Complete Guide to using XE Money Transfer in New Zealand

XE Money Transfer¹ is part of Euronet, which is a huge global payment processing company which also owns brands like Ria Money Transfer. In fact, Euronet is the third biggest payment company in the world, moving billions of dollars for customers all around the world.

If you need to send a payment to someone overseas you might be wondering how to use XE Money Transfer. This guide to XE Money Transfer international transfers covers all you need to know - plus we’ll touch on Wise as an alternative international payment provider worth comparing. Wise uses the mid-market exchange rate with low fees from 0.33%, to send digital payments to 160+ countries - more on that later².

What is XE Money Transfer?

XE Money Transfer offers international money transfers which are set up online and through the XE app. The company has been in business for over 25 years, and has helped to move 115 billion dollars in 170 countries for over 112,000 customers so far.

With XE Money Transfer you can send money to 200+ countries, to be delivered to bank and mobile money accounts, or to be collected in cash from its agents in 150+ countries around the world.

Is XE Money Transfer safe?

It’s an obvious question - but is XE Money Transfer safe?

The good news is that XE Money Transfer is a safe and regulated provider. It’s regulated by the New Zealand Financial Markets Association (NZFMA)³ as well as many other similar bodies globally, and has security features built into its app and website, including 2 factor authentication and encryption.

XE Money Transfer International Transfers in New Zealand

XE Money Transfer is a popular and reliable international payment service in New Zealand and in many other countries around the world. You can choose to send your payment online or in the XE app, and then pick a delivery method which can vary depending on the destination of the transfer.

Here’s how you can send and receive payments with XE - we’ll also touch on XE Money Transfer fees and the XE Money Transfer exchange rate a little later, so you can compare the costs and options with other providers like Wise.

How to send money abroad with XE Money Transfer from New Zealand

You can send money with XE Money transfer in New Zealand online or on the XE app. Here’s what you’ll need to do:

• Create an XE account online or in the XE app

Just select the option to Sign up, and enter your personal and contact information to create your account

• Complete verification

You may be prompted to verify your account - you can do this by uploading an image of your ID document such as your passport, and a selfie

• Enter the details of your payment

Tap Send money and enter the amount and currency you want to send, to generate an instant quote for the fees and exchange rate

• Select pay out method and enter the required information

If you’re sending money to a bank account you’ll need the recipient's banking information, or their full name for a cash collection payment

• Choose funding method and pay

Select the way you want to pay, usually bank transfer or card, and follow the prompts to find the payment. Once your funds arrive with XE, the payment will be passed on to your recipient

Personal customers in New Zealand can send up to 750,000 NZD or the equivalent in another currency⁴.

You’ll be able to pay by wire transfer, debit or credit card - or you can set up a direct debit if you’ll be making recurring payments with XE. Once your money is on the way, it can be deposited to your recipient’s bank account, or collected at an agent, in around 4 days⁵. Payments made by card may be faster than this, and so XE recommends that for more urgent transfers customers pay with debit or credit card. You’ll be shown a delivery estimate before you confirm your transfer - this is the earliest time that your transfer is likely to arrive. You’ll also be able to track your transfer in the XE app or online, and you can reach out to XE for specific advice if your payment is delayed 24 hours beyond the estimated arrival time.

How to receive money with XE Money Transfer in New Zealand

The ways you can receive money with XE depend on the country you’re sending to. You’ll see the options which are available for your transfer when you start to set it up - these can include:

• Bank deposit payments made to hundreds of major banks
• Cash pick up in 150+ countries, with a network of 500,000+ agents
• Mobile wallet payments in 35+ countries

If you’re expecting a payment to your bank or mobile wallet you won’t need to take any action to receive your money. Just make sure that the person sending your payment has the right details - your bank account number and name if you’re receiving to a bank, or your mobile number for a mobile wallet - and the money will be deposited automatically.

If you’re receiving a payment for cash collection you’ll need to visit an agent location with your government issued ID to collect your money. XE has a network of 500,000 + agents around the world, so finding an agent somewhere close to you shouldn’t be too much of a challenge.

XE Money Transfer Fees in New Zealand

You’ll be shown the cost of sending a payment with XE before you confirm the transfer. It’s helpful to note that there may be several different costs involved - including fees paid to XE and third parties. Here’s a summary of the different costs which could apply to any XE money transfer:

XE’s fees are variable. This means that the best way to know if you’re getting a good deal on your transfer is to compare the same payment with another provider. This will allow you to see what you’ll pay, and what your recipient would receive, with different services. We’ll take a quick look at one good option to compare later - Wise. Wise offers transfers to bank accounts in 160+ countries and has a comparison tool online which shows the costs of your transfer with other providers and banks so you can decide which works best for your specific needs.

XE Money Transfer Exchange Rates

XE makes money on currency exchange. That means that there’s a fee added into the exchange rate you're offered to convert your NZD to the currency needed for deposit or collection. This fee is commonly called a markup or margin.

Exchange rate markups are very frequently used, but they can make it more difficult to figure out what you’re paying for your transfer in the end. To see the markup that’s been added you’ll need to compare the rate you’re offered from XE against the mid-market exchange rate which you can find on Google or with a currency converter tool. Or, to keep things simple, you could choose a provider like Wise which splits out all of the costs you’ll pay for transparency, making it easier to check and compare.

Sending money internationally? Wise could help you save.

Check out Wise for low cost, secure digital payments which can be deposited to banks in 160+ countries.

Sign up for Wise today

Just like XE, you can arrange your Wise international money transfer online or in the Wise app, and pay from your bank or with a card. Where Wise differs from XE is that your dollars will be converted to the currency you need to send with the mid-market exchange rate with no markup or margin added. Before you confirm your payment you’ll be shown the Wise conversion fee which can be as low as 0.33%, so you can compare the costs easily.

Wise doesn’t offer payments which can be collected in cash - but if you’re sending to a bank, you could save with low transfer costs and fast, safe transfers. In fact, over 50% of Wise payments are instant, and 90% arrive in your recipient’s bank account in 24 hours⁷. See if you could save, with Wise, today.