For security reasons, we are required to verify any new EFT Bank Account (available in the US and Canada only) which you use for withdrawal on a transaction over 10K USD or CAD.
Account verification will only occur after you place a trade using that accountfor withdrawal*.
Verification is required only once per account.
We will make a micro deposit to your account. You will be required to verify the amount of the deposit via e-mail.
We must also contact your bank in order to verify the details of your account.
Note: To expedite this process, please provide details of a representative at the bank with whom we can communicate with directly.
A credit check may be run in order to verify your credit history (does not apply to business customers).
This process may take around 2-14 business days depending on how quickly we receive both your confirmation of the deposit amount and confirmation from your bank. We may not be able to process your trade during that time, but the trade will remain fixed at the agreed rates.
Please be advised that completion of the bank verification is completely driven by the cooperation of your financial institution, which may delay your trade. In case of difficulty we will contact you to suggest alternative options.
During confirmation, the status of the EFT Bank Account will temporarily change to "Inactive" in XE Trade and you will not be able to use this account to book further trades until the account has been confirmed.
Note: Your EFT Trading Limit is based upon your credit rating and may be different that your XE Trade Trade Limit. If you wish to trade more than your EFT Trading Limit, you will be able to do so by sending the payment to us directly. Please contact us if you require more information.
* If you wish us to verify your account prior to trading, please contact us. Please note we can only verify accounts you intend to use for withdrawal.