If you’ve never made an online money transfer before, the process can get a little confusing. From where your money’s actually going to what you’ll need to make the transfer, it may seem like there’s no shortage of complicated processes or details to remember. And if you’ve tried doing some online research, you might have felt buried by all of the information.
Planning on making a transfer soon? Let us make it simple for you. Here are the answers to some of the most common questions our customers have about the transfer process, so that when it comes time for your transfer, you won’t be held up by any last-minute concerns.
What is money transfer?
The term money transfer is a broad term that refers to any payment that doesn’t involve cash. It typically comes in two forms:
- Payments, such as direct deposit or swiping a debit card
- Transfer, such as wire transfer or online money transfer (which is what we’re talking about today)
Unlike traditional payment methods, money transfer doesn’t involve any physical exchange of money. Instead, it’s a secure exchange of information between two institutions (typically banks) that lets them know how much to take from your account and credit to the recipient’s account.
How do I make a transfer?
If you haven’t opened an account, that’s the first step. You can learn how to register in our blog here. Once you’ve signed up, here’s what you’ll need to do:
- Let us know what currencies you want to transfer between and how much you want to transfer;
- Let us know the recipient’s name and bank account information so we’ll know where to send the transfer;
- Enter your own payment information so we’ll know where to deduct the money from;
- Double-check that all of the information is correct and that you’re happy with your rate, and then confirm your transfer.
Do I need to provide any documents?
On some occasions, we may require additional documentation to verify your identity. In that case, all you’d need to do is log in to your account and provide a copy of one of the following:
- Driver’s license
- National ID
If you’re transferring a large amount of money, you may also be asked to provide verification of your source of funds. In that case, you would upload that document (typically a bank account statement or a property sale document).
The whole process will be quick and simple: if we need extra documentation, we’ll let you know by email within 24 hours of you confirming the transfer.
What countries and currencies can Xe help me transfer to?
We can transfer money to over 130 countries in every major global currency.
Will the transfer cost me anything?
Depending on the method you use to pay for your transfer, you may be charged a small service fee. However, there are no hidden fees in our transactions: everything will be clearly laid out when you initiate your transfer.
Where does my rate come from?
Our rates come from live data from the global foreign exchange markets. Since they’re updated in real time, the rate you quoted in the morning might not be the same rate you get if you try again later that evening. There are no added margins or hidden fees inside our exchange rates: you can trust you’re getting the true, honest rate.
Check out this previous blog for more information on what impacts exchange rates and how we get ours.
How do I provide money for the transfer?
There are three ways you can pay for your transfer:
- ACH direct debit
- Wire transfer
- Credit or debit card
Depending on which method you pick, there could be a slight difference in the cost of the transfer and how long it takes to complete. Take a look at this blog post for more information on the three payment methods.
How long will the transfer take?
Our transfers typically complete within 1-4 business days, though many of them reach their recipient sooner than that.
And you won’t be left to wonder when it’ll arrive. When you make the transfer, we’ll tell you when the transfer will be sent as well as the expected arrival date before you confirm the transaction, and receive email confirmations throughout the process.
Can I cancel or edit my transfer after I’ve confirmed it?
Yes, but the earlier the better. If you need to change or cancel your transfer, contact us by phone as soon as possible.
If you do need to cancel, there is a chance that you may incur an additional cost. This is because we purchase the currency at the time of your confirmation. Depending on how much time has passed, if the currency’s value has fluctuated, there could be a difference in the rate when we sell it back to the market. This is where the potential for extra cost comes in.
How does Xe keep my money and information safe?
We have been in the currency business for over 25 years, and keeping our customers’ money and information safe is one of our top priorities. We are owned by the multibillion dollar, NASDAQ listed company Euronet Worldwide and adhere to regulatory standards in every country that we operate in, along with having enterprise-grade security measures in place.
We hope this information has answered any lingering questions and given you what you need to move forward with your planned transfers. Ready to send your transfer? Log in to your account to get started.