Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

best way to transfer money

best way to transfer money

Old Oct 28th 2010, 8:39 am
  #1  
Perky but sarky
Thread Starter
 
lullabelle's Avatar
 
Joined: Feb 2010
Location: Limboland
Posts: 608
lullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond repute
Default best way to transfer money

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.
lullabelle is offline  
Old Oct 28th 2010, 8:53 am
  #2  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,704
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: best way to transfer money

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
Meow is offline  
Old Oct 28th 2010, 9:10 am
  #3  
Perky but sarky
Thread Starter
 
lullabelle's Avatar
 
Joined: Feb 2010
Location: Limboland
Posts: 608
lullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond repute
Default Re: best way to transfer money

thanks meow

I'm due an email to you anyway...
lullabelle is offline  
Old Oct 28th 2010, 10:17 am
  #4  
If I have to explain...
 
Roadking's Avatar
 
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Roadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond repute
Default Re: best way to transfer money

Originally Posted by lullabelle View Post
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.
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!
Roadking is offline  
Old Oct 28th 2010, 5:07 pm
  #5  
Forum Regular
 
zoukla's Avatar
 
Joined: Aug 2009
Posts: 180
zoukla will become famous soon enough
Default Re: best way to transfer money

Originally Posted by Meow View Post
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
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.
zoukla is offline  
Old Oct 28th 2010, 5:15 pm
  #6  
Perky but sarky
Thread Starter
 
lullabelle's Avatar
 
Joined: Feb 2010
Location: Limboland
Posts: 608
lullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond reputelullabelle has a reputation beyond repute
Default Re: best way to transfer money

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...
lullabelle is offline  
Old Oct 28th 2010, 5:26 pm
  #7  
Just Joined
 
Joined: Apr 2008
Posts: 29
AUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really niceAUHJohn is just really nice
Default Re: best way to transfer money

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.
AUHJohn is offline  
Old Oct 28th 2010, 7:29 pm
  #8  
A bubbly-jock...
 
MacScot's Avatar
 
Joined: Mar 2005
Location: Teneriffe
Posts: 6,262
MacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond reputeMacScot has a reputation beyond repute
Default Re: best way to transfer money

Originally Posted by zoukla View Post
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.
If you're talking dirhams, I know many consultants that are bringing in over AED100,000 / month - 'tis quite common.
MacScot is offline  
Old Oct 29th 2010, 9:39 am
  #9  
BE Enthusiast
 
csdf's Avatar
 
Joined: Jun 2010
Location: Abu Dhabi
Posts: 859
csdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond reputecsdf has a reputation beyond repute
Default Re: best way to transfer money

Originally Posted by zoukla View Post
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.
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).
csdf is offline  
Old Oct 29th 2010, 11:39 pm
  #10  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,673
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: best way to transfer money

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.
Bob is offline  
Old Oct 30th 2010, 3:21 pm
  #11  
Forum Regular
 
zoukla's Avatar
 
Joined: Aug 2009
Posts: 180
zoukla will become famous soon enough
Default Re: best way to transfer money

Originally Posted by AUHJohn View Post
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.
Any alternatives if you are in AL AIN
zoukla is offline  
Old Oct 31st 2010, 6:49 am
  #12  
If I have to explain...
 
Roadking's Avatar
 
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Roadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond reputeRoadking has a reputation beyond repute
Default Re: best way to transfer money

Originally Posted by zoukla View Post
Any alternatives if you are in AL AIN
Nope, basically you are stuffed!
Roadking is offline  
Old Oct 31st 2010, 7:02 am
  #13  
Account Closed
 
Joined: Oct 2008
Posts: 2,502
Ethos83 is an unknown quantity at this point
Default Re: best way to transfer money

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.

Originally Posted by MacScot View Post
If you're talking dirhams, I know many consultants that are bringing in over AED100,000 / month - 'tis quite common.
Ethos83 is offline  
Old Nov 2nd 2010, 5:59 am
  #14  
BE Enthusiast
 
Bigtaff's Avatar
 
Joined: Jun 2007
Location: Ras Al Khaimah, UAE
Posts: 434
Bigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud ofBigtaff has much to be proud of
Default Re: best way to transfer money

HSBC stung me for 6.1 AED to 1 GBP this month!?!?! That's the last transfer I do with them!!
Bigtaff is offline  
Old Nov 2nd 2010, 9:41 am
  #15  
Forum Regular
 
NaimTakieddin's Avatar
 
Joined: Sep 2010
Location: Riyadh KSA
Posts: 102
NaimTakieddin will become famous soon enoughNaimTakieddin will become famous soon enough
Default Re: best way to transfer money

Originally Posted by Meow View Post
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
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 ..
NaimTakieddin is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.