Dubai banking questions
Joined: May 2001
Posts: 112
Likes: 1
From: Knoteetingham
The thing to realise with HSBC is that although they don`t charge you a telegraphic transfer fee, they do charge you an exhorbitant exchange rate.
If you calculate the exchange rate they are charging you versus the exchange rate of the day you will find it is about 4% worse. Other banks like Lloyds only add 0.7% to the exchange rate.
On 20,000 dirhams you are therefore losing over 600 dirhams in the false exchange rate that HSBC use.
If you calculate the exchange rate they are charging you versus the exchange rate of the day you will find it is about 4% worse. Other banks like Lloyds only add 0.7% to the exchange rate.
On 20,000 dirhams you are therefore losing over 600 dirhams in the false exchange rate that HSBC use.
Joined: Jul 2007
Posts: 100
Likes: 0
From: home
Banking
I am banking with HSBC. Service is pathetic but after shopping around it seems to be a UAE thing...not limited to HSBC. Whatever bank you deal with, you will have horror stories.
As for tranfers, I send money (US) to Europe every month and I have the official rate (3.66Dhm/USD). But every time a 100Dhs fee is collected by CitiBank in NY! And every bank I looked at said there is no way to go around that.
BTW, some offshore banks will not deal with local bank as Mashreq so they will not accept money comming from them; check with your institution abroad before commiting with someone over here.
As for tranfers, I send money (US) to Europe every month and I have the official rate (3.66Dhm/USD). But every time a 100Dhs fee is collected by CitiBank in NY! And every bank I looked at said there is no way to go around that.
BTW, some offshore banks will not deal with local bank as Mashreq so they will not accept money comming from them; check with your institution abroad before commiting with someone over here.
Joined: Apr 1999
Posts: 655
Likes: 0
From: South of North
Nolimit - I'm Cdn and opened a Lloyds acct a few months ago. Their customer service is BRILLIANT either at the branch or on the phone.
They did screw up delivering a new card to the Mirdiff branch but tried hard to rectify it - to the point that one of the managers said he would deliver it too my house so I would be less inconvienienced.
But, there are no free transfers. The fee is 70 dirhams per transfer if you do it online. The transfer is free if it goes to one of their International Offshore accounts.
I am completely happy with them!!!
They did screw up delivering a new card to the Mirdiff branch but tried hard to rectify it - to the point that one of the managers said he would deliver it too my house so I would be less inconvienienced.
But, there are no free transfers. The fee is 70 dirhams per transfer if you do it online. The transfer is free if it goes to one of their International Offshore accounts.
I am completely happy with them!!!
Moderator
Joined: Jun 2001
Aviation Qualifications: ATPL
Posts: 1,490
Likes: 32
From: Blighty
Try www.gcen.co.uk they are a good way of getting a "better" rate, no fees, they will transfer money where you like. They use current market rates. I have had a great experience with them, despite the lousy US$$. Go to the contacts link for the Dubai contact details
They use the UK HSBC treasury services. What to do...
EGGW
They use the UK HSBC treasury services. What to do...
EGGW
Joined: Aug 2003
Posts: 98
Likes: 0
From: Middle East
The only reason I'm still with HSBC is I can't be bothered changing my automatic payments etc and don't expect to be here much longer. What is really annoying about them is they think you are too stupid to notice their thieving little schemes.
