Any experiences with larger sums of money transiting UAE banks

[Dropp the Pilot]

I will conclude a property deal, the result of which will be several million dirhams dropping into my Dubai bank.

I wish to wire that sum out of Dubai immediately. Has anyone perhaps seen a case where a substantially-larger-than-normal amount transiting one's account causes delays whilst the bank queries the provenance of the funds?

I am sure many of you have experienced the manifold joys of dealing with these numpties, so you will understand my concern.

[Rotating Bacon]

if you transfer money do not accept the exchange rate they offer you, you must negotiate with them or go to one of the exchange companies

[SOPS]

Agree with Bacon, don't use the banks exchange rate. Ever. Never ever.

[sluggums]

I use GCEN for my spare millions.

[777boyo]

Dropp,

Similar experience but nearly two years ago now, so things may have changed. Slight delay in the transfer due to need to get UAE Central Bank approval - not more than a few days though.

7B

[JNPS]

ENBD exchange rates are at least on par, if not better than GCEN and less hassle. Of course my quantities have not quite reached into the millions.��

[johnjonesnine]

Unless there is some reason that is not apparent I would question the wisdom of transferring any significant sum of money to a bank account in the Middle East.


If the source of funds is also in the Middle East then why not direct that the funds be transferred to a foreign account. If the source of funds is not in the Middle East then why bring those funds here?