Millhouse

Now that TransferWise is all but dead in the UAE, what alternatives are there?

psychopomp1

Why is TW dead in UAE? On their website they're still showing its possible to send funds between GBP >< AED.

Otherwise CurrencyFair (Ireland based) are a good alternative. Exchange rates are almost similar to TW's

Another good option is the Fineco Bank mulicurrencies account (Italy based). They don't offer a AED account but do offer a USD account which can receive USD funds from anywhere in the world and then convert to GBP at near mid-market exchange rate.

Millhouse

thanks. TW is no longer accepting bank transfer, so you can only fund with a debit card.

Looking into CurrencyFair. Seems the way; also the local provider AlAnsariEX have a reasonable app.

psychopomp1

Is Thomas Cook Al Rostamani exchange still around in UAE? I used them regularly donkeys years ago (late 1990's) when I was working in SHJ and they offered a great AED > GBP rate at the time.

scrubbedexpat141

Is it even worth it?

UKCityGent

Ive tried to set up a CurrencyFair account but Kuwait doesnt seem to exist in their country - perhaps they think the Q8 is a third world sandpit !

Any other suggestions ?

psychopomp1

Try Skrill
https://www.skrill.com/en/transfer-money/

Millhouse

I don't use my bank as it's very uncompetitive, so I just need any alternative that works.

scrubbedexpat141

How uncompetitive?

Millhouse

Around 2.5%. doesn't sound a lot but that is a 5k AED on 200k transfer.

Put it another way... if you are transferring to your IB account, and looking for a bond fund paying (say) 1.5%, that is 18 months of dividends down the pan on just the transfer.

scrubbedexpat141

I've never typically transferred large, bulk amounts, just bit by bit and it's never made single transaction differences to worry about. I appreciate they add up, obviously.

Always curious though, thanks.

Millhouse

Don't forget that the mafymatics is the same for your smaller regular DCA transfers. In fact, the economics are probably worser on the small transfers.

SandyMcSand

Shifted over to revolut (who comes up with these names?) flat fee of 30dh for transfers into revolut account and then it varies in terms of account type and value of transfer. Much rather have stuck with TransferWise but hey...any idea why they’ve stopped bank transfers?

Edo

Try WorldRemit.

Pulaski

Wot 'e said ^

Transfers are money for old rope for banks, especially in the internet age when (relatively) new entrants to the market, such as Transferwise will work for a ½% fee and no spead. Banks that take a 5%+ buy-sell spread (2½% on either side) and then stick a wire fee on top are taking the p!$$, exploiting a semi-captive (lazy) customer base.