Money transfer to Dubai.

[blue_moon]

I will be moving in later in the summer, and I need to get in some of my own money for the start. And this could end up a large sum if I will need to rent the flat with just 1 check.

So how do you get your money in, without paying a lot on commissions and exchange rate fees? I read somewhere that they take like 10% of your transfer just for commission? True? False?

This is rather important because if you need to get 120K in for renting the flat, you better get a good exchange rate and no administration feels... so could you advicse me on this or share your experience?

[noisyboy]

Honestly, I'd bring it in cash (USD) with a paper from the bank mentioning you withdrew it from your account. Additionally, I'd declare it as soon as I arrive to the airport.

120k dirhams in cash, on hand, is something that should not surprise you in this part of the world. Not saying its common, but it happens a lot.

[Canuck_Sens]

I recommend doing this:

a) Open a savings account in the UAE (you can as foreigner). You will get an IBAN number. Open in a bank that operates in the UAE and there in your country (e.g. hsbc, barclays)

b) Instruct your bank in your country to wire the funds to your savings account. Voila.

Open in the same bank because you will know for sure that you are getting it.

Never seen any bank charging 10%.

[noisyboy]

Originally Posted by Canuck_Sens

Never seen any bank charging 10%.

Me neither!

[rsinner]

Actually, the commission (more accurately the spread between the actual rate and the rate that the bank gives to you) could be as high as 5% or in some cases more (esp. for credit card transactions).

I agree with the suggestion above. Best is to bring USD in cash!

[noisyboy]

Originally Posted by rsinner

Actually, the commission (more accurately the spread between the actual rate and the rate that the bank gives to you) could be as high as 5% or in some cases more (esp. for credit card transactions).

I agree with the suggestion above. Best is to bring USD in cash!

That's what I would do, USD to AED rate is rather stable. Just tell me when you arrive and how you look so I can jack you

[Archer7]

10% is definitely not true.

[Archer7]

10% is definitely not true.

[bluebird77]

Via bank is safer and hassle free.

But there is also traditional way by sending it through an agent.
You can find an agent locally in areas where people from minority background live. They can help you save a lot.
In 120k Dhs you looking to about 2k loss if sent via bank. Because bank charges your their Own rate.

Bringing $ with you can save you a lot of money. Because you can exchange it here in Dubai with a very good exchange rate.

It's common in Dubai keeping 100k in your pocket. And you wont be stopped and asked.
Plus it's 0% crime as far as i know.

Hope this helps.

[fcjb1970]

Your employer won't give you a housing loan against you salary? Thought that was pretty standard