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Old 29.06.2015, 16:24
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xe.com money transfers

Hello everyone,

We recently moved to Switzerland, and need to send money to the U.S. and Canada. I have sent once already through my bank (Credit Suisse) and it is fast and easy, but a large amount is lost by the charges made by an intermediary bank.

I saw some posts about the xe.com option but they are very old. We were wondering if anyone have used this service lately, and how good and safe it is.

Thank you : )

Pauline and Juan
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Old 29.06.2015, 16:32
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Re: xe.com money transfers

Use currency fair much better rates, the search function should bring up a recent thread
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Old 29.06.2015, 16:44
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Re: xe.com money transfers

Hi, appreciate the information, will definitely check it out!
Thanks : )
Pauline
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Old 29.06.2015, 17:31
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Re: xe.com money transfers

Hello
I am regularly using xe to send money to US/CAN and i can recommend them. setting up the account is a bit cumbersome because they need all those documents. However once done it's very simple to use and amounts are transfered in a flash. It doesn't cost a penny if the recipient account has the electronic transfer capability. Which is usually the case for all US/CAN banks.
Hope this helps.
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Old 29.06.2015, 17:34
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Re: xe.com money transfers

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Hello
I am regularly using xe to send money to US/CAN and i can recommend them. setting up the account is a bit cumbersome because they need all those documents. However once done it's very simple to use and amounts are transfered in a flash. It doesn't cost a penny if the recipient account has the electronic transfer capability. Which is usually the case for all US/CAN banks.
Hope this helps.
Post finance rates are better, I tested both at the same time for the same amount. Currency fair is hugely cheaper.
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Old 29.06.2015, 22:23
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Re: xe.com money transfers

These threads may also have some options that will work for you:

International money transfers using xe, skype, banks, or others?

Money transfer Swiss bank account -> US

Cheapest way to transfer money to Canada

Transferring money to America

How to transfer money to USA for Free
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Old 29.06.2015, 23:41
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Re: xe.com money transfers

I have the impression that xe.com used to be very cheap, but in the last few years their rates have got worse and they are no longer the best option.
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Old 29.06.2015, 23:53
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Re: xe.com money transfers

I've not toyed with the other options mentioned here, but have been using xe since I arrived. I set up a U.S. account before moving, so my experience might be slightly different than someone trying to set up from CH.

I ran a test to get money here (using both my bank - one of those too big to fail types - in the US and xe). Both arrived with the same relative ease and xe offered a substantially better rate.

Transfers back to the U.S. have also worked without a hitch. I worked through an estimate via my bank here, and found that not only were their rates not competitive, but the process to send back was not straight forward (called their customer service line: rep advised I not make any errors, or I'd lose money on the transfer from chf to usd and then back when the bank had to fix it. True enough: be careful with banking details, but could have used a bit more helpful advice on navigating the bank's website to make the transaction). and I had to pay wire transfer fees.

So, I went with xe. No issue.

I lose roughly 2 cents/dollar on their published exchange rate. What's the average cost for the others?
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Old 29.06.2015, 23:56
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Re: xe.com money transfers

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I've not toyed with the other options mentioned here, but have been using xe since I arrived. I set up a U.S. account before moving, so my experience might be slightly different than someone trying to set up from CH.

I ran a test to get money here (using both my bank - one of those too big to fail types - in the US and xe). Both arrived with the same relative ease and xe offered a substantially better rate.

Transfers back to the U.S. have also worked without a hitch. I worked through an estimate via my bank here, and found that not only were their rates not competitive, but the process to send back was not straight forward (called their customer service line: rep advised I not make any errors, or I'd lose money on the transfer from chf to usd and then back when the bank had to fix it. True enough: be careful with banking details, but could have used a bit more helpful advice on navigating the bank's website to make the transaction). and I had to pay wire transfer fees.

So, I went with xe. No issue.

I lose roughly 2 cents/dollar on their published exchange rate. What's the average cost for the others?
2% is huge relative to currencyfair................. almost 2% worse
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Old 30.06.2015, 00:13
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Re: xe.com money transfers

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2% is huge relative to currencyfair................. almost 2% worse
Just checked. Xe at 1.081 (so 1.061 ish if exchanged; no other fees.) Currency fair at 1.075. Assume that's their rate? No other hidden fees? Not quite 2%, but def better.

I wish I'd asked this question before I started with xe, but was afraid I'd get harassed off the board, told to use the search feature, or pointed in the general direction of older threads that weren't reflective of current best rates/ease of use.
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Old 30.06.2015, 08:49
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Re: xe.com money transfers

did you check transferwise or currency fair?
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Old 30.06.2015, 13:08
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Re: xe.com money transfers

We use a company called HiFX for transferring between UK and Switzerland (and vice versa) and they offer very good rates and a very easy process - might be worth checking them out.
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Old 30.06.2015, 13:11
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Re: xe.com money transfers

I used to think XE trade rates were good but I checked Western Union and even they gave a better rate!
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Old 30.06.2015, 13:36
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Re: xe.com money transfers

Not sure what's happened to xe.com - around Christmas they were as good or better than the others mentioned here. Now I checked again and they are significantly worse, no matter what the amount.

Which just goes to show that you should always shop around, some places put out low fees to get people and then increase them, others simply don't keep up with the market.

I would be very careful about any recommendation other than to pick a few options and then do my own comparison. Especially in currency exchange where the combination of a spread and a fee can give big differences.
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Old 30.06.2015, 19:07
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Re: xe.com money transfers

i would second transferwise..they have low fee..also, if you go thru referal, the first transfer upto CHF 4.5 k will be free...
Currencyfair has an advantage that you can decide what rate you want to convert at....
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Old 30.06.2015, 19:45
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Re: xe.com money transfers

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.
Currencyfair has an advantage that you can decide what rate you want to convert at....
Does not mean your trade will happen (ever).
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Old 01.07.2015, 01:12
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Re: xe.com money transfers

+1 for currencyfair
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Old 01.07.2015, 08:23
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Re: xe.com money transfers

CurrencyFair are also no hassle to setup. Simply scan some documents and attach them online - none of this notarising crap then arguing the toss about which banks accounts are acceptable as evidence of having a bank account. This also allows the account to be setup quickly - it took less than 24 hours for my account to be active after initial registration.

Only downside is their process for setting up the transfer is a little bit of a pain
1. login to their site tell them which currency you want to deposit (gives you a reference)
2. login to your bank and send the cash in currency A (using this reference)
3. place your FX order to currency B
4. transfer money to your target bank in currency B

They have refined this so that the FX order can be setup automatically when you make the deposit. However, my preference would be they allow a direct debit via their site from your source bank.

What is nice is they have a login verification which sense SMS to your phone as part of the process (can be disabled) - so if you leave money with them you can be fairly confident no-one will access your account and take it. You also get emails as your transactions are placed and executed.

I'm tempted to use them for simple non-FX transfers also, as transferring GBP cash from my UK bank direct to swiss GBP account is quite costly and involves hidden third party charges. Not tried it yet, but can't see why it would not work. It did allow me to setup the swiss GBP account with no hassles.
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Old 01.07.2015, 09:23
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Re: xe.com money transfers

I'd just like to add I use CurrencyFair a lot and it's great.
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Old 01.07.2015, 15:55
P&J P&J is offline
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Re: xe.com money transfers

Hello all,
really appreciate your feedback and information. I will check out the options to see which is a better fit. Thanks again : )
Pauline
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