Sending Monthly Money to UK

[oilydan]

I'm sure this has been done before, but I want to send money home each month, what is the best way of not getting ripped off.

I think I have a Devere forex account but don't want to give those guys any of my money after the Strategic Growth Fund debacle.

Is there some way of transferring AED into my GBP account as GBP, without some financial Ali Baba getting his mitts on it?

[steano]

I found the best rate to be with UAE Exchange

Only ball ache is withdrawing cash , going to their branch and then depositing it , but in UK account within a couple of days

[Harris_I]

I play off First Rate FX against GCEN. As FX traders, they are much more competitive than a high street bank. HiFX offer the same service but I find their rates are not great.

Set yourself up an account with a couple of FX firms - it's very easy and can often be done online.

Slight issue with First Rate FX is their AED currency account is oddly at a UK bank in the UK. Some banks in the UAE (like DIB) will no longer allow AED to be transferred out of the country without being converted to the currency of the destination country at their own prevailing retail rate, which somewhat defeats the point.

[oilydan]

Good info. Thanks.

[CRB14]

I've been using Transferwise recently (although UK to UAE)

[h_____]

For speed and ease of use HSBC can be done all on line from UAE to UK sterling in minutes, however you wont get the best rates. The advantage is it doesnt matter where you money starts you can get it into sterling instantly.

I did use TorFX, got better rates but sometimes would take a couple of days for funds to clear to them from my bank.

[oilydan]

Not too worried about how instant it is, just about how much arrives.

I have been used to my company paying me from KSA in USD to my UK account and having 5% less than google would have me believe was going to arrive....

[CRB14]

I believe the best ones are those who you send money to locally (a uae account) then they transfer to their own UK account which in turn transfers to your UK account. There is then no personal bank clearing time or hidden personal banking charges. Some of the forex companies send direct to personal UK accounts which is when your bank stings you for £20 or so to clear the transaction. Some mentioned here do the intermediary banking thing.

If you have time have a read of fxcompared.com or moneytransfercomparison.com - both helped me