XE Trade - Frequently Asked Questions

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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:

  • Option: Payment by Wire Transfer
    Choosing this option requires you to initiate a transfer to us for the specified amount. You can make this payment using a Wire Transfer or any other electronic payment method available to you (see Note below) . Upon confirming a trade we will provide you with the payment details required to initiate your transfer. The transfer must be sent from an account held by you or a third party you have set up in the system. The transfer must be sent in the currency you are converting from (i.e. "selling") or else the bank will re-convert the outgoing funds -- at significant expense. Wire Transfers are generally 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 are responsible for paying to them. Other payments may be have lower costs but may also take longer to arrive with us. For further details, you may wish to contact your financial institution.

    Note: When sending us the funds to be converted, you can in fact use any electronic payment method available to you, provided that you initiate the payment within 3 business days and that you inform us by e-mail when it has been initiated. Such payment methods would be used in place of a Wire Transfer when sending payments to XE Trade.

    Some examples of electronic payment types are:

    • In the United Kingdom, the CHAPS or BACS and FPS services can be used:

      • BACS Transfers are usually Internet or Telephone Banking payments.  They typically take 3-5 business days to arrive with us.
      • CHAPS Transfers are the domestic UK equivalent of a wire - your bank will typically charge you a fee (typically 10+ GBP) to send a CHAPS payment.
      • Faster Payments Service (FPS): A new payment method has recently been implemented in the UK which allows clients to take advantage of the best of both payment options.  The Faster Payments Service 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.  Unlike the BACS transfer however, the funds will usually credit our account same day, rather than the 3-5 day timeline.

        The Faster Payments service has been implemented in most banks and building societies in the UK.  If you are not sure whether FPS payments are available to you, please check with your bank directly to confirm.

    • In Australia and New Zealand, the BPay, Internet Payment and Pay Anyoneservices can be used.

    • 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.

      • Typically the only bank that doesn't support Bill Pay payment to Custom House is CIBC.
      • 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 jurisdiction. If you wish to use such a payment method, specify "Wire" 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.

  • Option: Payment by EFT Electronic Funds Transfer
    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. EFT withdrawal is currently available for USD and CAD accounts in the United States and Canada, although we can send converted funds to other countries via EFT.  (Note: CHAPS can be used to pay us in place of a Wire in the United Kingdom. See above paragraph for details.)

  • NOT AVAILABLE: Payment by Bank Draft or Check Since we cannot deliver the converted funds until we first receive the payment from you, we do not permit payment by Bank Draft or check. It simply delays the conversion process too long to be practical.

  • NOT AVAILABLE: Payment by Cash For similar reasons, as well as additional security concerns, we cannot accept cash payments or deposits.

  • NOT AVAILABLE: Payment by Credit Card Credit card companies deduct merchant fees from all payments using their cards. These deductions would significantly increase the cost of your transaction.

  • NOT AVAILABLE: Interac/E-mail Money Transfers (Canada only) We cannot process incoming payments via the Interac/E-mail Money Transfer system in Canada.

  • NOT AVAILABLE: 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.

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