Xe is not just a currency conversion service. For several years now, the company has offered its users the ability to transfer money. Xe's offer is well worth considering., a world leader in currency conversion and money transfer services, stands out for its ease of use and user-friendliness. Offering a full range of services, including real-time currency charts, personalized rate alerts and the ability to transfer currency online, the Canadian company is establishing itself as a trusted platform for international financial needs. But is it the best company around? Milesopedia studies what has to offer.

What's is a member of the Euronet Worldwide group, a leader in currency trading. Together, they form the third largest money transfer company. Founded in August 1993 by Steven Dengler and Beric Farmer in Ontario, Canada, Xe has rapidly evolved into the world’s most popular currency site, attracting over 280 million visitors.


Xe initially made a name for itself as a currency conversion platform. Xe provides you with exchange rate charts that allow you to observe the historical exchange rates between two selected currencies. These charts use the average market rate and are known for their simplicity and reliability. The company also offers the ability to set alerts to track rates and be notified when a currency reaches a specific exchange rate.

Money Transfer Platform

Initially recognized as a simple currency converter, Xe partnered with HiFX, a company specializing in money transfers, in 2019. Today, Xe is able to offer its customers the possibility of making online money transfers at competitive prices, competing directly with other well-known players such as Revolut and Wise.

How Do I Send Money Online With Xe?

The money transfer process with Xe is simple and secure, offering a smooth user experience in six easy steps.

The first step is to register for free on the platform using your e-mail address. This quick step allows you to create a personal account. Then, to get a quote, enter the currency of your choice, the amount you are sending, and the destination country.

You will be asked to add your recipient’s payment information in the third step. You’ll need details such as name and address to ensure that the funds reach the right person. For some transfers, identity verification is required to confirm your identity and protect your money.

Once you have reviewed your quote, you can proceed to fund your transfer. You have the choice of using a bank account, credit card or debit card to complete your transaction.

The final step is to track your transfer. You can track the progress of your money and know when it will be available for your recipient.

Foreign Exchange Fees

Although claims that international transfers via its platform are free of charge, this is not quite the case. Of course, the company doesn’t charge any additional commissions, but payments by credit card or bank transfer are subject to commissions generally charged by the issuing banks.

It is also important to note that an exchange rate surcharge may be applied, resulting in additional costs. Although Xe uses the average rate in its conversion tool, this option does not apply to bank transfers. Correspondent fees, if any, may also increase the final bill.

Some transfer platforms, such as Wise, use the market rate for conversions. Therefore, currency transfers can sometimes be more attractive.

On the Xe platform, the exchange rate for transfers is constantly evolving and the transaction is made at the rate in effect at the time of validation. This can lead to differences between the amount displayed and the amount actually sent. However, the Company does offer a forward transfer option where the rate is fixed for a specified period using a forward contract. This allows you to benefit from the current interbank rate at the time of the transaction. Please note that this option is not automatically available for transfers; you will need to contact the site to take advantage of it.

Market Order

If the current exchange rate does not meet your expectations, you can set up an automatic transfer to occur when the exchange rate reaches the predefined value you select. This strategy, known as “Market Order”, can save you money on the exchange rate.

It’s important to bear in mind that rate volatility can make it difficult to predict the exact timing of a transfer.

To take advantage of this feature, simply go to your Xe customer area and configure it according to your preferences.

What Currencies Does Accept?

Xe lets you transfer money in almost a hundred different currencies. Here are the countries to which you can send funds:

  • South Africa
  • Albania
  • Germany
  • Antigua and Barbuda
  • Argentina
  • Australia
  • Austria
  • Bahamas
  • Bahrain
  • Bangladesh
  • Barbados
  • Belgium
  • Bosnia and Herzegovina
  • Brunei
  • Canada
  • Cape Verde
  • Chile
  • Cyprus
  • Colombia
  • Costa Rica
  • Croatia
  • Denmark
  • Djibouti
  • Spain
  • Estonia
  • United Arab Emirates
  • Ecuador
  • United States
  • Finland
  • Fiji
  • France
  • Ghana
  • Greece
  • Grenada
  • Guatemala
  • Haiti
  • Hong Kong
  • Honduras
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Jamaica
  • Jersey
  • Jordan
  • Kuwait
  • Latvia
  • Lithuania
  • Luxembourg
  • Madagascar
  • Malaysia
  • Malawi
  • Malta
  • Maurice
  • Mexico
  • Monaco
  • Montenegro
  • Namibia
  • Nepal
  • New Zealand
  • Oman
  • Pakistan
  • Palestine
  • Panama
  • Netherlands
  • Philippines
  • Poland
  • Portugal
  • Dominican Republic
  • Czech Republic
  • Romania
  • Rwanda
  • Saint Vincent and the Grenadines
  • Serbia
  • Singapore
  • Slovenia
  • Slovakia
  • Sri Lanka
  • Sweden
  • Switzerland
  • Swaziland
  • Thailand
  • Trinidad and Tobago
  • Tunisia
  • Turkey
  • Uganda

Bottom line

Xe stands out as a major player in the field of money conversion and transfer services, despite some criticisms that should not be ignored. In fact, it is important to take into account the reports of Xe users regarding the volatility of exchange rates in real time, which can sometimes lead to discrepancies between the amounts displayed and the amounts actually transferred, as well as exchange rate surcharges. But despite these considerations, Xe remains a must-have platform that offers a full range of services, including real-time currency charts and customized currency alerts. For an international money transfer solution, we think is a very interesting tool.

Frequently Asked Questions About

How Does Work?

Xe is both a currency conversion service and an online money transfer service. To transfer money, all you need to do is register for free on the platform. You will then be able to select the currency you wish to transfer, the amount you wish to send, the destination, get a quote, and proceed with funding your transfer.

Is he Platform Available in France?

Yes, the platform is available in France and in nearly a hundred countries around the world.

Is the Platform Free?

Although registration on the platform is free, money transfers are not. The company does not charge a commission, but does charge an exchange mark-up.

What Exchange Rate Does Xe Use? applies an exchange rate mark-up. It does not use the market rate on conversions.

Xe, Revolut, Transferwise: Which Is the Best Platform for Making Online Transfers?

Revolut is known for its ability to hold multiple currencies in a single account. Meanwhile, Transferwise (now known as Wise) is a recognized platform for transferring money online. As the company uses the market rate for conversions, currency transfers can sometimes be cheaper than with Xe.

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