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