SpoogleDrummer

I'm in the process of signing up for an XeTrade account due to PayPal faffing about with my account. So far I've got to the point where I've scheduled a phone interview but now need to know the bank information, most of it I know but am stuck on:

4. Your account number, transit number, and bank code (e.g.
as Swift code, Sort code, USB, Routing Number, BSB, etc.)

Now I know my account number and my wife tells me my routing number is on my check, so I guess that's the bank code sorted, but she has no idea as to what the transit code is. I had a quick google so I don't just walk in to the bank and have the staff look at me like I'm crazy when I ask for it, but from what I can tell the transit number is the routing number. Are they seperate things or can I walk in to the bank without looking like an idiot?

Ray

transit is the routing number nine digit on your check

SpoogleDrummer

Thanks very much. So the routing number and transit number are the same thing?

Ray

Actually called the Routing transit number

SpoogleDrummer

Excellent thanks for your help

MsElui

when we asked the bank about this stuff they just handed over the info. I think they would not be hassled if you asked your branch.

SpoogleDrummer

My branch tends to look at me blankly when I pay in a cheque, I don't want to blow their minds with internet transfers.

MsElui

fair enough! (one of the branches in the uk that i used to use was like that lol)

BritishGuy36

I don't know why anyone bothers with the hassle of the XE trade signup process.

UKForex can verify you electronically, the only thing you need to do is type into their website the code they snail mail to you as proof of address.

Their rates are better than XE too.

oldskool

I'd be interested in hearing as to how the XE trade signup goes. I was at the same stage recently and backed out as I am not comfortable with providing bank details over the phone unless I have initiated the call.

Someone calling you...very dodgy and insecure. Very open to abuse and not much different to internet phishing in that you have to be sure who you are dealing with is indeed who you are dealing with.

Ray

They only call you half way thru the process ..they tell you when they are calling ..

Ray

Dingo company ...

Longy

Basically a lot of people use it to make small transfers and when doing this XE is probably better then UK Forex as there are no fees. As far as I can work out from their website, UKForex charges you a fee for the transfer and also requires a CHAPS transfer for the cash, which normally costs as well. Say these fees total £25, then a transfer of £1,000 is probably cheaper on XE.

However for a large one off transfer then UKForex is probably better.

Edit: I may also be wrong about the CHAPS transfer - I thought I saw that once when looking at their site, and this made me lose interest as I only move over small amounts nowadays.

Edit Again: Oh and there is a minimum of £1,000 on UKForex

cranston

From UK forex site:

http://www.ukforex.co.uk/faq.htm

Longy

I was actually thinking the bulk of it would be the fees for a CHAPS transfer, but just had a look and it seems they do allow BACS, I am sure when I looked at it in the past it only allowed CHAPS - or only mentioned CHAPS.

OK, so I am not sure why people use XE then, I guess the lower limit may be one reason. I suppose the other thing is are the rates still superior at lower amounts?