??!
1 photo
Xe Money Transfer

Xe Money Transfer

2.9 from 24 reviews

See the Best Money Transfer Services in 2019 as rated by Australians on ProductReview.com.au.


I was sceptical after reading the reviews but WOW did they deliver what they said

First time user. Easy to sign up to an account with drivers licence and utility bill as proof. I needed to send $25,000 from my UK bank to my AUS bank. Watched the rate go up and down over weeks, when it started to go up last night and hit a AUD$ number I aspired too I hit the transfer button which locked in the rate. They emailed me straight away with a UK bank account to transfer the sterling in, which I did within the 2 hours.

Got an email last night after I had paid saying saying that they had received my sterling and:

"On the rare occasion that we require further information about your payment, to meet our Anti Money Laundering obligations, we'll contact you before we send your payment."

So I thought that I would be required to send them more info. Then went to bed worried that I had done the right thing, not trying a test amount etc, was it really a scam company? Were they going to claim that something had gone wrong or rip me off with extra charges etc?

Another email received 7.43 am this morning saying:

"This is to confirm that we've just sent the payment you requested. All the details are in the summary below. You'll be pleased to know that no action is required.

And:
Please allow up to 4 working days for the payment to clear into the recipient account. To ensure we meet our Anti-Money Laundering obligations we may, from time to time, ask you for more information relating to your payment. This may be required before your money transfer reaches the recipient bank account."

So I wondered if I would be contacted but wasn't.

Checked into my AUS bank online at 1030pm tonight (24 hours later) and ALL the money that I had locked in was there. Not one cent had been taken out in fees by any bank. It could have gone in earlier I have no idea what time it was received by my AUS Bank. So I have had the best experience with Xe Money Transfer, when they say 1 to 4 working days I expected 4 days not 24 hours(or less)! Maybe the company has a seamless working relationship between GB and AUS?

I will use them again for sure. No body approached me with reference to any review, draw or any reward, just want to tell it how it was for me.

Transparency
Rates and Fees
Timeliness

avoid this scam company at all cost

First time user, tried to transfer $300 to my niece in New Zealand. I made transferinto their account, 3 days later i recieved an email from them requiring reciepients passport details? What for, it's a suprise present to her, why do you need her passport details and why should I submit her private passport detils to you?. Now 5 days later i want my money back. They are dragging their feet not to refund my money. still waiting for the refund

Transparency
Rates and Fees
Timeliness

Excellent service

After a less than satisfactory experience trying to set up an account with InstaReM a friend recommended that I try XE Money Transfer. I was able to set up my account easily and arrange the transfer and at all stages during the transfer process I was kept informed by either email or SMS. The funds reached the designated account within four business days so I will definitely use them again when I need to transfer money overseas. The negative reviews I have read are at complete odds with my experience with XE Money so I would recommend that you try their service and then make up your own mind.

Transparency
Rates and Fees
Timeliness

Scam artists. Avoid this company. They will hold your money and not return it

Back in August of 2019, I signed up for their service so that I could transfer money from my US bank to my Colombian bank. After signing up and transferring my money, the next day, this is the email I received from them:

"Thank you for being a client with XE Online Money Services. Unfortunately, we are unable to assist you with your current transaction and the contract has been cancelled. To ensure you receive your funds back the quickest way possible, please contact your bank and request their assistance in recalling the funds. We are not able to return the funds back to you without their assistance.

In addition your account will be closed."

No explanation. They didn't tell me which bank I was supposed to contact (The sending bank? The receiving bank?). They basically held onto my money without giving me any explanation as to how I can get it back. Avoid these guys. They are a scam.

I called Bank of America and the rep told me that XE could simply cancel the transaction on their end in order to release the funds back to me, something that XE refused to do. So basically, they're holding onto my money in the hopes that I don't fight for it. Well, they're barking up the wrong tree. I'm going to make sure that as many people know about their scam and avoid using XE.

I'm surprised they've been able to stay in business this long. I will be taking my business and going to xoom, which is far more reliable and professional.

