Small Money Transfers - Xoom Vs XE - British Expats

British Expats > Living & Moving Abroad > USA > Small money transfers - Xoom vs XE Username Remember Me? Password By logging into your account, you agree to our Terms of Use and Privacy Policy, and to the use of cookies as described therein. Register Forgot Password? Register FAQ Wikiposts Today's Posts Search Wikipost Links Recent Changes Search Forums Show Threads Show Posts Advanced Search Go to Page... Small money transfers - Xoom vs XE Closed Thread Subscribe Thread Tools Jan 22nd 2014 | 8:13 am #1 Dougster75 Thread Starter Forum Regular Joined: Nov 2008 Posts: 175 From: Katy, TX Small money transfers - Xoom vs XE This isn't rocket science but just a quick share as I've been using XE.com for several years to send relatively small amounts (less than $1k) monthly back to UK for misc. bills and hadn't really looked around:

• XE.com were charging $22 per transfer (which takes several days).
• Xoom.com charge $4.99 per transfer (took about 30 minutes).

I got quotes on both this week to compare. The exchange rate was a tiny bit better for XE but for a small transfer, the $22 fee made the difference. For my transaction:

• Xoom was better up until $2,100 was being exchanged into GBP.
• XE was better thereafter as the better exchange rate caught up with the transaction fee.

It doesn't save much but it'll pay for a few pints and it's much quicker with Xoom. Large transactions still good for XE. Dougster75 View Public Profile Visit Dougster75's homepage! Find More Posts by Dougster75 Jan 22nd 2014 | 8:42 am #2 Bob BE Site Lead Joined: Aug 2004 Posts: 92,258 From: MA, USA Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Dougster75

• XE.com were charging $22 per transfer (which takes several days).

