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“I have been following XE for a while but could not...”

written by YesMo on 20/06/2013

Even though I was following XE for along time, as I check their currency conversion rates online, their rates show up as the best and top of the line, it is actually not the rate one will get. They will only provide the rate quote to signed up members. So, what you see on the website is a average of high and low, or they quote the mid point of trading average of the day.

Anyways, why I did not sign up: My todays Chat with a Rep posted here will answer those questions.
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Me:
is the rates quoted on your conversion page locked in rate?


Call accepted by XE Trade Customer Service. You are talking to Remi.
Please note that we cannot provide rate quotes via Live Chat.


Rep:Remi:
Hello! Thanks for contacting XE Trade.
Rep:Remi:
The rates used in our free information services are mid-market rates. They are neither "buy" rates nor "sell" rates. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets. You can find out more on our site at http://www.xe.com/faq.php#midmarket Since "buy rates" and "sell rates" include overheads and profit margins that are set independently by each foreign exchange provider, they will vary depending on the company you're talking to, and will always be different than the mid-market rate. It is very unlikely that you will be able have a transaction done at the mid-market rate reported in our free currency services.
Me:
I see a dollar to Rupee rate at 59.57
Rep: Remi:
Unfortunately we cannot give live quotes via our Live Chat. In order to receive a live quote you will need to sign up for an account with us, which is completely cost and obligation free. You can view our mid-market rates at www.xe.com.
Me:
well
Me:
have some questions, I read mixed responses about your com, many people said negative things, as far as transactions or rates concerned?
Remi:
We do offer a best rate guarantee. We guarantee to beat every posted bank rate on every transaction. We also guarantee to beat every other competitor's rate nine times out of ten. For more details please contact us.
Rep:Remi:
We can be reached by telephone at +1.416.214.5606 Option 2, then Option 1, or toll free within North America at 1.877.932.6640 Option 2, then Option 1. We can also be reached by email at [email protected].
Me:
I wanted to sign up long time ago, but the customers reviews kind of shook me to not to sign up
Me:
here are a couple of customers :What is my status?”

Written on: 12/05/2013 by DavidWDraper

I have an outstanding transaction I'm waiting on. Its a simple transfer from Canada to the US, and its been three days and my status is still 'Authorized'. What the heck does this mean? Nowhere on their site is there a discussion of various status states that a transaction goes through. I like the xe site, I like their rates, but the time lag and lack of transparency is very frustrating...
I won't do this again.



Ease of Use



Value For Money
Me:
Time lag and lack of Transparency?.......this is one of the most important aspect
Muni:
there are 23 reviews right on this page: you can take this to your manager or incharge officer and fix them
Muni:
second customer:


WRITE A REVIEW


“Slow and non-sensical onboarding process”

Written on: 19/04/2013

It has taken almost a week to activate an account with XE. They have asked for more documentation than i have ever had to provide anyone, even my bank didn't require the ridiculous amount of paper work that they do. It seems that they cannot apply common sense or make decisions at the call center level. It has been very frustrating dealing with them. At the end of the day, i could get my dentist or pharmacist to sign off on a proof of identity for them, but they would not accept a utility bill or an ordinary bank statement!

They need to be more clear on what information they will require BEFORE you sign up, and should standardise their requirments in line with what commercial banks would request for similar account set up. Silly
Me:
If I were you, I will go to that link, copy all the 23 reviews that got terrible reviews one star to two star out of five, and start fixing the problems with your XE
Me:
I would sign up today, but with all these complaints, I am terrified not to
Me:
Are you still there>?
Me:
?????
Rep:Remi:
I am sorry for the delay. I'll be with you in a moment.
Me:
I will be posting this whole chat as a complaint and review...on the same above link that I gave. Unless someone from your XE clarifies and address these issues publicly, I will not do business with your company. Thanks

Here is the Reps response to my last message:
Remi:
we understand where your coming from, we cannot please everybody, unless they call us to provide fully our assistance. we will not push you in sign up with us, it your desicion if you want to use our services, but we really cannot provide rate quote via chat