Is Xe Money Transfer safe?
Xe Money Transfer has been in existence since way back in 1993, and is now part of Euronet, the third largest provider of international transfers in the world. You can use Xe Money Transfer to send a payment from the US to over 130 countries – but if you’re considering sending a payment with Xe you’re probably wondering one thing: is Xe Money Transfer safe?
This guide has you covered. Before you send a payment internationally it’s crucial to check the provider you pick is reputable and reliable, with a good customer satisfaction rating. This guide covers whether Xe Money Transfer is safe, how they’re regulated, and what they do to keep your funds, and your account secure.
Quick summary
- Licensed as a money transmitter in the US, overseen by regulators globally
- Part of one of the biggest money transfer services in the world
- Thorough account verification process in place
- 2 factor account log in and in-built security features
- US based phone customer support service available
Is Xe Money Transfer safe?
Xe Money Transfer is a safe provider to use for your international transfer. Xe is a well established business which is part of the broader Euronet group, one of the biggest providers of cross currency payments in the world. As well as being properly licensed and regulated for the services they provide, Xe uses industry standard security practices to keep customers and their money safe.
Year founded: 1993 – joined Euronet in 2015
Regulation: Licensed and regulated as a money transmitter in the US, and also covered by regulators in other regions where it offers services
Customer numbers: 275 million unique visitors annually across Xe websites and apps
Customer support: US based teams offer phone support, plus range of digital service options
Amount transferred: 115 billion USD a year
More information: Xe money transfer review
How is Xe Money Transfer regulated?
Xe Money Transfer is licensed by several US bodies, including the New York State Department of Financial Services, and authorized to operate as a money transmitter in all United States’ jurisdictions where it conducts business.
In order to obtain and keep a license as a financial service provider, Xe Money Transfer must stick to robust rules and regulations covering how they process payments and keep customer funds safe. This means Xe must hold customer money separately to its own working capital, and pay a surety bond to assure customer funds and assets. Importantly, because companies like Xe Money Transfer are global in their scope, most come under the oversight of multiple different regulatory bodies around the world, offering extra peace of mind with transacting in foreign currencies.
Is Xe Money Transfer as safe as traditional banks?
Xe Money Transfer isn’t a bank, but the way it’s licensed and regulated for the services it offers is very similar to the way a bank is authorized.
Banks usually offer a broader suite of services compared to a money transfer provider – which means they have to follow more rules too. However, the regulations which apply for international transfers are pretty similar for companies like Xe and a bank – which means Xe Money Transfer is safe to use.
In fact, the biggest difference is likely to be in the amount you pay – services like Xe can often offer better exchange rates and lower fees compared to banks, because they’ve invested in developing streamlined services which keep down costs.
How does Xe Money Transfer keep your money safe?
Xe Money transfer has a range of automatic and manual approaches to keeping customer money safe. You’ll need to verify your identity to create an account and transact with Xe, which makes it harder for accounts to be fraudulently used. Once you have an account you can set up 2 factor authentication and other security measures to keep your own details safe and secure.
Xe stores customer data and information securely, too, following industry guidelines and regulations. There’s also a range of tools in place to protect accounts from fraud, including specialist teams and automated software.
Is Xe Money Transfer safe to transfer money?
Yes. Xe Money Transfer has state of the art security which is used to keep customer transfers safe. The Xe website and app is kept secure by both dedicated anti-fraud teams, and automatic processes which run 24/7 and keep an eye out for suspicious activity. Used sensibly, Xe is a very safe provider to pick for your international transfer.
Is Xe Money Transfer safe to keep money with?
Xe Money Transfer won’t usually need to hold customer funds. Instead, it’ll pass your payment on to your recipient quickly once the money has been received. However, if there’s a need for Xe to hold your money – while verification checks take place for example – your funds are held safely at a reputable bank, and separately to Xe’s own money.
Is Xe Money Transfer safe for large amounts?
Xe Money transfer offers personal transfers up to 535,000 USD or the equivalent. If you need to send a large amount transfer, it can be quite daunting. However, Xe Money transfer is a safe and experienced service you can rely on.
To make sure the payment goes through smoothly, you might want to check in advance if any extra verification is required to send your transfer. Depending on the value and destination, you may be asked to provide proof of the source of funds, for example.
You’ll also want to double check if your own bank has any limits that you need to know about – sometimes you’ll need to visit a branch in person to send a high value transfer, which may mean making an advance appointment.
Is Xe Money Transfer business account safe?
Xe Money Transfer also offers business services for entrepreneurs, growing businesses and even enterprise level clients. Xe business services include overseas payments and FX solutions across a huge range of currencies.
