livbel

Hi all

I did my first transfer to my UK bank account (HSBC to First Direct) and was a bit annoyed with a) the cost of a transfer and also the fact there is a limit on how much you can transfer each day which at the moment is 3.6k dhs and b) the exchange rate.

Does anyone have any tips on the best deals on transferring money? I have quite a bit of savings in my dubai account that I want to get out asap, but it would take a few days at 3.6k per day and the cost of of each transfer.

I heard that setting up an HSBC off shore account means that you can use Global view for free transfers but the limit is still there and so is the poor exchange rate.

Thanks in advance

flood2

I had to go into HSBC and raise limit. I think they have it low so that you make multiple transfers at 150AED a pop

busybee2

we have an adcb account and have transferred over that amount to the uk, with no limits, the bigger the amount the better exchange rate you do get, but yes you do get charged 100dhs for the transfer whereby you can go to the likes of western union for 50dhs or so but we have never had a limit on it before.

Norm_uk

I use a currency exchange company -often they give better rates on the exchange rates and transfers - PM me if you need more info.

N.

Blach

You can use Global View if you have a HSBC account anywhere else and I don't believe there is a limit as long as its within your own accounts at HSBC i.e. from HSBC UAE to HSBC UK.

If your transferring a sizeable amount you can try calling your HSBC RM and see if they can do you a better rate than the system rate. If they can you'll need to complete a 'smart form' with the details (available on the HSBC website) as this wont be able to go through Global View.

Cpt_Jack

If you already have an HSBC account in the UAE, open one in the UK and transfers between them will be free. I used it when I lived in the UAE and now I'm in Malaysia I do the same thing. I've never found the exchange rate to be below par, they always give me a fair rate but with currencies the way they are (especially the weakening Dirram) you may have to cut your losses a bit.

Alternatively, PayPal transfers are cheap though you need two PayPal accounts that are connected to bank accounts. The process can be mindbogglingly slow as well.

Jack

Ronnie Biggs

I had accounts in the UK and UAE but transfers were never free? How did you arrange that? Was just having this conversation in the office, it seems you get your pants pulled down which ever way you make the transfer so there's not even that much benefit over being paid directly into your UK account! Would be very interested to know from Norm et al how they advise their clients to manage their money - does anyone bother with UK offshore accounts etc?? Which banks in the Middle East are the better ones to go for? I have been with HSBC for decades but their service seems to peak at mediocre....

bronty

I agree, we have HSBC accounts in UK and UAE and it has never been free. Plus their exchange rate is nothing to write home about. We use Thomas Cook to transfer money, no limits, good rates and reliable. HSBC charges us £7 for accepting transfers though!

archie159

I used Moneycorp last time at a substantially better rate than my HSBC RM could offer, even when he went back to the HSBC currency people and told them to offer their best rate if they wanted to get the deal (subsequently spoke to another chap who works in HSBC, and he said that even he uses a service such as Moneycorp to transfer money). Moneycorp have the advantage that they ask you to transfer the money into their account first, and as they bank with HSBC themselves, you don't pay very much in charges.

Cpt_Jack

I have no idea how I managed it then... it was about a year ago when I left but I don't think things could have changed that much.

I used the online service and it was free between my named accounts. An over the counter transfer from Malaysia to the UAE (my Malaysian account to another UAE HSBC account) cost in the region of 20AED. Perhaps it was that I was only ever exchanging AED to RM or USD to GBP. I'll have to take a look. I do know however that each 'region' that HSBC operates in is considered a different bank.

I will agree that HSBC and banks in general in the Middle East suffer badly on the customer service side due to the staff they have to employ. I was lucky to find someone good and kept him throughout my time there. The service is much better in Asia, again the people.

archie159

You are right that it is "free" between your accounts. But you lose fairly badly in the exchange rate they offer. In my case, moving 6 months accumulated surplus salary back to the UK, the rate they offered versus that offered by Moneycorp was a difference of several hundred pounds (worse for HSBC). Again, as I said beforehand, even the man I spoke to in HSBC recommended using a specialist currency service rather than their own. And HSBC are not unique - I have had the same issue moving Euros back to the UK with other banks. Always go to a specialist transfer service.

Cpt_Jack

Thanks for that, I'll look into it, the rate I was given I thought was fair when compared to the given rate. In all honesty I very rarely transfer huge amounts like you did though I will be doing so in the near future. It seems like a strategy would be to keep a multi currency account somewhere offshore to avoid the exchange rates and take out of that if needed. I feel that won't work for most people though and somewhere along the line you're going to have to take a hit with exchange rates anyway.

Meow

You can minimise the 'hit' by using a currency exchange service that offers wholesale rates for transfers without any fees. I use a particular service personally and for my clients, which is FSA authorised in the UK, but has an office in Dubai if anyone wants to PM me for details.

lehoff

I concur with Meows recommendation as the company she recommended to me were noticeably better on the rates than HSBC and have a Dubai office with british staff (or at least the ones ive dealt with)... very happy with the service and generally use them on a monthly basis.

Millhouse

I'm always intrigued by the term 'wholesale' rates. What is, on average, the spread against the spot rate?

For instance, I use UAE exchange every time. I check the rate on my blackberry at the time of agreeing the trade with them and always get a spread of 0.05AED to the spot rate. i.e. if the 15min delayed spot rate is 5.85, then I will get 5.90 as my rate.

How does the spread on these 'wholesale' rates compare? And at what time does the rate get locked down with the broker?