Transfer your UK funds to US the Cheaper, Smarter Way

1
Transfer your UK funds to US the Cheaper, Smarter
Way

• With XE.com

Valid November 2004
Please note these instructions are specific to
Optionsxpress Please consult with XE.com if you
are likely to be transferring funds to other US
brokers
2
Why use XE.com to transfer your money to
OptionsXpress?

• Bank
• They charge you big fees
• They give you bad foreign exchange rates
• You have to go through same tortuous process
  every time

• XE.com
• Saves you money on fees
• Saves you money on foreign exchange
• Once set up, quick and easy to do again and again
• Therefore your first trade will be a profitable
  FX trade!
• You increase your purchase power each time!

3
Overview of process this can take about 10-15
days first time

• Open an XE account Once you know your personal
  account number with your US broker, you register
  with Xe.com this takes a few days
• Add US broker account details to your XE account
  and send XE an email with remainder of
  information
• Book an FX trade You book a foreign exchange
  trade with XE.com to change GBP into USD
• Send the money You send GBP from your bank to
  XEs GPB bank account in UK at Bank of America
• They send it to your broker in US Once Bank of
  America receive your GBP they change into USD on
  XEs behalf and send it to your US broker account
  eg Optionsxpress
• Check your US broker account Check 2 days later
  to ensure funds have arrived in US broker account
• If there is a problem, phone XE.com (see last
  slide)

4
Points to note when starting your application

• There is a lot of creating templates to begin
  with once this has been done you will be able
  to transfer your funds quickly and easily as
  frequently and in whatever direction you choose
• XE will need to create an account in your name
  they will want to know a few things about you
  mainly so they can comply with international
  money laundering regulations

5
1. Open an XE account

• Fill in the forms on the web-site www.xe.com/fx/
• Submit your electronic application
• Print out the completed forms
• Send the forms together with required documents
  i.e. passport, proof of address (utility address)
  proof of banking details etc.
• An XE representative will ring you within a few
  days to interview you
• Note
• Students have had quality problems faxing
  passport page. Ensure when photocopying that you
  choose a light setting. An alternative is to scan
  it and email it

6
2. Add your US broker account details to your XE
account

• Login to your XE account
• Add your US brokers details
• go to account maintenance (bottom left)
• click on wire beneficiaries
• click on add new wire beneficiary
• Enter your US brokers wire transfer information
• See next 2 slides on EXACT steps
• Ignore intermediate bank information

7
Fill in form as below and then send XE email with
rest of info fx_at_xe.com
When you set up the beneficiary, you need to
include For Further Credit information. The
online screen to the left does not accommodate
this. Simply send XE an email, fx_at_xe.com, after
the beneficiary info is entered, as outlined
below   Subject FFC Information for
Beneficiary your name____________   Name
_____________ XE Client ID_____________   Please
find the FFC information for the WIRE
beneficiary I recently created, Legent Clearing.
The Information is as follows   Acct 4121128573
(FFC BELOW) Transit WFBIUS6S   FFC your name
Options Xpress AC _____________
Legent Clearing
Wells Fargo Bank, N.A.
4121128573 (FFC Please see email)
WFBIUS6S
420 Montgomery Street
CALIFORNIA
UNITED STATES
San Francisco
94104
8
3. Book an FX (foreign exchange) basic trade
Step 1

• Input GBP amount you are selling
• Select currency to buy as USD
• Select currency to sell as GBP

9
Select payment method Wire for USD and Wire
for GBP
Step 2
10
Select Legent Clearing place your OptionsXpress
account number as payment reference
Step 3
Place your OptionsXpress account number in here
Step 4
If you are happy with this, then click on
Confirm Trade
11
You will see wire instructions to wire funds to
Bank of America in UK
Print these - you need it to transfer funds from
your bank to B of A in UK
12
You will also receive an XE notification email
reply required

• This message is to notify you that we have begun
  processing the Basic Trade that you recently
  booked through XE.com's XEtrade on-line foreign
  exchange system. You selected to pay for this
  order by Wire Transfer. Please ensure that you
  initiate a Wire Transfer with your banking
  institution within 3 business days to cover the
  full settlement amount of this trade xxxGBP
• Afterwards, please send us the date and time that
  you initiated this Wire Transfer in a reply to
  this e-mail message. This will assist us in
  processing your transaction. Please be advised
  that we require funds transfers be INITIATED with
  your financial institution within 3 business days
  or a late penalty may be applied. If you can not
  remit payment to the account within this time
  period, please reply to this email so that we can
  make the required arrangements for a late
  deposit. If you require another copy of our wire
  transfer instructions, please reply to this
  e-mail with the e-mail address or the fax number
  you wish them to be sent.
• Transaction Details Status...........
  PROCESSING Trade Type....... Basic Trade Deal
  Number...... W00058865A Booked at........ Aug.
  17, 04 at 032329 PM PST (GMT-8) You are
  Buying... 9041.56 USD You are Selling.. 5006.64
  GBP Payment Method... Wire Transfer If you have
  any questions or comments, please e-mail us at
  fx_at_xe.com
• Thanks for making XEtrade your Solution for
  Global Commerce(tm). XEtrade Customer Service
  Website https//www.xe.com/fx/login E-Mail
  fx_at_xe.com XE and XEtrade are trade marks of XE
  Corporation. XEtrade is presented in alliance
  with Custom House Currency Exchange.

13
4. Transfer the money from your bank account to
Bank of America in UK

• If you use internet banking, you can do it on the
  internet via BACS, Code 30-16-35. This is free
  but takes longer
• Otherwise you have to ring or go to your bank and
  ask for a CHAPS payment, transit 165050
• XEs bank account details are
• BACS code 30-16-35
• Account number 65701015
• Address Custom House Currency Exchange, Bank of
  America, 1 Alie Street, London, England, E1 8DE,
  Tel [phone]
• Please note that if you have booked a trade for
  GBP 10,000 then that amount needs to arrive. Make
  sure your bank doesnt subtract their charge
  (approx 6.50) from that amount

14
5. Bank of America then send it to your broker in
US

• Once Bank of America receive your GBP they change
  into USD on XEs behalf and send it to your US
  broker account eg OptionsXpress

15
6. Check your US broker account

• Advise XE.com by return email of date and time of
  funds transfer
• Check 2 days later to ensure funds arrived in US
  broker account

16
Useful XE.com contact in US

• Tel [phone]
• extn. 335 Grant Storry
• Email gstorry_at_customhouse.com