XE Trade - Frequently Asked Questions
Other organizations involved in the processing of trades may charge fees for their services. These fees are outside of our control.
Fees for Sending Wires - If you choose to send funds to us by Wire Transfer, you will likely be charged a fee by the Wire Transfer provider you select. This charge is outside of our control, and we cannot predict it. If you wish to send funds to us by Wire Transfer, please verify any possible charges with your Wire Transfer provider prior to placing your trade.
Fees for Receiving Wires - In addition, some financial institutions charge fees to receive Wires. Sometimes this charge is collected by deducting the fee directly from the incoming funds. Again, this charge is outside of our control, and we cannot predict it. If you wish to send funds from us by Wire Transfer, please have the beneficiary bank account holder verify any possible charges with the any receiving or intermediary institutions prior to placing your trade.
Please note, we never charge a fee to receive a wire transfer from a client.
Fees Routing to South Africa - Wires in South African Rand (ZAR) to South Africa must be sent through an intermediary bank. This third party intermediary charges their own fee outside of our control. This fee varies, but in our experience, it is usually about 100-350 ZAR (approximately USD $17-$55 / EUR €13- €45). We therefore advise that when booking trades into ZAR, you buy an extra 350 ZAR to cover for the intermediary fee. For example, if you wanted to buy 50,000 ZAR, you should actually book a trade to buy 50,100.00-50,350.00 ZAR. These are estimates only as these fees are outside of our control.
Fees for Cashing Drafts – Some banks may charge fees to cash drafts sent via XE Trade. Please be sure to have your beneficiary verify any possible charges with the any receiving institutions prior to placing your trade. If you wish to know more about the location of the account that our drafts will be drawn upon, please contact us.
Other potential fees - Other fees outside of our control may also be charged by other parties. We cannot predict such charges. However, XE Trade always displays all charges from us up front before you confirm your transaction.
XE Trade may charge additional fees if we are provided with incorrect information.
Fees Due to Client Error - When you provide incorrect information when booking a trade there are costs associated with correcting the error(s). Examples of such situations include:
- Canceling and re-issuing a Draft because you provided an invalid payee name, address or reference, or if you request a stop payment.
- Re-sending funds if the original EFT transfer is returned because you provided an invalid account number, payee name or transit number, or if a bank account is closed.
- Re-sending funds if the original Wire Transfer is returned because you provided an invalid account number or beneficiary name, a bank address and bank code that do not match, a bank account is closed, or if the beneficiary refuses payment.
- If an EFT Bank Account being used to pay for a trade cannot be debited as a result of insufficient funds or funds not cleared from the account.
Fees for Tracing Wire Transfers - If your funds have not arrived within the appropriate timeframe, we can initiate a wire trace. If the trace reveals that the funds were in fact credited as you directed, then a service fee will apply. This fee generally ranges from USD $50 - USD $100, depending on what we are charged by other banks in the course of tracing the Wire in question.