kungpowdow

Hi,

I'm looking to regularly transfer funds (£300 a month) from a local account here in Dubai to my Nationwide Flexaccount in the UK...

My questions is, according to this link (http://www.nationwide.co.uk/search/D...x?article=1572)
there is no charge by Nationwide for receiving swift payments from overseas... So surely this would be the cheapest way to conduct monthly transfers...? Can it really be free...? Does anyone know how long swift payments from Dubai take to arrive in a UK bank account...?

Also, can anyone suggest a good bank to use in Dubai that will make these kind of payments and working in conjunction with a UK bank as straightforward as possible...?

Appreciate any help...
Thanks

Brains1983

course it's free, they'll **** you on the exchange rate.

for that amount of money per month, I'd suggest UAE Exchange. If your sending larger amounts, PM Meow.

Norm_uk

You're best off using an exchange company for those amounts...we have dealings with a currency transfer company but for those amounts it's probably not worth setting up anything.

It normally takes 3-5 working days to send money from an exchange centre but I've seen it happen in less...and more. As usual for the region apply a bit of "inshallah" to everything!

N.

Saj786

i've used the following exchange companies without any problems:

http://www.smartcurrencyexchange.com/

http://www.gcen.co.uk/index.php

You generally get a better rate than the banks and the exact GBP amount is agreed beforehand so you know exactly what will come into your nationwide account.

Brains1983

2 working days normally with UAE Exchange, 3 days was the longest. last transfer going back on 30th

Norm_uk

Usually takes a day just to wait in the line for the teller though

jackthehat

Do it through an Exchange Company! - The Banks here are Fine, but problems innevitably occur at the UK End! - Any payment from a UAE Bank Account to the UK is considered to be a 'Potential Money Launderer!' - The money will stay in the 'Holding Account' of the Bank or Bulding Society! - It requires someone to make something called a 'Decision!'

Staff at the UK End are seldom trained in receiving Overseas Credits! Recently, I spoke with a lady at Lloyds TSB in the UK, with my wife there, and she asked 'What is a SWIFT Payment?'

Funniest was when I got my Philippipo Cleaner to talk to the Lloyds TSB Call Centre in Tagalog! - When dealing with a UK Bank Account! The problem was solved; but what have we come to?

The guys at Mashreq and Al Ghurair Exchange work together (It is the same Holding Company) Mashreq get 'Very Pissed-Off' with UK Banks, and will chase payments for you, at no extra charge, provided that you have an account with them!

typical

As mentioned before, I've found Lloyds UAE to Lloyds offshore transfers both painless and pretty good exchange rate-wise - sometimes beating the dedicated exchange companies, sometimes not. However it's a bit of a gamble because you don't know what rate you get until the money is gone.

The Dean

Never heard of that one, Typical.............. they don't either (a) quote you a specific rate, or (b) use the rate displayed on the board? You have the right to know the rate before agreeing to the transaction.

I see the exchange companies from the other perspective - they come to my bank to cover their risks (i.e. they buy the currencies they sell to customers). Since they presumably make a profit, their rates to the public can't be that good.

Rostamani are good by the way. They have nostro accounts all over the world, so recipients of funds have to go through a KYC process before they get access to their money, or the agent bank makes payments to the recipient's bank.

typical

They quote an indicative rate when you agree the transaction, but it can move before the transaction actually takes place. As mentioned, sometimes this rate does beat the quotes from the exchange companies - but it can move (in either direction) in the time between making the transaction and the money getting sent.

The advantage is that it takes a quick call to check the rate, and then the money can be moved with a click in the online banking.

It is a little annoying, but I didn't think it was that unique to banking?