Expat Forum For People Moving Overseas And Living Abroad banner

1 - 7 of 7 Posts

·
Registered
Joined
·
2 Posts
Discussion Starter · #1 ·
Hi Folks,

first thanks for all this valuable information in this forum.

I'm relocating to the UAE at the beginning of next year and was wondering what's the best way to transferring money without loosing to much.

I understand that banks and any financial service provider want a piece of the cake but you probably have experience with fees and not so good exchange rates.

Thanks,
Ben
 

·
Registered
Joined
·
228 Posts
Hi Folks,

first thanks for all this valuable information in this forum.

I'm relocating to the UAE at the beginning of next year and was wondering what's the best way to transferring money without loosing to much.

I understand that banks and any financial service provider want a piece of the cake but you probably have experience with fees and not so good exchange rates.

Thanks,
Ben
Hi Ben,

almost welcome to Dubai! I am using my bank (ADCB) to invest it in stocks/commodities...their exchange rate is fair. I don't think there is a way to transfer it without any losses......maybe buying gold here and selling it in Europe is an idea?
 

·
Registered
Joined
·
130 Posts
There are two options for currency exchange - the "retail market" such as banks and the mall based exchange houses that will typically take 2 - 3% and the "wholesale market" with specalised exchange houses who take 0.5 - 1% (but based on larger volumes).

Not sure if I'm allowed to a link to one of the 'Wholesale' providers, but if you Google "Global" "Currency" "Exchange" "UAE" I'm sure you can find it :) .
 

·
Registered
Joined
·
2,636 Posts
Another thing to do would be to look up the maximum amounts of your currency customs allows you to carry with you into the UAE. The regulations are extremely lax in that regard in comparison to other countries.

Once here, just watch for a good opportunity to get it converted at any of the many exchange houses here. For large amounts they will give you a better rate that what is initially quoted, just make sure you ask them for the better rate.
 

·
Registered
Joined
·
2,636 Posts
Note that some countries may have a maximum on what you can take out in cash and convertibles.
Good point, I forgot that technicality, specially considering its Germany and EU regulations etc ..
 
1 - 7 of 7 Posts
Top