#4 Having No Insight into the Variety of Products Available for your Company (Dutch item)

05-08-2021 | XE |

Many companies are not aware of the total range of possibilities for the management of Currency Risks. For example, they only buy the necessary currency at the current rate, spot rate, and think any other strategy currency speculation. Hedging in particular is often misunderstood and therefore rejected. currency hedging is not gambling how the currency markets might behave in the coming days and weeks development, but is intended to insure the company against the possibility of unfavorable developments.

“Valutahedging is niet gokken hoe de valutamarkten zich de komende dagen en weken zouden kunnen ontwikkelen, maar is bedoeld om het bedrijf te verzekeren tegen de mogelijkheid van ongunstige ontwikkelingen.”

Er zijn diverse valutahulpmiddelen die u kunt gebruiken om dat te doen, maar laten we termijncontracten eens als voorbeeld nemen. Met deze transacties spreekt u af om in de toekomst een bepaalde hoeveelheid valuta tegen een vaste prijs te kopen. Neem bijvoorbeeld een supermarktketen die over een maand €10.000 moet betalen aan buitenlandse leveranciers. Een termijncontract dat vandaag specificeert hoeveel pond de keten voor die €10.000 zal betalen, elimineert het risico dat het pond de komende weken in waarde daalt waardoor de supermarktketen meer zou moet betalen dan verwacht. Dat is geen valutaspeculatie of gokken hoe de markten zich gaan ontwikkelen, het is
een verzekeringspolis.

Achteraf kan natuurlijk blijken dat hedging niet nodig was geweest. Als in ons voorbeeld het pond niet daalt ten opzichte van de euro of misschien zelfs stijgt, kan de supermarktketen denken dat het onverstandig was om van tevoren een koers vast te leggen. Maar dan zouden ze hedging beschouwen als speculatie en niet als een verzekeringspolis. Zo heeft u er aan het eind van het jaar ook geen spijt van dat u een opstalverzekering hebt betaald terwijl uw huis niet is afgebrand. Dat wil niet zeggen dat hedging de juiste strategie is voor alle bedrijven. Sommige zullen van mening zijn dat hun valutarisico niet zo groot is dat het dit soort verzekering nodig heeft. Maar dan nog moet u er niet vanuit gaan dat uw valutaprovider niet meer kan doen om uw bedrijf te helpen met uw valutabehoeften.

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How to manage your Money transfer beneficiaries with Xe

29-07-2021 | treasuryXL | XE |

Need to add a new money transfer recipient, or make changes to someone you’ve sent a payment to in the past? Don’t worry—it’s easy with Xe.

When making an international payment, perhaps the most important detail is the payment’s recipient. Having all of the beneficiary’s details ready to go is crucial to ensure that you can quickly make your payments and they will go straight to their destinations without any delays.

Managing your money transfer beneficiaries within your Xe account is quick and simple. You can add in the information when you begin the payment process, or you can add them in ahead of time. Here’s what you need to know about managing your recipients.

Sign into your account or sign up

Before you can manage your recipients, you’ll need to be logged in to your Xe account.

If you don’t have an account, don’t worry. Signing up for an account is a simple, straightforward process and can be completed in a few minutes. If you want to know more about the process, you can take a look at our guide here.

Go to your recipients

Once you’ve signed into your account on Xe.com, you’ll see a “Recipients” section on the home page. Just head into that section, and you’ll see a list of every recipient that you’ve added thus far, along with the option to add a new recipient.

If you plan on sending money to the same person or entity multiple times in the future, their information will be securely stored here, where you can quickly select recipients (without needing to re-enter information every time you send money to them).

There’s no limit to beneficiaries either; you can add and manage as many recipients as you need.

How to add a new recipient

Once you’ve entered the recipient center, you’ll be prompted to provide information about your recipient. Having this information on hand and ready to go will ensure that your payments won’t face any delays.

You’ll need to enter:

  • The currency they’ll be receiving

  • The country their bank is in

  • Their name

  • Whether or not the account is a business account 

  • Their address 

  • Their bank account number 

  • Their bank code (this will vary by country; examples include an ABA routing number in the United States and a sort code in the United Kingdom)

  • Their bank name 

Before you can enter this information, you’ll be asked if you’re sending money to yourself. If you want to exchange currency to send to one of your own accounts in another country, this is an option. In that case, you would just answer “Yes” to the question “Are you sending money to your own account?” and provide your own information to the prompts above.

