Qatar to UK money transfer

[320goat]

Hi all.

Been here around a year now and just starting to save a few Riyals after having to find my own accommodation and buy a car etc..........

Any ideas on transferring money back to the UK. IBQ talk about free international transfers but then say there will be charges from a handling bank. The rates aren't particularly great either. I would happily change bank to get better value for money.

Any advice gratefully received,

320goat

[Oceanic815Pilot]

FWIW, I just switched to CBQ as they have a slightly better exchange rate then HSBC (what a nightmare) to the US. I can't speak of the UK exchange rate.

In the US all the banks charge a wire transfer fee for receiving a transfer (at least that I'm aware of anyway)

Some folks have had success with the exchange/transfer places in the malls as they seem to have cheap fees for wire transfers. The guys I know that do it withdrawal cash and then take it there to transfer.

I would be interested to hear others strategies and techniques as well.

Good luck

[DCS99]

Try smartcurrencyexchange.com

[Daft Wader]

I think that IBQ gives one free transfer a month, they charge you then it is refunded.My bank, doesn't charge for transfers inbound so that works.

Maybe look at setting up a new account with no charges for international transfers?

Always good to keep an eye on the ER via XE.com etc, and pick the best time to transfer. Can make a difference

May the farce be with you

Daft Wader
:ok:

[320goat]

I have the XE app which is very useful.

I know a couple of guys that have the HSBC premiere account but have said they have been shafted recently with a hike in rates that has prompted them to start looking at more efficient ways of getting money back home.

After the pay rise I will of course be making many more transfers!!!!

Cheers,

320goat

[PH-AJU]

I am in HSBC, but their exchange rates are too high. I made 1 transfer with SHARED costs payment. It cost me 6,7%!

Now I used commercial bank, using OUR transfer costs (senders costs) I payed only 0,15% Commercials rates are much lower and not having shared transfer costs prevents paying double for an exchange.

Both compared with the currency rate of XE.

[winterinhell]

How about carrying those cash with you everytime u fly to ur home country? Will it be feasible? At least that is what im planning to do..

[320goat]

Don't get back much. Haven't had the QR015 yet and don't expect the minibus to continue to LHR for much longer. I have no doubt they are looking to out a wide body onto the slot as soon as they can.

I will still look into carrying cash with me but I will still have to convert Riyals to GBP.

Popping into CBQ on Sunday before work.

320goat

[Obbie]

That is a short sighted solution, loaded with pitfalls.:rolleyes:

[TwoTone-7]

The minibus is there to stay and expect the second on to CDG soon.

[320goat]

That's great news although I don't understand why we can't get an ID90 on it. Business on the minibus or 777 surely doesn't matter. A bit of extra revenue for what would otherwise be an empty seat?

320goat

[PH-AJU]

Even when you convert riyals to euro or pounds commercial bank has the best rate. Western union is one of the most expensive.

[Airmann]

If you have someone back home you can trust just make a second ATM card and ask them to withdraw cash for you in the UK from your Qatari account and to deposit itinto your bank account for you . I don't think ATM fees our the exchange rate will be too bad.

[TwoTone-7]

Airmann, try it. The rate alone is akin to being raped.

[winterinhell]

There is a limit for atm withdrawals per day isnt it?And limit per withdrawal as well..and u'll e charged service charge per transaction as well..

[320goat]

Hi all

Just trawling through the employee discount site and found, under Banks and Insurance, a company called currencies direct. They appear on paper as very competitive compared to the bank rates I have been offered for transferring money.....

Has anyone used them? And if so are they worth using?

Cheers

320goat

[Capetonian]

I use Currencies Direct for transfers from Sterling to various currencies for payments. Their rates are better than any bank and generally competitive with the other forex dealers. Their website is good and you can payments on line.

The only problem I've found is that sometimes you'll convert GBP into a non-major currency (recently in my case for payments to China and Zambia) and even when you lock in the rate, the recipient will get less in the local currency than you wanted them to get, because of intermediary charges. I've taken this up with them but their answer is that intermediary charges are beyond their control and they have no way of knowing in advance when they will apply and how much they will be. They're not big amounts but it's annoying and time-wasting when you have to send a second amount to cover the shortage.

[320goat]

Thanks for that.

I will give them a call.

[320goat]

Hi all,

Finally got around to using Currencies Direct. I can highly recommend them. Once you get the account set up which takes a couple of days to sort out.

XE rate was 5.657 and I purchased a QAR57,000 contract at 5.698 resulting in £10,003. Better than anything else I could find. Apparently they will do Euros as well from their advert on the company site.

All the best,

320goat

[parabellum]

When I lived in Bahrain the local money changer in the Suk did a grand job.


Now I use this company: www.hifix.com (http://www.hifix.com) so far also very good and competitive, my experience is banks usually rip you off on currency exchange.

[Capetonian]

It's Foreign Exchange, Currency Exchange & International Money Transfer Specialists | HiFX (http://www.hifx.com)

[McMax]

Anyone tried transferwise?