Paying Bills from Abroad if working for Gulf air , qatar and emirates

[gtaflyer]

can any pilot working for a middle east operator offer any advice on the following:

1. if i want to send money abroad from the UAE to say england, what is the best way to do this. do i send as local currency(dinars, dirhams or riyals) or convert it to sterling and then send it?

2. should i do it every month when i get payed or do it a few months at a time?

would appreciate feedback from anyone on these topics.

thanks in advance

gta

[MR8]

As for Emirates:

Mashreqbank allows one free transfer abroad per month, free of charge. The amount you tranfer may vary.

HSBC allows you a standing order abroad (once per month) free of charge. Because it's a standing order, the amount per month has to be fix.

Don't know about other banks in Dubai.

MR8

[gtaflyer]

thank you mr8

do you happen to know if the transfer is in local currency at end of the month because exchange rate fluctuations can change the amount received at the other end-

thanks

gta

[ExSimGuy]

If it's anything like the situation here in SV-Land, do not send in local currency, but convert to pounds (or $ if from USA) before sending. The banks in this part of the world have far better rates. UK banks (and US) give awful rates to Mid-East currency.

Also, when sending to UK (or Europe) remember that the exchange rates are fixed at around Dhs3.7 = $1, so the rate will vary to UK. At the moment it's not far off Dhs7 to the pound, so there are times when the pound is "high" against the $ that you might wish to hold your transfer until you think the rate is better.

[Thridle Op Des]

Better Exchange Rates

When I first got here I used to use the 'free' Mashreq Bank transfer until I took a look at the rate that Mashreq used to change from Dirhams to Sterling. While it is more labour intensive, a better (way better) proposition is to draw the cash and change it for a Sterling Draft at Thomas Cook then FedEx the Draft to my bank in the UK. It reduced the charges and I had a significantly better rate. While this may not work for regular transfers, it is ideal for big movements of funds.

[StarWinder]

Also check out the rates at UAE Exchange, where you can buy drafts and/or TT money. For TT, they charge a flat AED 50/- per transaction.

[gtaflyer]

thank you for the response guys. i am going to start soon with GF and wanted to know how much all this money transfer will cost converting from dinars to pounds.

thanks ex sim guy.

Thridle op des do you know what thomascook and fed exp charge for commision?

Starwinder what do you mean by TT mate?

does anyone know if the salaries are paid separately from the allowances?

thanks gta

[Thridle Op Des]

Hi GTA,

Just checked with the wife, she is the currency wizz, Thomas Cook charge about 10-15 Dirhams for the Draft, at EK we have a corporate deal with FedEx, and it is 35 Dirhams up to 0.5 Kg world wide, I am sure that GF must have a similar deal, but I wait to be corrected!

TT: Telegraphic Transfer, takes three to four days, so little benefit IMHO.

Regards

TOD

[gtaflyer]

thanks thridle.

do you send the bank draft by post then? what if it gets lost better to tt it then.

gta

[PPRuNeUser0199]

Here's an idea.
Get two bank accounts and debit cards for both.
Send a card home and just deposit money into your account via the teller and when home takes out the money it will be in the local currency.
Easy.

[Thridle Op Des]

Hi GTA. FedEx is a standard courier and provides a high level of security. You can track the item right to the door of the bank on the internet and even know who signed for the package. I have had more problems with TT than FedEx, mainly with 'extra' charges levied by both exporting and importing banks, whereas sending a Sterling Draft is for all intents and purposes, cash made out in your name.

The exchange rate on TT is outrageous with Mashreq, I lost a lot of money before I realised the difference between Thomas Cook and Mashreq's rates, the split on 'buy'/'sell' in Thomas Cook is about 10 fils/pound while it is at least 20 fils/pound as Mashreq.

TOD

[Demented]

Started using Thomas Cook/Al Rostamani, by far the cheapest with the best rates after using Emirates Bank and NBAD. Dhs40/time and every 5th one is a freebee. Direct to your bank account and takes about 2-3 days in your currency.

[StarWinder]

gtaflyer: TT means "Telex Transfer" and means funds are transferred into recipient's bank a/c. Takes 24 hours (at least for Australia, India and Thailand, the three countries I have sent money to in the past).

[Earl]

Just wire transfer, did it from Saudi for years.
Best company in Saudi (Jed) is Alomudi"s in Balad souk. Used them since 1993.
Never lost anything.
Costs around 120. SR (32. usd)
Sure their is a similar company where you are at.
Banks in the USA charge 12 usd to just process the deal after receiving it.
If I wire to Turkey the local bank charges nothing.
Always there in less than 24 hours.
Arab National bank in Jed would even allow you to do it from an ATM machine.
Things have sure improved over years. ( with the banks)

[GlueBall]

To transfer money is NOT to transfer, but to use the ATMs

hind sight has the correct answer!

[jimmyhagendas]

Sending money

Hi gtaflyer have to tell you that after you have paid your housing,car and food etc there want be that much to send home.
It is cheaper to rent a flat in central london than here and you be forking out dinars from your own salary to pay your rent....

[gtaflyer]

hind sight

can you please elaborate on how you can use the cash machines in the uAE to transfer money to uk.

jimmyhagendas: i will try to save money to send home but you are right that it will be difficult to save anything if i cannot sort out cheap accomodation. also i belioeve that you have to contibute to the health scheme to cover the family.

i know that with the fluctuatuion exchange rate that at tines this may be impossible but i shall see!

gta

[StarWinder]

What hind sight means is:

Get two ATM cards for the same bank account. One ATM card is with you, one is with whoever has to draw money overseas. The only charge is the ATM withdrawal fee overseas.

[PPRuNeUser0199]

That is just what I mean Star Winder.
In the event the bank will not give you two cards just open another acct at another bank and send that debit card home.
You can put money in the acct without the debit card and away you go.
It works just fine.

[gtaflyer]

and cash machines they have their drawbacks.

good ideas hindsight and starwinder,never thought about it but that is what i have been doing when i use my switch card and credit card abroad. i dont take money out using my credit card although that is another option although more expensive.

you take cash out in local currency and your bank back home in uae will convert the tranaction to local just watch out for that exchange rate!

On another similar matter be very careful using cash machines in uk, i recently had the bad experience of cash machine fraud where the cash machine outside the bank had been covered up by a dummy device which recorded the card number and had a video camera watching your pin number-- very nasty!