Maybe you’re wondering: Is an Xe Money Transfer business account safer than a traditional bank account? Xe’s business services can be as safe as using a bank account, but managing your money and making international transfers through a specialist digital provider is usually cheaper than using a traditional bank SWIFT payment.
Is Xe Money Transfer legit?
So if Xe might be able to save you money compared to using a bank how do you know it’s a legit service?
The good news is that Xe Money Transfer is a trustworthy provider which you can use to send payments online and in-app, to 130+ countries. Xe may help you save money compared to your bank because they use a smaller exchange rate markup, and don’t have any transfer fee at all for a lot of services.
That simply means they take a smaller profit from each payment compared to a normal bank – but as specialists processing hundreds of thousands of payments annually, this still allows them to make a healthy profit overall, so it’s a win win.
Related: Xe exchange rate
Customer reviews on Trustpilot
Xe gets a 4.2 out of 5 Great score on Trustpilot, which aggregates live customer feedback to give a dynamic view of how a provider is doing.
The vast majority of Xe reviews give them a solid 4 or 5 star review. Where safety or security is mentioned in customer feedback, this tends to refer to checks Xe has needed to do to comply with local and international regulations and laws. These rules would apply to banks in the same situation, so while they can be frustrating, and may slow down a transfer, they’re part of keeping your money safe overall.
Can you get scammed on Xe Money Transfer?
Xe Money transfer is a safe company to use. However, as with any financial service provider, there are fraudsters and criminals who may try to extract money from their victims through Xe. Xe has a broad list of common scams to be aware of, which can be a helpful resource if you’re unsure about making a specific transfer. There’s also customer support on hand to talk to if you have doubts.
In general, taking common sense precautions, such as keeping your own account details secret, and never sending money to anyone you don’t know and trust, will be enough to make sure your Xe account and funds are safe.
Can I avoid falling victim to a fraud?
If you’re unlucky enough to be a victim of fraud you’ll need to take immediate action. Report the fraudulent payment to your local police and to Xe directly.
You’ll be able to contact Xe USA’s fraud department by phone at 1-844-832-1367 or by e-mail at transfers.na@xe.com. You can also get in touch with the Federal Trade Commission or contact by phone at 1-877-FTC-HELP, to file a complaint. Finally, if you were a victim of fraud that began with contact through the internet, you should file a report with the ICCC (Internet Crime Complaint Center).
Is your personal data safe on Xe Money Transfer?
Xe Money transfer has a full US privacy policy which is available online. Here you’ll find details of the personal data Xe must collect and retain about customers, and how it’s kept safe. In general, it’s good to know that Xe complies with state and federal data protection laws, and is also covered by similar legislation overseas. That means your personal data is safe.
What personal data does Xe Money Transfer collect?
Xe Money transfer needs to collect some data about customers to open accounts, comply with the law, and process payments. That can include:
- Personal details about you
- Contact details and information
- Banking and payment details
- Location data
- Information about how you use Xe’s website, app and services
Xe is required by law to retain some information, and also needs to keep some details for practical purposes – like processing your transfer. Xe will retain any data for as long as is required by law – this can often be 6 years or more, depending on the type of data.
How to get started on Xe Money Transfer?
You can create an Xe Money transfer account online or in the Xe app. Using the app is convenient and can be done in just a few short steps. Here’s how to open an Xe Money transfer account in the Xe app:
- Download the Xe app
- Click the option to sign up
- Follow the prompts to enter your email address and personal details
- Upload the verification documents requested
- Once your account is verified you can get started
- Government issued ID like a passport or driving license
- A copy of a bank statement
- A copy of a utility bill
You may also need to add details about how you expect to use your account, including how, and how often, you’re likely to use Xe services.
Conclusion: Is Xe safe for money transfer?
Xe Money Transfer is a safe and popular provider which is part of Euronet – the third largest provider of international payments in the world. From the US you can use Xe to send money to 130+ countries online or through the Xe app.
As a specialist service, Xe Money Transfer has been created with safety in mind. You’ll find a range of security measures in place including manual and automatic checks to spot and prevent fraud. Xe is also fully licensed and regulated for the services they offer, in the US and internationally.
Xe Safety FAQs
Is Xe Money Transfer safe?
Xe Money transfer is safe to use. It’s a fully regulated provider, which also has a selection of security features such as 2 factor authentication, thorough account verification checks and dedicated anti-fraud teams.
How is Xe Money Transfer regulated?
In the US, Xe Money Transfer is licensed as a money transmitter. As a global company, Xe is also licensed and regulated in a range of other countries around the world.
