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.

 

Source

 

 

03-06-2020 | treasuryXL | XE |

A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

At Xe, we work with businesses of all sizes across many industries. We recognize that each business has its own requirements for its payments, and thus we offer a diverse suite of money transfer products and solutions in order to meet each business’s international payment needs.  Let’s say that you’ll need to make a payment in the future. Right now, the rates are in your favor, but your payment is weeks or even months away, and you’re worried that the rates could change in the coming weeks, which would make your upcoming payment much more expensive than it would be now. You can’t influence the markets, but is there anything you can do to avoid feeling the brunt of currency market volatility?

In that case, the forward contract would be the right solution for you. Let’s take a closer look at what that is and how it could help your business.

What is a forward contract? 

A forward contract is an agreement to buy or sell an asset at a specified price on a specified future date. In the context of money transfer, this is how it works:

• You specify which currencies you’d like to exchange, and get a quote at the current exchange rate.

• You select the date on which you’d like to send this transfer, and provide all necessary recipient and payment information.

• On that date, the transfer will automatically trigger, and will convert and send at the previously established rate.

You could think of it as the “buy now, send later” money transfer option. You’ll do the work of setting up the transfer now, and your currency exchange will happen at the current exchange rate, but the transfer itself won’t happen until the date you’ve specified.

Why is a forward contract useful? 

A forward contract can be useful in two ways: allowing you to lock in your rate to avoid future volatility, and to ensure that your payment will be sent (and delivered) by a certain date.

Changes in currency values can dramatically impact the cost of your business money transfers. If the currency that you’re sending weakens, or the currency you’re transferring to strengthens, a simple payment could suddenly become much more costly for your business. A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

Additionally, if your payment needs to be delivered by a certain date, arranging your payment in advance can ensure that it will be sent on time. No matter how busy things get leading up to the transfer date, you can rest assured that your payment is taken care of.

How to set up a forward contract 

If you’re interested in setting up a forward contract and securing a rate for your business’s upcoming money transfer, give us a call to set that up with our team. If you don’t already have an Xe account, take a look at our guide to registering for a business account. 

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

 

 

 

20-05-2020 | treasuryXL | XE |

As you search for the right payment provider, keep an eye out for these two main sources of cost: fees and exchange rate.

When making an international payment, there’s one question that’s on everyone’s mind:

“How much foreign currency will I get for my money, after all the charges have been applied?” 

The answer could surprise you.

When making an international business payment, the actual payment itself is only one part of the overall cost to your business. Depending on the provider you utilise for your payment, the exchange rate that you get for your transfer as well as the fees you’ll need to pay (their cost and the number of fees) can vary drastically.

As you search for the right payment provider, keep an eye out for these two main sources of cost: fees and exchange rate.

Fees—the charges you see 

When making an international transfer, a multitude of fees, charges or commission can apply, both for the sender and the recipient.

It can get complicated, as fees can come about in multiple ways. Providers may levy lots of small charges to disguise exactly how much the transfer cost. Some providers may instead apply their fees to the recipient, meaning that less money will come out on the other end of your transfer than anticipated.

When you get your transfer quote, look carefully at the fees that you see throughout the transaction—not just the ones advertised upfront.

Exchange rates—the charges you don’t see 

For many people making international payments, the exchange rate is the deciding factor in which provider they use.

As you search for the right international payment provider, be mindful of the way that they communicate their costs. It’s more common than you think for providers to offer “commission free” or “fee free” transfers that in fact just give you unfavourable exchange rates in return.

As a result it’s often really difficult to compare one provider with another as some will publish charges and others don’t.

Remember exchange rates often change by the minute, so to compare one company to another you need to do the comparison one after the other in quick succession.

What should you look out for? 

When shopping around and comparing your bank to a currency broker, make sure you look at both fees and rates. Compare the costs across providers—even if some claim to use the mid-market exchange rate for their transfers, you’ll find that rates can differ wildly.

Additionally, be mindful of anything that seems “too good to be true”. While some providers will offer you great deals and discounted rates, if you see a provider claiming absolutely no fees, “free transfers”, or advertising rates that are dramatically lower than the rates you see with other providers, it may be an indicator that there are extra, hidden costs.

