the_red_sheep

I am currently bank with Mashreq, who have recently updated their online banking service. This update now means that when making an international currency transfer online you cannot to do so AED, they force you to make the exchange with them. Thus, using exchange houses like GNEC becomes pointless. You can go into the branch and make the transfer that way, but that’s a ball ache and it takes them days to then process the payment. The online banking system has just quoted me the rate of £1 : AED6.1163, on calling UAE Exchange they quoted £1 : AED5.9450. I’ve tried to speak to my ‘Relationship Manager’ but he doesn’t understand, anything, he’s clueless.

I know this get asked a fair bit, but the answer seems to change a lot and be inconclusive, but which banks, local or international, offer a service which is above pitiful (that’s all my expectations are these days!) and have a good online banking system that allows international transfers, Etisilat payments, payments to other bank credit cards and the like?

Any recommendations gratefully received, and spleen suitable vented for a wee while.

jackthehat

I have been with Mashreq since 1995 and never had a problem until recently - I came across the same thing. I am now thinking of moving to RAK Bank. There was a piece in GN a few days ago saying that all Mashreq Branches were to have an Emarati Manager. My Personal Wanker appears to have 'Given up the Ghost!' - Or has disappeared! I still have a USD 500 Transaction to my son which has gone awry! - No comment from Mashreq! I have also had to deal with several 'Bounced Cheques' (Not Mine) Back in June I spent a whole day going to various Branches on order to collect Cheques to make a Police Complaint - They were clueless!

For FOREX I use Al Ghurair, which I can get paid straight into my Philippines Account (YES! - Philippines Current Account that pays Interest!) The transfers are almost instantaneous! - A walk over the road to City Centre, Transfer the Money, walk back, and when I check on the Internet Banking, the money has arrived. Al Ghurair will also give a Preferential Rate if you ask in the right way!

NKL

Why use banks at all to remit money to the UK - they are uncompetitive. The money changers available in the UAE quote extremely competitive rates and the money will be in your UK account in about 3-5 working days - simple.

TopNik

Hello the_red_sheep,

I can recommend Emirates NBD.

Norm_uk

Can't argue with that at all - I use a currency exchange group that is FSA regulated and have recommended them to a number of my clients without hitch too.

Feel free to PM me if you want me to put you in touch with them.

N.

Jackwow

Exactly. I banked with Mashreq and later Barclays but always used Al Rostamani Exchange for transferring funds out of UAE. Way better exchange rate than either bank and money always in my offshore account in 48 hours.

the_red_sheep

I don't want to use the bank to make the exchange, but I would like to be able to make the transfer online without having to go to the branch. This is what I used to be able to do. Now, the bank are forcing me to exchange AED into GBP, at a crappy rate, before sending the money if I carry out the transaction online.

Meow

You should be able to another AED account with a decent currency exchange company.

archie159

For what it is worth, I'm with HSBC (Premier, if that makes a difference - they don't directly charge me for it as I have enough incoming to keep above the threshold). They definitely are nothing to write home about, but I've had no real problems, and they were quite helpful about opening up from here further accounts offshore (in GBP, EUR and AED) and back in the UK also. I don't use them to exchange money - as others have said, all banks' rates are poor. I use MoneyCorp - and as MoneyCorp also use HSBC, I can do free transfers from any of my HSBC accounts into the MoneyCorp account prior to the exchange taking place, and visa versa - saves somewhat on transfer charges.

the_red_sheep

Yes, but, the AED account to transfer to is in the UK. And when making an international transfer the Mashreq online system forces you into making the currency exchange with them prior to sending.

the_red_sheep

Thanks, I think HSBC may be my next port of call, other people have also said they are as good as okay, which seems to be the benchmark here!

Meow

Idiotic action by Mashreq. If you don't have any loans move to another bank.

HSBC are not bad and if they do mess things up I have good contacts that can get problems fixed.