Anyone using Revolut in UAE?
 

I've just opened a Revolut Premium account mainly for regular AED > GBP transfers. Unfortunately Transferwise/Wise are very uncompetitive for AED to GBP transfers d/t to eye watering debit card charges imposed by them - they're that bad, that my UAE bank (ADCB) offers cheaper int'l transfers. So TW are out of the equation.

For those of you using Revolut in UAE, could you share which local bank you're using to send funds (in AED) to your Revolut account in UK?

Are you able to do the AED int'l transfer through your UAE bank's online banking or are you required to do this in-branch for every transfer? (not all UAE bank allow int'l transfers in AED)

How much are you being charged for the transfer by the sending bank and is the full amount being received by Revolut or is an intermediary bank taking their cut along the way?

Cheers

Re: Anyone using Revolut in UAE?
 

If I use Revolut I usually send AED from my HSBC AED currency account in the UK it has a gb IBAN but you can send out AED to AED. …. I’ll double check but i think you lose 150 on each transfer regardless of size, so I never send a small amount …. If I send to Revolut directly from HSBC in UAE there is a charge for sending.

Re: Anyone using Revolut in UAE?
 

Thanks. Does your HSBC account in UAE allow you to send make AED transfers internationally through online banking? My bank (ADCB) doesn't - they can only be done in-branch - but a massive plus is that they don't charge for int'l transfers for the first 3 transfers made each month. But of course, they have no control over fees charged by third party intermediary banks so there's that to consider as well.

Re: Anyone using Revolut in UAE?
 

I can make international transfers directly out of HSBC UAE from online banking, if I transfer AED to my UK currency account (not to be confused with global money account that HSBC now offer via the app) its free. On my HSBC account here there is a 147AED fee however the exchange rate leaves a lot to be desired. I just prepared a test exchange from HSBC and Revolut into Euro's and exchanging 25,000AED I end up with 197 more euros for a couple of extra clicks using Revolut. If I push 25,000 from HSBC UAE into HSBC UK in £ then there is around a £120 loss compared to Revolut (there is no fee for this). I also use Wise depending on rates and where I want the money to end up.

Re: Anyone using Revolut in UAE?
 

Thank you, very useful.

Re: Anyone using Revolut in UAE?
 

I'm in this process. For me, I have enabled email confirmation with my bank. All I have to do is send a signed PDF of the wire transfer form and they will send, after a call back etc. Painful but saves the trip. All in a couple of day process.

Re: Anyone using Revolut in UAE?
 

Thanks, may I ask whom you bank with in UAE?

A few days ago I made a test transfer of around $1000 from ADCB to Revolut and perhaps surprisingly, 100% of the funds were received at Revolut - all within a couple of hours. Exchange rate used by ADCB was pretty good (3.68). So for smallish amounts I'll probably send USD to Revolut and for large amounts head over to ADCB and make an AED transfer to Revolut in branch.

Re: Anyone using Revolut in UAE?
 

I use standard chartered.

I find no matter the currency you want, you are almost always better off sending USD to a USD account/wise/Revolut and converting from there.

I’m sending AED by wire to revolt this week for my first time. I can let you know how it goes.

Re: Anyone using Revolut in UAE?
 

Update: I confirmed the wire for 30k AED of Dirhams yesterday from Dubai at around 5pm DXB time and it was in Revolut this morning. I was told it would cost 100dh, I didn't get charged yet. I'll move it to other money as needed within Revolut.

Re: Anyone using Revolut in UAE?
 

Thanks for the update Millhouse.

FYI transfers made the other way (Revolut AED > UAE bank), it seems Revolut use Barclays UK as the intermediary bank and they (Barclays) take a fixed AED 30 fee along the way - Revolut and your UAE receiving bank have no control over this. Still, around £6 so not a huge charge especially if making a large transfer. I know this as I made a large AED transfer from Revolut to ADCB in Abu Dhabi recently.

HTH

Re: Anyone using Revolut in UAE?
 

The best thing to do is transfer from Emirates NBD to your Revolut account. AED to AED. Emirates won't charge for the transfer, but the first transfer may take up to 2 weeks. After that, it usually takes a 1-2days to appear in your Revolut account. I tried and tested it, the intermediary bank in this case Barclays will charge a flat 30AED fee. From there if you're a premium Revolut member just exchange it in the app.

Some people may not have a premium account but it's worth it. Especially if you are using other banks with crap rates or using an exchange house in one of the malls.
Hope this helps.

Re: Anyone using Revolut in UAE?
 

I move AED to AED …. HSBC UAE to Revolut. The transfer is free of charges and if you do it in UAE business hours the transfer is instant.

Re: Anyone using Revolut in UAE?
 

Hi everyone,

I am moving to Abu Dhabi soon to work for governmental company (O&G).

Which bank account should I open considering I'd want (easy) transfer in AED to Revolut & convert AED to USD in Revolut etc..

Thanks a lot,

Re: Anyone using Revolut in UAE?
 

I use HSBC and move AED to Revolut with no bank charges.

Re: Anyone using Revolut in UAE?
 

Thanks, I was thinking between HSBC and ADCB and now HSBC Premier looks very good knowing this.