Originally Posted by nai_in_av

Ok I tried a search for this info, but kept getting 0 results (which is odd, since I know I have seen XE trade mentioned on here numerous times).

Anyways, can someone who has an XE Trade account give me a bit of help please! Basically I want to transfer some money from my US bank account, to my UK account. I have set up my UK account as a wire beneficiary, I then clicked on Basic Trade, and figure I am selling so I entered an amount into the selling box. But then when it comes into the 2 drop down boxes for currency at the bottom I am a little unsure, am I buying in USD and selling in GBP? or the other way around.

I checked out the FAQ on the XE site but its pretty useless, so can someone who has an account let me know what steps I need to follow to transfer the money? Thanks.

Originally Posted by Longy

If you are transferring money to the UK you are selling USD and buying GBP. The buy or sell boxes really just depends on which way round you want to work, but it is doing the same thing. If you wanted to transfer $1000 then put in 1000 in the sell box - £1000 put 1000 in the buy box.

There is a demo that can be run in https://www.xe.com/fx/demo.htm which is useful to see how it works without actually doing it

Originally Posted by nottsinCT

Isn't that just the funniest thing I had to go hunting the Archives for the threads and here it pops up today.. I have a question does this company charge fees or is it included in the trade? I sent EFT-draft. US-UK

Originally Posted by BigDavyG

No fees - everything is included in the rate is you don't use wires to transfer funds, so for you no fees.
This is the method I usually use and from me setting up the trade to draft clearing in my UK bank account usually takes 2.5 weeks and that includes the ridiculous 5 working days for the draft to clear, and xe have nowt to do with that.

Originally Posted by nottsinCT

Thanks I was sitting here dreading a bill coming. Although they said they had no transaction fees. I am not in a hurry for the draft to clear but no doubt Halifax will slow it down invest it and make a profit on it. I called up the bank and asked if I mailed them a US check would they accept it and there response was yes but it will take 6 weeks for it to clear!! all banks are affiliated with each other and yet there is still no way of connecting the 2 accounts US/UK

Originally Posted by BigDavyG

Ok, not sure how you have done this. Where are XETrade mailing your cheque to (they call it a draft, but it looks uncannily like a cheque to me) ??

As for mailing a US cheque to a UK bank - they will literally rape you (sorry for the language, but it is an apt term) in terms of fees and excahnge rate, plus as you say they may take many weeks to clear the cheque.

If you are ever in a hurry for funds the XE wire service is meant to be very quick and they only charge a minimal fee. Unfortunately as per usual you bank in blighty will charge about £20 for accepting the payment though

Originally Posted by agima

I've transferred about £500k through these guys in the last 12 months. They are fantastic. Very quick and very good rates.

Definitely recommended!