Calling the XE Trade Gurus
Sep 19th 2006, 7:38 pm
#16
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Re: Calling the XE Trade Gurus
Originally Posted by Elvira
Should have got a Nationwide card... 
I just find it outrageous they charge these sorts of fees on top of robbing you blind on the exchange rate. If Nationwide don't do that, good on them.
Sep 19th 2006, 11:16 pm
#17
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Re: Calling the XE Trade Gurus
Your UK bank will charge for a BACS transfer but not a CHAPS transfer. It depends on what kind they use to transfer to XE's Bank of America account in London.
XE will not charge any fee, just the quoted rate.
Your US Bank MAY charge a fee. You will have to ask them.
XE will not charge any fee, just the quoted rate.
Your US Bank MAY charge a fee. You will have to ask them.
Originally Posted by Dan725
Just gotten my account set up, it was very quick and easy to do, I basically turned in all the paperwork yesterday, they phoned me up this morning, and I have just gotten my activation email a few minutes ago. Just sent my US bank details off to them, then should be good to go.
I'm just trying to get clear on the fees, and what is the best way to go about it to minimise said fees. I've looked,back over a few threads, am I right in thinking the (cheapest) procedure is:
1. Make the trade on XE's website. Put in pay by "Wire" in the box, as there are no other options. On the receiving end, put in send via ETF.
2. Do not wire, but instead send to XE's account the money via BAC/CHAPS, and email them telling them you've done so.
3. They should then send the money across.
So done like that, what fees am I likely to incur? Just the receiving fee from the US bank? And how does XE make its money? I saw I was quoted a 1.86 rate when the live was 1.88, do they only make money off the difference between the two? Most other companies charge a fee as well, I was just wondering if this was the case here.
I'm just trying to get clear on the fees, and what is the best way to go about it to minimise said fees. I've looked,back over a few threads, am I right in thinking the (cheapest) procedure is:
1. Make the trade on XE's website. Put in pay by "Wire" in the box, as there are no other options. On the receiving end, put in send via ETF.
2. Do not wire, but instead send to XE's account the money via BAC/CHAPS, and email them telling them you've done so.
3. They should then send the money across.
So done like that, what fees am I likely to incur? Just the receiving fee from the US bank? And how does XE make its money? I saw I was quoted a 1.86 rate when the live was 1.88, do they only make money off the difference between the two? Most other companies charge a fee as well, I was just wondering if this was the case here.
Sep 20th 2006, 2:02 am
#18
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Re: Calling the XE Trade Gurus
Originally Posted by Dan725
The thing that really gets my goat is if you use your UK bank debit card here - they really have stepped up the fees over the years, I never remember it being as bad as it is now.
Rip off Lloyds for example, will charge you a pound every time you use your card, as well as kicking you in the pods with an atrocious exchange rate.
If you use an ATM, they charge a percentage on top of the appaling exchange rate, and the US bank takes it's 2 dollars as well.
Rip off Lloyds for example, will charge you a pound every time you use your card, as well as kicking you in the pods with an atrocious exchange rate.
If you use an ATM, they charge a percentage on top of the appaling exchange rate, and the US bank takes it's 2 dollars as well.
Sep 20th 2006, 6:37 pm
#19
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Re: Calling the XE Trade Gurus
Originally Posted by TRPardoe
Your UK bank will charge for a BACS transfer but not a CHAPS transfer. It depends on what kind they use to transfer to XE's Bank of America account in London.
XE will not charge any fee, just the quoted rate.
Your US Bank MAY charge a fee. You will have to ask them.
XE will not charge any fee, just the quoted rate.
Your US Bank MAY charge a fee. You will have to ask them.
I use online banking to initiate a BACS transfer to XE, and don't get charged by either the UK or US bank.
I don't know whether my UK bank would charge for an incoming wire - haven't sent money from the US to the UK with XE.
Sep 20th 2006, 6:44 pm
#20
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Re: Calling the XE Trade Gurus
Maybe you ar eright, it has been a while since I set it up.
Either way - one is charged and one is not, at least, by the Portman.
Either way - one is charged and one is not, at least, by the Portman.
