XE Money Transfer is a well-known name in currency exchange, trusted by millions for live XE currency rates and international transfers. Canadians use XE Money Transfer Canada to send funds abroad, track live exchange rates, and make business payments. However, despite its popularity, XE is often criticized for hidden fees baked into the XE rate and for offering fewer competitive options for small or frequent transfers. While it may be secure and convenient, it’s not always the most affordable. That’s why many are turning to smarter XE alternatives in Canada with better transparency and lower costs. Let’s explore the top options.
What is XE?
XE is a global currency exchange platform that began in 1993 as a simple currency conversion website and quickly evolved into one of the world’s most recognized names in foreign exchange. Now part of the Euronet Worldwide group, XE offers a variety of services including live exchange rate tracking, market insights, and international money transfers. The platform is widely used in Canada and the U.S., offering both personal and business clients access to global transfers in over 130 currencies.
Canadians can use XE Money Transfer Canada to send money abroad through its secure online system. While the service is safe and regulated, XE has faced criticism for incorporating hidden margins into the XE rate, which can make transfers more expensive than they appear. Still, XE remains a trusted brand, especially for users who prioritize reliability and basic currency tools. However, those seeking lower fees or faster delivery often explore alternatives with more competitive offerings.
Is XE Available in Canada?
Yes, XE Money Transfer is available in Canada, offering services to send money to over 130 countries in more than 60 currencies. Canadian users can access XE’s platform via its website or mobile app, providing a convenient way to manage international transfers.
While XE is known for its user-friendly interface and the ability to track live exchange rates, it’s important to note that the exchange rates offered for transfers are not the mid-market rates displayed on their currency converter. Instead, XE applies a margin to the exchange rate, which can range between 0.5% and 2%, depending on the currency pair and market conditions. Additionally, for transfers below $500, a flat fee of $3 may apply.
Given these factors, Canadians seeking more competitive exchange rates and lower fees might consider exploring other options. There are several XE alternatives in Canada that offer transparent pricing, better exchange rates, and reduced fees, making them attractive choices for international money transfers.
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7 XE Alternatives in Canada
XE Money Transfer is a popular option for Canadians looking to send money internationally. It allows users to transfer funds to over 130 countries and is praised for its reliable platform and real-time currency data. However, while XE promotes live XE currency rates, its actual transfer rates include a hidden markup, often 0.5%–2%, along with potential flat fees for smaller transactions. These costs can reduce the value of your transfer significantly. If you’re seeking more transparent pricing, better exchange rates, and faster delivery, the following XE alternatives in Canada offer powerful, low-fee alternatives for both personal and business users.
PayPal
Overview:
PayPal is one of the most recognized global payment systems, allowing Canadians to send and receive funds internationally using just an email address. It’s especially convenient for online purchases and freelancers. While transfers within Canada can be free when funded via a bank account, international transactions incur fees around 3.9% plus a 2.5%–4% exchange rate markup, which may end up costing more than XE. However, PayPal shines in its ease of use, brand trust, and protection for both buyers and sellers, making it a strong option for e-commerce and personal remittances.
Key Features:
- Global reach and trust
- Buyer and seller protection
- Fast international transfers
Fees:
Free for domestic (bank-funded); ~3.9% + FX fee internationally
Why Choose PayPal?
Best for Canadians looking for fast and flexible international transfers, especially in online business or freelance settings.
Tangerine
Overview:
Tangerine, owned by Scotiabank, offers full-service online banking with no monthly fees, free Interac e-Transfers, and cashback credit cards. While Tangerine doesn’t provide built-in international transfers like XE, it pairs well with third-party services like Wise or PayPal for cross-border payments. Users looking to avoid maintenance charges and still have access to modern digital banking will appreciate Tangerine’s intuitive app and automatic savings tools. It’s a strong alternative for Canadians who want daily banking without the legacy fees often associated with big banks or FX platforms.
Key Features:
- No monthly fees
- Free domestic transfers
- Cashback rewards and savings tools
Fees:
Free domestic; FX and wire fees via partner services for international
Why Choose Tangerine?
A smart choice for Canadians who want cost-effective banking with flexible options for international transfers using third-party tools.
Wise
Overview:
Wise is one of the top XE alternatives in Canada, offering real mid-market exchange rates and ultra-low fees on global transfers. You can send money to over 80 countries, hold 50+ currencies, and even get a Wise debit card for spending abroad. Unlike XE, which includes a markup in its exchange rates, Wise charges a transparent fee (typically 0.35%–1.5%) and shows you exactly what your recipient will receive. Transfers are fast—many complete within hours—and the multi-currency account is ideal for digital nomads, freelancers, and remote businesses.
Key Features:
- Transparent fees and rates
- Multi-currency account + debit card
- Fast international delivery
Fees:
0.35%–1.5% depending on destination and amount
Why Choose Wise?
Perfect for users who want clarity, control, and cost savings on international transfers and currency management.
