Guides

XE Money Exchange is a notable player in the international money transfer arena, with specific features tailored to various transfer needs. 

TL;DR:

• XE offers features like market orders and forward contracts for rate optimization.
• Additional fees may be incurred depending on the payment method and third-party bank charges.
• While XE provides competitive rates in some corridors, checking platforms like Sendrater for rate comparisons is advisable.

How Does XE Makes Money on International Money Transfers?

XE applies a small send fee to some transfers, which is displayed at the outset and before confirming the transaction. Additionally, XE earns from currency conversion during your transfer, with the send rate prominently shown, subject to live rate adjustments. Your choice of payment method could incur extra charges. For instance, your card provider may levy a cash advance fee if you pay by card. While card payments are swift and recommended for urgent transfers, bank or wire transfers, though free of fees, might take up to four business days to reach the recipient.

Market Orders and Forward Contracts

XE sets itself apart with market orders and forward contracts. Market orders enable you to set a preferred exchange rate, with XE monitoring the markets to execute your order once the rate hits your target. This feature is useful for transfers without a pressing deadline. Conversely, forward contracts allow you to lock in a rate for a future date, providing a shield against the volatile nature of currency markets. This is particularly beneficial for larger purchases or investments, offering a layer of rate stability amidst market fluctuations.

Is XE a Good Provider for International Money Transfers? 

 XE offers competitive rates in certain corridors, they may not always be the most favourable. This underscores the importance of a thorough rate comparison prior to choosing a transfer provider. Platforms like Sendrater serve this purpose, offering near real-time rate comparisons across various providers.

Action Plan:

1. Assess Your Transfer Needs: Determine the urgency, amount, and the currency corridor of your transfer.
2. Explore XE's Unique Features: Delve into market orders and forward contracts if your transfer isn’t time-sensitive.
3. Compare Rates: Use Sendrater to compare XE's rates with other providers for your specific transfer route.
4. Anticipate Third-Party Fees: Inquire with the recipient’s bank about any additional charges that might apply.