Looks like you're doing it wrong. As long as it's not done as a wire, there isn't a fee. Bob View Public Profile Find More Posts by Bob Jan 22nd 2014 | 8:48 am #3 Dougster75 Thread Starter Forum Regular Joined: Nov 2008 Posts: 175 From: Katy, TX Re: Small money transfers - Xoom vs XE Crap - you're right. I'll get my coat... Last edited by Dougster75; Jan 22nd 2014 at 8:55 am. Dougster75 View Public Profile Visit Dougster75's homepage! Find More Posts by Dougster75 Jan 22nd 2014 | 9:10 am #4 Pulaski Joined: Dec 2001 Posts: 53,356 From: Dixie, ex UK Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Bob Looks like you're doing it wrong. As long as it's not done as a wire, there isn't a fee. Agreed. I never understood why xe.com offers a wire option when ACH is available? I am sure a lot of people get it wrong. Pulaski View Public Profile Find More Posts by Pulaski Jan 22nd 2014 | 9:26 am #5 Bob BE Site Lead Joined: Aug 2004 Posts: 92,258 From: MA, USA Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Pulaski Agreed. I never understood why xe.com offers a wire option when ACH is available? I am sure a lot of people get it wrong. Because most people probably haven't heard of ACH, but every one has heard of doing a wire, would be my guess....so it's easy money for them. Bob View Public Profile Find More Posts by Bob Jan 22nd 2014 | 10:03 am #6 Pulaski Joined: Dec 2001 Posts: 53,356 From: Dixie, ex UK Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Bob Because most people probably haven't heard of ACH, but every one has heard of doing a wire, would be my guess....so it's easy money for them. Except they're likely giving most, if not all, of the $22 to their bank to send the wire. Pulaski View Public Profile Find More Posts by Pulaski Jan 22nd 2014 | 10:10 am #7 Westham Forum Regular Joined: Aug 2013 Posts: 92 From: Los Angeles Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Bob Because most people probably haven't heard of ACH, but every one has heard of doing a wire, would be my guess....so it's easy money for them. Transfer of money fro UK to USA: ??? Whats the Cheapest way to go? I recently transferred GB pound from bank accounts in the UK online (not a wire transfer) I had two transfers, both set up for online payments from Mine and the other from my wife's bank accounts: the money was converted in US $'s at Lloyds and transferred online to our BofA accounts here in California The fees came down to this my transfer 10 GB pounds from Lloyds for my transfer (under 5k GBP) and 17.50 GBP for my wife's transfer (over 5k GBP) When the money which took 2 days arrived my BoA account charge $16 and the same for my wife, the BoA statement said incomming wire transfer fee? on top of that we received statements from BoA that $35 was deducted from my total and $40 from my wife's. After speaking with an manger of the BoA exchange dept. she said the amount was taken out before it arrived, must be by a 3rd party bank, I argued that there was no 3rd party bank involved and as she could not name the 3rd party bank and this was not a transfer the fee was incorrect, Lloyds bank also confirmed there were no 3rd party bank involved. Has anyone else come across this problem?? I just thinking that this may happen again and again when I transfer my UK pension when I start receiving it later this year. If I have it paid into my BofA account here what will the charges be then I wonder?? Does anyone else have a better solution? Westham View Public Profile Find More Posts by Westham Jan 22nd 2014 | 10:44 am #8 Bob BE Site Lead Joined: Aug 2004 Posts: 92,258 From: MA, USA Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Does anyone else have a better solution? Didn't you read the first couple of posts? Bob View Public Profile Find More Posts by Bob Jan 22nd 2014 | 12:21 pm #9 lansbury Joined: Apr 2005 Posts: 10,056 From: Milwaukie, Oregon Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Does anyone else have a better solution? Yes. I log into my account with World First and book a currency exchange selling pounds and buying dollars. I then log into my Natwest account and transfer the required amount in pounds to World First's account at Barclays. When World First receive my payment they send the dollars to my account at a Credit Union on the day I asked them to send the money. World First do not offer ACH payment, at least I can't find the option, and send it as a wire transfer. Total cost to me for the whole transfer is $8 charged by my credit union for an incoming wire transfer. World First offer a much better exchange rate then Natwest. Their exchange rate improves for amounts over £10k. I use World First to bring over my UK pensions becasue they are licensed to trade in Oregon. There are other currency brokers you just need to find one that you like who can trade to your State. lansbury View Public Profile Visit lansbury's homepage! Find More Posts by lansbury Jan 22nd 2014 | 12:22 pm #10 AZ_Alba Some Where in the Desert Joined: Jul 2006 Posts: 247 From: AZ Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Transfer of money fro UK to USA: ??? Whats the Cheapest way to go? I recently transferred GB pound from bank accounts in the UK online (not a wire transfer) I had two transfers, both set up for online payments from Mine and the other from my wife's bank accounts: the money was converted in US $'s at Lloyds and transferred online to our BofA accounts here in California The fees came down to this my transfer 10 GB pounds from Lloyds for my transfer (under 5k GBP) and 17.50 GBP for my wife's transfer (over 5k GBP) When the money which took 2 days arrived my BoA account charge $16 and the same for my wife, the BoA statement said incomming wire transfer fee? on top of that we received statements from BoA that $35 was deducted from my total and $40 from my wife's. After speaking with an manger of the BoA exchange dept. she said the amount was taken out before it arrived, must be by a 3rd party bank, I argued that there was no 3rd party bank involved and as she could not name the 3rd party bank and this was not a transfer the fee was incorrect, Lloyds bank also confirmed there were no 3rd party bank involved. Has anyone else come across this problem?? I have used TorFX to do a couple of wire transfers and though they say