XEReviews 226

We've used XE Trade for several years to transfer funds from Canada to France and were quite satisfied until yesterday, when the quote given us was about 300 euros less than we had expected it to be. Unfortunately, trusting XE, we transferred $15,000 CAD to our French account without looking at other sites and only today realized that we had lost money. Unless XE reimburses us for the lost funds, we will never again use them to transfer money.
2 days later: By phoning the company on Sunday, we were able to cancel the transaction and told to call back during office hours. It's now Monday, I've just spoken to two company reps and have been given a much better quote and decided to accept it. Our advice would be to check comparison sites as well as to speak directly with someone at the fx company. When I mentioned that the rate shown on our online account site was much lower than the quote we had just been given, I was told that our profile would be updated. Sure enough, when I got off the phone, I logged into XE and saw that the new quote was 100 euros higher than it had been 15 minutes earlier though, interestingly, not as high as the quote I had been given on the phone.
MORE THAN A YEAR LATER: XE is now using HiFX and therefor no longer convenient for Canadians living out of the country. Never having been offered assistance of any sort from them, I decided to try another transfer company. We're now with TorFX, a British company that's been amazingly helpful, although it's meant setting up an account with Barclays. We'd never use XE again.

I was trying to send some money from the US to Canada bank to bank. It looked relatively simple and straightforward on their website. I could set up both accounts and get them verified and send money for less than the wire fees for the bank.
I set everything up, verified the accounts and made a trade. 6 days later still no money in my receiving account. They had my money the day after the trade yet still nothing in my other account. Yesterday my transaction screen said that the funds had been sent but nothing. So I called. It seems like it was my fault and only my fault. I guess I did a hybrid trade, taking money from my bank and wiring it to the other. Good thing that all the time frames it takes for each part show up.
And as for the notice that my funds have been sent. Well the computer does that automatically so that's the computer's fault. I was told that everything was clear and I did it wrong. I'm still waiting.
I'm closing my account and not using this service ever again.

Given their rates were slightly better than the bank i thought ok get my us cash here. Lot of work to get set up. You have to be perfectly clear what their terms mean. After many calls to my bank and xe trade; they have a terrible phone system, calls hard to hear. It took them no time to transfer the money out of my bank. After two weeks and many hours spent on the phone, they still were not able to deposit the us $ in my account. To be fair i was never able to determine if the problem was them or my bank. I think xe trade. I then asked for the return of my canadian dollars. A day later all the money was returned. They appear reputable but the fact they do not appear to be located in canada, if the money goes missing you have no recourse.

August 2015, I sold a house in Southern California and as I am a Canadian, I was preparing to transfer the funds via a Bank transfer from the US to Canada. I did not realize that there is a significant discrepancy in the cost of transferring funds between US and Canada. I assumed that other than the transfer fee from bank to bank, the currency exchange rate was the same. A contact explained that he had saved thousands of dollars over the years using XE.com to transfer money from US to Canada as part of his business accounts. I was skeptical and concerned about having a third party handle the bank to bank transfer. However, I went ahead and applied to XE.com and began the currency converter process. As XE's currency rate was better than the bank's, I waited eagerly for the funds to be deposited in my Canadian bank account in CAD. After my application was approved, the US funds were withdrawn from my US bank account and about 10 days later CAD were deposited in my Canadian bank account. The banks were unable to charge any fees, as the conversion and transfer was all done by XE.com. I am pleased to say that I saved several thousand Canadian dollars by using XE.com rather than the banks doing the transfer. There is some processing time involved but it is worth the savings!

Thank you so much for all your support. I transferred a large amount of money from a deceased estate, UK to Australia. XE provided relatively easy set up and account activation, great exchange rates and support by email and phone. Money arrived quickly and safely. Great job. Second successful transaction using your company. So much better than bank transfers or cashing of chequer in a foreign currency. Thanks again.

Use them 10 times for the last year and all is well until last month the funds went missing, been calling every week and promises of investigating where the funds have gone verbally but have not acknowledge in writing. Furthermore their failure to even reply my e mails make it even worse.
No doubt, I won't be using them again and will be going back to the robbing Bank but at least I feel safer as I send thousands every 3 to 4 months

Trying to open a trade account with XE Trade business account for a Singapore business and I have to say that the experience is very frustrating and that they have been poor communicators, taking days to respond.

This poor service may be due to XE Trade forming a partnership with Western Union and maybe not all XE Trades fault.

"XE.com and Western Union Business Solutions (Singapore) Pte. Ltd (WUBS Singapore) have partnered in order to service customers online in Singapore. XE trade business is the brand name for this service."

XE Trade business require documents to be certified (which is fair enough) but the don't tell you exactly how they need the docs certified thus making multiple trips to a lawyer.

I'd stay away unless you are desperate.

I have used their service 3 times in the last 3 years. First two, they were OK, although it ended up costing more than the transactions through my bank. The last one was a complete disaster. 4% of the fund went missing between the transaction. I had to spend countless hours sending emails, calling banks and XE, they launched an investigation over the missing fund. After 2 months of communication, they finally admitted the fund was indeed missing and told me they would resend the balance. One month later, the recipient sill has not received the balance and now I have to be dealing with the government regulatory agencies to get things straight.

We are a small US book company who started using XEtrade nearly 10 years ago to make payments for used books to sellers in other countries. At that time their customer service was in Canada, and they were just wonderful. Excellent assistance, no hassles, easy to use. Seems the last few years that they have outsourced their customer service to Eastern Europe (Slovenia?)and the whole company has gone downhill. Not only can you NOT get anyone in Canada by phone or email. - they are constantly making work for themselves by hassling us for additional company information - to PROVE who we are and why we are doing business. When they are asked to explain on the phone what laws they are basing their requests upon they can't tell you and they can't give you to anyone who can. We have gotten no less than 3 separate requests in the past 6 months for private company documents including tax documents, sales information etc. Each time they threaten to shut down our account. Well - go for it. We have signed up with USForex and are VERY happy with them. XEtrade stinks!

I used XE Trade for 2 transactions (wire transfer to Africa to pay hotels/tours for vacation). I had read online they were reputable and get a good exchange rate. They do get a good exchange rate, but it is much easier (time and efficiency) to just do the transfer through your bank.

My first transfer was to South Africa. I did direct EFT from my bank account and provided the receiver's account number and swift code. XE Trade then told me that they need an IBAN which is only true for European banks. Swift codes and bank accounts are all that are needed for transfer to Africa. It took me 2 days and 4 phone calls before someone was able to complete the transaction for me.

For my second transaction, I sent Mozambican meticals to a hotel in Mozambique. Their bank is located in South Africa. I did the first 50% deposit via my bank without any problems 3 months ago. When I did it through XE Trade, they informed me 4 days after money was wired to them from my bank that they cannot complete it because the currency is meticals and it's a South African bank. Again, untrue, You can wire any type of currency to any country. They are now in the process of returning the money to my account which will take 3-5 business days... and guess what? I have to go to the bank again to do the wire myself.

They may get a better exchange rate but they won't get the exchange done and you'll end up at the bank anyway after hours of transaction. Don't waste your time. Just go to the bank and skip this crappy service.