www.xe.com for money transfers - Any reviews

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El_mag
El_mag Posts: 80 Forumite
in Savings & investments
Hi,
Has anybody used https://www.xe.com for money transfers abroad?
I went through their website and they seem to have very low charges and provide good exchange rates.

Any reviews about their service and charges?

Thanks,
El
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Comments

  • davidlee
    davidlee Posts: 46 Forumite
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    There are many good money transfer provider who charge very low amount and reliable.

    Should go with someone who has served for years.

    After all OLD IS GOLD. :)
  • El_mag
    El_mag Posts: 80 Forumite
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    davidlee wrote: »
    There are many good money transfer provider who charge very low amount and reliable.

    Should go with someone who has served for years.

    After all OLD IS GOLD. :)
    Any recommendations?
    Thanks,

    El
  • wriggly
    wriggly Posts: 362 Forumite
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    I have used MoneyCorp https://www.moneycorp.com in the past and was quite happy with them.

    I also like the look of UKForex https://www.ukforex.co.uk as you can get an actual quote online before making a deal. Most sites only give an indicative rate.
  • davethetaller
    davethetaller Posts: 392 Forumite
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    El_mag wrote: »
    Any recommendations?
    Thanks,

    El


    HIFX were good for me .They guarantee that if the receiving bank charges a fee, (which many do), then they will pay it.
  • Waldir
    Waldir Posts: 171 Forumite
    First Post First Anniversary
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    El_mag wrote: »
    Hi,
    Has anybody used www.xe.com for money transfers abroad?
    I went through their website and they seem to have very low charges and provide good exchange rates.

    Any reviews about their service and charges?

    Thanks,
    El


    I used it 2 years ago, it was fast and convenient.
    Since then I used moneybookers.com, which has been the cheapest website I found, but far slower (it takes 8 to 10 days for the money to reach the other end) and less convenient (requires 3 transactions per transfer) than others.

    For small amounts (max £200/week?) and if you trust the other side, a nationwide debit card is cheaper.
  • bert
    bert Posts: 70 Forumite
    edited 16 August 2011 at 11:33AM
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    I've been looking into xe.com for transfering funds overseas. I'm still not clear on one thing... transfering online between a UK bank and a USA bank incurs fees on both sides for 'wire transfer' correct?

    When I 'wire transfer' funds to xe.com (who then transfer this to the US account) why is there no fee charged by the banks for sending and receiving to/from xe.com? Is it some sort of agreement xe.com has with banks?

    Sorry if I'm being thick. How does adding a middleman eliminate wire transfer fees? I guess that's all I'm asking in a nutshell.

    Thanks.


    (And to answer the original posters query, I am not reading much bad about their service (apart from the lengthy application and identity verification process) hence why I am in the process of registering with them to make some largish transfers).
  • atypical
    atypical Posts: 1,342 Forumite
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    Doesn't answer your question but have you tried using https://www.fxcompared.com? There might be a more competitive provider.
  • maggiej_2
    maggiej_2 Posts: 83 Forumite
    edited 17 August 2011 at 8:17PM
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    I have used xe.com a lot over the past year or so and can highly recommend them.


    My dealings have involved transfers to Canada. There is NO fee involved ex yr UK bank to xe.com UK bank a/c via a straightforward BACS transfer. Has always taken 2/3 days to reach their UK a/c during mid working week, longer over the w/end overlaps. On the day of receipt, the funds are wired to the recipient's bank a/c. I've always paid the 'wire' fee to ensure the funds arrive into the recipient's bank a/c in Canada quite quickly. Time taken for almost all my dealings have taken a maximum of 3 days. I pay a wire fee of £12.50 and understand the recipient (my son) is charged something like CAD$ 10 or 12. Presume this charge is levied by his bank rather than xe.com -but I may be wrong.


    In a nutshell, it is possible to transfer the funds from yr bank a/c top xe.com UK a/c fee free but the recipient will probably be charged a fee. Although I've never used a CHAPS transfer I would assume that the funds would be with the recipient in 1 day - but at a cost £25 CHAPS + £12.50 WIRE - best avoided if at all possible.


    Hope this helps. If you've any other queries, I'll try and help if I can.
  • bert
    bert Posts: 70 Forumite
    edited 23 August 2011 at 11:14AM
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    Thanks for the response maggiej. To me it looks like xe.com don't offer any advantage over an online bank to bank transfer then other than a slightly better exchange rate :( Would be cool if xe.com saw this and proved me wrong :)

    Just to clarify, are you saying the 12.50 pound wire fee is for an accelerated priority transfer speed? Because you also say there is no fee.
  • Pagan98
    Pagan98 Posts: 162 Forumite
    First Post First Anniversary Combo Breaker
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    I've used XE Trade twice to transfer funds between the UK and USA. The rate was competitive. There were no wire transfer fees; the money went BACS to their UK account, then direct deposit (ACH) to my wife's US account. According to their website, ACH is available for:
    • AUD to Australia.
    • CAD to Canada.
    • EUR to France, Germany, Italy, Netherlands and Spain.
    • GBP to The United Kingdom.
    • NZD to New Zealand.
    • USD to The United States or Canada.
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