How to Use Xe to Send Money Overseas

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What is XE? XE is a currency trading platform that allows you to send money from your home currency into hundreds of others.  It allows you to have money withdrawn directly from your account (via EFT).  Those dollars will be exchanged into the currency of your choice and sent by wire, check, or EFT to a person of your choosing.

You may not ever send money overseas.  However, many of you worship at churches where you have missionaries overseas.  It would be a good idea to pass this information along to your missionaries so they know the resources available for transferring money into different currencies.

How to Sign Up

Signing up for an XE account is relatively simple.  You will be required to provide all the same information you would provide when opening an bank account.  During the application process you will need to select and provide bank information for the account you wish to use when purchasing a currency.  Once you have completed the application form online you will be required to fax a signed copy for your account to be activated.  Once the process is completed you can start using XE.

Remember: you will be given a credit limit.  This is the most you will be able to trade in a single transaction.

How to Do a Basic Trade With

After signing in you will see a screen like the one below.  From this homepage you will be able to get a quick currency quote and view your recent transactions, as well as other account information.

To make a trade, simply click on the “Basic Trade” link on the left column as shown below.

xe home

xe basic

If you are sending money on behalf of someone else you will need to click yes (as seen on the image above), but for personal transactions select “no” and then click “next”.

XE Trade

To proceed with a basic Trade:

(A): Select Currencies and Amounts

Select the currency you are selling in the From drop down menu and the currency you are buying in the To drop down menu.  Enter the amount you either wish to sell or buy.

For example, if you want to get 1000 Euro you would enter 1000 and click Euro.  If, however, you want to exchange 1000 US you would enter 1000 and then select USD.  In the above example, I am going to sell $1,000 US.

(B) Select Payment Method

How will we receive your payment? Select wire funds or debit my account.

You will then need to select an account.  Your account on file will be the the one you used at registration.  If you wish to add another account just click on the “add account” link.  Remember, this is where your money will be withdrawn.

(C) Select Delivery Method

Depending on the currency you are selling and purchasing you will be offered up to three options (1) wire (2) draft (check) (3) ACH/EFT (electronic funds transfer).  You will need to “add recipient” if this is your first time to transfer money.  If you plan to send checks you will need the person’s name and address.  If, on the other hand, you plan to send funds via ACH/EFT you will also need the bank name, routing number, and account number.

(D) Get Quote. Once you have added all the information click – “get quote”.

Exchange rate = this is the exchange rate you are being offered (the inverse is also printed)

Subtotal = this shows you the actual dollars you will purchase.  In the above example my $1,000 US will buy 682.64 Euros.

Wire Fee = if you are wiring money your associated fees would be listed here.

Rate Timer = this is the time remaining for you to confirm deal.  You will have 40 seconds.  If you do not confirm the deal you can simply refresh.

confirm deal

Once you confirm the deal the transaction is complete:

Frequently Asked Questions:

How competitive is the exchange rate? If one were to use the example shown above $1,000 USD would buy 682.64 Euros with XE.  At the ‘interbank rate’ you could get 701.62 Euro.  This represents a difference of 2.7%.  This would be almost on par with the typical credit card.  Most credit cards are 3%.  While the exchange rate is not the best, it is certainly competitive.

What does it cost to sign up for XE? It is free to sign up for an XE account.

What are the fees associated with using XE? The cost to wire money is approximately $20.00.  Draft payments and ACH are free.  Here is a list of all other possible fees.  I have used XE for a couple of years and I have never paid any fees.

What Currencies can you buy and sell? You can do transactions in most the the world’s major currencies.  Simply visit to confirm your desired currency.

What are the Average Processing Times? Processing times vary depending on currency, payment method received, and payment method distributed.  A detailed answer is here.  Typically you can expect transactions to be completed in 1-5 business days.

For a full list of FAQ see here.

Final Verdict:

XE is a simply, convenient, and cost effective way to send cash overseas.

Anyone else use  How has your experience been?  Any other similar sites that you suggest?


  1. Jake says

    I don’t like XE’s rates, they are expensive. I use, they not only beat XE’s rate but took the time to help me learn some options about when to transact and how to transact. Super simple.

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