xe Trade question
 

I want to send some money to my UK account to give it a bit of a top up before a trip I make home in a couple of weeks and I figured I'd save just a little bit of money by doing this via xe Trade instead of just using my US cards over there in ATMs and to make purchases.

I have now found out that my UK bank (HSBC) charges 6 quid to receive sterling payments submitted from overseas but doesn't chanrge to receive funds remitted from within the UK. Does anyone know whether xe simply exchanges my money at the U.S. end and then sends that to my UK account (therefore HSBC will charge) or whether they forward my money to their office in the UK (if there is one) and therefore send it onto my bank locally (i.e. no charge from HSBC)?

I know we're only talking 6 quid here but that's nearly two pints*, I don't like to line bank's pockets on principle (especially as I no longer work for one) and I'm Welsh.

Any ideas?


*Barely a pint and a half at Brew Wharf! :curse:

Re: xe Trade question
 

XE Trade is the foreign exchange arm of Custom House, a Canadian Bank. AFAIK your payment will be sent from their London-based operation and should not incur any charges.

If you call them during their office hours (or email) they'll be able to explain everything. I've always found them very helpful.

BTW, is your account already set up? If not, it'll take a few days as you have to submit various documents to prove your identity. Once you've done that, it's easy-peasy.

(NB: Make mine a Young's Special :))

Re: xe Trade question
 

I just started using XeTrade on the advice of some people here.

I must say, I am very impressed with their customer service so far - they made opening the account very easy.

Annnnnnnnnnnyway, I have to send HSBC USA money to HSBC UK. Using Xe, to get the money to them is free using an EFT (electronic fund transfer). However, they can only (at this time) use EFTs to withdraw money to banks in the US and Canada. They have to wire transfer the money to the UK (~$12 fee I think) and then deposit it.

I have been through the process yet, but this is what I have read up on and how the customer services rep explained it to me.

Re: xe Trade question
 

You're mostly correct on this, but there are a couple of thinhs I will add. Firstly, the wire transfer fee is 12 pounds, so ~$24.

Secondly, there is a second way to transfer money back to the UK, and that is a banker's draft. Basically this is the same as a cheque, and they will mail it to an address that you choose. So you could either get this sent to you and then pay it in to your account when you get back to the UK (but it will probably take a couple of days to clear), or you could send it to someone you know back in the UK and they could pay it into your account so it is ready and waiting for you. This will take a few extra days compared to a wire transfer, but you do not have to pay a fee for it. I like this option if you're not worried about the timeliness of your money getting there, but if you need the money soon (like within a week or two) then use a wire transfer.