XE Trade - XE Trade FAQ
Yes. XE Trade enables you to specify how we will deliver the converted funds to your chosen recipient.
- The recipients of your transfer can be yourself or another person or company.
- Any recipient must hold a bank account denominated in the currency that you are converting to to.
- If we send funds to a bank account held in a different currency from the one we send, the recipient bank will likely re-convert the incoming funds at a significant expense.
Option: Delivery by Wire Transfer
- We send a Wire Transfer (also known as TT) of the funds to a specified recipient bank account.
- We do charge a fee to send a Wire Transfer from XE Trade – this is typically less than banks charge.
- The Wire cost is always fully disclosed in XE Trade before you confirm your transaction.
- Wire Transfers are generally the fastest way to send funds, and are available to most places in the world.
Option: Delivery by EFT Electronic Funds Transfer (ACH)
- We automatically deposit the funds to a specified recipient bank account.
- 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 Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Germany, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Spain, Slovakia, Slovenia, Sweden, Switzerland, United Kingdom
- DKK to Denmark
- GBP to The United Kingdom
- HUF to Hungary
- MXN to Mexico
- NOK to Norway
- NZD to New Zealand
- SEK to Sweden
- USD to The United States or Canada
Option: Delivery by Draft
- We generate a Draft (cheque) for the funds and send it by regular postal mail to the specified recipient’s address.
- 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.
- They are also the slowest way to pay someone, since they must travel by regular mail.
IMPORTANT - Information on Drafts
Drafts 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.