HerrChina

`Blather´, eh?
I'm not surprised you're `located´ in `Dixie´. What, with the amounts you deal in, it would hardly be Jackson, Wyoming, would it?
And `guess´ all you want. It doesn't mean to reckon, you know

Duncan Roberts

I like XE but the transfers are stupidly slow going from the US to the UK using the free methods. Like 10-12 days.

HerrChina

And if such a firm were to fail in that waiting time, the client would be in trouble. It may be that licensed stockbrokers with a foreign exchange department are a safer option because they'd be at least partly regulated, whereas Anyone's FX, or whatever it's called would probably not be. And those who use them perhaps ought to ask themselves whether it's worth the trouble where relatively small moneys are involved

Duncan Roberts

XE isn't exactly some small time startup.

Bink

You're very personable aren't you?

Pulaski

And it now belongs to Western Union.

Pulaski

All remitters operating in the UK and US have to be registered and regulated in both countries, so get your facts straight!
You mean like amounts of $80k and greater?

HerrChina

Okay, `Lt Col (Retd)´ (and of the Confederate Air-Force or whatever), will you now inform us, Sir, of that concern's UK and US branch, subsidiary or affiliate contact-details, and the manner in which each would be `registered and regulated´? It appears to be a Canadian company (but without the credentials of, say, the CIBC or Canadian Imperial Bank Of Commerce); and, despite your strident manner here, I've nothing against it save that such details are suspiciously hard to find

Pulaski

Try Google.
xe.com/xetrade/about
BTW I'll admit it does not appear to be registered or regulated in the UK.

notonuksoil

The lack of being regulated and registered in both the UK and US is the reason why we decided to go elsewhere to transfer our £000K to $ however if we were just doing small transfers I'd not have been too worried as most people seem to have had a relatively positive experience using xe.

Pulaski

IMO Canadian financial regulation is superior to regulation by both the US and UK. How many Canadian banks collapsed or were bailed out over the past five years?

notonuksoil

That may well be the case however we were depositing pounds sterling in the UK and would not have had any "insurance" (insurance is probably the wrong word) if things had gone pear shaped.

Pulaski

I've got news for you. If the institution went bust after the funds were debited from your account you had no deposit insurance. The clue is in the word "deposit".

In the event of a bank or building society insolvency in the UK liabilities of the institution including cheques, drafts, wires, guarantees, bonds, letters of credit, trade liabilities, rents, and any and all other liability types, are not covered by deposit insurance. So your safety net is the good name and sound management of the institutions through which your funds pass.

Mummy in the foothills

So who did you use?
Are any of them regulated and regustered in both US and UK? We've only sent small amounts so far with no trouble, but are getting ready to send a much larger amount.

richbogle84

Hi All,

A useful thread on the whole, but to throw another consideration into the mix; has anyone had positive/negative experiences dealing with UK Forex? They seem to regularly quote better rates than XE.

Keep in mind that rates can be negotiable to an extent, especially for larger transactions. For that reason it may be better to register with several agencies initially, and when you're ready to transfer, choose the agency with the best rate.

Cheers,
Rich.