UAE Banks / Wiring money back home
#1
Forum Regular
Thread Starter
Joined: Sep 2007
Location: Dubai UAE
Posts: 64
UAE Banks / Wiring money back home
Al Salaam,
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
#3
Re: UAE Banks / Wiring money back home
Al Salaam,
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
you have to fill in a form by hand and deliver it to the bank for 'third party deposits', ie sending cash abck to the UK, you can then do it online, but it takes about 4 days - and they charged me AED 200. Jesus.
You can send it via UAE Exchange, will take 10 mins or so to sort details but pretty good and cost about AED 60 I think.
#4
BE Enthusiast
Joined: Dec 2007
Posts: 389
Re: UAE Banks / Wiring money back home
Al Salaam,
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
Couple quick questions:
1) Anyone have an impression of HSBC here in Dubai? My company has an account with them, and set me up, but I'm not overly impressed--and I have their Status Account.
Any banks anyone recommends?
2) Also, what's the cheapest way to wire money back home? HSBC charges 50Dhs, then my bank at home charges 20GBP!?! Anyone found a way to pass some of these fees?
Any help appreciated!
Cheers,
Fritz
With a status account you get one free transfer per month, my bank in the UK doesn't charge me.
#5
Re: UAE Banks / Wiring money back home
I haven't got a status account, I think my salary is about AED 500 a month short, that also means I have to leave AED 5,000 in there even though I'm skint as a badger at the moment.
#6
Forum Regular
Joined: Jun 2008
Posts: 79
Re: UAE Banks / Wiring money back home
i am in canada and called HSBC and they said they are not connected to HSBC in dubai, any ideas which bank or service i can use in our case to transfer money to canada...
THanks
THanks
#7
Just Joined
Joined: Jun 2008
Posts: 1
Re: UAE Banks / Wiring money back home
I am about to move to Abu Dhabi next month.
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
#8
Re: UAE Banks / Wiring money back home
I am about to move to Abu Dhabi next month.
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
#9
Re: UAE Banks / Wiring money back home
I am about to move to Abu Dhabi next month.
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
#10
Re: UAE Banks / Wiring money back home
I am about to move to Abu Dhabi next month.
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
When i spoke to HSBC, they mentioned if i get a STATUS account, then i am allowed one free transfer per month.
Can someone please advice whether funds sent back to UK are taxable or not.
I have bills and Direct Debits to pay and will have to trf funds back to the UK, but don't want to get taxed.
Hope someone can advice soon, as i have not been able to find a satisfactory answer as yet
Worst case scenario is that you have a personal allowance (£5,435 in 2008/09) and income remitted below this is non-taxable.
#11
Soupy twist
Joined: Dec 2004
Posts: 2,271
Re: UAE Banks / Wiring money back home
Any bank can transfer money to any other bank. We use HSBC in Dubai to transfer money to HSBC in the UK - they're two totally unconnected banks (apart from the name).
#12
Forum Regular
Thread Starter
Joined: Sep 2007
Location: Dubai UAE
Posts: 64
Re: UAE Banks / Wiring money back home
Only 45AED to wire money--and the rates were better than any banks.
Hands down, the undisputed heavyweight champion of wiring money back home.
Slight down side--for your first time sending, you need to complete an account with them, which takes about 20 minutes; and the lines--there's always a line at the UAE Exchange.
That said, their rates and fees were million times better than anything else I found here in Dubai.
Thanks again!!
Last edited by fritztastic; Jul 11th 2008 at 8:17 pm.
#13
Forum Regular
Joined: Nov 2007
Posts: 138
Re: UAE Banks / Wiring money back home
Thanks for the update. Thats very good to know. Is the 45AED a flat rate? So do you need to take whatever you are wiring in cash? The other thing is do you wire to a bank account or to something like moneygram or westernunion?
#14
Forum Regular
Thread Starter
Joined: Sep 2007
Location: Dubai UAE
Posts: 64
Re: UAE Banks / Wiring money back home
2) Yes, that was to a proper bank account. My bank charged me 7GBP to receive the transfer, but that's not much at all.
2a) To keep the charges the lowest, have UAE Exchange send the transfer in your local bank's currency; otherwise, your bank will charge you a higher rate. For instance, sending to States, UAE Exchange gave me a conversation rate of 3.68; my bank in the States would have charged me a rate of 3.74 if I had sent the transfer via AED.
3) They do offer Western Union etc, but I reckon they would charge more for those services.
#15
Forum Regular
Joined: Nov 2007
Posts: 138
Re: UAE Banks / Wiring money back home
Great. Thanks for all that information! I'll be sending back to the States so you have answered all my qustions. I appreciate it. Cheers!