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XE (XE.COM) Money Transfer Review

Quick FactsPros and Cons
xelogo

Established: 1993. Owned by Euronet since July, 2015.


International Clients: ✓ Internationally


Currencies Offered: Not published


Minimum Transfer: No set minimum.


Trading via: Website platform or app.


Offices In: UK


Regulation: ✗ Payment providers used by Xe.com are regulated


Fees: Currency and volume dependent 


Promotional Code: None


Client Reviews: 50 reviews on ReviewCentre, 50 reviews on SiteJabber


Client Rating: 30%


Website: www.xe.com

Awards Won

– None


Our Rating: 50.8%

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Pros

Since 1992

Ultra-Accurate Currency Quotes

Local Business Partners Across The Globe

Cons

No Dedicated Dealers

White Label Product

Mainly Negative Client Experiences

Vague Information on Website


Our Rating: 50.8%

🔎 View Rating Breakdown


 

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Read More:

Company Information and Credibility


Company size:  

XE.com, which was established in 1993 in Ontario, Canada, is one of the internet’s first currency exchange rate providers. Nowadays, there are hundreds of websites offering up-to-date information (we also have our own foreign currency rates section), but back in the day when XE was established, there were none.

Between 1993 and 2002, together with the popularization of the internet, XE.com became synonym for everything currency rated. They created a variety of tools, graphs, and API’s, and many companies were happy to pay a monthly retainer to gain access to them.

In 2002 XE started XE Trade – an online international money transfer service. While they were still selling currency data packages to companies, this has supposedly become their main revenue stream. Since 2002, XE Trade Money Transfers has processed more than $10 billion in global payments and served thousands of businesses and individuals.

The company now has between 20 – 30 employees in Canada, and transferring unknown sums of money each year (we assume they are one of the bigger players in the field, so anywhere between several billions of dollars to tens of billions annually).

In July 2015, XE.com was bought by Euronet, the owners of HiFX and Ria money transfer (among others).


Regulated By: 

None. XE works with various commercial foreign and banks in different regions, which they claim are regulated by the relevant regulatory authorities. Since they do not provide a definite list of providers they work with, it’s impossible to verify these claims.

Update: XE.com is moving its currency payments provider, Western Union on October 30th 2016. As of this date all payments will be conducted by HiFX. XE.com has operated in partnership with Western Union for several years, but will be using ‘sister company’ HiFX as of October 30th 2016, facilitated by the Euronet takeover last year..

xehifx


Conclusion: 

XE.com is quite established and appears to be trustworthy considering how long it has been operating. It’s extremely well known is indeed the world’s currency authority (their motto is “the world’s favorite currency site”).

On the other hand, the site is merely a currency data website which connects clients with different payment providers, and in fact, the staff does not handle the transactions at all. Why would you bother to use XE instead of dealing directly with the company providing the payment service (HiFX or others). Why would you rely on XE.com’s judgement in choosing a payment partner instead of choosing a company on your own?

Credibility Rating

Client Feedback


Research:

There are 50 review XE.com’s XE Trade on Review Centre, 20 more on Site Jabber, and about 10 complaints on ComplaintsBoard.com. Considering how well known XE.com is, we can only wonder how come they don’t have more reviews. For the sake of comparison, companies like World First has more than 4,000 verified reviews on Feefo.


Positive:
Clients who loved XE Trade said that:

  • They like to stick to the bigger, better known, brands
  • Rates were excellent
  • The registeration process was easy
  • The transaction went smoothly
Negative:
Dissatisfied clients have reported the following faults:

  • They degraded over time and rates have been non-competitive before negotiation
  • Money that has been sent was not received within 14 days
  • Some trades did not go through, but money was still charged (!)
  • Clients are not passed on to the managers if they want to speak to a higher authority
  • Clients got less money than they anticipated
  • Client support is outsourced and non-professional
  • Rates are worse than banks at times

Conclusion:

Most clients are completely dissatisfied with the quality of services they receive from XE.

It starts off with non-responsive support which refuses to forward calls to managers, which is apparently outsourced (never a good sign).

Then, we discovered multiple complaints about the rates. It seems to us that some currency pairs are extremely expensive to trade with XE.com, and some currency pairs are cheaper (as some clients also indicated the prices were good in comparison to other companies they tested).

The worst thing we have noticed through our research is the fact some payments did not go through at all, and clients did not receive satisfactory explanation to that.

To summarize, XE.com has less than 100 online reviews, which is worrisome to begin with, and out of those 100 at least half are complaints which point at very serious faults.

