The Loans Canada team sits down with Gary Schwartz of the Canadian Lenders Association to talk about open banking.
XE Money Transfer Review
Loans Canada: The Country's Best Loan Comparison Platform
XE is a popular online source of currency information that provides an intuitive and comprehensive way for users to look up the exchange rates of different foreign currencies. The company was founded in Canada back in 1993 and was acquired by Nasdaq-listed Euronet in 2015. XE’s headquarters are still in Canada, but they also have offices in the United States, Australia, New Zealand and the UK. The company now offers an international money transfer service for both businesses and individuals across the globe.
Sending a Money Transfer With XE
To make a money transfer with XE, you can create an account online through their website – you will need to provide your address, nationality, and upload your ID documents.
From the online dashboard, select “New Transaction” and you will be asked to enter the amount you are looking to send, the associated currency pair, recipient details, and payment method. For Canadians, the only payment method available is bank transfer. Upon confirmation of the transfer, funds need to be transferred to XE who will then complete the transfer to the designated recipient.
What Type of Transfers Can You Send With XE?
XE offers four different types of money transfers that consumers can take advantage of.
- Limit Orders – A limit order allows the sender to automatically buy a currency once the exchange rate reaches a predetermined level.
- Forward Contracts – Forward contracts allow you to transfer funds at a future point in time using an exchange rate that is set or fixed.
- Recurring Payments – For senders looking to transfer funds regularly, setting up recurring payment transfers can allow you to secure exchange rates for payments with various frequencies.
- Business Transfers – XE offers a separate product that caters specifically to businesses.
Want a cash-pick up money transfer option? Click here.
XE Key Features
|Transferable Amounts||CAD 1 Minimum; CAD 500,000 Maximum|
|Transfer Channels||Online, Phone, Bank Account to Bank Account|
|Types of Transfers||Limit Orders, Forward Contracts, Recurring Payments, Business Transfers|
|Payment Options||Bank Transfer|
|Service Coverage||130 countries and 65 currencies|
How Long Does It Take To Send Money With XE?
When sending international money transfers with XE, funds will typically arrive on the same day for most transfer options. However, keep in mind that the same-day time frame only starts from the point of XE receiving the funds from your bank account – bank transfer times vary but it may take several business days.
Is a wire transfer faster? Find out here.
What Are The Costs Associated With Sending Money With XE?
XE does not charge a fee for consumers to send an international money transfer. Rather than charge an upfront fee, XE makes their money from the spread of the exchange rates – the quoted buy or sell rate is different than the actual spot rate of the currency. Make sure you compare the quoted rate from XE with the spot rate (on Bloomberg, Google, etc.) as well as quotes from other currency exchange service providers.
There are no fees associated with the money transfer, but your bank may charge you a fee to transfer money to XE’s local bank account. Additionally, the recipient’s bank may charge fees for an incoming international transfer.
Check out how much it costs to send money from your credit card to your bank account.
Is XE Safe?
Although XE is not regulated by the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) in Canada, their parent company Euronet is. Euronet is an American-based conglomerate that operates a network of international money transfer companies. In Quebec, Euronet is registered with the Autorité des Marchés Financiers (AMF). As with most money transfer companies, the money that consumers send through XE is held in a separate account. This means that is XE runs into financial issues, your money is safe.
Should You Choose XE to Send Your Next Money Transfer?
One of the main advantages of using XE for international money transfers is the lack of fees as well as the highly competitive exchange rates. There are no ongoing account fees either, which means that you will never have to pay out of pocket when using XE to send money. Customers can transfer as little as $1 and as high as $500,000 so XE’s service should appeal to a wide range of individuals and businesses.
One downside of XE’s international money transfer service is that it does not support remittance to popular destinations such as China, Indonesia or Bangladesh. Additionally, Canadians can only pay using bank transfer and do not have the option of remitting using their credit cards.
Can I track my XE money transfer?
Does XE have a mobile app?
Does XE have a reward system?
What do I do if I need to cancel an XE money transfer?
Choosing The Right Money Transfer Company
There are countless international money transfer companies to choose from, this is why it’s important that you research at least a few options before making your final decision. XE is a great option for many consumers, just keep in mind that there are a few location limitations.
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest
goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...