When you send money with Xe, you have a few different options to provide the funds for your money transfer. Let's talk about using a bank or wire transfer.
July 14, 2021 — 4 min read
So, you need to make an international payment. You know where you need to send your money, and you know how much you need to send. But there’s one more question on your mind: how are you going to supply the funds for your payment?
When you send with Xe, you’ll have a few different options. You may want to use a bank transfer, a card payment, or a direct debit. Each option has its own benefits, and may suit you depending on how fast you want your transfer to be sent, whether you’re looking to avoid paying fees, and how involved you want the payment process to be.
Today, we’re going to start with one of our most common payment methods—the bank transfer.
Good news—it’s supported across all of our origin regions. You can send money via a bank transfer from:
The United Kingdom
The European Union
The United States
It’s fast. Bank transfers aren’t complicated. So long as there aren’t any issues with your account or bank (such as insufficient balance or a sending limit), your payment will typically be sent within the next business day.
The fees are lower. You will need to pay a small fee to move your money between institutions, but the fee is significantly lower than the fee you’d need to pay for a card payment.
It’s easy. As long as you have easy access to your bank account and account information, you can quickly connect your bank account to your Xe account, and save your details for future transfers.
We know what you’re thinking. You can make a wire transfer straight from your bank account, what’s the point in making a wire transfer through a middleman (aka, us)?
If you’re looking for more information about what makes Xe different from the banks, we’ve certainly got plenty on the topic. But if you’re just looking for a quick comparison…
You get Xe rates instead of bank rates. At Xe, we pride ourselves in offering some of the most competitive exchange rates in the markets. But each money transfer provider can set their own rates, and many banks will add a larger margin to their rates.
You may not pay as many fees. Before you confirm your transfer, we’ll clearly lay out any fees you’ll need to pay, including transfer fees and fees related to your payment method. Banks, however, will often charge numerous fees throughout each stage of the transaction, and you may not know about some of these fees until you’ve paid them.
You can make your transfer any time. No need to wait for banking hours and business days. You can initiate a transfer on Xe.com or in the Xe app 24 hours a day, 7 days a week, 365 days a year. And it’s all online for easy access—no paperwork required.
Not sure? Get a quote from Xe and a quote from your bank and do a quick comparison.
To initiate an Xe bank transfer, you’ll start the same way you would start any money transfer.
Enter your currencies and amount to check the rates and get your transfer quote.
Provide your recipient’s banking information.
This is where things will diverge a bit, depending on how you want to provide your funds. After providing your recipient’s information, you’ll be taken to a ‘Payment’ screen and asked to select an answer to the question ‘How will you be paying us?’
Select wire payment from the list. Keep in mind that your transfer must come from a bank account held in the same name as your Xe Money Transfer account.
Set up the transfer in your online banking system. After selecting the wire or bank payment option, you’ll be taken to your online banking system, where you’ll need to manually set up the transfer.
Double-check and confirm. You’ll be given a confirmation screen that includes the amount you’re paying, the amount that will go to your recipient, the exchange rate, any fees, the expected payment date, and your payment details. If you’re satisfied with everything, you can confirm your transfer.
Once you've confirmed a new transfer, we’ll send you a contract note that includes our bank deposit instructions. If you’re in the Xe app, You can access these instructions through the Track Transfer feature.
Like we said—it’s quick, simple and cost-effective to use a bank transfer to send money overseas with Xe. Is it time to give it a try? Sign in to your account now to begin the process.