How to edit existing recipient details

Has one of your recipients changed their details? Good news—you won’t need to completely add them again. You can quickly update your existing recipients with any new details.

From the Recipients page, click on the recipient whose details you’d like to change, enter in your updates, and save these changes. You can also delete recipients if you don’t plan on sending money to them in the future.

Keep in mind that if you change a recipient’s details or delete them from your list, that won’t change the details of any open transactions with this recipient. If you have a payment in progress and you need to make a change to anything, please contact us as soon as possible.

Ready to get started?

Do you have a payment coming up? Get a head start and enter your recipient information ahead of time to make the process quick and simple when it comes time for transfer.

GET A QUOTE

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Press release | Kantox joins the treasuryXL community as Premium Partner

28-07-2021 | treasuryXL | Kantox

treasuryXL announces partnership with Kantox to strengthen dissemination of the latest trends about currency management automation technology

VENLO, The Netherlands, July 28, 2021 – treasuryXL, the community platform for everyone who is active in the world of treasury, and Kantox, the global leader in currency management automation software, today announced the signature of a premium partnership.

This partnership will create a new content resource for the treasuryXL community. Treasurers will now have access to a regular stream of insightful and practical content on currency management automation. This partnership includes:

● Collaboration on messaging, content production, and visibility
● Mutual distribution on select items of interest
● Collaboration on larger themes: event promotion, speaking and experts contribution, publications

Through this partnership, treasuryXL and Kantox are striving to ensure that treasurers are always up to date with the latest news and events in their field.

About treasuryXL

treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.

treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.

treasuryXL offers:

● professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
● a labour market platform by creating an overview of vacancies, events and treasury education.
● a variety of consultancy services in collaboration with qualified treasurers.
● a broad network of highly valued partners and experts.

About Kantox

Kantox is a leader in Currency Management Automation software that enables corporates to effectively manage their FX workflow and leverage currencies for growth. Since 2011, Kantox’s expertise and solutions have allowed businesses to collect FX exposure data and automate their hedging, pricing, payment and collection processes.

The company is headquartered in London and authorised by the Financial Conduct Authority (reference number 580343) and Kantox European Union, S.L. is based in Barcelona and authorised by the Bank of Spain (reference number 6890) For more information, visit www.kantox.com, @Kantox LinkedIn.

 

GO TO PARTNER PROFILE

#3 Sole focus on Exchange Rates (Dutch item)

22-07-2021 | XE |

Companies that need a currency service, either for their daily transactions or for a more strategic planning for the future, will logically first go to the exchange rates offered. Why wouldn’t you choose the provider that offers the best possible rates for your money to begin with?

Het antwoord op die vraag is dat de koers weliswaar belangrijk is, maar niet de enige factor is die van invloed is op de blootstelling van uw bedrijf aan valutarisico’s. Bedrijven die alleen maar gefocust zijn op het volgen van de koersen, kunnen bovendien het grotere plaatje missen.
Als iets te goed lijkt om waar te zijn, dan is het dat meestal ook. Met andere woorden: als u een uitstekende koers krijgt aangeboden door een provider, is er dan iets anders wat u niet krijgt? Dat kan het serviceniveau zijn dat uw bedrijf nodig heeft, of de juiste ondersteuning. Hoe snel reageert uw provider bijvoorbeeld als een betaling fout loopt?

“Bedrijven die alleen maar gefocust zijn op het volgen van de koersen, kunnen het grotere plaatje missen.”

Het is ook belangrijk om te begrijpen dat koersvergelijkingen misleidend kunnen zijn. Valutamarkten zijn zo bewegelijk, dat u de koersen van een specifiek moment moet nemen om een correcte vergelijking te kunnen maken. Een provider die nu aantrekkelijk lijkt vergeleken met de koers die een van zijn concurrenten twee uur geleden bood, is misschien helemaal niet zo aantrekkelijk. Het is zeker zinvol om rond te kijken. Veel bedrijven accepteren de matige standaardservices van hun valutaprovider omdat ze nooit naar alternatieven hebben gekeken. Maar doe dat rondkijken op basis van waarde in plaats van prijs. Wat hebt u behalve concurrerende koersen nog meer nodig van uw valutaprovider? Zijn de aangeboden koersen open en transparant, zodat u altijd precies weet hoeveel u betaalt, na aftrek van kosten?

