Xe.com- ID?

Old Jan 10th 2015, 3:16 pm
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Question Xe.com- ID?

I am trying to set up an account with Xe.com to transfer my funds.

They seem to be asking me multiple ID's like bank statement, what I need the money for, passport/drivers licence.

Just wanting to make sure this is standard practice and is safe for me to send?

Apologies if this post might look like dumb!!
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Old Jan 10th 2015, 3:23 pm
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Default Re: Xe.com- ID?

Perfectly normal, and indeed for a provider of financial services in the US (xe.com belongs to Western Union) the information is required. It was included in the requirements of the post-9/11 USA PATRIOT Act and has been in effect for more than ten years.

In short the requirements are proof/ evidence of four things:
(i) Name
(ii) Address
(iii) Date of birth
(iv) A government issued ID number which is typically, but not necessarily, a SSN

Exactly how those things are proved is somewhat at the discretion of the institution, but for US citizens it can be dealt with electronically. For new immigrants the problems of providing satisfactory evidence of the four things above can cause difficulties, especially if they won't accept a passport.

Last edited by Pulaski; Jan 10th 2015 at 3:47 pm.
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Old Jan 10th 2015, 3:40 pm
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Default Re: Xe.com- ID?

Originally Posted by Pulaski View Post
Perfectly normal, and indeed for a provider of financial services in the US (xe.com belongs to Western Union) the information is required. It was included in the requirements of the post-9/11 USA PATRIOT Act and has been in effect for more than ten years.

In short the requirements are proof/ evidence of four things:
(i) Name
(ii) Address
(iii) Date of birth
(iv) A government issued ID number which is typically but not necessarily a SSN

Exactly how those things are proved is somewhat at the discretion of the institution, but for US citizens it can be dealt with electronically. For new immigrants the problems of providing satisfactory evidence of the four things above can cause difficulties, especially if they won't accept a passport.
Thank you, when you say xe.com belongs to Western Union, that's not a bad thing right? (After reading all horror stories of Western Union)
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Old Jan 10th 2015, 3:44 pm
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Default Re: Xe.com- ID?

Originally Posted by brit_usa2014 View Post
Thank you, when you say xe.com belongs to Western Union, that's not a bad thing right? (After reading all horror stories of Western Union)
Xe.com was bought by WU as an already fully functional stand-alone business located in Canada, not a business WU developed thrmselves. I use xe.com myself.
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Old Jan 10th 2015, 3:45 pm
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Default Re: Xe.com- ID?

Originally Posted by Pulaski View Post
Xe.com was bought by WU as an already fully functional stand-alone business located in Canada, not a business WU developed thrmselves. I use xe.com myself.
Thankyou thats reassuring..
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Old Jan 10th 2015, 4:55 pm
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Default Re: Xe.com- ID?

Apart from a snafu with personal/business accounts (my fault, but then they didn't exactly warm themselves to me setting up the business account), they've been ok for me. I transfer 1-2 times a month and have done so for nearly 3 years now.
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Old Jan 10th 2015, 6:35 pm
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Default Re: Xe.com- ID?

Originally Posted by brit_usa2014 View Post
I am trying to set up an account with Xe.com to transfer my funds.

They seem to be asking me multiple ID's like bank statement, what I need the money for, passport/drivers licence.

Just wanting to make sure this is standard practice and is safe for me to send?

Apologies if this post might look like dumb!!
Completely normal, I think I just had to give them my passport info. I've been using them regularly for 2 years now, never any problems, funds are usually cleared in a day.
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Old Jan 14th 2015, 10:35 pm
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Default Re: Xe.com- ID?

Can someone tell me briefly the process of using Xe (if what Im doing is correct)?

First I need to go to My Accounts Tab and add my bank details (in this case the bank from where I will be transferring the amount) then I need to go to the Recipients tab page and add my US bank details?

After that I just go to the Trading tab on Homepage (once I log in) enter the amount I want to trade from GBP to USD and click on Book Trade?

Anything else? Will there be any fees I will have to pay?

Many thanks!
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Old Jan 14th 2015, 11:07 pm
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Default Re: Xe.com- ID?

Originally Posted by brit_usa2014 View Post
Can someone tell me briefly the process of using Xe (if what Im doing is correct)?

First I need to go to My Accounts Tab and add my bank details (in this case the bank from where I will be transferring the amount) then I need to go to the Recipients tab page and add my US bank details?

After that I just go to the Trading tab on Homepage (once I log in) enter the amount I want to trade from GBP to USD and click on Book Trade?

Anything else? Will there be any fees I will have to pay?

Many thanks!
Nope, no fees, just make sure you're happy with the rate before you lock it in.
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Old Jan 15th 2015, 12:01 am
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Default Re: Xe.com- ID?

Originally Posted by BunnyGirl View Post
Nope, no fees, just make sure you're happy with the rate before you lock it in.
And make sure to select "credit by ACH", not by wire, because a wire is almost certain to attract a fee from your bank.
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Old Jan 15th 2015, 12:04 am
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Default Re: Xe.com- ID?

Originally Posted by Pulaski View Post
And make sure to select "credit by ACH", not by wire, because a wire is almost certain to attract a fee from your bank.
Thank you, that's quite helpful!
Do you select that option when you "Book trade" (I ask because in recipient I have only the option to add a wire routing no and a Swift code, but no Ach no)?
How many days does it typically take to reach your bank?
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Old Jan 15th 2015, 12:50 am
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Default Re: Xe.com- ID?

Originally Posted by brit_usa2014 View Post
Thank you, that's quite helpful!
Do you select that option when you "Book trade" (I ask because in recipient I have only the option to add a wire routing no and a Swift code, but no Ach no)?
How many days does it typically take to reach your bank?
There is no "wire routing number", only a "routing number". Similarly there is no such thing as an "ACH number". SWIFT codes are interbank codes, so I'm not sure what you mean by that, unless you mean an IBAN?

If your USD funds were a parcel that you wanted to send, choosing "wire" or "ACH" to effect delivery is like choosing Fedex or UPS to deliver the parcel, the destination address is the same, the mechanism for getting it there is different. ...... It is a while since I needed to use xe.com but the choice of wire of ACH used to be a pull-down on the same screen that you specify the routing and account numbers to credit the funds to.

Last edited by Pulaski; Jan 15th 2015 at 1:48 am.
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Old Jan 15th 2015, 1:02 am
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Default Re: Xe.com- ID?

Originally Posted by Pulaski View Post
It is a while since I needed to use xe.com but the choice of wire of ACH used to be a pull-down on the same screen that you specify the routing and account number to credit the funds to.
Yep, it's all there on one page via various drop downs when you're booking the trade. It's all very simple, OP if you're finding it confusing maybe you should phone them so they can talk you through it?
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Old Jan 15th 2015, 1:35 pm
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Default Re: Xe.com- ID?

I initiated the payment, all went through fine, chose the ACH/EFT option but after confirming and locking in the trade was given instructions that I need to transfer the money from my account to their account at Barclays?

I called the helpline this morning, and she said it was normal- just checking on here to make sure it is normal process, before I continue?

Many thanks!
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Old Jan 15th 2015, 1:52 pm
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Default Re: Xe.com- ID?

Originally Posted by brit_usa2014 View Post
I initiated the payment, all went through fine, chose the ACH/EFT option but after confirming and locking in the trade was given instructions that I need to transfer the money from my account to their account at Barclays?

I called the helpline this morning, and she said it was normal- just checking on here to make sure it is normal process, before I continue?

Many thanks!
Yup, that's how it works in the UK, there are better controls in place in the UK and processing random debits to people's account's is frowned upon. In the US, not so much.
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