Xe Business Review
Author: Keith Hodges
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On this page
A heavyweight money transfer provider, but no card support
Xe offers business support in the form of sending money, utilising APIs for batch payments and risk management. The account does not offer incoming payments or multi-currency cards, but does come with an account manager.
Xe Business overview
Features | Insight |
|---|---|
Monthly Fee | $0 |
Exchange rate | 1%-1.3% |
Transfer fees | From free, but some currencies incur costs |
Multi-currency account | ❌ |
Batch payments | ✅ Up to 1,000 payments |
Expense management | ✅ |
Pay invoices | ✅ Includes APIs for some accounting software |
Receive payments | ❌ |
Marketplace integration | ✅ |
API options | ✅ Leading currency converter API can be built into existing financial systems |
Manage Payroll | ✅ |
ATM Access | ❌ |
Forward Contracts | ✅ |
Scoring Xe Business
Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.
- Strong API that includes currency conversion
- Adaptable to different business sizes
- No fees on bigger payments in excess of $500k in particular
- Can send payments to over 190 countries
- No local account options, ATM access or expense management
- No integration with Xero (although Sage is supported)
- Is a payments only platform
Analysis of online reviews
Online review software is unreliable because it averages out scoring across a company, for decades at a time. To give a clear view of how Xe Business is actually performing now, we analysed online review scores from a number of different sources, specifically for the business offering. This chart shows an average score out of 5, per month, since the start of 2023.
Xe Business accounts
XE Business offers access to an online portal and management platform, but does not offer access to multi-currency accounts with local details in the same way Wise Business or Airwallex does.
This is not necessarily a negative, but for full end-to-end management, would mean you would need a different provider.
Provider
The product offering from Xe Business focuses more on risk management, sending money and integrating with accounting APIs and software.
The product is strong in this respect in that it adds to your existing accounting banking, as opposed to ‘replacing’ it in the form of a business bank account such as Revolut Business.
The account comes back with some credentials as well - $115 billion in annual transfers and over 275 million customers (across business and personal brands).
Supported local accounts and holding currencies
Xe Business offers access to over 190 countries and 130 currencies, this is one of the largest in the business market.
Transfer times and speeds to these countries will differ. For core business markets like USD, EUR and GBP - Xe Business offers almost instant, or same day transfers. For locations where transfers can be trickier, the transfer times tend to be a couple of days to five days.
When setting up a transfer however, this will be outlined.
Transfer types supported for US businesses are:
ACH direct debits (self service)
Wire transfers (self service)
Foreign currency exchange (through an agent)
Businesses in Canada can also benefit from using EFTs as well.
Send to almost any currency
Something that is a huge perk of using Xe Business is the ability to send almost any currency.
This is where the product is strongest, as when operating globally the need for a business multi-currency account is smaller.
As you can also use the API to integrate with certain account software.
Account limits and sending limits
Limits on transfers will differ based on the type of transfer being made.
These are:
Transfer type | Daily send limit |
|---|---|
ACH direct debit | $25,000 |
Wire transfer | $15 million |
Foreign currency exchange | $15 million |
ETFs (Canada only) | $33,000 CAD |
The limits on sending with Xe Business exceed that of the like of Revolut Business, but are lower than companies such as Wise Business which offers $50 million per day, or Moneycorp Business which has no caps.
Should this be a factor in decision making, then opt for Moneycorp Business over Wise Business - they, like Xe Business offer account management and better use of forward contracts.
If $15 million per day is enough, I’d recommend Xe Business over Moneycorp Business based on speed of transfers and the online portal for Xe Business being a little more intuitive.
Expense management
Expense management through Xe Business is more in the form of batch payments hooked up to accounting software, as opposed to being a standalone product.
Again, this isn’t a negative by any means. The way the API works with things like Sage, effectively gives you international expense management between the two systems.
Syncing between the API and accounting software is real time. Developer guidance, as well as support through Xe Business is available.
For companies without an existing core accounting software, this may not be the best option if expense management is important to the business.
You cannot input or send receipts directly to Xe Business, or make payment requests.
