XE Trade - Frequently Asked Questions
Yes. XE Trade enables you to deliver the funds by the following methods:
Option: Delivery by Wire Transfer
Choosing this delivery option directs us to send a Wire Transfer for the funds to a specified bank account. This account can be your own, or can belong to the recipient of your choice, but it must be held in the currency you are converting to (i.e. "buying") or else the bank will re-convert the incoming funds -- at significant expense. Wire Transfers are generally the fastest possible way to send funds, and are available to most places in the world. However, unlike EFTs and Drafts, there is a charge for sending Wire Transfers from XE Trade -- but much less than banks charge. The Wire cost is always fully disclosed in XE Trade before you confirm your transaction.
Option: Delivery by EFT Electronic Funds Transfer (ACH)
Choosing this delivery option directs us to automatically deposit the funds to a specified bank account. This account can be your own, or can belong to the recipient of your choice. Sending funds by EFT from XE Trade is free. EFT is relatively fast, although not as fast as a Wire Transfer. Free delivery via EFT is currently available for the following currencies and countries:
- 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.
Option: Delivery by Draft
Choosing this delivery option directs us to generate a Draft for the funds and send it by regular postal mail to the specified recipient. This recipient can be you, or can be any other recipient that you choose. Sending Drafts from XE Trade is free. Drafts are the most flexible way to send funds, since they can be easily sent to any person or company, even if you do not have their bank account information. Drafts are also much safer then sending cash, since they can only be cashed by the recipient you specify. However, they are also the slowest way to pay someone, since they must travel by regular mail.IMPORTANT - Information on DraftsDrafts are corporate checks, and are not cash equivalents. Most banks require you to have an account with them before they will cash Drafts. Even then, depending on your relationship with your bank, the funds may be held until the Draft has cleared, which can take significant time. Drafts are generally used for paying corporate suppliers with whom you have credit, and also for sending money to relatives when time is not of the essence. We strongly discourage trying to use them like cash when travelling.
- Not Available: Delivery by Cash
We cannot deliver your converted funds as cash through XE Trade. We do not know of any services for cash that we can refer you to at this time.
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.