Originally Posted by rew1000
Isn't it the other way round? I thought CHAPS was the same day, charged-for service, while BACS was three day and free.
I use online banking to initiate a BACS transfer to XE, and don't get charged by either the UK or US bank.
I don't know whether my UK bank would charge for an incoming wire - haven't sent money from the US to the UK with XE.
I use online banking to initiate a BACS transfer to XE, and don't get charged by either the UK or US bank.
I don't know whether my UK bank would charge for an incoming wire - haven't sent money from the US to the UK with XE.
Sep 21st 2006, 7:19 pm
#21
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Re: Calling the XE Trade Gurus
Well I've initiated a small transfer of £600 just to see how it all works. Was amazed to find the rate on even that small amount was only a couple of cents below the actual market rate.
Transferred via BACS, then it'll be coming this end via EFT. I'll report back as to how long it takes.
The bank would have charged for a CHAPS (quicker) but not BACS.
Transferred via BACS, then it'll be coming this end via EFT. I'll report back as to how long it takes.
The bank would have charged for a CHAPS (quicker) but not BACS.
Sep 21st 2006, 7:40 pm
#22
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Re: Calling the XE Trade Gurus
Originally Posted by Dan725
Well I've initiated a small transfer of £600 just to see how it all works. Was amazed to find the rate on even that small amount was only a couple of cents below the actual market rate.
Transferred via BACS, then it'll be coming this end via EFT. I'll report back as to how long it takes.
The bank would have charged for a CHAPS (quicker) but not BACS.
Transferred via BACS, then it'll be coming this end via EFT. I'll report back as to how long it takes.
The bank would have charged for a CHAPS (quicker) but not BACS.
Sep 26th 2006, 11:58 am
#23
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Re: Calling the XE Trade Gurus
The cash has just showed up in my US account today (Tuesday). Sent it to XE on Thursday - quite quick I thought, as yet, no fees either side. Very happy. 
Sep 26th 2006, 12:53 pm
#24
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Re: Calling the XE Trade Gurus
Originally Posted by Dan725
The cash has just showed up in my US account today (Tuesday). Sent it to XE on Thursday - quite quick I thought, as yet, no fees either side. Very happy.
Sep 26th 2006, 2:17 pm
#25
Joined: Feb 2002
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Re: Calling the XE Trade Gurus
Can someone please remind me the difference between BACS and CHAPS?
signed
Confused of New Jersey
signed
Confused of New Jersey
Sep 26th 2006, 2:23 pm
#26
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Re: Calling the XE Trade Gurus
Originally Posted by nai_in_av
How does this work? I get charged every month using XE to send money from the US to the UK.......... after reading this thread think I am doing something wrong.
I click on the Basic Trade option, then send the money to XE from my US bank via EFT, they then wire transfer the money to my UK bank account.
I click on the Basic Trade option, then send the money to XE from my US bank via EFT, they then wire transfer the money to my UK bank account.
Sep 26th 2006, 2:28 pm
#27
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Re: Calling the XE Trade Gurus
Originally Posted by Englishmum
Can someone please remind me the difference between BACS and CHAPS?
signed
Confused of New Jersey
signed
Confused of New Jersey
CHAPS - Clearing House Automated Payment - Same day transfer, however there is a fee, don't know what the fee is though.
Sep 26th 2006, 3:08 pm
#28
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Re: Calling the XE Trade Gurus
Portman charges me £25 for CHAPS, so far as I remember, without the BACS option when I use XETrade.
Perhaps that will change when the Portman becomes Nationwide next year. right now Portman has no Electronic Banking, they still do things the old fashioned way with Passbooks.
Perhaps that will change when the Portman becomes Nationwide next year. right now Portman has no Electronic Banking, they still do things the old fashioned way with Passbooks.
Originally Posted by Dan725
BACS - Bankers Automated Clearing Service - They say it takes 3 working days to process, but in practice seems about 2. Its generally free.
CHAPS - Clearing House Automated Payment - Same day transfer, however there is a fee, don't know what the fee is though.
CHAPS - Clearing House Automated Payment - Same day transfer, however there is a fee, don't know what the fee is though.