there is no fee on their end in the two transfer I did using different receiving banks there was a $20 fee that neither TorFX or the receiving banks could explain. They both pointed to the other party in the wire transfer. AZ_Alba View Public Profile Find More Posts by AZ_Alba Jan 23rd 2014 | 2:27 am #11 Westham Forum Regular Joined: Aug 2013 Posts: 92 From: Los Angeles Re: Small money transfers - Xoom vs XE Quote: Originally Posted by AZ_Alba I have used TorFX to do a couple of wire transfers and though they say there is no fee on their end in the two transfer I did using different receiving banks there was a $20 fee that neither TorFX or the receiving banks could explain. They both pointed to the other party in the wire transfer. Yes, I got the same run around, both Lloyds and BofA both denied it was them, both pointed to each other saying they had no knowledge of who the third bank was and who got the fee, my deep down gut feeling is that it is BofA but then I could be wrong. Last edited by Westham; Jan 23rd 2014 at 2:34 am. Westham View Public Profile Find More Posts by Westham Jan 23rd 2014 | 2:31 am #12 Westham Forum Regular Joined: Aug 2013 Posts: 92 From: Los Angeles Re: Small money transfers - Xoom vs XE Quote: Originally Posted by lansbury Yes. I log into my account with World First and book a currency exchange selling pounds and buying dollars. I then log into my Natwest account and transfer the required amount in pounds to World First's account at Barclays. When World First receive my payment they send the dollars to my account at a Credit Union on the day I asked them to send the money. World First do not offer ACH payment, at least I can't find the option, and send it as a wire transfer. Total cost to me for the whole transfer is $8 charged by my credit union for an incoming wire transfer. World First offer a much better exchange rate then Natwest. Their exchange rate improves for amounts over £10k. I use World First to bring over my UK pensions becasue they are licensed to trade in Oregon. There are other currency brokers you just need to find one that you like who can trade to your State. Thanks, I will look into this, you mention that World First are licensed in Oregon do you know if they are also licensed in California? Could you explain what ACH is? Also does anyone have their British pension sent in US$'s to their bank in the USA? If so what charges are involved? Any information appreciated. Last edited by Westham; Jan 23rd 2014 at 2:36 am. Westham View Public Profile Find More Posts by Westham Jan 23rd 2014 | 2:59 am #13 cranston BE Enthusiast Joined: Nov 2007 Posts: 910 Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Could you explain what ACH is? http://en.wikipedia.org/wiki/Automated_Clearing_House cranston View Public Profile Find More Posts by cranston Jan 23rd 2014 | 3:12 am #14 Pulaski Joined: Dec 2001 Posts: 53,356 From: Dixie, ex UK Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Yes, I got the same run around, both Lloyds and BofA both denied it was them, both pointed to each other saying they had no knowledge of who the third bank was and who got the fee, my deep down gut feeling is that it is BofA but then I could be wrong. It is likely an intermediary bank that takes a fee. It is quite possible that Lloyds and BoA do not have correspondent accounts with each other, so the wire would have to pass through an intermediary, perhaps JPMorgan, Citi, Wells Fargo, or Bank of New York (being the largest US$ correspondent banks), and they would take a fee out of the wire. Quote: Originally Posted by AZ_Alba I have used TorFX to do a couple of wire transfers and though they say there is no fee on their end in the two transfer I did using different receiving banks there was a $20 fee that neither TorFX or the receiving banks could explain. They both pointed to the other party in the wire transfer. See above, same explanation. Last edited by Pulaski; Jan 23rd 2014 at 3:15 am. Pulaski View Public Profile Find More Posts by Pulaski Jan 23rd 2014 | 3:23 am #15 Bink Rootbeeraholic Joined: Aug 2009 Posts: 2,280 From: Houston, Tx Re: Small money transfers - Xoom vs XE Quote: Originally Posted by Westham Transfer of money fro UK to USA: ??? Whats the Cheapest way to go? I recently transferred GB pound from bank accounts in the UK online (not a wire transfer) I had two transfers, both set up for online payments from Mine and the other from my wife's bank accounts: the money was converted in US $'s at Lloyds and transferred online to our BofA accounts here in California The fees came down to this my transfer 10 GB pounds from Lloyds for my transfer (under 5k GBP) and 17.50 GBP for my wife's transfer (over 5k GBP) When the money which took 2 days arrived my BoA account charge $16 and the same for my wife, the BoA statement said incomming wire transfer fee? on top of that we received statements from BoA that $35 was deducted from my total and $40 from my wife's. After speaking with an manger of the BoA exchange dept. she said the amount was taken out before it arrived, must be by a 3rd party bank, I argued that there was no 3rd party bank involved and as she could not name the 3rd party bank and this was not a transfer the fee was incorrect, Lloyds bank also confirmed there were no 3rd party bank involved. Has anyone else come across this problem?? I just thinking that this may happen again and again when I transfer my UK pension when I start receiving it later this year. If I have it paid into my BofA account here what will the charges be then I wonder?? Does anyone else have a better solution? I have a Lloyds account and frequently transfer money both to/from the UK using xe.com. UK to US is WAY quicker than US to UK. Transfers from the UK are frequently in my US account the next day. This is mainly due to the fact that wires from my Lloyds account are free and free to the xe.com account (which is also in the UK). I pay no wire fees and get the exchange rate I lock in when I place the transaction. Just don't choose the wire option for the US end. Bink View Public Profile Find More Posts by Bink Thread Tools Show Printable Version Email this Page Thread Tools Show Printable Version Email this Page Advanced Search Reply Closed Thread Share

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