I use XE frequently and have no problems. To open the account I needed to upload or fax my Passport and copy of a bank statement as proof of address. All you do online is to agree to a contract of exchange, you than need to use your Bank to do a Money Transfer to a bank account in Germany (IBAN so it's free or what ever your bank charges). Once they receive the money they either wire it into your Canda account or do an EFT (which takes longer). So the only benefit for me is better exchange rates and a free transfer which is faster than a 30€ money transfer to the US from my bank.