International business payments can be complex, costly, and slow when handled through traditional banks. That’s why many small and mid-sized enterprises (SMEs) are turning to modern fintech platforms like XE Money Transfer for faster, cheaper, and more flexible solutions. Known for its transparent mid-market rates and global reach, XE has become a go-to for businesses managing cross-border expenses, supplier invoices, payroll, and international investment transfers.
But is XE the right fit for your business? In this guide, we break down the key advantages and potential drawbacks of using XE for business payments. If you’re thinking of signing up, click here to explore XE for business with our affiliate link.
✅ Pros of Using XE for Business Payments
1. Competitive Mid-Market Exchange Rates
One of XE’s biggest selling points is its use of the mid-market exchange rate — the “real” exchange rate you’ll see on Google or Bloomberg. Unlike traditional banks that add a 2–5% markup, XE offers rates much closer to the true value, helping your business save significantly on large transfers.
For example, sending £100,000 through a bank could cost up to £5,000 in hidden spreads. With XE, this margin is much tighter — often under 1%, depending on currency and volume.
2. No Transfer Fees
XE doesn’t charge transfer fees on most business payments. Whether you’re sending funds to pay a supplier in Europe or reimbursing a remote contractor in Asia, XE won’t clip your ticket on each transaction. This is especially valuable for companies making frequent, smaller payments.
3. Wide Currency Coverage
XE supports over 130 currencies and sends money to more than 200 countries. This makes it an ideal solution for businesses with global suppliers, clients, or remote teams.
From USD, GBP, EUR, and CAD to emerging-market currencies like INR, NGN, or IDR, XE provides the infrastructure needed for seamless global operations.
4. Fast Transfer Speeds
Transfers can arrive in the recipient’s account within the same day in many cases — especially for popular currency pairs and business hours. For others, it may take 1–3 business days. Compared to the 3–7 day wait typical with bank wires, XE is noticeably faster.
5. Dedicated Business Account Managers
Larger business clients can get access to a personal account manager who helps with:
- Strategic FX planning
- Rate locking and hedging solutions
- Bulk payment setups
- Customized support and regulatory compliance
This white-glove treatment is invaluable for finance teams juggling multiple payments or navigating volatile exchange rates.
6. Highly Secure Platform
XE is part of the Euronet Worldwide group and is fully licensed and regulated in multiple jurisdictions, including the UK’s FCA, Canada’s FINTRAC, and the U.S. FinCEN. Their systems use 256-bit encryption, segregated client accounts, and two-factor authentication (2FA).
Security is mission-critical for business payments — and XE takes it seriously.
7. 24/7 Customer Support
Need help at 3 AM? XE offers global customer support through phone, chat, and email. Their business desk responds promptly, and assistance is available in multiple languages. Whether you’re troubleshooting a delayed transfer or confirming regulatory requirements, their team is reliable and knowledgeable.
8. FX Tools and Rate Alerts
XE offers powerful tools for business users:
- Rate alerts: Get notified when your target rate is met.
- Forward contracts: Lock in a rate now for a future payment.
- Market updates: Stay informed on currency trends.
These tools help mitigate currency risks and support smarter financial planning.
❌ Cons of Using XE for Business Payments
1. No Multi-Currency Account Holding
Unlike services such as Wise Business or Payoneer, XE doesn’t offer multi-currency accounts to hold and receive money in foreign currencies. That means you can’t use XE as a business wallet — it’s for outbound transfers only.
If your business receives international payments often, you might need a complementary solution for collection and holding before sending with XE.
2. Limited Payment Methods
XE generally requires a bank account to fund transfers. Card payments are not supported in all countries, especially for higher amounts. This may limit flexibility for businesses that prefer using corporate cards or alternative wallets.
3. Verification Process Can Take Time
To comply with anti-money laundering laws, XE requires businesses to submit documentation during signup. This may include business registration, ID documents for directors, and proof of bank account ownership. Though standard, this process may take 1–3 days before you can send your first payment.
4. Not Ideal for Micro-Payments
For businesses sending frequent payments under $500, XE’s interface and process may feel too heavy-duty. In such cases, PayPal, Wise, or Revolut may offer a simpler experience — though at a higher cost.
5. No Invoicing or API Integration
XE does not offer built-in invoicing features or full API access (yet). That could be a deal-breaker for businesses seeking automation or full ERP integration.
However, many use XE alongside their internal accounting or CRM software without issue — it just may require more manual steps.
Who Should Use XE for Business Payments?
XE is ideal for:
- SMEs paying global suppliers
- Startups with remote teams or freelancers
- Export/import businesses needing large FX transfers
- Agencies with international contractors
- Companies sending high-volume transactions monthly
With its strong FX rates, no fees, and secure platform, XE offers significant value to businesses moving money across borders. For larger businesses or those looking to hedge currency exposure, the personalized account management is especially helpful.
XE may not be ideal if:
- You need to receive international payments into local bank details
- You rely on card or cash funding
- You need full API access and automated batch invoicing
Final Thoughts
XE offers a powerful and cost-effective alternative to banks for global business payments. From tight mid-market rates to robust customer service and regulatory safeguards, XE simplifies the international payment process for businesses of all sizes.
That said, it’s not a complete one-size-fits-all solution. Consider your company’s payment needs, currency exposure, and cash flow to determine if XE is the best fit.
If you’re ready to streamline your business transfers and reduce FX costs, click here to create a free XE business account and start exploring its features firsthand.
Whether you’re sending funds weekly or managing international payroll, XE gives you the tools to move money smarter — and keep more of your profit where it belongs.