In de praktijk bieden valutaproviders een verscheidenheid aan meerwaarde. Misschien hebt u een online service nodig die is afgestemd op de specifieke eisen van uw bedrijf, met autorisatie van verschillende mensen voor verschillende soorten transacties. Misschien hebt u de snelst mogelijke service nodig zodat u langere betalingstermijnen hebt. Verder kunnen valutaproviders de valutamarkten voor u in de gaten houden. Als uw bedrijf zijn valutatransacties zo probeert te timen dat u de best mogelijke koers krijgt, ga dan op zoek naar een provider die koersmeldingen of marktorders biedt. Dan ontvangt u een melding wanneer de koers een bepaald niveau bereikt of wordt uw transactie automatisch verwerkt tegen die prijs.

 




 




 

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11th Annual Funds Transfer Pricing and Balance Sheet Management | September 2-3, 2021

19-07-2021 | treasuryXL | Kendra Keydeniers | Marcus Evens

Manage and steer excess liquidity in the current climate through effective FTP strategy in order to achieve balance sheet optimisation.

London, UK or Virtual Attendance

2nd – 3rd September, 2021 | 08:30 BST

The COVID-19 crisis has shifted the banking industry’s focus to balance sheet management, due to the volatility it has caused in the balance sheet. The impact of the move to a risk free rate, measures taken by authorities to incentivise lending throughout COVID-19 and the sustained low interest rate environment have posed a large amount of challenges for those in Asset Liability Management (ALM) and Funds Transfer Pricing (FTP). Banks should ensure FTP is not treated as a cost centre but as a tool to drive excess liquidity, grow assets to offset liabilities and ultimately target P&L volatility caused by COVID-19.

The marcus evans ‘11th Annual Funds Transfer Pricing and Balance Sheet Management’ conference will provide banks with a platform to learn from practical case studies how to develop an efficient FTP model that achieves optimal balance sheet structure in the COVID era, as well as offer a glimpse into future developments surrounding liquidity risk to be able to anticipate demands and improve funding plans. Attend the conference in London on 2-3 September, 2021 or join virtually, and enjoy two days of practical case studies, panel discussions and networking opportunities.

Attending This Premier marcus evans Conference Will Enable You to:

  • Evaluate the cost of funding in relation to excess liquidity driven by customer deposits and regulatory support.
  • Steer liquidity and capital to manage the excess liquidity and prepare for potential absorption of this excess.
  • Achieve balance sheet optimisation to navigate through constraints and stress prompted by the COVID era.
  • Evolve FTP strategy alongside market developments such as customer behaviour and sustainability metrics.

Practical Insights and Case Studies from Industry Experts, some of which include:

  • Maros Hrnciar, Head of Financial Analysis and Budgeting, Raiffeisenbank
  • Dr. Thomas Ribarits, Director, Financial Risk Management, European Investment Bank
  • Anton Fuchs, Senior Risk Control, Landesbank Berlin AG
  • Heikki Koskinen, Head of ALM Analytics, Group Treasury, Luminor
  • Gerwin Scharmann, Head of Treasury, Santander Consumer Bank AG
  • Fitzarnaz Drummond, Executive Director, Goldman Sachs
  • Davide Vella, Head of Balance Sheet Management, Mediobanca

For more information please contact: Ms Ria Kiayia, Digital Media and PR Marketing Executive at [email protected] or visit: https://bit.ly/3hz5jp3

I wish you a great event!

Kendra Keydeniers

Director, Community & Partners at treasuryXL

How to pay your overseas suppliers quickly, easily and securely

15-07-2021 | treasuryXL | XE |

Having a reliable, easy-to-use payment method can make a world of difference to your company’s bottom line and to the efficiency of your processes.

When you purchase goods from overseas suppliers or pay international invoices—especially if you do so on a regular basis—having a reliable, easy-to-use payment method can make a world of difference to your company’s bottom line and to the efficiency of your processes.

