Stupid question about xe.com
 

I've opened an xe.com account and am in the process of setting up our US/UK bank accounts on it. It asks for details of 'intermediary bank'. Anyone know when/why they need this information? I can't find info on their website about it and they are helpfully ignoring my emails.

Would there be an intermediary bank in both the UK and the US? I have been able to set up my RBS account, but don't know if there's an intermediary or if the IBAN is sufficient. In the US, all the banking is through a credit union so I'm guessing they might have an intermediary but can't get through on the phone to ask. Just wondering if all I actually need is the routing number and account number.

Thanks!

Re: Stupid question about xe.com
 

Hi

US - if you have your CU routing and account number that will fine.

UK- your sort code and account number will also be fine.

Intermediary banks are used when a bank is not directly part of the specific clearing system. If I want to pay US$ to my account at Citi London I have to use Citi NY as an intermediary bank. But from what you have said that will not concern you.

XE are great.:thumbup:

Re: Stupid question about xe.com
 

There will be an intermediary for a credit union. You don't need to know the details just give them your US account details and the rest sorts itself out.

You need to understand the intermediary bank will deduct a fee for handling the money, I've found $20 is the usual amount. If HiFX send to my Wells Fargo account the intermediary bank which is Wachovia charge $20 and if they send it to my credit union account Wachovia charge $20. Why when Wachovia and Wells Fargo are the same bank they charge an intermediary fee on that routing really pisses me off.