lullabelle

Hi guys n gals.

Which is the best way to transfer funds from the bank here to a bank in the uk - it has been suggested to me that a simple bank transfer is actually the most expensive way...

I'm with ACDB if that makes any difference.

Meow

Not only will your bank charge a fee, the exchange rate they will offer is unlikley to be competitive.

I offer a service to my clients that has no fees and commercial/wholesale rates (for transfers in excess of AED 20k). You can save up to 3% this way. the company is registered with the Financial Services Authority in the UK, uses the SWIFT system and usually takes no more than two-three days.

PM me for info

lullabelle

thanks meow

I'm due an email to you anyway...

Roadking

Forget what Meow said, the best way to transfer money is through my secret bank account, no fees, no commissions, no money at t'other end. Simples!

PM me for details!

zoukla

Just did my monthly transfer to the UK and i am going to HSBC in arms .....
But your post has me thinking... Is this in one go/monthly if so who is earning this much.
Are you speaking to corporations or individuals?

Your post also reminds me of a news clip i heard on Dubai One recently.
Europeans are the highest paid in Dubai averaging 14K per month...I know this is a load of tosh but can it be true?

What is the real alternative for individuals earning 14-28K per month to transfer to the UK.

I am really thinking of cancelling my standing order with HSBC they are costing me at least 1000AED more in conversion to GBP.

lullabelle

am loving the secret bank account fandango but I think I'll pass...

Just want to get any extra left here off to somewhere else. I've heard that's prudent...

AUHJohn

Forget HSBC, massive rip off with the exchange rate.
I always draw the cash out and nip down to Mall of the Emirates to either Wall St Exchange by entrance near Carrefour, or UAE exchange opposite Carrefour.
At Wall St if transferring over 30k AED, they will give a very good rate close to the spot price for a bank transfer, Cost 90dhs, then your own bank will also charge a receiving fee, approx £25
Alternatively, at UAE Exchange, good exchange rates for small amounts, get a bankers draft in your name for 10dhs and pay into your account by post, or in person if returning to UK.

MacScot

If you're talking dirhams, I know many consultants that are bringing in over AED100,000 / month - 'tis quite common.

csdf

I use a specialist FX company in London - they have no minimum transfer size but the greater the amount, the better the rate. You phone them up, you tell them how much you want to transfer, they give you a rate, and if you like the rate you say "go" and they buy the money instantly. You then have a few days to transfer your cash into their bank account and in the meantime they do the same in the opposite direction. Or you can set it up so they monitor the exchange rate and as soon as it hits a certain level they make the trade for you and advise you so that you can pay them.

They beat any bank/bureau de change/online rates and don't charge commission. The only cost to me was the incoming remittance fee that NBAD charged me when the money arrived (15 dhs, I think).

Bob

Lot of people in other parts of the forum use xe.com so you can find a lot of info on them, but they are pretty good.

zoukla

Any alternatives if you are in AL AIN

Roadking

Nope, basically you are stuffed!

Ethos83

I think she was implying the 14,000 AED was too low to be the average for an European in Dubai.

Which is probably the case for Western Europeans. 14,000 month would be the bottom end of the income scale. Very bottom end. But if all the eastern Europeans/Rooskies are lumped into the group then the average monthly income is dragged down a lot. A LOT.

Bigtaff

HSBC stung me for 6.1 AED to 1 GBP this month!?!?! That's the last transfer I do with them!!

NaimTakieddin

I can`t disagree with you, but isn`t true it all depends on the amount the customer is willing to tranfer....then 3 % or 2.2 % would be considerable to net transferred amount !

I personally prefer to use the classic way for swifting normal amount of fund..
as like tuition fee ..