XE Trade Timescales
Hi everyone
I've just signed up with XE Trade after seeing the comments on here and am about to do my first trade. Does anyone have an 'on average' timescale for moving funds from the UK to the USA? I'm assuming the process is UK bank to XE UK account via EFT XE UK to XE USA via wire transfer XE USA to USA account via EFT (ok for USA read USA/Canada!!) Is 2 weeks a likely timescale? Many thanks Paul |
Re: XE Trade Timescales
Originally Posted by PANUK
(Post 9679439)
Hi everyone
I've just signed up with XE Trade after seeing the comments on here and am about to do my first trade. Does anyone have an 'on average' timescale for moving funds from the UK to the USA? I'm assuming the process is UK bank to XE UK account via EFT XE UK to XE USA via wire transfer XE USA to USA account via EFT (ok for USA read USA/Canada!!) Is 2 weeks a likely timescale? Many thanks Paul |
Re: XE Trade Timescales
Originally Posted by PANUK
(Post 9679439)
Hi everyone
I've just signed up with XE Trade after seeing the comments on here and am about to do my first trade. Does anyone have an 'on average' timescale for moving funds from the UK to the USA? I'm assuming the process is UK bank to XE UK account via EFT XE UK to XE USA via wire transfer XE USA to USA account via EFT (ok for USA read USA/Canada!!) Is 2 weeks a likely timescale? Many thanks Paul My first XE trade US -> UK took a few days longer but that was mostly due to Chase's left-hand not knowing what the right-hand was doing... |
Re: XE Trade Timescales
Originally Posted by PANUK
(Post 9679439)
Hi everyone
I've just signed up with XE Trade after seeing the comments on here and am about to do my first trade. Does anyone have an 'on average' timescale for moving funds from the UK to the USA? I'm assuming the process is UK bank to XE UK account via EFT XE UK to XE USA via wire transfer XE USA to USA account via EFT (ok for USA read USA/Canada!!) Is 2 weeks a likely timescale? Many thanks Paul |
Re: XE Trade Timescales
FYI I just did a US - UK transfer. Placed trade on October 5th - arrived in my UK account today October 17th.
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Re: XE Trade Timescales
On a side note, what exchange rate do they use?
The rate at the time you click on the button to execute the transaction? Or at some later time when the funds are transferred? I know when I have made currency conversions at the bank, I knew at the time exactly what rate the exchange would be made - is it the same on XE.com, before you commit/give the go-ahead? If the rate ever stabilizes closer to $1.50, I want to make an exchange, but haven't used XE before so wanted to know ahead of time what to expect. |
Re: XE Trade Timescales
Originally Posted by dunroving
(Post 9679931)
On a side note, what exchange rate do they use?
The rate at the time you click on the button to execute the transaction? Or at some later time when the funds are transferred? I know when I have made currency conversions at the bank, I knew at the time exactly what rate the exchange would be made - is it the same on XE.com, before you commit/give the go-ahead? If the rate ever stabilizes closer to $1.50, I want to make an exchange, but haven't used XE before so wanted to know ahead of time what to expect. Bear in mind that to set up a XE account for trading you have to provide some proofs of identity by uploading scans of your passport etc to their secure FTP site, and you can't trade until they've reviewed and accepted this, which usually takes a day or so to complete. This is a one-time requirement, so if you haven't already signed up with them you'd best do this ahead of when you think you'll want to trade. |
Re: XE Trade Timescales
Originally Posted by rpjs
(Post 9679937)
It's the rate that they quote you when you click the button to "book" the trade. When you do that you are committed to coming up with the readies to pay for the trade within a certain timescale - they make this very clear - so I should imagine that they actually do the FX exchange at the point you "book".
Bear in mind that to set up a XE account for trading you have to provide some proofs of identity by uploading scans of your passport etc to their secure FTP site, and you can't trade until they've reviewed and accepted this, which usually takes a day or so to complete. This is a one-time requirement, so if you haven't already signed up with them you'd best do this ahead of when you think you'll want to trade. |
Re: XE Trade Timescales
Thanks for the info everyone.
So far I've been very impressed with XE. Their customer service has been very responsive, including upping my transfer limit. If transfers take a couple of days I will be extremely impressed! Paul |
Re: XE Trade Timescales
+1 another fan of XE here (only go UK > US via EFT):
thumbup:. |
Re: XE Trade Timescales
I've used XE a couple of times recently to transfer funds from UK to US. Turnaround was a couple of days each time. No hassle at all and I would use them again. :thumbup:
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Re: XE Trade Timescales
Only took a few days for us too :)
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Re: XE Trade Timescales
I've found their processing times pretty crap for the free transfers US->UK, which I guess is OK since it saves me the fee. It usually takes them 3-4 days to withdraw the money from my account, 2-3 days to process the transfer and then another 3-5 days to get the money. My most recent one was booked on 10/9 was sent to the UK on 10/14 and I'm waiting for it to arrive.
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Re: XE Trade Timescales
Originally Posted by Duncan Roberts
(Post 9680355)
I've found their processing times pretty crap for the free transfers US->UK, which I guess is OK since it saves me the fee. It usually takes them 3-4 days to withdraw the money from my account, 2-3 days to process the transfer and then another 3-5 days to get the money. My most recent one was booked on 10/9 was sent to the UK on 10/14 and I'm waiting for it to arrive.
Maybe it depends on who you bank with?! Ours was done from Lloyds TSB to Wells Fargo. |
Re: XE Trade Timescales
Originally Posted by Wibblypig
(Post 9680379)
Wow it must be really hit and miss! My husband used the free transfer 2 weeks ago and it only took 2-3 days.
Maybe it depends on who you bank with?! Ours was done from Lloyds TSB to Wells Fargo. |
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