What will it cost to send money with Xe? 

At Xe, we want to help you to get the most for your money when you make an international payment. Our money transfers come at competitive exchange rates, and we offer money transfer solutions that can help you to ensure that you’ll get a great rate for your transfer. You can lock in a rate for a future transfer with a forward contract, or you can set a Rate Alert to get notified when the rates are in your favour. Currency market volatility can cost you, but working with a knowledgeable provider can help you to minimise the costs.

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

 

 

 

29-04-2020 | treasuryXL | XE |

Once you’ve ascertained what you need from a provider, the next step is shopping around to select the best provider for your business.

Working with a foreign exchange (FX) specialist can greatly help your business to navigate the currency markets and protect your bottom line from potential market volatility. However, not all providers are the same because not all businesses are the same. Each business has its own currency needs and risk exposures dependent on its size, operations, and planned payments.

We recently offered a guide on understanding what you need from an international payments provider. We encouraged you to consider:

• Overhead visibility of your FX requirements

• How you prefer to conduct business

• The simplicity (or complexity) or your FX requirements

• The payments your business makes or will make.

All of these factors can greatly impact what you’ll need from an FX provider to suit your business.

Once you’ve ascertained what you need from a provider, the next step is shopping around to select the best provider for you. In addition to considering whether they can meet your needs, be discerning about each provider and whether they should be trusted with your business’s international payments.

Do your due dilligence 

As with any financial services company, do your research and use your best judgment. If something feels off, it very well could be. If the rate looks too good to be true, it probably is. There are some other questions that you should ask yourself as you research each provider:

• Are they registered? Companies that provide money transfer services in the UK, for example, have to be registered with the Financial Conduct Authority (FCA). You can check which ones are authorised on their site. If you deal with a firm that is authorised or regulated by the FCA, you will be covered by the Financial Ombudsman Service if something goes wrong. Confirm that the provider is registered with your country’s authority.

• Are they authorised? Larger companies are called an “authorised payment institution” while smaller ones are listed as “small payment institutions”. All authorised payment institutions must meet obligations that include providing certain information to customers before they commit to using the service. This includes whether they safeguard client money, what exchange rate they will provide and whether there will be any additional charges, how the transaction will be carried out, how long the money will take to arrive, how long they will take to correct a transaction in the event of a mistake and your rights to cancel a transaction.

• How does their site look? You can also take a look at the company website to see if there are any additional security measures in place. Looking at their site will also give you a quick snapshot of the business. If their site is outdated or poorly-run, it could reflect poorly on their business practices.

• Can you call? Sometimes, the quickest way to get a feel for a provider is to speak with them directly. Giving the company a quick call is another way to check you are comfortable trusting them with your money and to get answers to any questions you might still have about their service. This call will also give you an idea of whether you would be able to speak to someone if you do encounter any issues with your transfer.

What should you check before deciding which provider to use?

• How strong is the company’s balance sheet? If they don’t have full accounts on their website, you can check at Companies House. Xe, for example, is owned by NASDAQ-listed global payments processing company Euronet Worldwide Inc.

• How big are they and how long have they been in business? A large, established company with experience in the markets will likely be better-equipped. At Xe, we’ve been in the business for almost 30 years now with offices around the world to serve our customers.

• How good is their payment processing? Are they audited by reputable auditors? Can they send payments quickly and securely?

• How many other businesses trust them with their international payments needs? Judge them by the company they keep. Do they work with any other reputable businesses? Do they have experience working with businesses like yours? Xe for example, serves over 13,000 businesses of all sizes across 100 industry sectors.

• What online security measures do they have in place to keep your funds safe? Look out for well-known online security ‘trust marks’ such as Norton online security. For example, if the site URL begins with “https”, that makes it a secure site. A URL beginning with “http” is a warning sign of an insecure site, which you should not give your sensitive information to.

What should your business know about Xe? 

At Xe, we know the currency markets. With nearly 30 years in the business, we are the world’s trusted authority with the knowledge and experience to help businesses navigate the currency business and their international payments. Today, over 13,000 businesses across 100 industry sectors look to Xe for:

• Fast, secure and simple international payments

• Tools and solutions to manage their currency needs

• Expert FX risk management guidance

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