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XE.com wire transfer: XE wants the funds sent to them first?

XE.com wire transfer: XE wants the funds sent to them first?

Old Dec 8th 2009, 7:04 pm
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Default XE.com wire transfer: XE wants the funds sent to them first?

We're trying to transfer funds from a UK account to a US account via XE.com. They say that we can only wire it and we have to send it to them first. Sounds like a lot of hassle. What's the advantage here? Why not just initiate the transfer using the UK bank?
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Old Dec 8th 2009, 7:16 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by jonnyjett
We're trying to transfer funds from a UK account to a US account via XE.com. They say that we can only wire it and we have to send it to them first. Sounds like a lot of hassle. What's the advantage here? Why not just initiate the transfer using the UK bank?
I expect they want to make sure you're not going to con them.
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Old Dec 8th 2009, 7:19 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

when i use XE - and ive used it at least 6 times that i can remember across a 2 year period - i sent the english money to their London branch as instructed and then they sent the US money to my US bank account. Took 5 days from start to finish - even though it can take 2-3 days for my bank to send it to them! always been very happy with XE - you can see exactly what you are getting as they quote exactly how much USD you will get for the GBP you are sending on the exchange rate they offer that minute. With your own bank your never sure exactly what exchange rate you will get..
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Old Dec 8th 2009, 7:21 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

As MsElui says plus a better exchange rate than your bank will ever give.
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Old Dec 8th 2009, 7:24 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

when i sent it to them - i do it via online banking too- so it doesnt cost me anything - so cheap too!
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Old Dec 8th 2009, 11:21 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by MsElui
when i sent it to them - i do it via online banking too- so it doesnt cost me anything - so cheap too!
Also try ukforex.com I use them all the time and ther are excellent


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Old Dec 9th 2009, 2:14 am
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

ukforex is my company of choice, easier to set up an account than XE, comparable or better rates almost all the time, from start to finish has never been more than three working days.

I suspect that may be helped by the fact that my UK bank account is with the same bank that they use (Barclays) - so the funds are credited to them overnight rather than in 2-3 days.
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Old Dec 9th 2009, 2:16 am
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by jonnyjett
We're trying to transfer funds from a UK account to a US account via XE.com. They say that we can only wire it and we have to send it to them first.
Well DUH.

When you order something from amazon, if you ask them to send it to you, and when you get it, you'll send them the money - what do you think their response would be?
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Old Dec 9th 2009, 7:37 am
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by BritishGuy36
I suspect that may be helped by the fact that my UK bank account is with the same bank that they use (Barclays) - so the funds are credited to them overnight rather than in 2-3 days.
XE trade now use Barclays too.
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Old Dec 9th 2009, 8:23 am
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

And funds can be sent to XE with FPS, which is free and takes 2 hours. I've had a UK-to-US transfer with them take less than 48 hours end to end. US-to-UK still takes a week though.

Right now is a good time to buy GBP, and a bad time to buy USD. The rate is the worst since mid-October.
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Old Dec 9th 2009, 12:37 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by BritishGuy36
ukforex is my company of choice, easier to set up an account than XE, comparable or better rates almost all the time, from start to finish has never been more than three working days.

I suspect that may be helped by the fact that my UK bank account is with the same bank that they use (Barclays) - so the funds are credited to them overnight rather than in 2-3 days.
I use ukforex too. I suspect the speed is more due to faster payments than anything else.
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Old Dec 9th 2009, 1:23 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Originally Posted by lansbury
As MsElui says plus a better exchange rate than your bank will ever give.
Plus once its set up, its a as easy as a few mouse clicks to transfer the money.
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Old Dec 10th 2009, 2:38 pm
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Default Re: XE.com wire transfer: XE wants the funds sent to them first?

Hi Johnny,

Most currency companies you will have to send funds to first, so that they have convert it and send it out for you. 3 -5 days is quite long for a transfer though, and i think there are better companies to use rate wise. Im currently using currencies 4 you, for my past 6 or 7 trades. Might be worth getting a quote off them.

Hope that helps.
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