User Rating

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Exchange Rate & Fees


Fees: Unknown. It is not stated anywhere on the site what are the wire fees, and we assume the reason to that is because they use local payment providers for each locale. That means wire fees may vary. We assume the service is not fee-free, else they would have stated that.

Exchange Rates: We have mixed client opinions about their rates. Satisfied clients swear by the fact they are the cheapest company to use for currency exchanges bar none. Discontent clients swear their rates are sometimes worse than banks. Our only indication were two blog posts we discovered that discussed a default markup rate of ~1.8%, which is quite high but somewhat comparable to most FX companies out there.

Limits: Not specified on their website.

The XE business model and ownership: As a result of an online-optimised approach, the pricing XE.com is able to offer beats the industry average. Large firms with large overheads typically charge higher commission rates and wider spreads compared to XE.com but equally, offer a deeper subset of interactivity for customers. The most pivotal reason why XE.com should in theory be able to offer very competitive rates is close partnership with a much larger entity called Euronet.

Euronet Worldwide Inc. (Nasdaq: EEFT) is a large money transfer company worth US$4 billion by market capitalisation and handling over $77 billion in cash per year across 155 countries. Euronet acquired XE.com in a cash and shares deal worth around $100 million. The acquisition is this year being followed up by XE.com switching its payment provider from Western Union to HiFX.

HiFX is a global provider of foreign exchange and already a part of the Euronet group of companies. The Euronet takeover has allowed XE.com’s online brand to be matched with HiFX’s reputation and market position. HiFX currently has a 5 Star ‘excellent’ customer service rating on Trustpilot from 10,000+ verified reviews.

XE earns revenue from two services tied to currency exchange rates: currency data and international payments.

XE earns subscription-based fees for delivering global currency exchange rate data through its proprietary currency data API and earns transaction-based revenue from XE Trade Money Transfers, its online international payments service made available to businesses and consumers through an outsourced service contract.


Conclusion:

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: No.
  • Offices: Canada.
  • Ways to approach: Telephone and email.
  • Translations: No.
  • Accepts clients: Worldwide.
  • Currencies Handled: Unknown.
  • Client reviews: Less than 50% positive.

Conclusion:

You could say XE.com is extremely international, because they don’t specifically mention they don’t deal with clients from certain geographical areas, but on the other hand, it’s not completely clear.

XE.com is primarily focused on technical platform functionality as opposed to direct customer service. Customers are offered a wide range of tools and add-on services but it is not actively marketed or used to upsell its currency transfer service. The vast majority of customer interaction is done online, via email or through Frequently Asked Questions (FAQ’s).

The problem with the above is that clients don’t seem to be happy with the setup. There an abundance of complaints to be found online about XE.com’s support. This is probably one of the reasons they are switching over to a different payment provider – from poor Western Union to industry leaders HiFX.

Global Reach Score

Additional Functionalities

XE.com is the best currency exchange calculator on online, and has everything relating to this aspect. Currency pairings history, interesting statistics, currency exchange apps, API’s, etc.

On the realm of money transfer, they offer nothing beyond simply moving money from point A to B (or if they do, it is not specified on their website nor was mentioned by any of its reviewers). The only thing they do offer is to set up automated trades – if a certain rate will be reached, a transfer should be intitated. This is something which most other currency companies also offer.


Conclusion:

XE Trade’s offering is extremely limited, and somewhat comparable to companies like Transferwise and Currencyfair, but unlike them… XE.com isn’t transparent about its trading conditions, rates, availability and offering, and is generally speaking – less customer-friendly.

Special Features Score

Review Summary
  • Credibility Score - 75%
    75
  • Client Feedback - 30%
    30
  • Fees, Exchange Rates - 50%
    50
  • Global Reach, Availability, Service - 50%
    50
  • Added Values - 50%
    50

Bottom Line

We do not recommend on using XE.com for money transfers. Although it's a well established brand for online currency calculators, its money transfer service is actually not operate by them, and clients are extremely unhappy with the service they have been provided with.

51 %

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8 comments

  1. Arfana Sallman

    Im very pleased how XE handled it in a timely manner.
    Contacted me few minutes after, authorized the transfer and sent me an email confirmation.

    I see it as honest company.

    Posted on August 17, 2016
    • compare

      Thank you Arfana Sallman for your honest feedback. It would be great if you could add more details about the transfer:
      – Which ballpark amount
      – Destinations
      – The rate you got
      – The data it was executed
      – Which company handles the transaction (they use local agents in each country)

      The thing about XE is that we don’t have enough information about the company. The more we get and the more positive impressions we hear of them, the higher the chances we will increase their ratings.

