Xe Business account has no monthly fees and exchange rates vary between 1% - 1.3%.
The company specifically offers international payments, so those looking to use a multi-currency account feature should opt for a provider like Airwallex or Wise Business.
Xe Business does offer a range of other platform features that can be integrated into existing business setups. These include currency conversion APIs and mass payout options.
With this, the company also offers a number of risk management tools, such as forward contracts.
Xe Business cross border payments offering
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
$0 / £0 | 1%-1.3% | Some currencies come with a fee, and others are free | 0 local accounts |
- Strong support for large transfers with no upper limits and competitive exchange rates
- Offers elements of risk management not available with some money transfer companies. This includes forward contracts
- Suite of API integrations including currency data, Sage, and Microsoft Dynamic 365
- Lack of multi-currency account and no local accounts means the platform should be used purely for making international payments
Features | Insight |
|---|---|
Batch payments | Up to 1000 can be made in bulk per CSV |
Expense management and tracking | Xe offers a set of tools to manage and track payments |
Pay invoices | Yes, including integrations with Sage |
API options | Currency data API, Sage integration, Microsoft Dynamics 365 F&O/Business Central |
Manage Payroll | Available, including mass payments |
ATM Access | No access to ATM withdrawals or deposits |
Forward Contracts | Available |
Xe Business account fees
Fees on the Xe Business account are pretty simple. the account is charged at the point of transfer in the exchange rate, with most other services coming for free.
This is because every action with Xe Business generally results in a cross-border payment taking place.
Service | Xe fees |
|---|---|
Opening an account | $0 |
International Transfers | No fees |
Converting money | Starting from 1% (depending on the currency) |
Monthly Fee | No monthly fees |
Setup Fee | No setup fees |
Payment Tracking | Free payment tracking |
Mass Payout | $0 but conversion fees will apply |
Accounting Integrations | Free integrations |
Additional Fees | Not applicable |
Supported currencies
As a money transfer provider, Xe offers access to cross-border transfers to over 190 countries, across 130 currencies.
Options include access to currency risk solutions and the company states most transfers are within one day. This is particularly apparent for core markets like USD, EUR, and GBP, but may differ for harder-to-reach locations or where banking timezones are different.
Sending limits
Daily sending limits on Xe Business are as follows:
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 |
These are largely in line with other providers on the market.
These can be as one-off or multiple payments.
Batch payments
Batch payments through Xe Business can be for up to 1,000 recipients, uploaded as part of CSV or integrations, and benefit from currency risk tools like forward contracts.
This can also be carried out with the support of an account manager where needed.
You can connect batch payments to accounting software making paying staff and suppliers much simpler. Doing this with forward contracts in place can play a huge role in improving currency risk.
Payments through integrations
Xe Business supports payments through Sage and Microsoft Dynamics 365. Companies can also utilize the Xe API to sync accounting software like Xero to get better rates on cross-border transfers.
Once the API is in and working, this will convert ahead of any international transfers and provide a full breakdown of cost when converting into different currencies.
Currency risk management
Whilst Xe isn't one of the platforms listed as offering full strategic currency risk services, they do offer tools to aid in managing exposure to fluctuations.
Forward contracts are offered for up to a year in advance.
Market orders and option contracts for buying (or not) currency at a specific price are also available.
While these tools are on offer, companies with a specific need for currency risk strategy may be best served working with a company like Moneycorp.
Signing up for Xe
Start Registration
Visit the XE business website, click "Get your business started," and enter your email, password, and business details.
Provide Required Documents
Submit identity verification documents, such as a government-issued ID, proof of address, and business documentation (e.g., incorporation certificate).
Verify Identity
Enter personal details like name, date of birth, and home address. Agree to terms and conditions.
Approval Process
Expect someone from the XE team to contact you for further guidance. You may also be asked to provide any additional required documents.
Xe API service
Xe offers API options for ERP integration, mass payments and currency conversion. These can be integrated with a range of software including Microsoft Dynamics, Oracle, Sage, and SAP.
The API is a powerful tool, one of the best on the market for live rates and powers many other tools you may use already.
Live rates start from $1,199 per year, and rates updated daily from $799.
Automate rate alerts, and currency conversion and provide tools to end users
Sync to make automatic payments across a range of areas
Historic exchange rate charts and currency volatility charting
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