XE Trade

Okay, maybe I'm just being totally thick here...

I just sign up for and have been activated with an XE Trade account.  I have added my US bank acct to receive EFT payments and when I signed up, my UK acct was added as the main acct payments were coming from.

When I go for a 'basic trade' and then select wire transfer...it asks me to confirm & then the instructions to transfer money will follow.  I just want to double check that I won't be locked into a wire transfer at this point - that this is what I need to do to do a BACS payment from my UK bank account.  Can someonse just confirm I'm doing the right thing?

Also, when I want to send payment from my online banking, do I just do it as a 'single payment'?  Is that what BACS is?  I just have that option and then Standing Order.

When I go for a 'basic trade' and then select wire transfer...it asks me to confirm & then the instructions to transfer money will follow.  I just want to double check that I won't be locked into a wire transfer at this point - that this is what I need to do to do a BACS payment from my UK bank account.  Can someonse just confirm I'm doing the right thing?

You're exactly right. Select wire transfer and then use BACS.

Also, when I want to send payment from my online banking, do I just do it as a 'single payment'?  Is that what BACS is?  I just have that option and then Standing Order.

That should be the one.

Don't worry, you're not being thick--it took me some hunting to figure it out, and rather longer to convince my husband that I was right.

Thanks so much!  I just wanted to make before I got locked into be required to do a wire transfer that I didn't want!

Did anyone else find the process of starting an XE Trade account rather tedious? Maybe it's just me because we don't at the moment have a computer at home which means I can't scan, etc. and I'm not allowed to use the fax at work for international calls.

So I had to post the first confirmation. Then wait forever to find an evening when I had time to be at home for the interview phone call. And now it looks like I'll have to scan my identity documents at work, save to a memory stick, and email the scans. It's all just feeling rather labourious. I know it's that way for a reason, but I've been trying to set up the account for a rather long time now!!

We did ours in the middle of moving, and yes, it was a pain.

Did anyone else find the process of starting an XE Trade account rather tedious? Maybe it's just me because we don't at the moment have a computer at home which means I can't scan, etc. and I'm not allowed to use the fax at work for international calls.

Yes, it is a pain!  However, I've done all documents via digital camera & upload.  It actually speeds up the process A LOT and allows me to do it all quickly from home.  However, having to print off, sign, and re-upload several forms is quite tedious.  And now to add my US bank account, there's ANOTHER form to sign/photograph/upload - just when I thought I was finally finished with all that!

Hopefully it'll be worth it once I start regular transactions & never have to hassle again...

How long does it take to set this up?  DH tried and got frustrated with the process and just gave up so I will handle it once I get over there and can open a British account.

I need it set up in time to be able to pay US credit card bills by mid-December.  Since I arrive 9 November, will I have enough time?

A month should be sufficient, Dar!  If you keep on top of the process, I think it really only takes a week.  Just very tedious, is all...

How long does it take to set this up?  DH tried and got frustrated with the process and just gave up so I will handle it once I get over there and can open a British account.

I need it set up in time to be able to pay US credit card bills by mid-December.  Since I arrive 9 November, will I have enough time?

It's a lot of hassle but if you have access to a fax machine that can send internationally or a scanner so you can email stuff then it'll be a lot faster! It's taking me forever because I didn't have either of those things so I'm forced to do a lot of it by post.... I also found it hard to find time to do the phone interview 'cause my schedule's been sort of awkward lately....

Since I will just be setting up a British bank account and they ask for details of an account in my name, can I use my US account since I won't have cheques or a statement from my British account yet?  I figure if I can get all my information together before arriving, I can get everything set up rather quickly.

Since I will just be setting up a British bank account and they ask for details of an account in my name, can I use my US account since I won't have cheques or a statement from my British account yet?  I figure if I can get all my information together before arriving, I can get everything set up rather quickly.

We set up our XE account with our US bank account, as we didn't have a UK account at the time. You could probably go ahead and do it now, and add your British account when you get it. That is, if you need anything else to do before you move!

Do keep in mind that it will take a week or so per trade unless you use (and pay for) the wire transfer route.

We set up our XE account with our US bank account, as we didn't have a UK account at the time. You could probably go ahead and do it now, and add your British account when you get it. That is, if you need anything else to do before you move!

Do keep in mind that it will take a week or so per trade unless you use (and pay for) the wire transfer route.

So, that will be okay even if I am sending funds from my UK account to my US account?

Okay, just sent my application page, voided check copy, and copy of my driver's license.  All of this is for my US account. Hopefully, they will allow me to add the UK account and send them funds from that account at a later date.  Well, um, when I have the UK account, that is. 

So, that will be okay even if I am sending funds from my UK account to my US account?

Absolutely--that's what we do!

Absolutely--that's what we do!

Yay!  Well, the process is started.  I sent all my documents.  Now I just need to do this phone interview thingie.  I am off Friday, so, will do it then, hopefully.  Is there anything else they generally ask for?  I want to be prepared so this can be as painless as possible.