International Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

XE accounts

I know quite a few of you use XE.com to transfer money between your US and international accounts.. I've just signed up and it's such a process!

I've sent them my ID but now they are asking for clarification of the purpose of the account. I originally just said to transfer money between my UK and US accounts.. which I guess could constitute money laundering!

So what do I say to sound formal and get it approved??  

Re: XE accounts

  • No idea, but I wouldn't start out with "death to the infidels".

    Just in case.

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  • I didn't know you could do this!  I need a way to effectively move money between countries, though.  

    Can you explain how it works to me?  What is the transfer fee?  Why is it "such a process"?  Talk to me like I'm 5, please.

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  • Hmmm, I am avoiding opening a local bank account like the plague. But, DH and I still get paid in dollars to our U.S. bank accounts and we arranged for an account with no foreign transaction or withdrawl fees, so it doesn't really matter except that I don't count as a real person in some instances here (like with the cell phone company) due to a lack of local bank account.
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  • imagewise_rita:

    I didn't know you could do this!  I need a way to effectively move money between countries, though.  

    Can you explain how it works to me?  What is the transfer fee?  Why is it "such a process"?  Talk to me like I'm 5, please.

     

    Rita, if I knew I would tell you! I'm not sure about any of this so I figured I'd just open an account and see how it worked. I had to give a lot of info, then they came back to me asking for digital copies of my drivers license, this is the second email.

    I know frlcb uses it so I'm hoping she'll wake up soon and have some advice!  

  • imagewise_rita:

    I didn't know you could do this!  I need a way to effectively move money between countries, though.  

    Can you explain how it works to me?  What is the transfer fee?  Why is it "such a process"?  Talk to me like I'm 5, please.

    Me too please!

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  • I've used them since 2005. It is a lot of due diligence to set up but after that it is so easy to use. 

    As far as what to tell them the purpose of the account is why can't you just tell them what you plan to do with it? "transfer US/UK based salary to US/UK to pay bills, travel expenses, living expenses, whatever"

    Xe doesn't charge a fee. Your local bank might, but typically as long as you transfer via electronic payment there is no fee there either. After your account is set up you enter the information for both your banks then just enter the amount you want to transfer and which direction you want the money to go they'll show you the exchange rate they're offering and you can accept or not. i.e. You'll put in $100 to GBP and they'll say the exchange rate right now is 1:1 and you'll jump on it. You can also set up future exchanges - when the exchange rate hits x amount then I want to move y dollars.

    I've also used them to pay vendors in other countries for reservations ( mostly in euros). So it doesn't have to be just your account to your account. 

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  • fantastic - thanks Neeps! 
  • Does it have to be US/UK accounts?  Or can other countries join in?
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  • imagewise_rita:
    Does it have to be US/UK accounts?  Or can other countries join in?

    It's not just US/UK. It doesn't work everywhere but it does a lot of places. I think they have a list on the homepage? 

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  • It's been approved! Hurrah! 
  • I just said to tranfer funds between UK and US...no problem.  And once it's done, it's done.

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