Cheapest way to transfer money to uk?

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Cheapest way to transfer money to uk?


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Old 22nd April 2017, 11:01 AM
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Default Cheapest way to transfer money to uk?

Dear all,
I am returning to the UK after five years in the sandpit.
I currently bank with ADCB and want to transfer all my money back to the UK - over 100,000 dirhams.
Can you suggest the best and cheapest firm to do this? ie Western Union.
Also, should the transfer be made in GBP or AED?
Thanks all

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Old 22nd April 2017, 12:32 PM
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Cheapest may not be the best way, doing it from ADCB direct to your UK bank will undoubtedly have the least problems if it encounters any compliance checks (applicable to transfers above a threshold figure). Your bank can do the conversion from AED to GBP as part of the transfer process.

Whereas the likes of WU could encounter this problem and speaking from personal experience be a major PITA is getting your funds through.

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Old 22nd April 2017, 12:44 PM
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Hi,
Why not just take UK cash back with you?
You can then pay it into your bank accounts and avoid the sending and receiving fees.
Cheers
Steve

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Old 22nd April 2017, 01:20 PM
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Default Re money transfer

Thanks both
Steve, I couldn't take that amount of money back with me...it would be over 100k dirhams?
Apparently you can only take max 10,000 euros back to UK in ready cash...any more and you could face a 5,000 pounds fine apparently.

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Old 22nd April 2017, 01:38 PM
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Quote:
Originally Posted by ChrisLaws1 View Post
any more and you could face a 5,000 pounds fine apparently.
Only if you don't declare it .... so declare it.

Seriously, if you're transfering 100k AED the fees are going to be about 15 so why the concern ?

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Old 22nd April 2017, 01:50 PM
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It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
So for such a large sum, I'd lose several hundred quid possibly
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Old 22nd April 2017, 03:10 PM
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Quote:
Originally Posted by ChrisLaws1 View Post
It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
So for such a large sum, I'd lose several hundred quid possibly
On the right hand side of "Expat Forum" is normally a sponsored advert for TorFX, there are also others available such as Currencyfair and my preferred agent GCEN - all available with a quick Google search.

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Old 22nd April 2017, 06:44 PM
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Quote:
Originally Posted by ChrisLaws1 View Post
It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
So for such a large sum, I'd lose several hundred quid possibly
No, you're not losing money as it money you never had in the first place. HSBC give bme about 5 to 7 fils above the XE echange rate poublished and no transfer costs. I used to use a transfer to Santander but that just got silly charges.

The cheapest way is always to get the money out in cash gradually, and go to somewhere like an Al Ansari and pay it over in lumps, as you'd need more paperwork to do it in a single sum for checking against money laundering.

If you think that three or four trips to the cashpoint, then three trips plus three lots of fees is cheaper than you should do that as the transfer limit witout query was 39,000 AED I recall and the fees were about 15 per transaction and 60AED at this end - plus hours standing in queues.

Seriously, you've got better things to do than stand in queues all day for 100 havent you ?
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Old 22nd April 2017, 07:35 PM
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Do you mean standing in queues for Al Ansari? Am confused...
So you're basically recommending making three trips there rather than do it via Santander, where I will be clobbered with fees in the UK most likely?

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Old 23rd April 2017, 06:15 AM
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Quote:
Originally Posted by ChrisLaws1 View Post
Do you mean standing in queues for Al Ansari? Am confused...
So you're basically recommending making three trips there rather than do it via Santander, where I will be clobbered with fees in the UK most likely?
No, I am saying you'll have to make multiple trips to your bank to get 100k AED out in cash. Then you'll have to make multiple trips to a money exchange and queue each time because of their cash transfer limits.

Again, you are not being clobbered - its called a marketplace and if you don't like the fees I outlined above then you can do it any way you want but it sounds like you expectations are way below the market price.

I used Santander as an example of where I did the transfers in cash at the lowest possible rate but still ended up with 15 per transaction charges.

And then pointed out that if you ant to spend an entire day moving money around in multiple cash transactions then you may have better things to do

PS 100k AED may be a lot to you or I but its peanuts in this country so you shouldnt expect anything in the way of a special transfer rate. The best price you'll get is the same for about 30kAED and above.

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