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 when XE was established, there were none.
Between 1993 and 2002, together with the popularization of the Internet, XE.com became a synonym for everything currency related. It created a variety of tools, graphs, and APIs, 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 it was still selling currency data packages to companies, this has supposedly become the company’s main revenue stream. Since 2002, XE Trade Money Transfers has processed more than $10 billion in global payments and has served thousands of businesses and individuals.
The company now has 20-30 employees in Canada, and transfers unknown sums of money each year (We assume it is one of the bigger players in the field, so anywhere between several billions of dollars to tens of billions annually).
XE.com, by itself, as far as we could tell looking into FinCEN’s and the FCA’s registrar records, is not regulated to conduct any money transfer activity. They even state on their website’s Money Transfer section (under “Secure and Reliable”) that “… Where required, our provider has regulatory approval in every country…”. That definitely indicates that they work with approved and authorised payment providers (currently, HiFX, as you’ll see below), but does not say anything about their own regulation.
Prior to using HiFX as their payment providers (as part of their acquisition by Euronet Worldwide), XE worked with Western Union. which is also, of course, fully regulated, being the largest non-bank money transmitter in the world.
XE’s Announcement on Moving to HiFX in 2016:
XE.com is well-established and appears to be trustworthy considering how long it has been operating. It is extremely well-known as the world’s currency authority (Its motto is “the world’s favourite currency site”).
On the other hand, XE serves as merely a gateway to another company. They do not provide the service themselves. That means that being an XE client you rely on XE.com’s good judgement in using the best currency transfer company.
There are 50+ reviews of XE.com’s XE Trade on Review Centre, 47 more on Site Jabber, and about 10 complaints on ComplaintsBoard.com. There are 553 TrustPilot reviews which are 93% positive.
Considering how well known XE.com is, we can only wonder why there aren’t 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 the following:
They like to stick to the bigger, better-known brands
Rates were excellent
The registration process was easy
The transaction went smoothly
Negative: Dissatisfied clients have reported the following faults:
The company deteriorated 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, yet money was still charged (!)
Clients are not forearded to the managers if they want to speak to a higher authority
Clients receive less money than they anticipated
Client support is outsourced and non-professional
At times, rates are worse than banks
More than 20% of the XE reviews we have discovered online are negative, detailing a number of reasons for their poor rating: non-responsive staff, poor rates, and payment not going through as smoothly as expected.
The 79% of positive XeTrade reviews we have found online provide the complete opposite notion. The positive reviewers are extremely satisfied with the service they have receive, the rates, and every other aspect.
There are additional reviews on the Comments section of this review by non-verified clients who provided feedback in regards to the service they have received. Most of those are negative, and some are positive.
Fees: XE proudly states they do not charge any fixed fees per transfer. Prior to 2017, this information was not mentioned on XE.com, so the firm has perhaps changed its fee structure or just chose to apt for more transparency than before.
Exchange rates: The exchange rates in which XE.com uses is not visible on the website. You have to register and sign into the online system, or speak to a phone representative, to get the current rates. These rates depends on the currencies and the volume of trading.
If we were to look into the 100+ XE reviews we that were collated on our website, we can see mixed opinions about the exchange rates used by XE. The most recent user comment from Jan 17, 2018, mentions a 1% margin “below the bank rate” (we suppose that’s the interbank rate that reader is referring to). That is somewhat average for the industry, really depends on the volumes and currencies.
Limits: Not specified on the website.
XE Business Model and Ownership:
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.
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.
We could not determine whether XE rates are better than their competitors, on par, or worse, due to mixed client opinions.
Global Reach & Service
Dedicated Dealer: Yes (HiFX dealer).
Ways to Approach: Telephone, online and via email.
Accepts Clients: Worldwide.
Currencies Handled: 40+.
Client Reviews: Less than 30% positive.
Offices: Canada only, as far as we could understand.
XE.com accepts clients internatoinally with no limitations but their main aim are clients from North America, Australia-NZ, the EU, and the UK. There are different sections on the Money Transfer section on XE.com devoted to people from these different locales but the content is highly similar between these different sections.
From the information we have gathered on the website and on Wikipedia, it seems like the company’s headquarters are in Canada with only 2 Canadian offices. For the sake of comparison, its highly-rated competitor World First boasts offices in all 5 continents, and more than 10 functioning offices in total.
XE.com is the best online currency exchange calculator, and has everything relating to this aspect – currency pairings history, interesting statistics, currency exchange apps, API’s, etc. All of the aforementioned services are great but are outside the realm of international money transfers.
In international money transfers, however, XE offers the following: options (including Forwards), regular payments, online trading system and of course spot transactions. We could not find any additional information on the type of options offered by XE and we are not sure whether they are offered only for corporate clients, or private clients can use them too.
XE Trade online system is similar in function to Transferwise and Currencyfair. You can use the online system to move money from point A to point B with no trouble.
Regarding other more complicated functions – it’s hard to say. There isn’t enough information about them on the website, and there are few client reviews out on the market discussing it.
XE Review: Bottom Line
When it comes to XE.com money transfer services (or XETrade) we do not have a definite bottom line. Some of the information we needed to formulate an opinion is missing. This review includes an objective overview of the data were were able to collect, and you are welcomed to read through it to form your own opinion of the company and its services.
We will strive to fill in the gaps in the coming months so we are able to give XE a definite rating, but for the time being we have revoked their rating to “Pending“.
If you are keen to use a money transfer company that has been verified and approved by us, you can use the button below to discover the top recommended companies on our website.
"MoneyTransferComparison.com believes that transferring money over seas doesn't have to be a difficult process, and should never cost more than it has to"
"Study By MoneyTransferComparison.com ... for every $100,000 an Australian sends abroad, they could potentially save up to $4700 by using a foreign exchange provider instead of their bank."
MoneyTransferComparison has been featured, quoted, or linked to, by more than 1,000 reputable websites, blogs, and magazines across the web.
Those include Investopedia, Investing.com, Business.com, Expat Living Magazine, SmallBusiness.co.uk, News.com.au, Tamebay, The Fintech Times, Money Canada, Startup overseas, The Independent Singapore, and Wikipedia.
Stay Safe and Secure With MoneyTransferComparison.com
Our first priority is the safety and security of your money. Thus, all the companies recommended on this website are authorised as Payment Institutions or Electronic Money Institution by the Financial Conduct Authority (FCA).
To improve the quality of our services, and provide better inputs for our users, we kindly ask you to add your comments to each review and article. We WILL take them into consideration and adjust our ratings accordingly.
"Let's create an integrated global community where we have shared benefits and responsibilities, and we don't fight because of our differences."
- Bill Clinton
Are you working for a money transfer company and wish to be reviewed on MoneyTransferComparison.com?
Send your details through our contact form. Provide accurate and up date details about the company you are representing, and show willingness to address any question we may have for you. Do not attempt to grab our attention by offering commercial partnership deals right off the bat. We only partner up with companies that have been fully reviewed and received terrific ratings.