XE Money Transfer Review
Compare XE Money Transfers Against The Alternatives
XE Money Transfers came to be from the amalgamation of HiFX and XE.com. HiFX, which was formerly known as Halewood International Foreign Exchange, has been around since 1998. In 2004 it’s name was changed to HiFX, and in 2018 HiFX took on the XE Money Transfer brand.
XE is a part of the Euronet WorldWide family, which is listed in the NASDAQ as EEFT. Their headquarters are in Ontario, Canada.
They offer a range of products for Individuals and businesses, including options for business user; which some other FX brokers have shied from recently.
XE Money Transfer Pros and Cons
Fees & Rates
XE charge zero fees on all transactions!
Rates charged by XE will be determined by each individuals circumstance. Things like volume, currency and yearly transaction totals will have an effect on the rate that they offer you.
The checks that we made gave us fairly consistent and good rates. Certainly better than any of the big banks. We were able to secure better rates with some soft negotiation.
Safety & Reputation
XE has been a big brand in the FX space for a long time now. And HiFX had a good reputation out of New Zealand before joining forces with XE.
Their parent company Euronet Worldwise is listed on NASDAQ under EEFT, and they are regulated by the major regulating bodies such as FinCEN, ASIC, FCA, and FMA.
Trustpilot have given them a score of 9.3/10.
Countries & Currencies
XE is a global brand as has offices around the world in Canada, USA, UK, New Zealand, and Australia.
FX Options & Structured Products
XE is one of the few remaining mainstream FX providers who is still offering options to their business customers.
Following a string of costly legal matters that went through the FX industry some years back, some companies such as WorldFirst and OFX decided that it was better to do away with their options products. Assumedly to minimize the risk that these products can impose.
Options and structured FX products can be a great way for companies to minimize their FX exposure or hedge against currency fluctuations, but they shouldn’t be taken on without an in-depth knowledge of how they work, and their own inherent risks. FX fluctuations can be amplified if you don’t know what you’re doing.
Just to be clear, CompareMy FX doesn’t offer any advice what so ever on the use of Options. We neither endorse nor discourage the use of them.
SIgning Up For A XE Money Transfer Account
XE have an easy online registration procedure. Just make sure you have your passport of drivers licence details handy.
Just head to XE to sign up!
You’re prompted to input standard information about yourself, such as an address, email, phone number, etc.
After filling in your details XE asks for your driver’s license number or passport number. This will help you become automatically verified.
After this, your account will have been set up. They then may ask for verification of your address by uploading a proof of address document. They also send this to your email and say your able to do this at another time.
And you’re done!