Transparency
Rates and Fees
Timeliness

Problems with the first transfer

I joined XE and it all seemed so simple, wanted to transfer money from Aust to my NZ account.
XE SMS me "We have sent your payment NZDxxx to you" That is sent the money to my NZ Account.
Then 4 days later I get another SMS "You"ll be sent notification once we've sent your currency"
The problem was an extra 0 in the account number, so my fault.
Better communication from XE could have resolved this issue straight away.

Transparency
Rates and Fees
Timeliness

I don't understand the negative reviews

I have used XE for some years now for regular transfers from Australia to our bank in Italy, using the IBAN account code. There are no charges either by XE or by the receiving bank, and the exchange rates are better than bank rates (which also incur transfer charges on top of that).
I do everything online, and the confirmation emails tell me exactly where we're at. I have never had a problem, and frankly don't understand the negative reviews about this being some shonky scam. It's not, this is a large and respected company. I'm wondering if the people writing the reviews are scamming XE because they're working for the opposition...

Transparency

Unprofessional and Dishonest

We did mistake and deposited $2000 cash in xe account. Transfer policy of xe is online transfer.
We have spoken twice on phone with xe to resolve the matter either release funds to destination or to refund.

They promised to call us back no call back for the past 6 days.

We have sent the email 5 days ago and no response back from them via email.

We called up today. Mr rohan answer the call and has advice that the operator is on holidays.

Xe holding funds and my wife and kids need monies. Xe simply rotating our funds and not escalating the matter.

I was raising concern about his work collegue unprofessional approach. And i was upset and advise to Mr. Rohon that you work collegue gone for holidays with her boyfriend without chasing or passing our matter to the team and my family suffering with no food.

Mr. Rohan hangup on me.

Very bad and unprofessional staff. Never use XE. I Recommend Western Union. I am so upset xe is not resolving and using our funds and using delaying tactics.

Transparency

Scam company!!

Though they mention no transfer fees. The funds receives on the other end will be well below what you ordered and they will tell you its intermediate bank fees which you won't have a proof for and no invoices that they are paying tax on the money they take from you. Scammed!!!!! Stay awayyyyyy.. They screw every customer like that..I'm closing my account with them..

Transparency

Stay away from these clowns

Rang to enquire about thier servive and informed them i wished to move some $$$$ from NZ to Ozy. They emailed with some details but i eventually decided not to use thier service. They replied back that since i didnt use them i owed them over 5k as they borrowed money for the possible transfer. Then sent a contract after the fact. They have crazy bussiness model and my advice is stsy away from them.

Unreal charges

Sent money to Thailand and lost on the receiving end more than 5% , never again, i will stay with transfer wise i would absolutely not recommend that will be interesting to see what excuse xe has


Wonderful experience and saved me a decent chunk of money

I had to get some USD converted to AUD and knew to avoid the banks. I was going to go ahead with OFX but noticed that XE also did money conversion. Not sure why I thought of it so late as I frequently visit their site to check the conversion rates. However, I was surprised to see that XE was almost 30% better than OFX too. Since then I had one person help me with the initial setup and once I sent them the money they created a market order for me. Recently when the AUD fell, it was triggered and a couple of days later I had my money in the bank.


Someone is using my phone number

I humbly asking you, to not use my phone number. It’s been several times I received a text message saying that I sent money to someone on your website....Please stop using it.


Poor Service

I have used Currency Online for several years, unfortunately they have been taken over by XE. With Currency Online, I created a Rate Alert. This alert expired in Feb and I thought nothing more of it until I received an order from XE. Having explained my reasoning about the fact it was a now expired rate alert, they suspended my account with the terse comment - Please note these are legally binding contracts and you are required to settle in full.
Really disappointed with the attitude. Mu business is not important to them, so I will take it elsewhere.


