youngdoc

what is the best way to send funds to the UK, getting the best exchange rates? HSBC's rates seem to be pretty poor.
Thanks

RJB123

Where are you based? I am in Bahrain and use BFC as they give much better rates than the banks. I imagine that some of the other Gulf countries have something similar.

youngdoc

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rugbymummy

We use UK Forex www.ukforex.co.uk, always get much better rates than bank offers and no fee charged if AED 30K or more transferred in one lump sum (I know they do still make money but that is in their currency spread calculation rather than an actual fee).They have always been quick and no problems so far. You need to register with them first online and all transactions done via online banking.

Meow

If you want to drop me a line I'll send you all the info for the currency exchange service I recommend to my clients. Better rates than HSBC (who usually skim off quite a bit) and no charges.

mentalist

For a basic remittance of (say) AED7,500 how much would your guy expect to save us? Wouldn't we be talking small numbers unless the remittance was of a substantial nature, surely?

Meow

AED 7,500 is a small sum and you wouldn't get much of a saving for that kind of figure, although even small amounts build up over time. The amount varies depending on currency, market and the rates that day, although you can forward fix. Each transfer is individually calculated and there are no fees, no matter the amount. Naturally the currency broker skims off a small amount but as that is the main focus of their business and they move such large sums the rates are far better than banks.

It isn't a 'guy'. I use a properly regulated company.

martinbkk

I've started to do this and it really is so simple. Would never have thought so hearing all the tales about need for this that and the other. So here's what I'm doing:

1. Take cheque to issuing bank with passport. Leave a few minutes later with cash.

2. Go to UAE Exchange, There are a number of branches all over, their rates are on line, Google.

3. Give them cash and all the details for where you want the money to appear. If a UK bank account you will need Bank name, branch, IBAN number, passport etc as usual.

4. They will transfer money at the T/T rate and charge you QR25 for the privilege.

5. Money will be sent from Standard Chartered bank in UK to your account and will appear in about 24-36 hours later, more on weekends.

6. For QR10 they will give you a card with all your details embedded to simplify things the next time.

I've done transfers to UK and Thailand, no problem.

Greenways

I use the company Meow recommended and we get significantly more with them than with HSBC and a little more than with another currency transfer company, who said they could offer a better deal... We are happy so staying put.

We log onto the currency exchange company and see the rate, if we like it we book it. If not we can wait until its more favourable (never have done this). Once booked we send our dosh to them in dirhams by electronic transfer from our local bank, the transaction charges are paid by the beneficiary (HSBC deduct it from money sent but we get the agreed full amount in GDP). We get an email when it lands with them and an email when they send it to our our designated uk account. Takes between 2-4 working days or longer if I mess up the weekends!

It works well for us and we have no complaints.

youngdoc

Can you please pm me the details of this company you guys use?
Thanks