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Moving funds out of Dubai

Moving funds out of Dubai

Old Oct 25th 2008, 12:20 pm
  #1  
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Default Moving funds out of Dubai

Hi All,

Due to the excellent exchange rates into CAD we've decided to pull all savings from Dubai. I'm sure there are loads of people doing the same! Has anyone discovered a good means of doing this?

Via bank wire - Citibank offers an exchange rate of 2.9602. Although is better than months previous, it doesn't measure up well against the interbank rates.
The difference in exchange rate is going to cost us a small fortune.
I'd love to hear of any alternatives which may be more attractive.

Thanks in advance.
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Old Oct 25th 2008, 1:12 pm
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Default Re: Moving funds out of Dubai

take a look at first rate fx...friend of mine just saved a packet transferring money back with them...

MM, xx
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Old Oct 25th 2008, 1:34 pm
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Default Re: Moving funds out of Dubai

Thanks MM - I just checked their rates - and it's a good bit better!
Given the fact that your friends funds seem to have arrived safely, we should give them a try.
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Old Oct 26th 2008, 8:19 am
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Default Re: Moving funds out of Dubai

Originally Posted by BurpusMe View Post
Hi All,

Due to the excellent exchange rates into CAD we've decided to pull all savings from Dubai. I'm sure there are loads of people doing the same!
Not least of which because the banks in the UAE look massively exposed to real estate loans which suddenly look highly risky.

Anyone with savings in AED or any other currency in a UAE bank should quickly transfer them to a sounder bank overseas before the runs on UAE banks start. The government does not have enough money to bailout all the banks, and Dubai puts the US, UK, Spain and Ireland to shame when it comes to over ambitious lending on real estate. It will end in a nasty mess, and you will always have better protection in your own country since you have a vote and legal rights.
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Old Oct 26th 2008, 12:56 pm
  #5  
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Default Re: Moving funds out of Dubai

Originally Posted by BurpusMe View Post
Hi All,

Due to the excellent exchange rates into CAD we've decided to pull all savings from Dubai. I'm sure there are loads of people doing the same! Has anyone discovered a good means of doing this?

Via bank wire - Citibank offers an exchange rate of 2.9602. Although is better than months previous, it doesn't measure up well against the interbank rates.
The difference in exchange rate is going to cost us a small fortune.
I'd love to hear of any alternatives which may be more attractive.

Thanks in advance.
I can help you with this if you want to PM me with your email address. I will then forward details that I recommend to all my clients, and use myself.

-
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