If you do a quick Google search, you’ll see that there are countless options for you to make your international payments. Your bank branch may have their own money transfer services, and there are also online providers that specialize solely in overseas money transfers. But which option is the best for your business’s payments?

International money transfer is the answer 

When making an international payment, the payment itself is just one part of the cost. By that we mean that you’ll also need to consider the exchange rate for your money transfer as well as the fees you’ll be charged for the service of converting your currency and moving it to another country.

These costs will not be the same across all providers. If you shop around, you’ll find that each provider sets their own rates, and many will add their own margin atop the current mid-market rate. Additionally, many providers may add numerous fees to your transactions (and may not always disclose them to you before you confirm your payment).

While your bank branch may do a fantastic job of holding and managing your funds, they may not be the best option for transferring it. Rather than utilising your bank and their unfavourable rates and numerous fees, you may instead wish to turn to international money transfer providers that can offer you specialised service at a fair, transparent price.

How to find the right international payments provider 

As we’ve discussed previously, you’ll want to begin your search for a provider by assessing your business operations and payment needs. This will tell you what you need from an international payments provider. You may want to consider things such as:

  • Your business’s FX requirements 

  • How knowledgeable and confident you are about foreign exchange

  • How frequently you make payments

  • Where you make payments (and in which currencies)

  • The types of payments and capabilities you’re looking for

  • How much assistance you’d want from your provider

We also previously detailed what you’d want to look out for in your search for a trustworthy provider. You’ll want to do your due diligence for things such as:

  • A provider’s size

  • How long they’ve been in business

  • How many businesses they work with

  • What their online security measures are

  • If they are registered and authorised with the relevant bodies

  • The quality of their payment processing

Pay your overseas suppliers with Xe 

At Xe, we provide money transfer and risk management solutions for businesses of all sizes, across all industries. Whether you’re a sole trader or a large multinational corporation, our experts will work with you to tailor your payment solutions to your operation and provide you with an FX strategy to best suit your needs. As an authority in the currency world for nearly 30 years, we understand foreign exchange and have the experience and expertise to help you with your FX, so you can focus on your business.

Xe offers numerous money transfer products to suit different payment needs, such as:

  • Spot transfers for quick, simple transactions

  • Forward contracts so you can schedule future payments at secured rates

  • Market orders to target the ideal exchange rate for a future transfer

  • Rate alerts, so you’ll always know as soon as the market has moved in your favour.

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

#2 No Policy for Currency Risk Management (Dutch item)

08-07-2021 | XE |

Nadat een bedrijf zijn potentiële valutarisico in kaart heeft gebracht, is de volgende stap het opstellen van een plan om dit risico te beheren. Met name grotere bedrijven zouden een risicobeheerbeleid moeten overwegen waarin wordt beschreven hoe het bedrijf valutarisico’s aanpakt. Daardoor krijgt u een doorlopend raamwerk om volatiliteit te beheren, zodat u niet steeds op ad-hocbasis hoeft te reageren.

De aard en de details van uw beleid hangen af van de omvang van het risico dat uw bedrijf loopt. Een bedrijf met een omzet van €1 miljoen zal zich natuurlijk veel meer zorgen maken over een potentieel netto valutarisico van €200.000 dan een bedrijf met hetzelfde risico maar met een omzet van € 10 miljoen. De context is hier dus van belang.

“De aard en de details van uw beleid hangen af van de omvang van het risico dat uw bedrijf loopt.”

Niettemin moet elk risicobeheersingsbeleid enkele basisprincipes omvatten. Zo moet er beschreven worden hoeveel valutarisico het bedrijf bereid is te nemen en over welke periode. Verder moet er worden aangegeven welke hulpmiddelen het bedrijf wil gebruiken om deze risico’s te verminderen. En er moet vastgelegd worden wie in het bedrijf gemachtigd is om beslissingen te nemen.

Het doel moet zijn om een degelijke procedure te ontwikkelen om het valutarisico permanent te beheren, in een vorm die gedeeld kan worden met een groep mensen in plaats van alle verantwoordelijkheid bij een enkele persoon te leggen. Dit moet een collectief en algemeen begrepen beleid zijn dat het bedrijf te allen tijde kan toepassen en dat niet wordt losgelaten als een sleutelpersoon ontslag neemt of ziek is.

