XE Trade

Can you deposit money from XE into an ING account? Anyone know?

As long as you have account details like a Swift and IBAN or whatever the codes are here, there shouldn't be a problem. But it would only be as a transfer from another account using XE as a bridge to your ING account. You can't hold money in an XE account like PayPal. 

yup, cool, got it.  we'll see how it works!

yup, cool, got it.  we'll see how it works!

Is this the first time you are using XE? I really like it. It has saved us a lot of money on transfers and is really efficient.

it will be my first time, which is shocking as i've wanted to use it for ages!!!!!  I've been waiting for the exchange rate to be right, and it's looking like the time now!

it will be my first time, which is shocking as i've wanted to use it for ages!!!!!  I've been waiting for the exchange rate to be right, and it's looking like the time now!

I think there is a way that you can lock in your exchange rate for like a year or something. That would be really great now with the GBP being so strong compared to the USD.

last question-anyone know if you need to have your bank account number that you want the money transferred to/from to open the account?

I don't have it on me and want to begin the application

Kaleidoscope,

Your free concept is correct, as long as you make sure that BACS is what you select.  I have made several transfers this way and have never paid a dime.  XE trrades makes money out of it based on the exchange rate they give you.  If the actual rate is, for example, 1.80, you might get 1.77 out of them; they then keep the difference.  The hypothetical 1.77 still reprensents a much better rate than you can get almost anywhere else.


Unless something has changed, the catch comes when you try to transfer money from the US to the UK.  Since the US has nothing like BACS, you have to pay for the money to be wired from your US account to XE trade.

Aimiloo,

You will need the account number that the money is coming out of when you set up the account - this is the info that they confirm when they call you up to complete the account set up.  But i am pretty sure you can put in the account numbers you are transferring money to at a later time.  You can actually set up multiple accounts to transfer money to if you deal with multiple banks in the US.

I just finished online registration and am waiting for my phone call now!  Probably wont make my first trade until August, but atleast it will be all set up and ready to go!  Thanks to everyone who posting information about this service!

Kaleidoscope,

Your free concept is correct, as long as you make sure that BACS is what you select.  I have made several transfers this way and have never paid a dime.  XE trrades makes money out of it based on the exchange rate they give you.  If the actual rate is, for example, 1.80, you might get 1.77 out of them; they then keep the difference.  The hypothetical 1.77 still reprensents a much better rate than you can get almost anywhere else.

you sing music to my ears Big Ed!!  this is wonderful...especially since to start with i'll only be doing little bits here and there.  i don't mind XE making a few quid off me, especially since they are offering me a service.  just as long as i don't have to pay the stupid banks for sending/accepting MY money, i'm golden!! 

woo hoo.  my free concept was right.  i really am edumacated!!  and you've made my day!!

Kaleidoscope,

I don't want to rain on your parade, but there is one thing I forgot to mention....

The rate you get from XE Trade is based on the amount you are transferring.  For instance, if you transfer £50 based on a base rate of 1.80 you might only get 1.70; if you transfer £2000 you might get 1.78, etc.

I have played with it a bit and a good amount to transfer seems to be £500.  When you are actually ready to do the transfer, you can go in and put in an amount and it will tell you the rate it wil give you, which you have 60 seconds to accept.  BUT DON'T PANIC!  After 60 seconds, it just goes back and refreshes the base rate, which shoudn't change drastically over the course of the day (most days).  I suggest you put in some different amounts to try and find how little you need to send to still get a decent rate.

Good Luck!

Unless something has changed, the catch comes when you try to transfer money from the US to the UK.  Since the US has nothing like BACS, you have to pay for the money to be wired from your US account to XE trade.

That is not entirely true.  I just completed my first trade from a US account into my UK HSBC account and it went like this...

I setup my US account as an EFT bank account on XE trade. 
I setup my UK HSBC account as a Wire Beneficiary on XE trade (since you cannot EFT into a UK account from XEtrade).

26th June - Initiated a transfer from my US account to my UK account.  (EFT -> Wire, there is a small fee for doing a wire but it's the only way to get the money to UK accounts.  The fee is way less than a bank would charge).
26th June, End of business day - Received an email from XEtrade that my funds had been withdrawn.  Confirmed this online with my US bank.
27th June - XEtrade status is "Processing" meaning they have received my funds and are processing the trade.
28th June - XEtrade status is "Processing"
29th June, early am - Received an email from XEtrade stating the trade was complete and I should receive my funds within 3 days.  Checked my HSBC account online and the funds have already been deposited successfully.

The entire transaction took 3 business days and cost much less than if I had to pay a wire fee through either bank. 

Just to clarify, yes I was able to have the funds withdrawn via EFT from my US bank account.  But, EFT is not available as a deposit method on the UK side.  The only options are Wire or Bank Draft (which takes longer). 

I am extremely happy with the whole process though. It was so easy setting everything up.  One other thing to note... when you initially setup your US account for EFT, XEtrade does require you to verify the account details by faxing or emailing a form to them.  But this is a one time setup and doesn't take very long to fill out.

Just to clarify, yes I was able to have the funds withdrawn via EFT from my US bank account.  But, EFT is not available as a deposit method on the UK side.  The only options are Wire or Bank Draft (which takes longer). 

i am a bit confused by your statement above.  XE Trade specifically states:


Note: When sending us the funds to be converted, you can in fact use any electronic payment method available to you, provided that you initiate the payment within 3 business days and that you inform us by e-mail when it has been initiated. Such payment methods would be used in place of a Wire Transfer when sending payments to XEtrade. For example, in the United Kingdom, the CHAPS or BACS services can be used, and In Australia and New Zealand, the Internet Payment and Pay Anyone services can be used.


are you saying that you weren't given the option of a BACs or CHAPS transfer from XE into your UK account? 

When sending us the funds to be converted, you can in fact use any electronic payment method available to you, provided that you initiate the payment within 3 business days and that you inform us by e-mail when it has been initiated.

If you read that more closely it says when sending us the funds to be converted.  My funds were coming from my US account... which was done electronically as stated.  But when depositing funds from XEtrade into the UK account, there is no available electronic option.  Only wire and bank draft.

If you read that more closely it says when sending us the funds to be converted.  My funds were coming from my US account... which was done electronically as stated.  But when depositing funds from XEtrade into the UK account, there is no available electronic option.  Only wire and bank draft.

i realize that is says when sending us the funds to be converted.  my thinking was that if they were willing to accept BACS/CHAPS transfers on the UK side that one would also be able to instruct them to deliver your converted funds from the US in this manner as well.  apparently this isn't the case. 

thank you for posting your XETrade experience.

First off, I transfer money from my UK bank account at Lloyds TSB as a BACS to XE Trade. 

how did you get their bank information (account number & sort code) to do a BACS transfer?  i looked in the FAQ's and can't find the information anywhere....