paulstream

hey guys,

I was wondering once you open non resident saving account in UAE, and you receive large amount of fund lets say 90k euro when it transfers to the bank throught IBAN BIC , bank convert to Dirham how much will they charge ? will they charge how much? i know it depends of exchange rate? but what rate do they go for transferwise ,XE ? anyone went on that situation. talking about saving account non resident.
thanks

Meow

Most banks will have a small fee for monetary transfers but it varies. It's also rarely a good idea to do currency transfers from one retail bank or another as they skim money off the rate and they are not competitive.

More info on a better way here: https://financialuae.me/2017/01/31/w...ncy-transfers/

Pulaski

If you receive foreign currency the receiving bank transfers it to the currency of your account at a rate of their choosing, which may be 3%-5% less than the "mid rate" (what people usually refer to as "the exchange rate", and gets published in the newspapers and referred to on the news).

Do anything you can to avoid giving your bank an opportunity to force their exchange rate on you.

Millhouse

First rule of expat life. Money only ever flows one way: out of the country.

mission

err no such thing as a non resident savings account - you can only open an account once you have a visa and hence you become a resident!

Meow

That isn't correct, sorry. There are people who are not resident who have basic bank accounts. An account is needed if someone owns property and there are many non-residents in that position.

paulstream

Which bank can you link me the link only saving account for non resident

mission

my bad
just keeping you on your toes MEOW

Meow

Millhouse

I love your alphaness