Re: Does anyone offer reasonably simple/cheap on-line dollar payments?
- From: Ruari Callow <i0a0-wptp@xxxxxxxxx>
- Date: Wed, 1 Feb 2006 12:29:09 -0500
On Wed, 1 Feb 2006, usenet@xxxxxxxxxx wrote:
Ruari Callow <i0a0-wptp@xxxxxxxxx> wrote:They appear to be much simpler than services like Forex where you have to talk to someone every time you send some money.
Here is a quick run down. I use this service primarily to make payments to a student loan based on Norway. Firstly I had to setup an account with XE. This took a couple of days a I had to fax copies of photos id amongst other things. But it was a one time deal to get an account and cost nothing other than a little time. After that I setup the details of the account/s I would be paying into, including (for Wire Beneficiaries) details such as, Beneficiary's name, Name of bank, Account (or IBAN) Number, Transit number (SWIFT code, ABA Routing Number, Bank Code, BIC), Bank address, Type of Currency.
Yes, I've done that, no problem.
Every time I want to make a payment I do the following:
1. Log on to XETrade and click on 'basic trade' (their language for a standard transfer), choose the currency I am 'buying' (in your case USA Dollars) and 'selling' (GB pounds) and the amount/s.
2. On the next screen I state how I want them to pay the benficiary. I choose wire but in your case as it is a US based company you might choose EFT since it attracts no cost and is an option for US/Canadian destination accounts. I also select how I will pay the money. I choose 'wire', which can be a standard BACs transfer in the UK.
This is the confusing/unclear bit but I gather from a bit later in your posting that I later get a UK sort code and account number to transfer my £ to. If this works it sounds brilliant, thanks very much.
Yes the process is a bit confusing but after you have put one or two payments through and satisfied yourself that it works as expected you can do all this fairly fast and with confidence. I pay a Norwegian loan every three months and have had no difficulties so far. I have also made a couple of payments to other countires such as Denmark.
I would run through the demo a couple of times to get the best idea of how it will work. Their UK bank account number is 65701015 with a sort code of 30-16-35 if that helps or makes you feel comfortable. You also need to quote a deal reference number which will be of the format W00XXXXXX (where the other 'X'es are other numbers). This deal reference number is unique to each transaction (they tell you what it is at the end of their online process).
One other thing I would do the first time you need to use the service is to go through all the setps up until the point of confirmation. Then don't actually confirm (yet). At this point stop and ring your bank and compare the deal you are getting. Ask the the total cost you must pay (including all fees) and see how this looks compared to what it would cost you on XE. You'll probably find it is noticably cheapier with XE. Of course on the off chance it isn't XE guarentee to beat the rate the bank offers anyway, see: https://www.xe.com/fx/faq.htm#bestrate
P.S. Looking at the demo it seems the cost of the wire transaction in the US will probably be £6.78, which is already cheaper than the £9 or so you pay at the moment. If you get a better exchange rate as well and can avoid having to speak to anyone (with the inherent potential for mistakes) then this should work well for you. I would be interested to find out your experiences with them, which will hopefully be positive. Either way (positive or not) perhaps you could post back here. For me, so far everything has been good. The only downside would perhaps be the speed compared to using a bank on its own (see: https://www.xe.com/fx/faq.htm#howlong) and the fact that I can't automate recurring payments (which wouldn't matter to you I guess).
P.P.S. If for any reason this does not work out another option might be an account with the Co-operative bank. They allow you to arrange an international payment by sending a signed fax to them on 0161 872 0850 (this is the direct fax number of their foreign services department). Although not as good as using internet banking it does mean that you get to write everything out to ensure the details are passed on with accuracy. Also you can prepare a standard message to them in a word processor and just alter the details as is required. Finally, since this is a specialist department who regularly deal with foreign transactions they are less likely to make a mistake than the regular call centre staff.
The first time you send a fax you will need to call them (0161 742 4865) to confirm that you wish the payment to go ahead and answer security details (if you don't they call you back anyway). Afterwards you can confirm you are happy for payments of this type to be authorised by signed fax, though I believe they still call you back for large payments. Also they send a confirmation of payment letter two days latter to minimise the chance of fraud. It is possible to repeat a payment you made in the past just by reffering to the day and amount. You can also setup recurring payments at regular intervals, which are like UK standing orders, but for international payments. The Co-op charge 2.5% to make a SWIFT payment with a minimum charge of £13 and a maximum charge of £30. If for any reason you do want to call them you can get direct through to foreign services on 0161 742 4865 (no need to ring the regular Co-operative bank telephone banking number).
I used to use the Co-operative bank for all my payments to Norway in the past. In some ways it was easier as I could setup a recurring transaction and not have to think of it again. I only switched to XE to save a few pounds each time. I'm willing to do this purely because I don't have to do it very often but I am sometimes tempted to switch back to using the Co-operative Bank just for the sheer convenience of everything being automated.
-- The email address this message was posted from is valid but will expire. If you want to contact me several days after my posting you can find a contact email address on http://ruari.com/
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