XE Is providing exchange rates online since 1993.
XE Money Transfer Review
What is XE Money Transfer?
XE is a Canada-based online foreign exchange tools and services company headquartered in Newmarket, Ontario.
The XE money transfer is one of the most trusted and largest international foreign exchange business in the world. It was established in the year 1993 in Ontario, Canada and as of 2013, XE was ranked in the top 500 of all sites worldwide by traffic.
Euronet owns this money transfer platform since July 2015. Through XE money transfer, you can easily transfer money from your country to another country. One of the best things about XE is that it has been in business for more than 20 years, and it is part of the Euronet Worldwide Group, a very large and successful international financial service provider.
XE Money Transfer Regulation and Offices
How safe are money transfers with XE?
XE money transfer has offices in New Zealand, Australia, the US, Canada, and the UK. Individuals who are based in Europe can access XE money transfer services through HiFX Europe Limited, a subsidiary which merged with XE in December 2018. HiFX is regulated and licensed by the Financial Conduct Authority (FCA) as a legitimate money transfer agent. HiFX is also licensed to operate in New Zealand, Australia, and Canada.
XE has an Australian Financial Services License and a Deliveratives Issuer License from the Financial Markets Authority. Through the above regulations and licenses, you will be assured that your funds are safe.
How does XE money transfer work?
Before you use XE services, you will be required to create your account online. After that, you can start making currency exchange transactions at any time of the day and available 24/7. You can finance your transactions using your credit card, debit card, or bank account. However, you must know that you will incur some fees when financing your transactions using a credit card.
When sending money transfer through your bank account, you can either use Automated Clearing House or Wire transfer. Your recipient will receive the money without necessarily having an account with XE. The money will be delivered via a regular bank transer inside the country of the recipient, cutting the fees for international wire transfers.
The transfer speed is based on factors such as the banks involved, the number of the funds transferred, and the currency you are sending. In many cases, after you have initiated a transfer, it will take between 2 to 4 days for the recipient to receive the amount.
XE Money Transfer Rates and Fees
The good thing with XE money transfer is that you will not be charged any commission or fees when transferring money internationally. Although XE money transfer does not charge transfer fees, the recipient banks may charge some fees. XE Company facilitates all its currency transfers using the SWIFT banking network. Through this platform, XE is able to offer money transfers across the world. Unfortunately, the recipient will incur some charges, and XE does have control of them.
XE is able to make money by utilizing the profit gained from money transfer, which is the difference between the price you get from money transfer and the total price XE incurs in completing the transactions. For instance, when transferring money using XE, the exchange rate is between 0.5% to 2% for the mid-market markup. It is very rare for you to incur third party fees like bank charges for wire transfers.
Advantages of using XE money transfer service
XE will allow you to transfer money over 60 currencies and over 120 countries. The good thing is that many of the transactions will be completed within a single day. In addition, XE offers amazing exchange rates for free, no hidden fees, or commission. You will also be assured of getting consistent updates about your transfers through SMS or email.
If you placed your transfers online, you will have a limit of $500, 000 for every transaction on the other hand if you placed your transfer through your phone (mobile app) you will not have any limit.
XE offers the best transfer rates, which are better than banks or those offered by other money transfer brokers.
XE money transfer has excellent customer support who can assist you with any kind of transaction such as the personal account manager, especially when transferring huge amounts of money. Also, if you wish to make several payments, target specific rates or have complex needs, you can get advice from the XE support team on how to achieve them successfully.
Disadvantages of using XE money transfers
XE money transfers do not use the mid-market rate; therefore, you must be keen about the rate you will be offered when you are transferring money. Transfers made through XE are usually sent to the recipient’s bank account. This implies that you will not have any options for transfers to your debit card, mobile wallet delivery, or cash pickup. In addition, when using the XE platform, you will not have the option of paying international transfers using cash or credit cards.