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XE Review

Last Updated: December 28, 2020

Score: 9.6
Score 9.6

XE originally coming from the currency exchange rates field, has evolved to be a powerhouse in international money transfers and payments. XE  offers fast and straightforward online currency transfers.

About XE

XE originally coming from the currency exchange rates field, has evolved to be a powerhouse in international money transfers and payments. XE  offers fast and straightforward online currency transfers. It provides competitive exchange rates for personal or business-related transactions, coupled with a strong payment infrastructure across the globe.

Get Started with XE

Payment Solutions

Streamlining Outgoing & Incoming Payments

XE can help your business streamline payment processing. Create an account on the website to get started. Then define your payment preferences. If your business plans to make mass payments, you set them up inside the XE platform. You can secure a currency rate for your transfers for up to three years, based on the present exchange rate. To send a payment, you’ll need to enter the recipient’s bank information. You can also pay your suppliers in foreign currency if necessary. Transfers typically take one to two business days, though the time can vary significantly based on the receiving bank’s requirements. You can track your funds online through the XE platform or download the app on your smartphone.

If you choose to use the app, you’ll find the following features:

  • Money transfers to over 170 countries in more than 60 world currencies
  • Charts showing the history of any worldwide currency pairing
  • Monitoring capability for up to 10 currencies of your choice
  • Rate alerts and notifications
  • Currency list customization

Payment Process

XE payment process

Payment Process

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Mass Payment Features

XE offers a mass payment function that enables businesses to save time and money. This solution simplifies and streamlines your international transactions. The mass payment application allows you to securely and quickly carry out transfers to over 200 countries and territories in more than 130 currencies. Automated functioning reduces or eliminates manual processes. We find this solution to be one of the best currently available in foreign exchange services. Here are some of the outstanding features it offers:

  • Fully Integrated API – You can also opt for a standalone platform or managed service model.
  • Automation Features – Clients enjoy automated payment validation and verification.
  • Simple File Upload – You can choose the date on which you want each payment delivered.
  • Easy Consolidation – XE allows you to consolidate several currencies in one file.

Saving Money with XE

Performing international transfers with XE saves businesses money. How does this work?

XE charges no transfer fees for transactions. Therefore, it costs less than traditional banks, which often charge between $25 and $40 for a $10,000 currency trade. The tables below show typical rates for the sake of comparison.

Risk Management Tools

XE offers several tools to help you reduce foreign exchange risk.

  • Hedging Strategies – XE partners with your business to develop a bespoke FX risk management strategy that allows your company to make informed decisions and protect your bottom line.
  • Market Intelligence – Live exchange rates and dedicated support help you take advantage of the best times to transfer funds.
  • Rate Alerts – You choose the currency pair you want to monitor, and XE sends you an alert via email or the app when the rate reaches the amount you selected.
  • Market Orders – If you don’t need to transfer on a specific date, you can choose the rate at which you’d like the transaction to occur automatically.
  • Forward Contracts – You can choose to secure a rate for up to three years, and all future transfers in the established period will use that quote.

Onboarding Process

1
Registration
Complete your personal information company’s details.
2
Phone Call
You may receive a call from XE to verify your identity and to request additional documents.
3
Documentation
Upload your documents to the system or send them to your account manager privately.
4
Confirmation
Once your business account has been reviewed and approved, you can set up your preferences and payment requests.

Expert Support

Support team members answer questions via email or telephone. The phone contact page indicates when the next local agent will be available. If you need help before then, you can get in touch with an international representative.

Here’s how XE’s team can help you:

  • Market Monitoring – By paying close attention to fluctuations in the currency market, XE’s experts can make recommendations regarding what’s most lucrative.
  • Customized Services – XE’s team works closely with each client to define the most appropriate course of action.
  • Targeted Trading Decisions – If you’re new to trading foreign exchange, the expert support team can guide you to make educated decisions and bring the best results for your business.
  • Save Money – With expert support, you can avoid costly errors and keep your company’s assets safe.

The Bottom Line

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XE provides secure and convenient international money transfers to over 200 countries and territories in more than 130 currencies.

  • Businesses can streamline international transactions through mass payments.
  • XE provides competitive rates and charges no transfer fees, saving you money as compared to traditional banks.
  • Risk management tools like hedging strategies, rate alerts, and market orders keep your money as safe as possible.
  • Expert advice is available to support your business so that you can make informed decisions.