Jmaster911

Hi, I have setup an XE Account and am ready to go. In preparation for my move to the US in the next few weeks I thought I would start taking a look at how I would use the XETrade system.

Due to the couple of beers I have had tonight I can not for the life of me work out if I buying or selling, Wire transfering or EFT'ing (whatever that is), so I need some help from the experts who have used it before.

I want to move around £20,000 from my account in the UK to my wifes US Bank account. I would be really grateful if somebody who knows the system could talk me through the process. XE's Help system is not very helpful and the more I look at it the more I'm having a brain fart - lol

Thanks again

YankeeDaz

You'll be selling £20000 GBP then. Leave the value to buy blank, but select USD.
Enter 20000 as the value to sell, selecting GBP.

Start with a small amount first, ie £50. Just to check your accounts are set up correctly and money can be wired etc.

Make sure your UK bank account can pay Custom House for the transaction. Some banks have payment limits.

Barclays is £1000.


Walkthrough:-

Converting £500 GBP to USD

1. Select Basic Trade.

2. Select No to Third Party.
3. Amount to Sell 500.
4. Currency to Buy USD.
5. Currency to Sell GBP.
6 Next.

7. To be delivered by EFT.
8. To be paid to us by Wire.
9. Next

10. Account to deposit funds to US Account.

That should be it.

Then read the wire instructions, wire the payment, and sit and wait.


Darren

Jmaster911

Thanks, makes sence when I see it written down - lol

YankeeDaz

Have fun. It takes roughly 5 days to be processed and appear in the US account, with the walkthru I provided.

Select the BACS sortcode when you come to wire the payment otherwise your bank will charge you to use the CHAPS one. But obviously select CHAPS if you need to move the money sooner.



Darren

Elvira

What you said. It really is extremely simple.

And the chaps at XE-Trade are always happy to help on the phone, if need be - though I think they only work Mon-Fri office hours.

Bob

There's also the practice run you can do on the site without actually do a real transfer...but it's been a while since I last checked the site so it might have gone

Ray

They will even phone to ensure you really exist ...

tonrob

And do it when you're not pissed!

Jmaster911

Your right, just making the most of it before I move to Dallas and cn't find a decent pub anywhere s 50 miles

augigi

Just to add onto this topic, I'm trying to do my first transfer from Australia to the US (wire to EFT). I've booked the trade as above. What do I need to do now to organise the wire? Sorry if this sounds extremely dense!

Elvira

Have you read the instructions on their website? I think they even have a kind of dummy-run demonstration of what is involved.

You will also get an e-mail from them summarising what you need to do.

Basically it is a wire transfer to the XE account, quoting the reference number of your trade.

augigi

I emailed for help - turned out, for any other aussies, that you can use Bpay, or "pay anyone" internet payment as a "wire" method - don't have to pay the wire fee of $20 AUD then, just the usual pay anyone fee.

Cheers.