By W. H. Abdelgawad for SafeCashTransfer.com
Update: I started researching this article four months ago, but when I checked just now I found that the website – which used to be XpressMoney.com – is down, and that the company seems to have migrated their website to XpressMoney.biz (if it is even the same company).
That seems strange and shady to me. So at this point I’d have to say that I cannot recommend Xpress Money. Nevertheless, here is the review that I started back in May 2012:
I recently learned about a money transfer service called Xpress Money. Xpress was founded 12 years ago and is based in Princeton, New Jersey, USA. Their website says they have 135,000 agent locations in 125 countries. They seem to specialize in money transfers to Asia and the Middle East (they have no agents in Latin America, as far as I can see). Unsurprisingly, their corporate officers, directors and shareholders are mostly Indians and Arabs.
It looks like the Xpress Money service does not have independent money exchange centers. In Canada, for example, the Xpress Money service is offered through major banks like RBC Royal, BMO, Canada Trust and Scotia Bank, and is available to account holders at those banks.
Sending Rates and Currency Exchange
Xpress Money’s money transfer fees are reasonably low. I used their rate calculator to find out how much they charge to transfer $100 from the USA to India. Their fee is $8.
Some unscrupulous money transfer services offer low transfer fees, but hit you hard on the exchange rate. That’s where they make their profit. Is Xpress Money doing that?
In a word, no. Xpress Money’s exchange rate for the transfer is 53.36 INR (Indian rupees) for one U.S. dollar. I checked Yahoo Finance’s currency converter, and the current exchange rate on the open market is 53.79. If you sent $100 through Xpress Money, your recipient would get 5,336 INR, as opposed to 5,379 on the open market. That’s a difference of 43 rupees, or about 8 cents U.S.
So you’re losing almost nothing on the currency exchange.
Xpress Money User Reviews
I’ve never used Xpress Money’s service and I don’t know anyone who has. Their website has several positive testimonials from customers who have sent money to India, Pakistan and Bangladesh. But of course Xpress would not give publish negative experiences on their website.
They also have a Facebook page with 40,000 likes. It’s a mix of corporate news, interesting articles and random odd facts, like, “Eating a packet of crisps a day is equivalent to drinking five liters of cooking oil a year.” (Ha ha).
If you have used Xpress Money, please comment here and let us know if you were happy with the service or not.