XE Money Transfer (formerly HiFX) – Our Review

You can enjoy quick, secure, and no-fee international money transfer services with the global payment provider XE (formerly known as HiFX in New Zealand). This unbiased review takes a look at the services as a whole and provides a few pros and cons for your consideration.XE Money Transfer

XE Fees/Exchange Rates

XE charges no fees or commissions on international money transfers. Instead it turns a profit on the spread, another word for the difference between the price you receive for a transaction and the cost it actually imposes on XE to do that trade.

There are no account fees or transaction fees to worry about. The exchange rate you pay is the one listed on XE’s foreign money exchange tool, which uses current market rates.

You might incur a few third-party charges, like fees from banks for receiving wire transfers. Just check with your bank or your recipient’s bank to see what the policy is.


Money is transferred in over 40 currencies. The most popular ones are the following:

  • AUD-Australian dollar
  • EUR-Euro
  • GBP- British pounds
  • HKD- Hong Kong Dollar
  • CAD- Canadian Dollar
  • PHP-Philippine Peso
  • THB- Thai Baht
  • USD- US Dollar

How Can I Pay?

You can pay using a bank transfer with XE. You just need to confirm your transaction, and then XE will give you its bank details. XE will not take payments with card or cash, much to our dismay.

What Transfers Can I Make?

You can use a few tools to get your transfer rolling, such as:

  • Limit Orders-Choose an exchange rate you like, and it will go through when the market rate is as such
  • Recurring Payments-Set up a payment that debits regularly
  • Business Transfers-XE has a separate product that is just for businesses instead of personal use.
  • Forward Contracts-Lock in the exchange rate today for a transfer that takes place in the future.

How Long Do These Take?

Most money transfers with XE will arrive within one day. Certain transfer types can take a bit longer however. For example, in New Zealand, XE only takes payments through bank transfers.

It is important to understand that when you are setting up the transfer to take place that your bank may take extra days to transfer the money to XE. They will only start the money transfer once your funds have cleared your bank account. Do keep this in mind when paying bills or friends and family members, as these transactions are time sensitive.

Is It Safe?

Yes. Security and regulation are followed closely on XE. XE is regulated by the government and holds its funds apart from the company’s own monies. It was founded in 1993.

There are over 100,000 customers-112,000 to be exact-that use this money transfer service. You are among many customers that are just like you.

Good reviews also speak volumes for this company. Trustpilot gives XE a 9.1 out of ten, and this is based upon about 1900 reviews.

XE is part of a group of international money transfer services called Euronet, who also own the company Ria. XE itself is not regulated by the NZ regulatory body, Financial Markets Authority, but its parent company is.

One major point of this regulation is to keep customer funds separate from company funds. This means the funds are safe and accessible even if XE should become insolvent.

How Do They Make Money?

XE does not charge a penny in fees. But margins from each transfer is how it makes its money. Margins happen when the rate you are quoted when setting up to make a transfer is different from the market rate you will see on major news sources like Reuters or Google. To be in the know, it is best you compare both the exchange rate the money transfer provider is offering as well as any other fees you may be responsible for.

How to Set Your Account Up?

These are brief steps; please review at XE for more detail.

  1. Go to the XE Money Transfer Site
  2. Sign up for the Account
  3. Fill out your private information
  4. Upload your identifying documents

Then you will soon be eligible to start making transfers!

To make a transfer is very easy, which we liked. Here’s how:

  1. Log in
  2. Click on “new transaction”. This button is at the top of the screen, inside the MENU bar.
  3. Finalize how much you will be sending.
  4. Add in the details pertaining to your recipient.
  5. Select your pay method-bank transfers only if you are transferring from New Zealand.
  6. Transfer your funds to XE.
  7. XE then sends out your transfer after funds have cleared. You can track the amount sent through an email sent to you right away.

Our Bottom Line

At this point, we will tell you what we thought overall when using this company. The company itself is young but effective, having been started in 1993 by two Canadian high school pals. They have grown well and was acquired by Euronet in 2015. It is headquartered in Canada and has offices in USA, Australia, UK, and New Zealand.

We Like:

  • No fees paid-transaction fees, commissions, ongoing fees-none
  • Great rates-XE has very competitive exchange rates for its customers. You can compare XE’s rates with those that are offered by banks-you will be pleasantly surprised.
  • Money Specialists-XE specializes exclusively in global currency markets, unlike banks, who are tied up focusing on many different financial products.


We Do Not Like:

  • No credit card payments can be made-that is, you cannot money transfer from your credit card in New Zealand.
  • You have to make an account-to get a quote on what the current exchange rate is, you have to actually create the account and sign into it.
  • Major currency forms are missing; for instance, India, Russia, and China are not covered.
  • Transfers must be sent directly to recipient’s bank accounts. One cannot pick up their cash if they need it right away.

Our Bottom Line

All in all, we are happy with the services provided by XE. They are helpful, secure, safe, and fee-free. The competitive nature of their exchange rates is also a method by which they make money transfers a pleasure instead of a burden.

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