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Best bank account in UAE for transferring funds to UK

Best bank account in UAE for transferring funds to UK

Old Jul 6th 2011, 6:29 pm
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Default Best bank account in UAE for transferring funds to UK

Hi

I'm currently in UK and was lucky enough to get offered employment in UAE which i've accepted. I will be going over at the end of the month. My company is based in Dubai but i will be working on Das Island on a 2 month on/1 month off rotation which will be spent in UK (flights included). Since all food and messing will be provided whilst at work, i'm not expecting to spend more than a couple of hundred pounds per trip (if that). I will be paid in AED and my company insists i must open a UAE bank account. This means that i will need to transfer most of my salary to my UK bank account on a regular basis as i have mortgage/bills/council tax Direct Debits coming out from my UK bank account with the rest going to my savings accounts. Question is which is the best bank to open a current account with in the UAE? (based on the folliwng criteria)

1) Bank must allow international money transfers through its internet banking site. Would prefer if bank doesn't require you to use a card reader or secure key type device to use its internet banking system (like in UK).

2) Must use competitive exchange rates, as i will probably ask my UAE bank to convert AED to GBP.

3) Obviously must have competitive fees to transfer money overseas

I have a HSBC bank account in UK (used as a secondary account) so had a look at HSBC's site in UAE and they offer 'HSBC Advance' which might be suitable but not sure if it would fit my needs. If it helps i'll be paid 32k AED per month.

Thanks
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Old Jul 6th 2011, 11:23 pm
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by psychopomp1 View Post
Hi

I'm currently in UK and was lucky enough to get offered employment in UAE which i've accepted. I will be going over at the end of the month. My company is based in Dubai but i will be working on Das Island on a 2 month on/1 month off rotation which will be spent in UK (flights included). Since all food and messing will be provided whilst at work, i'm not expecting to spend more than a couple of hundred pounds per trip (if that). I will be paid in AED and my company insists i must open a UAE bank account. This means that i will need to transfer most of my salary to my UK bank account on a regular basis as i have mortgage/bills/council tax Direct Debits coming out from my UK bank account with the rest going to my savings accounts. Question is which is the best bank to open a current account with in the UAE? (based on the folliwng criteria)

1) Bank must allow international money transfers through its internet banking site. Would prefer if bank doesn't require you to use a card reader or secure key type device to use its internet banking system (like in UK).

2) Must use competitive exchange rates, as i will probably ask my UAE bank to convert AED to GBP.

3) Obviously must have competitive fees to transfer money overseas

I have a HSBC bank account in UK (used as a secondary account) so had a look at HSBC's site in UAE and they offer 'HSBC Advance' which might be suitable but not sure if it would fit my needs. If it helps i'll be paid 32k AED per month.

Thanks
There's an NBAD (National Bank of Abu Dhabi) on Das Island. We use it to transfer too, though smaller amounts than you will be doing because my hubby is on 3weeks on/off rotation and we live here. We have found it's better to go in personally with a form to transfer cash than to use their online banking - it seems to be quicker. Good luck
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Old Jul 7th 2011, 6:25 am
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by psychopomp1 View Post
Hi

I'm currently in UK and was lucky enough to get offered employment in UAE which i've accepted. I will be going over at the end of the month. My company is based in Dubai but i will be working on Das Island on a 2 month on/1 month off rotation which will be spent in UK (flights included). Since all food and messing will be provided whilst at work, i'm not expecting to spend more than a couple of hundred pounds per trip (if that). I will be paid in AED and my company insists i must open a UAE bank account. This means that i will need to transfer most of my salary to my UK bank account on a regular basis as i have mortgage/bills/council tax Direct Debits coming out from my UK bank account with the rest going to my savings accounts. Question is which is the best bank to open a current account with in the UAE? (based on the folliwng criteria)

1) Bank must allow international money transfers through its internet banking site. Would prefer if bank doesn't require you to use a card reader or secure key type device to use its internet banking system (like in UK). As far as I am aware UAE banks don't have card readers, but all should permit online transfers, provided you set the account up for online banking

2) Must use competitive exchange rates, as i will probably ask my UAE bank to convert AED to GBP. No retail bank to retail bank transfer offers a competitive rate. A combination of a lousy rate plus a fee is how they make their money

3) Obviously must have competitive fees to transfer money overseas See previous comment

I have a HSBC bank account in UK (used as a secondary account) so had a look at HSBC's site in UAE and they offer 'HSBC Advance' which might be suitable but not sure if it would fit my needs. If it helps i'll be paid 32k AED per month.

Thanks
See comments in blue above. In short you will not get the best rates from any bank for such transfers. The best way to make larger transfers is by using a currently exchange house which will offer you wholesale rates. Once an account is set up you simply call them to secure the rate before making a transfer to them which is then transferred on to your other account. Takes no longer than a standard transfer.