Sending and receiving payments
Sending money through Xe Business can be done in a few different ways - most notably, if you use the API you can send money directly from an accounting software like Sage.
Fees are only charged on transfers between the same currencies as standard, so USD to USD say. Xe Business standard fees aren’t quite clear however. As comparison to general fees though, Wise Business and Revolut Business both charge $10, Airwallex charges $1.50 - so there is a wide range that could potentially be paid.
Sending also benefits from a SWIFT Code GPI tracker, with real time tracking and payment confirmation included.
Sending to an individual
Sending to an individual is straightforward.
Through Xe Business itself, if not connected to an API, the process is straightforward.
Pick the amount, add recipient details, select a payment method confirm.
For both, you will get tracking information.
For larger payments, I’d recommend agreeing this over the phone with XE themselves. It’s possible to get a forward contract in place in this way.
Sending mass or batch payments
Xe Business, like others, provides batch payments for up to 1,000 recipients.
Batch payments with Xe Business take a bit of processing time, but on the whole are easy enough.
This process includes uploading payments as needed. A side note here is that you can also export payments which in itself is helpful.
Batch payments also come with account management support if needed, and can benefit from forward contracts. For regular payments like payroll, this is massively helpful.
Sending through an integration
Using an API you click ‘Pay with XE’ - this takes you to the account and payment can be made.
This offers real time tracking on forex rates as well and partners include Sage, Dynamics 365 Finance and Microsoft Dynamics 365 Business Central.
The lack of access to more ‘everyday’ integrations like Xero or QuickBooks does put XE at a small disadvantage, but at an enterprise level it is a great choice.
Interest on balances
As Xe Business is not operating as a bank account, interest rates are not available.
Account options
Xe Business is similar to Xe’s personal offering. The company offers API access, and accounting software integration for business users.
With Xe Business there are some areas lacking vs. competitors that many others offer. Not having an option to receive payments means no marketplace integration either.
Feature | Business | Personal |
|---|---|---|
Transfers at the mid-market rate | ✅ | ✅ |
Access to 130+ currencies | ✅ | ✅ |
Access to local accounts | ❌ | ❌ |
Earn interest on balances | ❌ | ❌ |
Multiple user logins | ✅ | ❌ |
Make batch payments | ✅ | ❌ |
❌ | ❌ | |
API access | ✅ | ❌ |
Accounting software integration | ✅ | ❌ |
Setup fees | None | None |
Integrations and APIs
I have touched on integrations and APIs already from a payments perspective, but there are some more options available.
Currency API
The XE Currency Data API is listed as part of the business offering, but is actually a standalone product in its own right. The data is used by companies such as Shopify and (oddly as there is no integration available) with Xero.
ERP integration
Xe Business’ ERP integration allows for turning Sage (as an example) into a payment software with international conversion included.
Essentially, using the API a business would get a ‘pay through XE’ addition to a platform. This would then provide a currency conversion option, price for exchange and ability to send.
As the Sage account (in this scenario) is connected to a bank account, this would fund the transaction at the point of sending.
A note here, forward contracts would still need to be agreed with XE should they need to be in place.
Compare Business Multi-Currency Business Accounts
Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.
Fees and rates when using Xe Business
Provider
Xe Business fee breakdown
Service | XE |
|---|---|
Domestic Transfers | Not available |
International Transfers | Fee free |
Currency Conversion Fee | From 1% |
Receiving Fee | Not possible |
Holding 70+ currencies | Not possible |
Card Payments | Not possible |
Monthly Fee | $0 |
Setup Fee | $0 |
Payment Tracking | $0 |
Mass Payout | $0 (currency conversion fees apply) |
Accounting Integrations | $0 |
Additional Fees | Not applicable |
Rates on batch payments
When planning a batch payment, you can use Xe Business to get a forward contract. This can also be used on large payments and would be expected to for part of a hedging risk management strategy within a business.
With a forward contract a company is legally bound to making the agreed payment by the end date. For regular batch payments like payroll, this can be hugely helpful.