“Veel bedrijven weten niet dat ze te maken hebben met een valutarisico. Als u zich in die positie bevindt, is de kans groter dat de impact van de volatiliteit van de valutamarkt op uw bedrijf een nare schok zal zijn.”

 

Uw beleid voor valutarisicobeheer moet ook regelmatig worden bijgewerkt, bijvoorbeeld ten minste eenmaal per jaar. Het is onvermijdelijk dat uw bedrijf in de loop van de tijd verandert en dat geldt ook voor het risico dat het loopt. Als u meer of minder zakendoet in bepaalde markten of als de vooruitzichten voor de valutamarkten veranderen, moet uw beleid daar op aangepast worden. Maar zorg ervoor dat u strategische planningsbeslissingen neemt en niet in de verleiding komt om tactisch te reageren op dagelijkse ontwikkelingen. Bedrijven die niet weten hoe ze risicobeheerbeleid moeten ontwikkelen of wat zo’n document moet bevatten, zouden hun opties moeten bespreken met een valutaspecialist.




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Simplifying Your Organization’s International Payments Requirements

01-07-2020 | XE |

There is no crystal ball that can accurately tell you the future of where a currency will trade in the short, medium or long-term. But a good international payments provider will be able to work with you to remove the complexity of foreign currency exposures and manage the risk they pose to your organization.

When looking to partner with an international payments provider, your first priority should be to evaluate the payments your business has made previously in order to get a better idea of the FX products and services that will best fit your business’ needs. And, when selecting a provider, make sure they understand your industry and the jurisdictions you are making payments to.

1. Frequency

How often are you making (or will you make) international payments? Making overseas payments costs more per transaction. The more payments you make, the more critical it is to get the cost per transaction right.

2. Amounts

The amounts you transfer affects the overall cost. Smaller amounts will have a higher margin added, therefore it’s worth determining whether you can bundle your payments to sharpen the margin you attract.

3. Timing

With exchange rates constantly fluctuating, the timing of your payments will have an impact on your overall profitability. If you do business in areas where currency valuations are highly volatile, a payments provider that can effectively advise you about the risks and opportunities of short or long-term foreign exchange contracts is ideal.

4. Industry

Each industry is different when it comes to the three factors above. Therefore, selecting a provider that understands your industry can make a big difference, as they’ll often be able to suggest the best foreign exchange service offering for your type of business.

Your business is as unique as you are. Don’t settle for generic money transfer services which treat your business as a number on a spreadsheet.

5. Geography

Finally, when selecting an international payments provider, make sure they understand any regional nuances particular to the jurisdictions you are sending your money to – this will ensure your payments go through smoothly, and in a timely manner.

Taking the time to understand these five factors is the first step in taking control of your business’s FX requirements and will put you in good stead when selecting the right provider for your business.



The Danger of Not knowing if you run Currency Risk – 9 Tips for your Business (Dutch item)

24-06-2020 | XE |

Veel bedrijven, vooral de wat kleinere, weten vaak niet dat ze te maken hebben met een valutarisico. Zelfs als ze dat wel weten, hebben ze de omvang van hun risico nooit in kaart gebracht. Als u zich in die positie bevindt, is de kans groter dat de impact van de volatiliteit van de valutamarkt op uw bedrijf een nare schok zal zijn.

Valutarisico’s

Blootstelling aan valutarisico’s kent verschillende vormen. Alle bedrijven die goederen of diensten in het buitenland verkopen, zullen zich zorgen maken over het feit dat een koersstijging van het pond hun concurrentiepositie in die markten schaadt. En als u iets vanuit het buitenland importeert, zoals grondstoffen, maakt een koersdaling van het pond die importen duurder. Vergeet ook het balansrisico niet: veel Nederlandse bedrijven hebben internationale dochterondernemingen en bedrijfsonderdelen die zakendoen in een andere valuta. Indien dit het geval is, zal de waarde van deze activiteiten, als die in de boeken van het Engelse hoofdkantoor belanden, onderhevig zijn aan schommelingen in de wisselkoers.

