WARPed

OK. SO I'm trying to use XE for the first time. I just booked my trade and got the e-mail detailing amounts to send and XE's account details to send the funds to, BUT, I can't for the life of me work out how to get USAA to send the money. Anyone else here done it?

I have tried to add a payee, but as XE doesn't appear in their pre-configured list, so I have to add them manually, and at the end of it USAA says that they will mail checks to them when I try to pay them. This is no good because XE won't accept checks.

If I try to add a new account to in the "Transfer Funds" section then it requires me to go through a security procedure where they make a small deposit to the payee first which I have to confirm the amount (this is a security procedure they introduced in July 2008). I don't think XE are going to look through their bank account for a 1c deposit from USAA for me!

Has anyone managed to do this? I will ring USAA about it but they are closed until tomorrow and I'd like to get this sorted tonight.

Thanks.

cranston

When you set up USAA in XE did you tick the box that says you make direct debits from the account? If yes, then XE will debit the money from the account and you need do nothing.

Alternatively, USAA allow 3rd party ACH pushes. You just need the ABA and account number for XE.


Great bank by the way!

WARPed

Thanks for the reply.

I didn't set it for direct debit at the time as I felt more in control by just sending them a payment when I had confirmed the trade. I have ticked it now but that is no good for the existing trade that is pending payment as I selected WIRE. Plus the funds need to be in the UK by the 8th and looking at the list of things XE must do (snail mail USAA to confirm the account) before the debit can go ahead I would probably not get there in time.

Not sure what this means? I'll search their site, but if you could expand that would be helpful.

I also see that you have to reference the transaction number in the money transfer (which will obviously change with each money deal) so I'm wondering if USAA would let me change that each time with a regular money transfer or if I'd have to set it up over and over again (unrealistic seems I can't even create it once).

cranston

email XE and see if they can put through a direct debit their end.

Elvira

or phone them - they were extremely helpful when we set up our account and talked us through the whole procedure.

(sorry cannot help re OP's problem because we normally send money to rather than from our US bank, but I'm sure there's a simple way of doing it.)

WARPed

I'll contact USAA first to see if they can create a Transfer over the phone without the need for the security deposits and if that fails contact XE for help.

Thanks to all for the help. I'll report back the solution for future reference.

Wish I was doing that! Shame l left England with a bloody great loan to pay and the money is going the other way.

WARPed

For the information of any USAA customers: If you call USAA on the phone and explain the situation they can set up the transfer details for you without the need for the security deposits to be made/confirmed. It will however take 3 days for them to check that the Routing/Acct Numbers are correct and to activate the transfer.

For any XE Customers: They have no problem extending the 3 day deadline if you are having trouble getting the money to them for this kind of reason. I just mailed them and they made a note on the trade of when the money was expected. Also, XE request that the deal number be used as a reference on the money transfer. I expressed concern to them that I might not be able to do this, however apparently this is more a request to help them out rather than a requirement. Because I am transferring an odd amount ($337.20) they said it will not be a problem for them to tie the incoming funds to the deal. Ergo, to be double safe in the future it might always be worth transferring quirky amounts of money.

Will update again for future reference when and if this all goes through OK.

Thanks to all for the help so far.

augigi

I had trouble with the same thing (not USAA but Citizens Bank in PA - you have to go into the branch to set up a wire transfer to XE's account). So backwards - am used to Aus wher you just BPay whoever you want from your account. I was planning to move my savings from US to Aus for the interest- getting 6 or 7% interest on savings over there, and lucky to get 1% in the US!

Anyhow I couldn't do it since I was away at the time, so XE cancelled the transaction for me.

WARPed

An update here for future searchers:

My money arrived in my UK account today. It took a while and was by no means the fault of XE who have been excellent throughout the entire debacle.

Once the 3 day wait period, mentioned earlier, was complete the transfer details showed up in my online USAA bank account. That morning (29th March) I initiated the funds transfer to XE's bank account and mailed XE to advise of such. 1 week later (Mon 5th April) the trade still showed as "Created" in my XE account meaning they still hadn't received the money. I contacted them and they confirmed it had not arrived. I check my bank account and behold on the Thurs 4th April the money had been returned to my account. I guessed that the details of the transfer were wrong so tried to check them only to find that the transfer was no longer listed in my online banking. So I contacted USAA again.

