As a business, or even just as an individual, sending money overseas can be a frustrating experience, and most importantly, expensive. It’s important to understand how you are sending your money and how you can avoid nasty, hidden fees.
Xe makes it easy, simple and quick to make international money transfers. All you have to do is register, and select your preferred method of payment for secure and quick transactions, which can be used for regular payments or for sending money overseas to over 200 countries. With the Xe app, you can get an instant quote, allowing you to see the exchange rate instantly for your selected currency. The best way to avoid breaking the bank when transferring money overseas is to choose a platform or tool, such as Xe, that has all their fees easily available to you and transparent. You can get stung when a platform hides their fees from you, or makes it difficult to know how much you will be charged. With Xe, any fee you may be subject to will be clearly outlined before you confirm each transfer payment, helping you to avoid spending more than you want to.
Ways to Send Money with Xe
Wire Transfer
Also known as bank transfer, a wire transfer sends funds directly from one bank account to another. With Xe, there is no payment method fee, however you may be subject to a send fee. This fee is always displayed before you confirm the transfer, either in the Xe app or online. This can be a great way to save money when making overseas transfers because you avoid that payment method fee. The payment will typically happen on the same day, but it could take up to 3 business days you are sending.
Debit / Credit Card
Users of Xe in New Zealand can make their transfers using their debit or credit card and you can use them to make transfers in New Zealand dollars (NZD). This is the fastest way to transfer your money with Xe, making it a very reliable method, and a great choice for a business. It’s important to note that paying with this method does come with a small additional fee that your card provider might charge.
Save Money. Choose Transparency.
The key to avoiding breaking the bank when transferring money overseas is to choose a platform that is transparent with their fees. Xe may add a small send fee to some transactions. However, whenever you set up a payment, the send fee will be displayed before you confirm the transaction, so you can ensure that you have all the information, and can make an informed decision about your transfer. Xe also uses live currency exchange rates. Therefore, the send rate might change before you confirm your transfer. However, this will be made transparent and easy to understand if this happens. Choose a platform that is trusted globally, and doesn’t hide sneaky fees in the fine print that will sting you.
Here at Money Compare, we are all about helping Kiwis make better decisions with their money through the power of knowledge. This is why we are proud to partner with Xe, who value transparency and offer flexible ways to send and receive money overseas. Remember, the best decisions that save you money are the fully informed ones!