Een bedrijf dat elk jaar voor €100.000 aan Europese goederen importeert, is niet blootgesteld aan een valutarisico van €100.000, want de pond-eurokoers zal niet tot nul dalen. Met andere woorden, voor het vaststellen van uw werkelijke risico moet u een inschatting proberen te maken van de waarschijnlijke volatiliteit van de valutamarkten in de komende maanden. Dat kunt u bijvoorbeeld doen door te kijken naar de koersschommelingen in het verleden.

Het is belangrijk om te erkennen dat er een risico is en om vervolgens te proberen de mogelijke omvang ervan te bepalen. Daartoe zult u niet alleen een aantal kwantitatieve beoordelingen moeten maken, maar ook enkele kwalitatieve. Die importen kunnen dus valutaproblemen
met zich meebrengen, maar als uw bedrijf tegelijkertijd zo’n €100.000 van de omzet uit de eurozone haalt, hebt u al enige bescherming. Door een koersdaling van het pond zouden uw importen duurder worden, maar zou de omzet uit uw exporten kunnen toenemen. Met andere woorden: u moet naar het netto valutarisico kijken en niet naar een enkel onderdeel ervan.

Time Management

De andere factor is tijd. Hoeveel zicht hebt u op de kosten en baten van uw bedrijf in de toekomst? Hoever kunt en wilt u vooruit plannen? Hoe verder u vooruit kijkt, hoe moeilijker het wordt om nauwkeurige inschattingen te maken. Als u niet precies weet hoe u valutarisico’s inschat, de potentiële risico’s voor uw bedrijf kwantificeert of de marktvooruitzichten voor de komende maanden onderzoekt, overweeg dan eens om uw opties te bespreken met een valutaspecialist.

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Top Key qualities of Online money transfer providers

17-06-2020 | XE |

Not sure where to begin? In this guide, we break down the key qualities of online money transfer providers and explore how you can figure out which one is the right fit for you.

Do you need to send money to a friend or family member in another country, pay a bill overseas, or make a purchase in a different currency? From there, it’s easy to form the logical conclusion: you need a way to exchange your currency and send your money to that other country.

The next step is finding someone to carry out this transfer for you. This is where it gets a little more complicated. Between banks, wire transfers, and online money transfer providers, there are numerous options available to you online and in person. How do you know which one to choose?

That depends on what you need.

What are you looking for in a money transfer?

There are many aspects to sending money overseas. There’s the process of exchanging one currency to another, there’s the travel from your account to your recipient, and it’s also worth considering how efficient the process is as a whole.

Ask yourself:

  • Are you looking for the best exchange rates?

  • Are you looking for the option that will send your money to its destination the most quickly?

  • Do you want a quick, easy online experience so you can take care of your transfers in a snap?

  • Are you interested in multiple money transfer methods, such as forward contracts and market orders?

  • Do you want the peace of mind of working with an established brand?

Knowing which of these is your priority will help you to figure out which provider is the best fit for your transfer.

What should you know about rates?

“What rate will I get?”

That’s the first question most people ask when they look to send money overseas. But since the rates are constantly changing, it’s hard to give a definite answer on what rate you’ll get, or to ensure that no matter what, you’ll get a good rate. So what should you do?

The most important thing you can do is cross-check rates across multiple providers, along with the mid-market rate (which you can see on our Currency Converter). The mid-market rate will be your baseline and give you a point of reference for providers’ rates. This will let you know if you’re getting a good deal.

Cross-comparing rates across providers will also give you an idea of whether a provider is offering rates that may be too good to be true. If you see a rate that is significantly lower than every other rate offered, or you see a provider claiming that their money transfers are “completely free” or come with “no fees”, that may be a sign that they come with hidden fees.

At Xe, we offer competitive exchange rates for our transfers, along with letting you know ahead of time if there is a fee for your transfer. If you’re interested in getting a certain rate, we also offer rate alerts, where you can identify a target transfer rate and we’ll notify you once it’s been reached.

What impacts transfer speed?

If you’re paying a bill, sending a holiday gift, or trying to help a friend or family member out in a difficult situation, a money transfer that travels quickly and gets to its destination when it’s promised is key.