I use a particular company personally and for my clients, so PM (or email) me if you'd like the details.

Are you aware that if you plan to spend all your off time in the UK, you will be subject to UK tax on your earnings?
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Old Aug 27th 2011, 6:24 am
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by Meow View Post
See comments in blue above. In short you will not get the best rates from any bank for such transfers. The best way to make larger transfers is by using a currently exchange house which will offer you wholesale rates. Once an account is set up you simply call them to secure the rate before making a transfer to them which is then transferred on to your other account. Takes no longer than a standard transfer.

I use a particular company personally and for my clients, so PM (or email) me if you'd like the details.

Are you aware that if you plan to spend all your off time in the UK, you will be subject to UK tax on your earnings?
hi Meow, kindly advise how I can PM you as I wish to regularly send 15000-20000 AED monthly into my UK Natwest account. What is teh cheapest way to do that. I notice here many seemt to use Ansari Exchange, notthe banks. I bank with ADCB. any help will be most appreciated. Thanks
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Old Aug 27th 2011, 3:45 pm
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by mamijaka View Post
hi Meow, kindly advise how I can PM you as I wish to regularly send 15000-20000 AED monthly into my UK Natwest account. What is teh cheapest way to do that. I notice here many seemt to use Ansari Exchange, notthe banks. I bank with ADCB. any help will be most appreciated. Thanks
As you are not familiar with the PM system on here I have sent you a message. You should see a notification at the top right hand corner of your screen, where it says Private Messages.
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Old Aug 29th 2011, 6:31 am
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by Meow View Post
See comments in blue above. In short you will not get the best rates from any bank for such transfers. The best way to make larger transfers is by using a currently exchange house which will offer you wholesale rates. Once an account is set up you simply call them to secure the rate before making a transfer to them which is then transferred on to your other account. Takes no longer than a standard transfer.

I use a particular company personally and for my clients, so PM (or email) me if you'd like the details.

Are you aware that if you plan to spend all your off time in the UK, you will be subject to UK tax on your earnings?
Hey Meow, would you be ever so kind and PM me the details of the company also? Need to transfer from ADCB to Barclays monthly.. Thank You...
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Old Aug 29th 2011, 11:23 am
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Default Re: Best bank account in UAE for transferring funds to UK

HSBC on-line. No charges if being sent to another HSBC account overseas.
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Old Aug 29th 2011, 11:50 am
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Default Re: Best bank account in UAE for transferring funds to UK

Originally Posted by mentalist View Post
HSBC on-line. No charges if being sent to another HSBC account overseas.
No fee, but usually a lousy exchange rate.
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Old Aug 29th 2011, 4:02 pm
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Default Re: Best bank account in UAE for transferring funds to UK

I went through similar trial last year - signed up with currency exchange company (First Direct or World First), then on same time on same day transferred same amount to same overseas bank account from (i) online banking, (ii) Ansari exchange, and (iii) currency exchange company and waited to see how much turned up in recipient account.
Lo and behold very little significant difference and online bank was best deal.
If doing regular transfers would suggest you look a bit more closely as likely to be better deals via currency exchange.
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Old Aug 31st 2011, 5:18 am
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Default Re: Best bank account in UAE for transferring funds to UK

For normal regular transfers i go to my local branch in person and get them to quote me a deal from their treasury desk - they always offer me a better rate then the advertised price on their site which covers more than the cost of the fee.

However for larger amounts and depending on how i feel the currencies i always use a future contract - for example i was getting 2.50 GBP for the KD when the spot rate was 2.30
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Old Sep 2nd 2011, 1:11 pm
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Default Re: Best bank account in UAE for transferring funds to UK

Ok in the end I opened a HSBC Advance Current account in UAE (min 15k AED salary requirement) and because i also have a bog standard UK HSBC account i can see both accounts in my Global View accounts through HSBC UAE online banking. Haven't transferred any money yet, but Global View transfers (ie HSBC to HSBC) are only charged at 26 AED (fixed) with very good exchange rates...for example yesterday according to xe.com 1 GBP = 5.94 AED and HSBC were offering me 5.96 to convert AED to GBP to send to my UK HSBC account. I believe that's one of the perks of the Advance account...very competitive exchange rates. The funds arrive in UK within 48 hours, though may be 'real time'. Will do a transfer in a few days time and keep you updated
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Old Sep 3rd 2011, 11:20 am
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Default Re: Best bank account in UAE for transferring funds to UK

HSBC transfers to the UK via 'Global View' do happen in 'real time' although they will advise you to hold off from completing a transfer outside banking hours in order to get the best fx rate.
I think it's an excellent service with competitive exchange rates and zero hassle. I don't think Premier accounts get charged any fee.
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