Money Transfer - Dubai to UK

[matt_knowles]

Hey all, how is it going?

I've had a brief search, but with transfers I kind of need up to date info (best companies to use etc)

I transfer a regular amount to the UK each month (ADCB - Halifax), this is fine and I have no issues. This is for around 1000GBP a month.

I want to send a lump sum back to cover a few things and some house work, and it'll be around 20,000-25,000GBP.

I know the exchange rate isn't the best going that way at the moment, so want to get the best deal possible?

Can anyone advise the best methods for doing this and potential pitfalls? I will of course give my bank a heads up about the transaction.

Many thanks

[TNW]

matt_knowles said:

Hey all, how is it going?

I've had a brief search, but with transfers I kind of need up to date info (best companies to use etc)

I transfer a regular amount to the UK each month (ADCB - Halifax), this is fine and I have no issues. This is for around 1000GBP a month.

I want to send a lump sum back to cover a few things and some house work, and it'll be around 20,000-25,000GBP.

I know the exchange rate isn't the best going that way at the moment, so want to get the best deal possible?

Can anyone advise the best methods for doing this and potential pitfalls? I will of course give my bank a heads up about the transaction.

Many thanks

Do you know anyone that works here but is paid in GBP back home (short term assignment, global package etc)? Give them cash (which they will want) and get them to do a u.k to u.k bank transfer

[Randompunter74]

I have always used a firm called First rate FX in the UK. They offer the best rates by far and generally speaking 0.1 to 0.2aed better than most "preferential" bank rates.

It's pretty straightforward. Send money to them in AED and then they ping the GBP toyour acount on theuUK

If you are doing ththis amounts you might be better off getting an offshore account in Jersey. If youbback with HSBC here you can send it offshore to HSBConline free of charge. TThen it's also on 15gbp to transfer to the UK and faster than some of the somewhat backward local banks here.

[dxbtiger]

That's a blast from the past, they had a girl called Katy Johnson working for them years ago, she was lovely.

[joncastle]

Local contact for a UK company - Anjulie Patel, Senior Account Manager for GCEN (www.gcen.co.uk) 04 3698089 or 0502585305. She's a member of BNI, so tell her Susan's husband made the introduction.

[matt_knowles]

Thanks guys,

Will take a look.

I just wish the exchange rate would pick up a bit!

I'm a complete newbie when it comes to all this. Daft question possibly, but what's the benefit and costs involved with setting up an offshore account? Thanks

[Randompunter74]

Benefits of offshore are , if u live in dubai, that should you hold any lump sums here and something happens such as death or losing job, then under Sharia law, the account in the UAE are frozen. If one were to have credit cards or a mortgage in the UAE then, certainly in the case of death, it would be difficult to unfreeze accounts until all UAE debts are settled. In short, don't keep large sums onshore. That's the principal reason anyway.

[Reffio]

I have also used first rate fx over the last 4 years, with no complaints. Always negotiate on the rate though as they will improve it if they think you can get a better rate locally here.

[James72911]

I believe Katy is in Hong Kong now..

Another vote for GCEN.

[K50 DEL]

Bringing this back to the top again, I need to send 20k gbp back to the UK within the next 2 weeks...

For the last 4 years I've just done all my transfers through Emirates NBD and accepted whatever rate they have given me and whatever the charges have been...
This thread has got me thinking.

It seems that you need accounts with Forex etc etc before you can even get an indicative cost so can those of you with accounts at these various currency places please check and post up here how much it'll cost me in AED to end up with 20k GBP in my UK account.

Cheers.

[Asterix]

The FX houses are easily the best way to go - Yeah, you need to set up an account with them but it doesn't take long.

When we sold our house in the UK we moved the money through Dubai to a number of places. I saved tens of thousands of GBP using them instead of the bank.

Chap I used was Ben Davies @ First Rate FX - Let me know if you want his details and I'll PM them over.

[FlexRay]

I Use HSBC Global instant for the same monthly transfers, no more than £3000

I have used GCEN, takes longer but seems to do the job fine!

Craig

[Asterix]

Btw - just remember that the banks in the UK have a limit of what can be transferred in one lump.

I know when I initially started moving stuff over, I was requested to submit the request in writing, in person, to the UK branch. Obviously not an option if you're based here. That said, HSBC in the UK were actually pretty helpful but it did involve couriering certain letters and docs over to them.

[matt_knowles]

I used GCEN in the end. It was painless enough, easy to setup and quick.

Only hurdle was getting ADCB to accept a transfer of AED out of the country, but managed it in the end (had to be done in branch).

Person I dealt with was Anjulie Patel and she was answering any questions via email.

I talked with a couple of people from First Rate FX and they seemed pretty decent too.

[K50 DEL]

Bringing this back to the top as, given the exchange rate at the moment I'm wondering if now might be a good time to transfer some of my cash that I still have in Dubai back to the UK...

Is the advice still the same, if so can I have the contact details for whoever people use please?

Edited by K50 DEL on Sunday 31st January 14:22

[ReaderScars]

Just a quick mention, I used HiFx for a UK>Dubai transfer recently. Was going to use Transferwise but they only seem to EU transfers.

[Rich_AR]

i used Hi-Fx for a Singapore to Dubai transfer last year.

Good service & exchange rate.

[matt_knowles]

I'd ring all 3 and play them off one another.

My last big transfer I was all set to use First Rate FX. I called the person back I had used at GCEN and they bettered it (just). It was a simple process though and everything happened as expected.