XE Trade: sending money internationally fee-free

First published on November 13, 2013

After trying out XE Trade last year to convert Canadian dollars into US dollars for my own personal use, I decided to try it for business use. My company has a sub-contractor in the UK, and our alternatives were to send a wire transfer or a cheque. A wire transfer typically charges both the sender and the receiver fees, while a cheque takes time to send, deposit, and clear.

XE Trade was easy to use, fee-free, and fast. By “fee-free” I mean that they did not charge an extra fee on top of their regular currency exchange spread — and I’ve found their spread to be quite competitive. I just had to choose “ACH/EFT” as the sending method. I now intend to use XE Trade on a regular basis for my company.

The setup process required me to send XE Trade quite a few company documents electronically. Once set up, however, I just had to enter the recipient’s bank account information and then pay a bill as if it were any regular bill (such as a credit card bill). For more information on that general process, see my previous review.

Here is the timeline in business days for how long it took for me to set up a business account with XE Trade and send a payment in Canadian dollars from a Canadian bank to be deposited in British pounds in a UK bank.

Day 1: Registered for an XE Trade account
Day 1: Received an e-mail (in my spam folder) asking that I send over scanned documents (driver’s licence, certificate of incorporation, articles of association, names of shareholders owning 25% of more of the business) to verify my identity
Day 2: Received a reminder e-mail asking that I send over scanned documents to verify my identity
Day 3: I sent over scanned documents
Day 4: Received notification that the account was activated
Day 5: I initiated a trade (CAD in Canada to GBP in the UK) with a locked in rate based on that day, chose “ACH/EFT” as the sending method, and paid the bill through my bank’s online interface
Day 8: Received a notification e-mail that the money was sent to the recipient
Day 11: Money was deposited into the destination account; no fees were deducted on either end

The time between sending and receiving money took 6 business days.

2015 update: I now use CanadianForex and have found their rates to be better than XE Trade.


2 Responses to “XE Trade: sending money internationally fee-free”

  1. Dan says:

    Hi Peter, can this also be used for personal accounts i.e. not a business?

    Reply from Peter: Yes, I’ve done this for personal accounts as well. Here’s another review for a personal account:

  2. Benoit says:

    Thanks for the infos,

    We are also considering using Xe Trade for business, but my only concern is that depsite its low cost, it doesn’t allow me to use a letter of credit (documentary credit procedure) between my provider in Europe and our company, hence introducing the risk of paying and never receiving our merchandise.

    How do you deal with this aspect? You only use it with trusted provider/contrator? Or would you feel ok using it to begin a new business relashionship?<


    Reply from Peter: I haven’t had to deal with that, because I’ve only used it to pay for services after the service was provided.

Speak your mind

To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word