First the lady tried to tell me that I needed to find out the amounts of the two security deposits made by USAA into XE's account that confirms ownership and correct creation before any money could be transferred. I explained I couldn't do this as I had no access to XE's account and that XE could not be expected to trawl through their accounts for two 1c deposits for me. I went on to say that that was why I rung the week before and the guy I spoke to then had created the transfer for me to bypass this security feature. She went away and then came back, this time telling me that the transfer had been aborted because they realized that I was transferring funds to an business account, and not another personal account. No shit Sherlock! She then told me that I could not transfer funds to any business bank accounts using the transfer option. I'm guessing that only the Bill Pay system could be used in such cases in which they pre-define the company account details and you pick from a list (which of course XE is not on).

I resigned myself that the money wouldn't arrive on time and asked XE's assistance on the next step. They offered to migrate the trade from one in which I sent them the money, to a type in which they take the money from your bank account directly. According to their website, when this is first done it requires letters to be sent to my bank to confirm account ownership and credit checks to be made, which can take several weeks. This is why I had not decided on this option as I needed funds moved quicker than that. In reality the funds were taken by XE in 3 days, and one week later had been deposited in my UK bank account.

I don't know why USAA works the way it does regarding transfers, but in all probability I'm sure it actually doesn't and the lady I spoke to was feeding me BS. However I can recommend XE very highly and suggest that you do not hesitate to mail their customer service if you need help and advice. They are both prompt and courteous. I also recommend that US users of XE go straight for using the direct withdrawal method and save yourself the hassle of dealing with the archaic US banking system.

lazy

Hi Warped!
I am in the process of opening an XE. a/c to be able to transfer money from USA to UK. Can you tell me what you mean by the direct withdrawal method as I am not familiar with the company yet and wish to make everything as straightforward as I can.

WARPed

Hi,

Once you agree on a trade with XE there are three ways of getting the money to them for them to send to the UK.

You can do a wire transfer from your bank which is very quick but generally costs about $20 a transaction which makes it undesirable in almost all circumstances.

You can also manually send the funds to them using an electronic bank transfer from your bank account internet banking. This is the same as you would use to pay a bill or to send money to someone else who had supplied you with their bank details (as XE does). This is what I tried to do initially with USAA and failed. It is something easily done in the UK with all my accounts there, so I still struggle to see why it was such a problem here.

Lastly is the direct withdrawal method in which you agree to the trade with XE and they then go to your bank account and withdraw the funds themselves, much like a Direct Debit in the UK. Personally I would rather send them the money to them myself, but with USAA this seemed to be just about the only way to get the money to XE. XE warn that this method can take several weeks to setup when done for the first time (much quicker for subsequent transfers), however my funds were taken in just a few days.

Note that XE doesn't accept cash, checks (cheques) or any other kind of money transfer.

XE's help topics were very useful in understanding it all, especially the different terminology used over here. Take a look through the links below:

General FAQ's: https://www.xe.com/fx/help/all-faq.htm
How A Trade Works: http://www.xe.com/fx/how.php
Most important for you...way to send money: http://www.xe.com/fx/help/faq3-5.htm

lazy

Thanks for your explanation Warped. The experience you first had has somewhat put me off attempting a transaction at all especially having to wait days to find out if it's successful.

I am have big problems trying to get a phone reception (in and outbound calls)where I am located so that deters me trying to get hold of someone by phone. The times I have had to walk up the road and held intermittent or dropped calls to financial institutions is no joke.

I have researched into EFT transactions and direct withdrawal method (I agree with you its best withdraw money from your account yourself) and apparently the safest way to send large transfers is by wire. I end up going round in circles. Thanks for clarifying.

tonrob

IMO the direct withdrawal method is fine. I have done 5-6 transfers with XE this way and they have been ok - also used direct withdrawal with a few other companies (Prosper, TD Ameritrade, Fidelity) and all gone without a hitch.

lazy

Thanks Tonrob for backing WARPed's explanation and .....good news!...Ta da!! I have gone ahead and got my account activated with XE and all set to do the direct withdrawal method. I braced myself and drove around the island here until I managed to get phone reception on my cell. I am so glad I have done it and I never would have without your input and advice - and it was so easy. (duh!) Thanks to you all.

augigi

Warped, did XE change your account so you can do the direct withdrawal method from now on? I might contact them and get that done too since I couldn't work out how to get money out of my US bank to send to my Aus bank.