XE.com Review

Over the last few decades, XE has become one of the better-known money transfer services in developed nations. Individuals and businesses alike use this company to transfer funds all over the world. If you would like to determine if XE is right for your purposes, this review is for you. Read a detailed examination of just how this service handles their transactions.

At a Glance

XE was founded in Canada and its headquarters remain in Ontario. Launched in 1993, this company became famed for its use of new technology in currency and money transfer services. Eventually, in 2015 it was acquired by Euronet Worldwide. This meant that XE was part of the third-largest money transfer service in the world.

Then, in 2019, the company branched out even further and merged with HiFX. Today, the service is responsible for transfers for around 280 million people around the globe. The company processes around $115 billion in the last year.

The Pros

As a leading international money transfer service, XE does offer its customers a number of advantages. These include:

No Fees

There is no denying that international money transfers can be an expensive venture if you’re not careful. Fortunately, XE does quite a bit to reduce costs for you as much as possible. To begin with, the service doesn’t charge you any flat fee at all.

Instead, the company makes its money by inflating its mid-market rates slightly. Even then, the prices quoted are quite reasonable. This is especially true when the rates are compared to banks. In this instance, XE will save you quite a bit of money.

Widespread Currency Transfer

One of the main perks of using XE for transfers is that you will be able to send virtually any kind of currency. The service currently supports over 180 currencies from over 280 geographical locations. As such, you will never be stuck when using them for transfers.

Quick Transfer

There is also the fact that XE is known for its quick transfers. In some instances, the money can be sent almost immediately, as long as legal procedures don’t interfere. In other cases, the process can take between 2 and 4 days, just like any other service. What sets XE apart, though, is that the company is great at staying on top of the transfers. So, if there are any delays at all, you can be certain that it is handled well.

User-Friendly Features

If you are someone who prefers to handle the transaction by yourself, then you will enjoy the features this firm has to offer. You can take care of virtually every aspect of the transfer online. What’s more, you can even transfer money via an app, cutting down on any hassle even more.

There is also the fact that XE caters to customers from all over the globe. For instance, the website is available in seven different languages, not including English. This means that regardless of the language you speak, you will most likely be able to understand every step of the transaction process.

Reliable

Another factor that XE scores high on is reliability. As HiFX handles the transaction aspect of the company, they are a Registered Financial Service Provider. The company has received an Australian Financial Services Licence and is regulated by ASIC.

Furthermore, the company is very transparent about all the mid-market rates, prices, and anything else related to currencies. All the information provided on the site can be verified, ensuring that you really are getting the best deal possible.

Secure

You will be pleased to learn that XE uses enterprise-grade security every step of the way. Thus, as long as the money is within XE control, you can guarantee that it will go exactly where it needs to. This also ensures that your sensitive information remains safe.

The Cons

While XE does boast some incredible features, there are a few downsides to using this service. Here are the most pressing ones:

Limited Transfer Presence

While you can send multiple currencies to numerous destinations, there are some limitations to where you can send the money from. Currently, this service is largely available to individuals in Europe, the United States, Canada, Australia, and New Zealand.

Tricky Currency Comparisons

As mentioned, XE is great for currency comparisons. This, of course, is how you can get the best possible deal. The only issue is that the comparison process is a little tricky as you are provided with the relevant information only towards the end of a transaction. So, if you want to compare and contrast prices at this point, it will take some time.

Compliance Obstacles

XE is compliant with a number of financial oversight agencies around the world. As a result, they are expected to verify each account and maintain certain standards. The downside to this is that, sometimes, accounts can be randomly refused or frozen. This is often because the company has reason to believe that the accounts don’t comply with the set standards.

In Conclusion

So, what are our final thoughts on XE for international money transfer? Well, there is no denying that this really is one of the best services out there. For one thing, it is an incredibly reliable money transfer service. Due to this, you can send vast amounts and not have to worry about your money going missing.

The best thing about it is that the transfer process is so streamlined and efficient. Whether you are using the website or the app, you can complete the process incredibly quickly. This is quite useful for individuals who have to send money on a regular basis.

What’s more, when sending money with XE, there are few limits involved. You get to choose from numerous currencies and can even view the site in different languages. Due to this, you will never feel lost.

Overall, if you need to send money to a foreign company, XE is as good as it gets. So, if you are considering using this agency, do not hesitate to do so.