Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

XE Trade Timescales

XE Trade Timescales

Old Oct 17th 2011, 1:22 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jul 2011
Location: Lisbon Falls, Maine
Posts: 19
PANUK is an unknown quantity at this point
Default 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
PANUK is offline  
Old Oct 17th 2011, 1:29 pm
  #2  
Ray
 
Ray's Avatar
 
Joined: Mar 2003
Posts: 68,280
Ray has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by PANUK View Post
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
2 days more like ... my pal send me pennies to help me now and again and it takes 2 days to get to my account
Ray is offline  
Old Oct 17th 2011, 2:51 pm
  #3  
BE Forum Addict
 
rpjs's Avatar
 
Joined: Sep 2010
Location: Sleepy Hollow, New York
Posts: 2,514
rpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by PANUK View Post
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
I can't remember exactly how long my first trade (UK -> US, back in March/April) took now, but it was only a couple of days. It was speeded up by my UK bank offering the new Faster Payment Service EFT for the transfer to XE/CustomHouse's UK account - if your bank doesn't do FPS that bit might take a few days. Once XE had received the payment, the transfer was in my US bank account within a couple of days.

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...
rpjs is offline  
Old Oct 17th 2011, 3:29 pm
  #4  
Lost in BE Cyberspace
 
Joined: Feb 2004
Posts: 13,585
anotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond reputeanotherlimey has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by PANUK View Post
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
In my experience, UK to US via EFT has been very quick, at most 4 business days.
anotherlimey is offline  
Old Oct 17th 2011, 4:47 pm
  #5  
Chocoholic !
 
ChocolateBabz's Avatar
 
Joined: Jun 2007
Location: Houston, TX - Officially Not Shit since 2009
Posts: 2,315
ChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond reputeChocolateBabz has a reputation beyond repute
Default 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.
ChocolateBabz is offline  
Old Oct 17th 2011, 5:59 pm
  #6  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 11,964
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default 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.
dunroving is offline  
Old Oct 17th 2011, 6:04 pm
  #7  
BE Forum Addict
 
rpjs's Avatar
 
Joined: Sep 2010
Location: Sleepy Hollow, New York
Posts: 2,514
rpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by dunroving View Post
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.
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.
rpjs is offline  
Old Oct 17th 2011, 6:25 pm
  #8  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 11,964
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by rpjs View Post
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.
Thanks for the advice, I realized there was a set-up process, but that clarifies things. Now I just have to get my lazy/busy arse in gear and do it.
dunroving is offline  
Old Oct 17th 2011, 7:26 pm
  #9  
Just Joined
Thread Starter
 
Joined: Jul 2011
Location: Lisbon Falls, Maine
Posts: 19
PANUK is an unknown quantity at this point
Default 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
PANUK is offline  
Old Oct 17th 2011, 7:38 pm
  #10  
BE Enthusiast
 
Joined: Nov 2007
Posts: 904
cranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond repute
Default Re: XE Trade Timescales

+1 another fan of XE here (only go UK > US via EFT):
thumbup:.
cranston is offline  
Old Oct 17th 2011, 7:44 pm
  #11  
BE Enthusiast
 
helwardman's Avatar
 
Joined: Oct 2008
Location: Louisiana
Posts: 610
helwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond reputehelwardman has a reputation beyond repute
Default 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.
helwardman is offline  
Old Oct 17th 2011, 7:56 pm
  #12  
BE Enthusiast
 
Joined: Jun 2011
Location: California
Posts: 470
Wibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud of
Default Re: XE Trade Timescales

Only took a few days for us too
Wibblypig is offline  
Old Oct 17th 2011, 10:01 pm
  #13  
Lost in BE Cyberspace
 
Duncan Roberts's Avatar
 
Joined: Oct 2003
Location: Avon Lake, OH
Posts: 5,270
Duncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond repute
Default 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.
Duncan Roberts is offline  
Old Oct 17th 2011, 10:15 pm
  #14  
BE Enthusiast
 
Joined: Jun 2011
Location: California
Posts: 470
Wibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud ofWibblypig has much to be proud of
Default Re: XE Trade Timescales

Originally Posted by Duncan Roberts View Post
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.
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.
Wibblypig is offline  
Old Oct 17th 2011, 10:22 pm
  #15  
BE Forum Addict
 
rpjs's Avatar
 
Joined: Sep 2010
Location: Sleepy Hollow, New York
Posts: 2,514
rpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond repute
Default Re: XE Trade Timescales

Originally Posted by Wibblypig View Post
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.
It would seem XE are faster at UK -> US transfers than vice versa. I suspect that has more to do with the general backwardsness of the US banking industry compared to the UK's than XE though.
rpjs is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.