Launched in 1993,in Canada, the first-wave internet company was initially Xenon Laboratories, providing internet services for business clients.Founders Steven Dengler and Beric Farmer developed a ‘universal currency converter’ in order to make their own website appear more dynamic, the tactic drew visitors who utilized the free live currency calculator. Dengler and Farmer didn’t focus full time on currency transfer and exchange until 2000. Headquartered in New Market, Ontario, xe.com has more than 30 employees.
Xe.com calls itself’ ‘The Worlds’ Trusted Currency Authority’ , on the strength of the currency calculator the founders developed.
Two products are featured, and the first is not currency exchange, it’s Xe’s web application-programming interface (API) available for business applications. Free online currency tools are offered, such as Xe’s currency converter. The calculator draws a great deal of traffic to XE’s site, as visitors check live exchange rates of any world currency, and a small percentage of those visitors will use Xe’s exchange services. Free rate tables and historical charts also draw visitors. Xe’s mobile apps ( the company’s speciality) are also free.
Fast transfers are featured by Xe as their second product. Quotes are promised within 5 minutes of contacting the firm online.
Thanks to their own calculator, clients can see the live rates. Currency exchange is available for private and business accounts. The company doesn’t not offer dedicated dealers or any other financial tools aside from spot transfers, although bidding for desired rates is offered.
Live rates on xe’s Website calculator don’t match XE’s trade rate:
The issue with featuring the ‘mid-market’ rate so prominently on Xe’s website is that it appears to be the rate their clients can expect to receive on transfers and exchanges. This has led independent local Forex reviewers to complain and comment about the companies and institutions that beat Xe’s exchange rates.
Utterly dominated by the currency calculator, Xe’s website focuses on the currency calculator as a resource and a product to the exclusion of any real foreign exchange functionality as the opportunity to try the fast transfers is hardly enticing. profoundly out-dated and not in keeping with industry standard user friendliness. Featured content on homepage is a North American Market update. Blog is this same information, cached historically, presented as a free service. A Forex glossary of industry terminology is featured content as well as tips that encourage Forex trading which the site doesn’t recommend.
Review Centre rates Xe at 1.9 out of 5. Only 17% of 52 reviewers would recommend the services. Many clients had come to the website to use the calculator, anticipating that the firm would be what it claims- and that the service and rates for ‘the world’s trusted authority’ would be excellent. Many state that it was much higher some ten years ago, and all agreed that whatever level the transfers had been, then are far from that now. It appears the customer service outsourcing has been the demise of customer service, while very poor rates can’t be explained.
Canada’s Complaints Board lists 10 detailed complaints of incidents that had eroded client trust and loyalty. More than one has suspicious compliance calls that they found Xe had not initiated. Outsourcing customer service calls was seen as the culprit for security concerns as well as very poor customer service.
Xe seems to have returned to their roots which were always still deeply sunk in web design, not in Forex, although their calculator proved very successful. Their products, like the famous currency calculator drive them to the top of searches and familiarize clients with their firm as if it were indicative of the whole foreign exchange industry, unfortunately, as they aren’t a good representative of the range of services on offer globally. With just one service-transfers and so many customer service complaints, including worrying security issues, we wouldn’t recommend using Xe to transfer money but we do indeed trust their calculator for researching the mid-market rates. 2.5 out of 5 stars, mostly for the calculator product.
Company’s founders have the industry’s respect for developing the web’s dominant currency calculator which can be downloaded for free.
Second rate service seems inevitable when you put currency exchange as your company’s second service on offer. Although xe’s site sees a large volume of visitors who utilize the live daily currency rates, most will exchange elsewhere to get better rates.