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XE is one of the most well-known names in the international money transfer industry. This isn’t a surprise seeing how this service has been around since 1993. However, before you choose to use this service out of respect for its experience, you need to understand exactly how it operates today. You need this to make an informed decision which you won’t regret.
XE.com: Story from the Beginning
The history of XE.com started back in 1993, which makes it one of the oldest existing online services that deal with currency exchange. Back in the day, providing detailed data packages about currencies was the only thing the company did.
Businesses used the service to get the information they needed to save money when working with partners or clients abroad. Which means that it was also one of the earliest subscription services on the Internet.
In the beginning, the main ‘attraction’ of XE.com was an online currency calculator. It was a revolutionary feature back in 1993-1994 as it provided the current exchange rates and updated information about their changes in real time. Until this day, XE’s currency converter calculator is considered to be among the most accurate and efficient.
By 2001 the company changed its name to XE.com Inc. and started to focus on expanding its service list beyond information packets and currency-related solutions, like converters. XE’s own international money transfer service, XE Trade, was born in 2002. Today it operates under the name XE Money Transfer. According to the information from the company’s official website, it has transferred over $250 billion since the service’s inception.
However, it’s very important to understand that XE.com has never been the one to make the actual transfers. They do not provide the service, instead serving as a ‘bridge’ between the client and a certified money transfer provider. The company is known for working with WesternUnion and its long history is a testament to the fact that it does only associate with reputed and trustworthy currency transfer providers. But you need to understand that as a client, you rely on XE’s ability to choose the best provider for your specific transaction.
Today, XE works exclusively with HiFX, a renowned foreign exchange broker purchased by Euronet Worldwide in 2014. Due to the merger, which occurred at the end of 2018, XE and HiFX will now work together under a single brand (xe.com). Unsurprisingly, it has retained the name XE.
It’s important to note that XE is also owned by Euronet Worldwide, which is a credit to its trustworthiness. Euronet purchased XE.com in 2015 for about $100 million. The deal offered multiple opportunities for growth to the brand as its new owner is one of the most respected names in the world of finances.
Note that despite joining forces with another major currency transfer business in the merger XE only has two offices in Canada. It accepts money transfers from a variety of countries and in over 40 currencies. There is a myriad of opinions about the service, which you should study carefully in order to make an objective decision on whether you should trust it with your money. Pay attention to verified customer reviews as those can provide a unique insight into the actual user experience you will receive. However, do not discard professional reviews either as they offer a clear look at some important points of the money transfer process.
What is XE Today: Services and Tools
Back in 1993, XE started as a major currency data service and today it remains at the top of this particular niche. XE currently offers a variety of tools that can be used to make various currency-related operations simple and convenient. They include, but aren’t limited to:
- XE Currency Converter and Widget
- Historical Currency Rates
- Rate Alerts
- Travel Expenses Calculator
- IBAN Calculator
XE apps are not restricted for Android and iOS. The wide range of solutions developed by the company can be integrated with every major mobile OS, including BlackBerry. These solutions can also work with Alexa, Google Assistant, Facebook, Shopify, and Slack.
XE also carries on as a provider of a commercial currency data feed. This particular service is invaluable for corporate clients, who need to stay apprised of the latest changes in the foreign currency exchange industry.
XE Money Transfer is another major service offered by the company today. Making transfers with it is very easy as you only need to sign up or create an account and follow the app’s instructions to make the type of transfer you need.
XE Money Transfer charges no fees and doesn’t have a limit for the transfer amount. Note that the currency exchange rate is fluid and tied to the foreign currency exchange market. You fix the rate the moment you confirm the transaction. You can use XE solutions to keep an eye on the rate changes in order to pick the best moment for the transaction.
Note that the rate you get for the transaction will be influenced by several factors, including the size of your transfer. The company itself warns that it won not be the mid-market rate displayed on the website.
Please note that although XE doesn’t have any transaction charges, the receiving party might need to pay some to their bank. You’ll need to alert the receiver about this possibility and research any fees that can be charged by third parties during your transfers to and from XE accounts.
XE allows you to book a market order. This means that you will be able to make a transaction when the currency exchange rate reaches a certain point chosen by you.
XE Trade Money Transfers Vs. International Bank Money Transfers
XE Money Transfer is an alternative to bank money transfer services and there’s no doubt that it’s the better choice. This kind of transfers is cheaper, simpler, and faster than transferring your money via traditional bank routes. The absence of transaction charges alone helps you save a lot of money immediately. This is most beneficial for large-volume transfers.
However, you need to be aware that XE isn’t the only service of its kind. This industry is getting highly competitive because the demand for such services grows. Bank transfers are so expensive and inefficient that they are becoming obsolete. This creates a vacuum on the market, which is filled with dozens of currency transfer services. They might not be able to boast over two decades of history, but each of them has its own unique advantages and disadvantages.
As you want to be 100% sure that your money transfer is safe and as cheap as it can be, you should research all the top currency transfer services available. Look for the option that will work best for your unique situation.