XE Trade

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.

I'll ask J tonight--he was the one who actually took care of things.

I'll ask J tonight--he was the one who actually took care of things.

Brilliant, thanks!   

Brilliant, thanks!   

Don't thank me until I actually remember to do it.

Don't thank me until I actually remember to do it.

Ha ha!  Okay! 

XETrade got back to me and said that I have to initiate payment to XETrade from the UK account because XETrade will not be able to pull funds from it. Now I am confused.  How do I initiate payment?  Something on my bank's end or something in XETrade's system?  I wrote them back, but, am just interested in what other's say as well.

I think what they mean is that when you do an XEtrade payment, you do it on their website and then go to your banks website to initiate the payment to XE. XETrade has an account in London that you transfer to and include the reference number that XE provides you with your trade and then they do the international transfer that you requested. Does that make sense??
For example: I make 2 payments a month using XE. The first one is a couple hundred £s and I can do it through Barclays online. The other payment is over Barclays limit for online transfers, so I call them and they do it for me over the phone. Very simple.
Hope that helps.

XETrade got back to me and said that I have to initiate payment to XETrade from the UK account because XETrade will not be able to pull funds from it. Now I am confused.  How do I initiate payment?  Something on my bank's end or something in XETrade's system?  I wrote them back, but, am just interested in what other's say as well.

For my HSBC account, I have a choice online called "Make Payment".  I just click that, enter the amount, reference number and payee name.  Hopefully your bank has a similarly easy system.

I think what they mean is that when you do an XEtrade payment, you do it on their website and then go to your banks website to initiate the payment to XE. XETrade has an account in London that you transfer to and include the reference number that XE provides you with your trade and then they do the international transfer that you requested. Does that make sense??
For example: I make 2 payments a month using XE. The first one is a couple hundred £s and I can do it through Barclays online. The other payment is over Barclays limit for online transfers, so I call them and they do it for me over the phone. Very simple.
Hope that helps.

For my HSBC account, I have a choice online called "Make Payment".  I just click that, enter the amount, reference number and payee name.  Hopefully your bank has a similarly easy system.

Oh!  I get it now!  Thanks!

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.

Hello! Elynor told me she had volunteered me to chime in here.

I don't remember the precise sequence of things, but one very important point was that they REQUIRE that the applicant be reachable for the interview at one of the phone numbers provided through the secure application system. Next, you will need to have your checkbook with you (and various other documents--just note whatever they say, because they will ask about it).

But really, when you are doing everything legitimately, it's not a difficult or intimidating process. They seemed really nice! And they were understanding when I had to keep changing the appointment time because of the throes of moving. 

-Jeremy

Hello! Elynor told me she had volunteered me to chime in here.

I don't remember the precise sequence of things, but one very important point was that they REQUIRE that the applicant be reachable for the interview at one of the phone numbers provided through the secure application system. Next, you will need to have your checkbook with you (and various other documents--just note whatever they say, because they will ask about it).

But really, when you are doing everything legitimately, it's not a difficult or intimidating process. They seemed really nice! And they were understanding when I had to keep changing the appointment time because of the throes of moving. 

-Jeremy

Thanks Jeremy!   

Gah!  I am so incredibly confused. I can't find my account listed anywhere on XETrade and I need to transfer funds now.  Damn it!  Also, if I am sending pounds to be converted to dollars and placed in my US account, am I buying or selling?  Ack!

Gah!  I am so incredibly confused. I can't find my account listed anywhere on XETrade and I need to transfer funds now.  Damn it!  Also, if I am sending pounds to be converted to dollars and placed in my US account, am I buying or selling?  Ack!

You are 'buying' USD with GBP.
Ok... Have you set up your US bank account as a 'wire payee'?

I'm in the exact same boat... I know it's 'easy' once the system is learned, but I had no idea I have to set up each of my bank accounts a certain way to transfer money?
(I tried to do something yesterday, but failed miserably and have not had time to call).

You need to start by going to the "Payment Details" add adding the details of the accounts that you will be sending money to based on how you want to send it. If you are in the UK and you want to send money to the US you can do it as a wire or draft. I am pretty sure that you cannot use and EFT, that is just for the US and Canada. If you are sending a 'draft' it is basically like sending a check to someone and it takes a bit of time. Wires are quicker but usually cost a tiny bit more. After you set up the 'payment details' for the accounts that you want to send to, it should be pretty self explanatory. The most important thing is that you have the correct codes (Swift/Iban/sort-code...) for the accounts you want to transfer to.

If it's going back and forth between US/UK, is there one (like wire transfer) method to use, or do you use EFT if transferring from US to UK, but wire from UK to US?