There are multiple things that can influence how quickly a money transfer travels, such as:

  • The payment method you choose

  • Holidays or bank closures

  • Your provider requiring additional documentation

  • How quickly your recipient’s bank can process the transfer

You can read more about it in our guide to money transfer timings.

As you shop around for providers, pay attention to their transfer timings. At Xe, our money transfers typically arrive within 1-4 business days, but many reach their destination within 24 hours (and some countries take just minutes). We’ll always confirm when your transfer will be sent and when it should arrive before you confirm your transfer.

If you have a certain date in mind for your payment, you may want to set up a forward contract. This contract allows you to schedule a future payment at a set date, locked at the exchange rate at the time you set the contract. In addition to ensuring your payment will go out on time, you won’t need to worry about market volatility negatively affecting your rate before you make your payment.

Alternatively, if you know that you’ll need to regularly make payments (such as a mortgage or a tuition bill), you can also set up Regular Payments Abroad to schedule a series of money transfers at one set rate.

Is it easy to do?

We’re long past the days of leaving your house, driving to the bank, waiting in that endless line, and filling out form after form. Nowadays, many providers offer online services that you can do from the comfort of your couch, any time of day.

At Xe, we want to make it as simple as possible to send money. If you ever have any questions, you can visit our Help Centre to read more about the process and contact our team directly.

How to send money with Xe

  1. Sign in or sign up. Either way, it takes just a couple of minutes.

  2. Get your transfer quote. Just enter the currencies you’d like to exchange and the amount. You can also get a quick transfer quote on our Send Money page, without signing in.

  3. Enter your recipient information. We’ll need their name, address, bank name, bank account number, bank code, and BIC/SWIFT code.

  4. Provide your payment details. You can pay by bank transfer, card payment, or direct debit.

  5. Confirm and send. Does everything look good to you? Go ahead and confirm your transfer, and we’ll take it from there.

What money transfer options are there?

There are many different circumstances by which you might need to send money. Sometimes you’re in a bind and want to get your transfer sent as quickly as possible and delivered by a certain date. Other times you may have a little more time to spare, but want to ensure that you get the best possible rate for your money transfer.

Here at Xe, we offer four different transfer methods:

  • Spot transfers – Happy with the current rates and ready to transfer now? Just initiate the transfer on our site, and we’ll get it sent as soon as possible.

  • Forward contracts – Like the current rates, but want to wait a little for your transfer? Lock in today’s rate and schedule your transfer to go out on a set date.

  • Market orders – Want to get the best possible rate? Identify your target rate and let us know how much you’d like to transfer, and your transfer will automatically initiate once that rate is reached.

  • Regular Payments Abroad (RPA) – Plan to make a series of transfers? For a one-time setup process, you can schedule a regular cadence of transfers at one locked-in rate.

What are the signs of a reputable brand?

It can be nerve-wracking to trust a company with your money and your personal information. Many people opt to use their banks for their money transfers because they already know their banks and trust that they are legitimate. While banks are a perfectly safe and reliable way to make your money transfers, they may not always be the most cost-effective method. But how do you know when an online money transfer provider is as trustworthy as your local bank?

As you research money transfer providers and examine their websites, keep an eye out for some of these signs of a reputable business:

  • A secured website

  • Information about the company and its history

  • A way to easily contact the company

  • Reasonable pricing (remember what we said above about comparing prices across providers)

Reviews are also a great resource for assessing a brand’s reliability and customer experience. You can check sites such as Trustpilot to see what verified customers have to say about a company.

How does Xe stack up to the other providers?

Over 1 million customers around the world trust Xe with their international money transfers. What makes those customers choose Xe over the others?

  • Favorable transfer rates, so you can trust that you’re getting the most for your money.

  • Fast money transfers, reaching some countries within minutes.

  • Transfer tracking, so you never have any doubt about where your money is.

  • Over 130 countries and over 98 currencies available to transfer to.

  • A quick and easy process, which you can handle entirely online 24/7, 365 days a year.

  • Numerous transfer options, so you can send your money in the way that best suits your situation.

  • Currency tools and resources, so you can stay up-to-date on your choice currencies.

  • Almost 30 years in the currency business, with the knowledge and experience to truly make us the world’s trusted currency authority.

 

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