      Posted on August 17, 2016
  2. Chris Corfman

    I send money from the US to the Euro Zone every so often to purchase musical instruments. I’ve never had a problem with fx.com. The rates have almost always been the same as the bid, and very close to the actual exchange rate. Once there was an additional small charge, I think from a bank.

    I’ve never had a problem with support; on the contrary, the support has always been very quick and helpful.

    Transfers take a few days or a week. My experience is that security and verification is taken very seriously.

    Posted on October 19, 2016
    • compare

      Thank you Chris. We will keep your feedback in mind! Could you provide us more details about the transfer? What kind of margins were applied? Which companies actually handled your transaction?

      Posted on October 23, 2016
  3. Sally Aquilina

    I used xe for 2x transactions, and won’t be anymore.

    I am transferring savings from Australia for a house deposit in Ireland. I’m not in a huge rush on this, so xe’s limit trades looked great, and I didn’t look much further after that.

    In August I transferred$10,000. The wire and EFT options had fees, so I chose the draft option. I assumed the cheque arriving would be local, and I had checked the rates with my bank re cheque deposits. All the while assuming the cheque would come from a UK or Eu bank. It came from bank of America, Frankfurt branch. My bank advised it had to be a special collection, and the fees would be around €600 and it would take 6 weeks to clear. I didn’t really blame xe for that, but did think warning of a potential €600 fee is slightly different to regular bank fees.

    The cheque was never cashed. On 1 Nov I started asking my bank in Ireland where the funds were. On 2 Nov xe emailed me to see if the cheque had arrived, if I wanted it reissued, and offered to complete the transaction by wire or EFT. I was delighted to be able to avoid the €600 fee and get it sorted. They ordered the cheque be cancelled.

    2 weeks later, the cheque cancelling process is completed and they tell me my only option is to return it to the originating account, because they can not honour transactions from before the change of partners. While that in itself is annoying, my complaint was they should have told me that when giving me my options on 1 Nov. They would not engage in conversation about that, just kept repeating that that’s all they can do.

    Meanwhile, another transaction had triggered because my desired rate was reached. This time I requested an EFT. When they sent me the transfer details (AUD to EUR) they sent a UK account (that wasn’t the case for the previous transaction). I had to request details for an Australian account, and wonder if that will be the case going forward (I won’t be finding out).

    Because these two were happening at the same time, I also suggested using the $10k they wanted to return to my Australian account against the $20k for the second transaction. They just ignored the question on 3 different e-mails (I accept if it can’t be done, I don’t accept them pretending I didn’t ask).

    I didn’t do much homework before selecting xe, but this site has been very helpful in my choosing of the next organisation I will try.

    Posted on November 17, 2016
    • compare

      Hi Sally, thank you for your detailed input. We appreciate your kind words.

      I would definitely blame XE.com for the cheque situation you firstly described. This is exactly the problem with online-only payment providers, and the reason our most recommended services have dedicated currency experts to help you through the process. It is unreasonable to let you do all the legwork with your bank and figure out the fees yourself. It is only expected something will go wrong in the process and the fees would be higher than expected. At EU 600 on a $10,000 we’re talking about 6.5% – 8.5% of the money sent (depending on whether you are talking about Aussie dollar or American dollar), not including XE’s markups! It would have been remarkably cheaper to transfer the funds directly through your bank! Of course they did what they could to reverse this situation because the payment that was due is completely disproportional. I’m glad to hear they did.
      Then, asking you to send funds from Australia to a UK to fund your transfer is complete rubbish. It would have costed you AUD 15-30, and result in a further delay.

      The worst thing about this whole thing is the service. Ignoring your requests. Not engaging in a conversation. Not explaining you the reasoning for their requirements. The exact opposite of how this industry should work! After all, you’re sidestepping from your comfort zone (bank), and they are the ones to make you feel completely comfortable and safe.

      As you said there are other options around! We are certain that with our top recommended companies your experience would be completely different.

      Posted on November 17, 2016
  4. Ryno Terblanche

    Terrible service. I’ve been asked too many times to prove who I am, even though I’ve been using this service for over ten years! See ya xe trade

    Posted on January 27, 2017
    • Compare - MTC Admin

      Hi Ryno indeed odd to ask you for a proof of identity when you’ve been using them for 10 years. Which company do you plan on using now?

      Posted on January 27, 2017

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