Simplii Financial
Overview:
Simplii Financial, backed by CIBC, is a digital banking platform offering no-fee chequing, free Interac e-Transfers, and a Global Money Transfer service to 130+ countries. Unlike XE, Simplii doesn’t charge a fee for most international transfers, although it does apply a currency exchange markup. Simplii’s integration with daily banking makes it convenient for Canadians who want both domestic banking and remittance options in one place. You also get access to credit cards, mortgages, and high-interest savings, making it a strong full-service option.
Key Features:
- No monthly fees
- Free international transfers (with FX margin)
- Full digital banking services
Fees:
No flat fee for transfers; FX rates apply
Why Choose Simplii Financial?
A solid pick for Canadians wanting a no-fee digital bank with built-in global transfer tools.
KOHO
Overview:
KOHO is a prepaid Visa platform offering a modern, mobile-first banking experience. Users can spend, save, and budget all from the KOHO app, while earning cashback on everyday purchases. It doesn’t offer direct international money transfers like XE, but works well in tandem with platforms like Wise or PayPal for sending money abroad. KOHO also offers a credit-building service, no monthly fees on the standard plan, and an optional KOHO Extra upgrade with perks like foreign transaction fee waivers—a great choice for travel-savvy Canadians.
Key Features:
- Cashback on spending
- Budgeting + financial insights
- Credit-building tools
Fees:
Free standard plan; KOHO Extra: $9/month
Why Choose KOHO?
Ideal for Canadians looking to optimize spending and budgeting, while keeping money transfer costs low with third-party pairings.
Neo
Overview:
Neo Financial is an emerging Canadian fintech offering reward-driven credit cards, high-interest savings, and a streamlined banking app. It’s not a direct money transfer provider like XE, but it supports global transactions through its Mastercard with FX fees. Where Neo shines is in its cashback structure, where users can earn up to 5% at partner merchants, making it a strong everyday financial tool. Neo’s high-interest savings and seamless digital interface appeal to Canadians wanting to ditch traditional banking for something more modern and rewarding.
Key Features:
- Up to 5% cashback
- High-interest savings
- Seamless digital experience
Fees:
No monthly account fees; FX charges apply on card use abroad
Why Choose Neo?
Best for Canadians who want a rewards-focused banking alternative with optional global spending power.
EQ Bank
Overview:
EQ Bank is one of the most powerful digital banking alternatives to XE for Canadians, thanks to its partnership with Wise. You can send money to over 80 countries from your EQ account, enjoying mid-market exchange rates and low fees via Wise. Plus, EQ offers a hybrid account combining chequing and savings with high interest, along with free bill payments and Interac e-Transfers. No monthly fees, competitive rates, and a smooth mobile experience make EQ a perfect solution for both local and global banking.
Key Features:
- Wise-powered international transfers
- High-interest savings + no fees
- Complete digital banking
Fees:
No monthly fees; 0.35%–1.5% for global transfers
Why Choose EQ Bank?
Great for Canadians who want a no-fee bank that saves and sends smarter, with Wise’s global network built-in.
Comparing the Best XE Alternatives for Canadians
While XE Money Transfer is widely used in Canada for currency conversion and international payments, many Canadians find its exchange rate markups and transfer delays less than ideal. Thankfully, there are a growing number of digital-first XE alternatives in Canada that offer better pricing transparency, faster delivery times, and added banking perks. Whether you’re sending money to the U.S., managing a freelance income, or traveling abroad, these platforms offer tailored solutions to fit your financial needs. Below is a comparison table to help you choose the best alternative for sending money both locally and internationally.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| PayPal | Freelancers & online payments | Free (bank-funded) | 3.9% + 2.5%–4% FX fee | Buyer/seller protection, instant transfers, global reach |
| Tangerine | No-fee digital banking | Free | Standard bank FX fees | Cashback credit card, savings tools, partner with Wise or PayPal |
| Wise | Transparent international transfers | ~0.5% | 0.35%–1.5% | Mid-market exchange rates, multi-currency account, debit card |
| Simplii Financial | Built-in global transfers | Free | Free to 130+ countries (FX markup) | Full-service digital bank, backed by CIBC |
| KOHO | Budgeting + flexible payments | Free | 1.5% FX fee (waived with KOHO Extra) | Cashback, budgeting tools, credit building |
| Neo | Rewards + savings | Free | FX rates via Mastercard | High cashback, digital experience, interest-earning savings |
| EQ Bank | Banking + global transfers | Free | 0.35%–1.5% (via Wise) | High interest, no monthly fees, Wise-powered transfers |
FAQ
Why is my XE money transfer taking so long?
XE money transfers can take longer due to several reasons: additional security checks, incorrect recipient details, public holidays, bank processing delays, or sending to a country with slower banking infrastructure. While many XE transfers are completed within 1–4 business days, certain destinations and currencies may take longer. Always double-check transfer details and track your payment in the app or online dashboard to stay updated.
Is sending money through XE safe?
Yes, XE Money Transfer is safe and regulated in Canada and internationally. It’s part of Euronet Worldwide, a publicly traded financial services company, and uses bank-grade encryption, identity verification, and fraud monitoring. While the platform is secure, it’s important to verify recipient details carefully and be mindful of the exchange rate markup to ensure you’re getting full value from your transfer.