Rates are Good, No fees when sending but receiving end charges fees, 3/4 days transaction

Performed several transfers from Australia to Thailand Accounts, using different companies to same bank accounts.
Best rates change from company to company each day. So I now check and use the better offer but include an additional % deduction against XE because of fees at receiving end . Beware there may be fees even though XE state "no fees" within their transactions. They do state this in the fine print that they have no control of the bank fees at the receiving end.
XE takes 3/4 days. With other institutes, I get guaranteed transfers within the same day. Some within 3 hours.
XE contracted price is not what I finally got in my Thai Bank accounts. I incurred banks charges at the receiving end.
To check, I also transferred same amount of money from other institutes into same Thai bank accounts, on the same day and got no fees deducted. I also noted that the Thai bank statement does not show what fees are charged and so who knows if its real. It just shows the amount going in.

1 comment
As an update, the receiving end price deposited into my Thai bank was $20 AU less than the contracted price. I now use this when comparing exchange rates with other institutions where I do not incur any receiving end, bank charges.

Excellent service

Easy to set up account.excellent rates.you can also lock your exchange rate.money transfer is fast.better than Torfx.i have use this for transfer the money from nz to aus.will recommend to others to use their service for expierence.

Blocked me on FB after I complained about unethical tactics

Tried to make a transfer after signing up. Company then held my money ad refused to go ahead with the transfer unless I divulged sensitive information. For security reasons, I was not prepared to provide this information which was unusually invasive and posed a clear security risk to me personally. The company leads you to believe they will make the transfer but it's only a hook to harvest more data from you. Once they are holding your money, most people would be intimidated in giving them whatever data they are demanding but not me

Thankfully I had the foresight to do a small test transaction - otherwise would have lost thousands through this scam.

I then closed my account and cancelled my card as a security precaution. Company claimed publicly to have refunded me but i never received the refund ie. they lied. After I called them out for lying, they stopped answering my emails and blocked me on Facebook!

I will now report this dodgy outfit to the Financial Services Ombudsman. Amazed they are allowed to operate. The regulators need to be taking a close look at this outfit.


This is worst service, better not to use

I was using first time and asked me to transfer funds to their account, after transfer 4 days till my payment not send, i was using Westron Union and World remit, they were much better and transfer were immediately,


Exceptional exchange rate and no fees!

I must recommend Xe for currency transfer. I was a bit shaky at first, not having used their services before, but the transaction went super smoothly. The representative over the phone was super kind and helpful, setup the account in a few minutes. Then the transfer took about 3 days from Europe and the rate was really good. To give an idea at the time of my transfer the interbank price for Euros was $1.58, NAB was buying my Euros at $1.52 when XE bought them at $1.573 which, if you transfer large sums, means a lot of money. No fees whatsoever were charged.
Perfect! I'll deal with XE again and I surely recommend it!


Excellent service and no sneaky rip off bank charges

Easy to set up an account. The transaction was upfront and honest, no hidden fees anywhere unlike the Commonwealth Bank who sneakily charged me $30 claiming this was by 'an interim bank'. The transfer rates are also better than the banks. The transfer went very smoothly and I am really happy with this service and have used them again since. Happy to recommend them.


Very helpful and good rate

I needed to move an inheritance from the UK to Australia. Unfortunately my UK bank is TSB and they have completely wrecked their online banking in a change of system. This meant I could not fulfil the UK side of the transaction within the time frame. XE were so helpful and cancelled the transaction at no charge and helped me through with completing several transactions over the following weeks. I can not recommend the team in Auckland highly enough. I will definitely use them again. Even for transactions below the free limit, they are still cheaper than bank to bank and at a better rate.


Page 1 of 2

Questions & Answers

Hi I am going to NZ in a few months. Was just wondering how I transfer my funds for my holiday from my NAB account & set up a new debit account? Are there any hidden fees & how long does it take?
2 answers
Well my money never arrived so I would not use this company. There are plenty of others though so I hope you can find a reputable company. TransferGo is poor as well, my money disappeared when i used them - they even sent me a fraudulent receipt claiming the money had arrived so plenty of dodgy companies in the money transfer businessI would not use these guys. I think XE used to be a decent company, but not anymore. Don't send money using their service unless you want to write it off as a donation because you will never see you money again.

We are currently using TorFX and wanted to talk further about deals available. Anyone to talk to? Regards, Andrew
No answers

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.