Money transfer using XE-trade to outside of Europe

Hi,

I've been reading some favourable opinions regarding XE-trade on this forum...but...on their website it states "...please note that when sending funds to a bank account, that account must be denominated in the same currency as the funds being sent. For example, if you are sending Euro, the destination bank account must be a Euro account".

So, has anyone used XE-trade to send money from Europe to a non-EUR country such as Australia, US, etc.
How did you do it?

Alternatively, does anyone know any other cheap ways to transfer a sizeable amount from here to Australia without paying a whole heap in bank fees, etc?

Thanks!
Ura

Of course, that is the whole point of XE Trade - to trade international currencies. I have been sending Euros for 4 years now to my American bank account and it shows up there as dollars.
When you execute the trade it even asks you 'What are you buying or what are you selling? Euros or Dollars'. If you say 'I'm selling Euros', they ask how much and tell you how much that will be in dollars. Your account in the US will be set up to receive only dollars.

I have used Ozforex - they have a minimum of €2000. We moved a large amount and found their service to be very good as we could control the timing of the transaction ourselves. Haven't yet tried them for smaller amounts. We moved Aus $ and it was paid into our € account here. You can always call them in the UK - (didn't get much response from Australia) and get them to advise the best way to move your money. You can send them an email in the UK and they will call you back.

http://www.ozforex.com.au/

Thanks for the information KitKat64 and Colonialgirl - very helpful.

Just wanted to correct, that Ozforex minimum is $2,000 AUD. I just processed an online transaction and was really impressed with how easy it all was. You can also use the Bpay facility with your Aussie bank account.

I haven't tried either service out yet, but thought I would try a dummy run. To have 10k EUR transferred to a EUR account in Germany, would cost me 16750 AUD with Xetrade and 16818 with ozforex. That is including the 20 AUD fee charged by Xetrade to make the transfer (ozforex seems to waive the 15 AUD fee for amounts over 10k AUD).

Again, I have not tried this yet and so am not sure how it works in practice. I am also not sure which system is more convenient to register with when living in Europe.