XE.com

I need to start transferring a decent sum of money each month from the UK to the US.  I have previously used Paypal, but only needed it for about £150-£200 for my US student loans.  Paypal was ok, though took a while.  They have changed the fee structure, so it doesn't make sense anymore.  Plus I think they have minimum limits ~$500 per month (this could be under the old no-fee rules).

Anyway, I am looking into XE.com because I know others have used it.  Can someone tell me exactly how it works with a UK and US account?  What information do I need from each to be able to transfer?  What are the fees?  Do the banks also charge a fee?

I really need to try and find an economical way of doing this, if at all possible. 

I am limited in the research I can do.  I just moved house and my internet isn't set up.  I am using a dongle in the meantime that is the spawn of satan and disconnects everytime I try to load a webpage.  So someone's real life experience here would be invaluable.  Thanks!

i need help with xe as well. i signed up. Both UK and US accounts are verified i just cant figure how to wire the money.argh!

i need help with xe as well. i signed up. Both UK and US accounts are verified i just cant figure how to wire the money.argh!

Here's how I do it:

1. Go to the XE.com login site: https://fx2.xe.com/fxlogin/Pages/Login.aspx

2. After you login you'll go to the XE Trade page, with tabs along the top saying Trading, My Accounts, Recipients, and Transaction History.  If you're not already on the Trading tab, click the Trading tab.

3. On the left side of the Trading page is a list of things you can do.  From top to bottom the list reads Basic Trade, Bid, Forward Contract, Drawdown on a Forward.  Click on Basic Trade.

4. On the Basic Trade page Section A is Select Currencies and Amount.  There are drop down lists saying From and To and a box to type in an amount. 

The key to everything on this page is whenever you choose something, it takes a few seconds for the page to respond.  A small red box will appear in the upper right corner that says Loading, please wait.  Every time you change something anywhere on the page, wait until the red box goes away before you continue.

I usually send money from the US to the UK, so that's what I'm going to do in this example.  For this example, I'm going to move $100 USD to the UK. 

5. In Section A, in the From drop-down list, choose USD - United States Dollar.

6. In Section A, in the To drop-down list, choose GBP - Great Britain Pound

7. In Section A, in the Amount box, enter how many dollars you want to send to the UK, and then to the right of the Amount box, click on USD.  Under the box it should now say "We quote how many GBP will result from converting 100 USD."

8. In Section B - Select Payment Method, it says "How will we receive your payment?" with a drop down list next to it.  If your US account is verified with XE, click on it and choose Debit my Account.

9. A new drop down called Select Account appears in Section B.  Click on it, and select the US account you want to move $100 from.

10. In Section C - Select Delivery Method, it says "How will we deliver the funds?" with a drop down next to it.  If your UK account is verified with XE, click on the drop down and select ACH/EFT.

11. Two new drop downs boxes called Select Recipient and Select Account now appear in section C.  Click on Select Recipient and choose yourself, then click on Select Account and choose the UK bank where you want the funds to be deposited.

12.  In Section D - Get Quote, there is a big blue button that says Quote.  Click it, and in a second or two XE will display how many GBP you'll get for transferring $100 USD.

13.  If you're happy with the quote, click Confirm Deal in Section E.  A pop up will appear making sure you know you're really moving money.  Read the pop up, make sure you're happy with everything, and then click OK.

14.  Congratulations!  You'll get an email from XE that says they've started the deal.  In a few days you'll get another email saying they've transferred the money, and a few days after that it will appear in your UK bank.  For me, from start to finish this whole process usually takes a week.

Hope that helps.

Carl