Transfer speeds with Xe Business
Xe Business transfers are fast, generally within a day - although these can be up to 5 business days for harder to reach locations.
Provider
Speed of transfers with Xe Business by transfer type
Transfer type | Send time |
|---|---|
ACH direct debit | 1-5 days |
Wire transfer | 1-5 days |
Foreign currency exchange | 1-5 days |
ETFs (Canada only) | 1-5 days |
Xe Business service and account management
Xe Business comes with a few different options in relation to account management.
It is possible to work with a contact at Xe for risk management needs and there's also options for phone support and email support of individual transfers.
In testing we found:
Phone support
AVAILABILITY | 24/7 (general), 8.30 am to 5.30pm (business specific) |
|---|---|
RESPONSE TIME | Minutes |
LANGUAGES | English |
Phone support is useful on Xe for sorting out issues on accounts and is recommended ahead of any big transfers or what support on forward contracts or risk management is likely to be needed.
AVAILABILITY | 24/7 |
|---|---|
RESPONSE TIME | Within an hour |
LANGUAGES | Over 100 |
Email support is accessible and easy to use, we tested ahead of sign up with queries. This took a day or so to get a reply.
Help center
AVAILABILITY | 24/7 |
|---|---|
LANGUAGES | Over 100 |
The help center on XE Business can answer most queries, but not all. Like most help center options it is very functional and difficult to get a specific answer. Anything transaction and specific to an amount, the recommendation is to call XE Business.
Using Xe Business
Provider
We tested the following for ease of use
Invoicing
Integrations
Adding multi-user access for employees, roles and permissions
Paying-in and withdrawing funds
Eligibility and sign up
When signing up to Xe Business you will need the following:
Documents required
A supplier invoice (if the business was incorporated within the last 18 months)
Information required
The reason for opening an Xe account
The method of selling your product or service
A detailed description of your business activities
Information about your customers (e.g., public government bodies, charities, or religious groups)
Specific requirements for US businesses
Limited Liability Companies and Corporations must provide the following information for owners (holding 25% or more of the business) and all directors:
Full name
Date of birth
Address (optional for directors)
Outside of this, you cannot sign up to an Xe Business account if the credentials have been used previously for a personal account.
Safety and regulation
Provider
Xe Business security measures
Xe is regulated as part of HiFX and offers some security measures as part of this.
The company monitors accounts for fraudulent activity, AML requirements and is encrypted for payments.
With HifFX as a parent and the overall strength, and history of Xe as a business - we have huge confidence in the safety of user funds.
Xe regulation
Xe Business is regulated in different markets, these are:
Market | Regulation |
|---|---|
USA | FinCen (Financial Crimes Enforcement Network) |
Europe | EBA (European Banking Authority) |
UK | FCA (Financial Conduct Authority) |
Australia | ASIC (Australian Securities and Investments Commission) |
New Zealand | FMA (Financial Markets Authority) |
Canada | FinTRAC (Financial Transactions and Reporting Analysis Centre of Canada) |
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Sokin
Multipass
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.
Payoneer
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Airwallex
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Feedback of Xe Business
Provider
Xe has just over 70,000 reviews on TrustPilot and is rated 4.3 out of 5. One of the core areas that users like are the quality in service and hands on approach. The other areas are the ease of using the Xe platform and simplicity of carrying out regular transfers.
As with all companies we looked specifically at a combination of review sites for the business offering from Xe. We found the average score since the start of 2023 was 3.80. 2024 however on its own shows an average review score of 2.5.
Xe user feedback
Would you recommend Xe?
Cristobal Matute
I just sent money with them. I had tried before with Wise and my bank, but their support helped me a lot and gave me a better rate than both. They kept me informed at all times about where the money was and the ETA. I’ve had bad experiences in the past with companies losing my money for days
Ron T
This information is not accurate for XE business accounts. They do not charge a fee but instead, make their money by giving you a much lower exchange rate. It is much more than $4. e.g. We are being quoted $20 higher than the market rate on a $330 transfer. That is ~7%
Olanrewaju Ayodele
I just love the speed of your transfer
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