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Xe is a reliable way to send money abroad from Canada, especially for large amounts: you see the fees and the rate before you confirm, and you can lock in a rate for up to 24 months. For a small transfer, though, compare the amount received with what Wise offers.
In our view, Xe shines when you send a large sum: a property purchase abroad, tuition fees or a long snowbird stay. Below, we cover its real costs, the payment methods available in Canada and the cases where a competitor will cost you less.
Xe at a Glance
| Feature | What Xe offers Canadian customers |
|---|---|
| Owner | Euronet Worldwide, since June 2015 |
| Regulation in Canada | Registered with FINTRAC |
| Coverage | More than 190 countries and over 130 currencies |
| Payment methods | Debit card, credit card, bank transfer, wire transfer |
| Paying by bank transfer | When you send 3,000 Canadian dollars or more |
| Limit per online transfer | 560,000 Canadian dollars or the equivalent |
| Delivery time | 1 to 3 business days after Xe receives your payment |
| Rate lock | Forward contract up to 24 months, for large transfers |
What Is Xe?
Xe is an Ontario company: Steven Dengler and Beric Farmer founded it in August 1993, and its head office is in Newmarket, north of Toronto. Since June 2015, Xe has been part of Euronet Worldwide, a Nasdaq-listed payments group. For you, that means an established service that is regulated in Canada.
The Currency Converter
You may know Xe for its free currency converter, which shows the mid-market rate. You also get historical charts between two currencies and alerts that let you know when a rate hits the level you chose: a handy benchmark before you exchange money for a trip.
The Money Transfer Service
In January 2019, HiFX, an international money transfer specialist, joined forces with Xe. Since then, you can send money to more than 190 countries in over 130 currencies, to a bank account, a mobile wallet or, depending on the country, for cash pickup.
Sending Money With Xe, Step by Step
You do everything online or in the Xe app, in four steps:
- Create your free profile on xe.com or in the app.
- Choose the country and amount: the quote shows the rate, the send fee and the amount your recipient will get.
- Add your recipient: full name, home address, account number, bank name and SWIFT code. Xe may also ask you to verify your identity.
- Pay and track your transfer in the Activity tab online or in the app.
In Canada, you pay by debit card, credit card, bank transfer or wire transfer. A card is the fastest option, but it comes with an extra fee. Bank and wire transfers are only available when you send 3,000 Canadian dollars or more, and they can take up to two business days to reach Xe.
Xe Fees: What You Actually Pay
Xe shows you the exact cost before you confirm the transfer. That cost depends on your payment method, the currency and the destination country, and it combines three elements:
- The send fee, added to some transfers and shown in your quote.
- The rate margin: Xe also makes money on the conversion, and its send rate differs from the mid-market rate in its converter.
- Third-party fees: the recipient's bank or an intermediary bank may deduct a fee from the amount received, and Xe doesn't benefit from it.
The send rate moves constantly: if you wait before confirming, Xe tells you when it changes. On a large sum, that movement can weigh more than the fees themselves.
Locking in a Rate: Forward Contracts and Orders
Do you send more than 50,000 US dollars a year, or the equivalent in your currency? Xe then gives you access to its large transfer service, with a dedicated advisor and two tools that protect you against rate swings:
- Forward contract: you lock in today's rate for a transfer made up to 24 months later.
- Market order: your transfer goes out automatically when the rate hits the target you set.
These tools are mostly useful when you buy property abroad or make staggered payments: you know your cost in Canadian dollars today.
Xe or Wise: Which Should You Use?
For a small one-off transfer, Wise is often cheaper: it converts at the mid-market rate and shows its fee separately. Xe takes the lead on large sums, with its limit of 560,000 Canadian dollars per transfer, its forward contracts and cash pickup in some countries. Our advice: get a quote from both for the same amount, then compare what your recipient will receive.
Our Verdict on Xe
We recommend Xe if you regularly send large amounts and want an established service that is regulated in Canada and reachable by live chat or phone. For your spending while travelling, a card with no foreign transaction fees is simpler: see our guide to saving on foreign currency transactions.
- The rate and fees shown before you confirm
- A limit of 560,000 Canadian dollars per online transfer
- Forward contracts and orders for large transfers
- FINTRAC registration and the backing of Euronet Worldwide
- A margin on the send rate, on top of any fee
- Bank transfers only available from 3,000 Canadian dollars
- Extra fees when you pay by card
Frequently Asked Questions
Is Xe safe for sending money from Canada?
Yes. Xe is part of Euronet Worldwide, a Nasdaq-listed payments group, and it is registered with FINTRAC, the federal agency that oversees money services businesses. Every transfer goes through identity verification and fraud monitoring.
How much does an Xe transfer cost?
The cost depends on your payment method, the currency and the destination country. Xe adds a send fee to some transfers and also earns money on the exchange rate. You see the fees and the amount your recipient will get before you confirm.
What exchange rate does Xe use for transfers?
Xe applies a live send rate, which differs from the mid-market rate shown in its currency converter. The gap between the two is part of what you pay. If the rate changes before you confirm, Xe lets you know.
Can you pay for an Xe transfer with a credit card?
Yes, and it's the fastest option, but it comes with an extra fee. Your card issuer may also treat the payment as a cash advance, with fees and interest from day one. A debit card avoids that risk.
How long does an Xe transfer take?
A card payment reaches Xe almost instantly, while a bank transfer can take up to two business days. Once Xe has your payment, allow 1 to 3 business days for the money to reach your recipient, depending on the currency and country.
How much can you send with Xe from Canada?
Up to 560,000 Canadian dollars or the equivalent per online transfer. To pay by bank or wire transfer, you need to send at least 3,000 Canadian dollars; below that, you pay by card.
Should you use Xe or Wise?
For a small one-off transfer, Wise is often cheaper because it converts at the mid-market rate and shows its fee separately. For a large sum, Xe becomes attractive thanks to its high limit and forward contracts. Get a quote from both for the same amount and compare what your recipient receives.
Can the recipient collect the money in cash?
Yes, in some countries. From Canada, you pay for a cash pickup by credit or debit card, then Xe gives you a PIN. Your recipient brings that PIN and valid government-issued photo ID to the pickup location.
