XE Trade - XE Trade FAQ

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Can I choose how to send you the funds to be converted (payment)?

Answer

Yes. XE Trade enables you to send us the funds from your account by the following methods:

  • Payment by Wire Transfer

    • You can pay by Wire Transfer or any other electronic payment method available to you.
      • Instructions for account to wire your funds to will be provided when you place your order.
    • Wire Transfers are the fastest possible way to send funds, and are available from most places in the world.
      • Your financial institution will generally charge you a fee to send a Wire Transfer, which you must pay for If you are asked when sending your payment, please be sure to select “Charges OUR” to avoid delays in processing your transaction.
    • Other payment types payments may have lower costs but may also take longer to arrive.
      • For further details of the options available to you, you may wish to contact your financial institution

    Some examples of electronic payment types are:

    • In the United Kingdom:
      • BACS Transfers are usually Internet or Telephone Banking payments. They typically take 3-5 business days to arrive with us.
      • CHAPS Transfers are equivalent of a wire - your bank will typically charge you a fee (typically 10+ GBP) to send a CHAPS payment.
      • Faster Payments Service (FPS) allows clients to initiate a payment up to 10,000 GBP using their online banking interface. Like the BACS transfer, the payment is often free. However, the funds will usually credit our account same day, rather than the 3-5 day timeline. If you are not sure whether FPS payments are available to you, please check with your bank directly to confirm.
        • Note: You may be able to send more than one payment for your transaction if it exceeds your daily limit. Please speak to our helpdesk to confirm this prior to booking your trade.

    • In Australia and New Zealand:
      • BPay
      • Internet Payment
      • Pay Anyone

    • In Canada
      • Internet Biller (Bill Pay) is also now available with participating Canadian financial institutions. Please check with your own bank to see if “Custom House” can be added to your bill payment list.
        • TD Canada Trust clients will likely be asked for a reference number when setting up Custom House as a payee. Please use "PBP" and your XE Trade account number (eg PBP1234567) for this type of payment.
  • These are just examples; other options may be available in your region. If you wish to use such a payment method, specify "Wire" or “Bill Payment” (where available) as the method by which you will be sending the funds to us. If you are uncertain whether a given payment method will work, please investigate it before making your trade. We can not accept payment by cash or check.

  • Payment by Electronic Funds Transfer EFT - US and Canada Only

    • Choosing this payment option directs us to automatically withdraw the payment from a bank account held by you or your business in the currency you are converting from (i.e. "selling").
      • You cannot debit funds from third party accounts.
    • Before you can use EFT for an account, you must complete and sign an authorization form allowing us to debit funds from that account. EFT is very cost effective and simple, although it is not as fast as a Wire Transfer.
    • This payment method is currently available for USD and CAD accounts in the United States and Canada.
    • There may be a limit to the amount you’re allowed to transfer via EFT.
      • You can request to increase this limit via the Trade Limit Increase/Decrease form. Read more

    NOT AVAILABLE:

  • Payment by Bank Draft or Check: We do not permit payment by Bank Draft or check; it simply delays the conversion process too long to be practical.
  • Payment by Cash: For similar reasons, as well as additional security concerns, we cannot accept cash payments or deposits.
  • Payment by Credit Card: Credit companies deduct merchant fees from all payments using their cards, which would significantly increase the cost of trades.
  • Payment by Interac/E-mail Money Transfers (Canada only)
  • Payment by PayPal: We cannot process incoming payments via PayPal or other similar transfer systems.

Note: There are a few places to and from which XE Trade cannot be used to send funds, regardless of the currencies involved. Click here for details.

Go to XE Trade FAQ

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