beety

Hi,
I'm looking to send money back to the UK from the UAE from my HSBC bank account. I set up an account with UAE Exchange hearing they had the best rate, but they seem to have stopped doing any transfers to the UK? (for no apparent reason?!).

I checked with Transferwise who I have used before but their rate seems high - 186 AED to send 5,000AED

That is less than what HSBC would charge 150AED for the transfer but then would there be a poor exchange rate?
Can anyone give me advice please.

Thanks

FriendlyExpat

Read this before doing anything with UAE Exchange:

https://www.zawya.com/mena/en/busine...0200331074248/

https://www.bloomberg.com/news/artic...0-million-loan

csdf

Have you actually calculated the absolute savings (commission + FX rate) of using another exchange vs HSBC? The difference has always appeared so negligible to me that I've just used HSBC directly and avoided all the hassle of middleman transfers.

scrubbedexpat141

Careful. Whilst you're correct, if you say this in the wrong arena and you'll be hung out to dry...

Millhouse

As much as I loved UAE exchange, it turned out to be another fraud run by Br Shetty. Central bank has all but closed it down.

beety

Yes thanks, I think I'l just save myself the bother and use HSBC

scot47

I was always amused by how fixated some became on saving a few pence on bank transfers. And on the endless speculation in the staff canteen about the exchange rate.