XE Trade

Hi Kal,

They give you their acct number and sort code during the transfer process.  The acct number is different depending on what type of transfer you are doing, so make sure you write down the right number. 

You have to get the money to them within 3 days, so as long as you complete the transfer to their bank right after you initiate the trade on XE Trade, you won't have any problems.

My final suggestion would be to set up an account and do a small transfer now (maybe £50), so that you can get comfortable with the process.  Don't worry if the exchange rate is not fantastic, but the few pennies you will lose willl be worth it I think.  This way, when you MUSt do a transfer, you should hopefully have less stress!

My final suggestion would be to set up an account and do a small transfer now (maybe £50), so that you can get comfortable with the process. 

i did just that.  tried out 100GBP though....and the whole process took 4 days!!  including the time for my bank to transfer the money to them via BACS, and for them to transfer it to my account in the US via EFT.  not too bad!!  i'm really pleased with it and am excited to start transferring more!!

thanks for the suggestion!!

anyone remember if you needed a certified copy of your passport to open the account?

i am getting one done for somewhere else so thought i would check

anyone remember if you needed a certified copy of your passport to open the account?

No, you don't. I don't exactly remember what it was we needed, but we faxed it straight away. It was very easy.

Just made my first trade!  I had to call and have my limit increased so the girl also walked me through the entire process!  I'm so excited!  And she was so very nice and helpful.  Ahhhh...good customer service ROCKS!

And a big thanks to another UKYer who PM'd me details on the process as well!  (you know who you are!)

I'm setting up mine and it's asked for

Credit Reference Information
Please provide us with a contact at a company who can act as a credit reference.

The examples they list for a personal account are things like:
Your account manager at your bank (no clue who that would be)
Your employer (don't have one yet)
Your landlord (we own)
etc.

Any suggestions of who to put?  The financial advisor who helped us arrange our mortgage maybe? 

I'm setting up mine and it's asked for

Credit Reference Information
Please provide us with a contact at a company who can act as a credit reference.

The examples they list for a personal account are things like:
Your account manager at your bank (no clue who that would be)
Your employer (don't have one yet)
Your landlord (we own)
etc.

Any suggestions of who to put?  The financial advisor who helped us arrange our mortgage maybe? 

when i set my account up, i gave them the name of my manager, but they never called her for anything.  i think they just want something to have on file just in case.  do you know who the branch manager is at your bank?  or the name of the person that opened your account for you?  or the name of the person that helped you with your mortgage arrangments?  it's not a bank per se, but none the less they would be able to vouch for you. 

that's why i've been procrastinating on opening the account-so i'll just put my manager down!  thanks!

when i set my account up, i gave them the name of my manager, but they never called her for anything.  i think they just want something to have on file just in case.  do you know who the branch manager is at your bank?  or the name of the person that opened your account for you?  or the name of the person that helped you with your mortgage arrangments?  it's not a bank per se, but none the less they would be able to vouch for you. 

Well the account was already open (we just added me).  I think I'll put down the Mortgage guy's info since we actually met with him multiple times.  Thanks!

I just had to say again how much I love XE!   Made our first trade Monday, and today (Friday) the money is in my US account.  Very cool and very easy! 

Alex is going to send the fax on Monday to set up my account.  Don't know why I was getting all worked up about signing up - think I was just having a bad day.

I recently received an inheiritance check in USD.  I am thinking about sending it back to my sister, having her cash it and then having the money transfered by XE.  Would my sister need to be the one to set up the account, as the money will be coming from her account in the states?

Regarding XE Trading, do they have any charges?  It sounds like they don't no matter how small the trade, is that right?

I signed up with a company called Interchange FX based in London.  They charge £10 for amounts under £5000 transfered but their exchange rate is only 1 penny less than the interbank rate.
So, for example, today's interbank rate is $1.87/pound.  Interchange will give $1.866/pound but charge £10 as I don't have £5000 to transfer!  They guarantee 3 day transfer time.

I called my bank, Lloyds TSB and they also charge £10 for a 3-4 day transfer but their exchange rate is $1.788/pound.  Effectively, I would lose about £23 if I were to use Lloyds.

So, if my assumption is correct and XE does not charge any fees on any amount transfered then they would have to beat an exchange rate of $1.83/pound to be cheaper than Interchange.  Can anyone confirm my assumptions and have any idea what kind of exchange rate lag they give against the actual interbank rate?

Thanks,
Matt

the only time (i believe) when they may charge fees is if you are coming from US to UK with your funds.  going UK to US, there aren't any charges.

as for the rate....i just transferred 300GBP on wednesday and got a rate of 1.8477.  the best rate i've had in the 4 months i have been using XE was 1.865 back in the beginning of august.

i'm not sure exactly how much their lag is behind interchange, but in comparing my rates to those in your post, they seem to be pretty close. 

Interesting you say that kaleidoscope, I called roundabout Wednesday and Interchange gave me a rate of 1.89.  I was looking to send $1000 equivalent in sterling which would work out to £529.10 + £10 charge = £539.10.  If XE gave you 1.8477 that's equivalent in sterling to £541.21, over £2 more even with the charge factored in.  It may seem like small amounts but it seems that they work out to about the same.

That doesn't surprise me as XE must be factoring in their charge into the exchange rate by having a few pennies lower.  Granted, it's still much better than what a high street bank will charge.

The one thing that put me off in the past about XE was I recall someone saying you have to send important documents to Canada and potentially wait weeks for that to go through.  Please correct me if this is not the case.

With Interchange, I sent them the documents via email and the next day I had an account and could begin trading, very easy.