Here is a closer look at XE’s money transfer services, fees and business payment capabilities
Key takeaways
- XE lets Malaysian users send money to 190+ countries in 130+ currencies
- Transfer fees for XE vary by destination, currency and payment method, with pricing shown before confirmation and not mentioned publicly
- The platform offers a money transfer service, although it also offers a separate business account
- WorldFirst offers multi-currency accounts, marketplace collections, supplier payments and more
XE is an international money transfer platform that enables users to send payments globally and access currency conversion tools.1
This review breaks down XE’s features, fees and transfer process for Malaysian users, including its business account offering.2,3,4 It also explores WorldFirst as a multi-currency account option for businesses that need more than just the ability to send payments international transfers.
What is XE?
XE is a 30-year-old global money transfer service provider used by 17,000+ businesses.1,5 It’s operational in 190+ countries and supports sending and receiving multiple currencies including USD.1 It offers separate personal and business accounts. with one major difference: pPersonal accounts come with sending limits and business accounts come with varying transfer fees.1,2,6,7 XE also provides tools such as a live currency converter, rate alerts, IBAN validator, market updates and a currency data API.1
Quick look: Pros and considerations of XE
| Pros |
Cons |
- Ability to send payments in 130+ currenciesOffers a live currency converter for 100+ currencies with rate alerts
- Offers both personal and business accounts for international transfers
|
- Users can only check the actual transfer fees at the time of making the paymentDoes not share its transfer fees. Users h publicly mention any transfer fees
- Does not accept prepaid credit/debit card payments for fund transfer
|
XE fees for Malaysian users
| Fee type |
XE Malaysia fees |
| Monthly account fee |
Not specified |
| Account opening |
Not specified |
| International money transfer fee |
Varies depending on the destination country, currency and payment method; exact fee is shown before confirming the transfer |
| Adding money to a currency account |
Zero |
| Converting between XE currency accounts |
Zero |
| Currency conversion |
Exchange rate applied; markup not specified |
| Business card |
Not supported |
*Fees checked in July 2026
Features of XE money transfer
International money transfers
XE allows Malaysian users to send money to more than 190 countries in over 130 currencies through its online platform and mobile app. Transfers can be funded by bank accounts.
Transfer fees are not fixed and vary based on the destination, currency and payment method, with the total cost displayed before the transfer is confirmed. Personal customers are also subject to online transfer limits (for example up to US$500,000 for US or GBP 375,000 for UK), although the limits vary by region and payment method.
Exchange rates and XE currency converter
XE’s currency converter provides live exchange rates for more than 100 currencies. The platform also offers historical exchange rate charts, free rate alerts, FX market insights, an IBAN validator, currency email updates and the XE Currency Data API, which provides real-time exchange rate data for over 170 currencies to businesses and developers.
Funding methods
Malaysian users can fund an XE money transfer using a bank transfer, debit card or credit card, subject to availability and eligibility. XE may restrict card payments for some customers as part of its security checks and does not accept prepaid debit or credit cards.
Receiving money through XE
When you send money through XE, it lands directly in the recipient’s bank account. You’ll need their account number, bank name and SWIFT/BIC code to make the transfer.
XE also offers a separate multi-currency business account. Businesses can hold funds in currencies like MYR, USD, EUR, GBP, AUD, CAD and NZD, convert between them, and make international payments from those balances.
Individuals can receive international payments directly into their bank account when the sender uses XE to make a transfer.10 The sender must provide the recipient’s bank account details, including the account number, bank name and SWIFT/BIC code.
For businesses, XE also offers a separate multi-currency business account that supports holding balances in currencies including MYR, USD, EUR, GBP, AUD, CAD and NZD, converting funds and making international payments from pre-funded balances.
How to open an XE account in Malaysia
- Create an account: Use your email address and complete the registration process.
- Verify your identity: Then. enter your recipient’s details and generate a transfer quote by selecting the destination, currencies and amount.
- Fund and confirm your transfer: Use an eligible bank account, debit card or credit card, then track its progress through your XE account.
WorldFirst: A multi-currency account for Malaysian businesses
WorldFirst is a global payments provider built for businesses with ongoing cross-border transactions. Its World Account is a multi-currency account that enables businesses to receive, hold, convert and send funds across multiple currencies from a single platform.
Key features include
- Multi-currency accounts: Open local currency accounts in 20+ currencies, including MYR, USD, EUR, GBP, AUD and CNH, with no account opening or monthly maintenance fees
- Global payments: Send payments in 100+ currencies across 200+ countries and regions, all from one account
- Global payments: Send payments in 100+ currencies across 200+ countries and regions from a single World Account
- Marketplace collections: Get paid by 130+ global marketplaces and payment gateways, including Amazon, Lazada, Shopee and Stripe, and hold the funds in the receiving currency until you decide to convert or use the funds to make further same-currency payments
- Payments to China: Pay Chinese suppliers directly in CNH or USD from your World Account. If you source from 1688.com, use World Pay–the authorised international payment provider for 1688.com*
- Business integrations: Add multiple users to the account and connect Xero or NetSuite to keep payments and accounting in sync
- Marketplace collections: Receive international payments from more than 130 global marketplaces and payment gateways, including Amazon, Lazada, Shopee and Stripe, and hold supported currency balances before converting or sending funds
FAQs
What is XE money transfer?
XE is an international money transfer service that allows individuals and businesses to send money to more than 190 countries.1 It also provides currency tools such as live exchange rates, a currency converter and rate alerts.
Does XE charge fees for money transfers?
Yes. XE may charge transfer fees depending on the destination country, currency and payment method. The applicable fees, exchange rate and recipient amount are displayed before the transfer is confirmed and not specified publicly.
How long does an XE transfer take to Malaysia?
Most XE transfers are completed within 1-4 business days, although some payment methods and delivery routes may allow funds to arrive sooner. Transfer times vary depending on the currencies and payment method used.
Does XE offer a business account?
Yes. XE offers a separate business account that supports international payments, multi-currency balances and FX solutions. But, XE is primarily known for its international money transfer service.
What is a good alternative to XE for Malaysian businesses?
WorldFirs is a multi-currency account for receiving, holding, converting and sending funds. It helps businesses pay suppliers, collect payments from marketplaces and hold funds until they are ready to convert.
Sources
- https://www.xe.com/en-my/
- https://www.xe.com/en-my/business/
- https://www.xe.com/en-my/money-transfer-fees/
- https://help.xe.com/hc/en-gb/articles/41785275824657-What-are-the-fees-for-adding-or-converting-between-my-currency-accounts
- https://www.xe.com/en-my/business/multi-currency-accounts/
- https://help.xe.com/hc/en-gb/articles/42557716395921-Paying-for-your-business-transfer-by-bank-or-wire-transfer
- https://help.xe.com/hc/en-gb/articles/360019847837-What-are-the-limits-on-how-much-I-can-send
- https://www.xe.com/en-my/currencyconverter/
- https://help.xe.com/hc/en-gb/articles/360019845777-Which-payment-methods-can-I-use
- https://www.xe.com/faq/topic/receiving-money/#how-do-i-receive-a-transfer
- https://www.xe.com/faq/topic/about-xe/#which-currencies-do-you-offer
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
