Sending money home this month? First buy Vaseline....
Thread Starter
Join Date: Aug 1998
Location: the ridge where the west commences
Posts: 770
Likes: 0
Received 0 Likes
on
0 Posts
Sending money home this month? First buy Vaseline....
It appears my thieving, incompetent, shameless bank has priced in further US dollar (and thus dirham) exhange rate deciines in anticipation. Thus, their usual extortionate exchange rate has been adjusted to gouge out an additional 1.5% from my torn and tattered pay cheque.
The better to serve me of course.
You may want to check with your particular set of bandits before sending any major amounts.
The better to serve me of course.
You may want to check with your particular set of bandits before sending any major amounts.
Join Date: Oct 2004
Location: Dubai
Posts: 322
Likes: 0
Received 0 Likes
on
0 Posts
Simple solution. Don't use the bank to transfer money out of the dirham. Use a currency company like Global Currency Exchange. Office here in Dubai. Set up an account with them. Purchase the dosh from them and transfer your dirhams to their account...they give you a far better rate than the banks do. Will save you a fortune over a year.
Join Date: Sep 2006
Location: Abu Dhabi
Posts: 44
Likes: 0
Received 0 Likes
on
0 Posts
Free Transfers
HSBC Premier rate, 3.675 to turn AED into $. Free electronic transfer to HSBC in New York, THEN FREE electronic transfer to the bank of your choice. Works all the world over!
Join Date: Oct 2004
Location: Dubai
Posts: 322
Likes: 0
Received 0 Likes
on
0 Posts
Dirham to USD is not normally too much of an issue, as the exchange rate is closely regulated by govt...although some banks still manage to rip you off by a few percentage points.
It's the large margins banks charge for AED to almost any other currency. And of course the 100AED fee for the international transfer in the first place. So it's definately worth shopping around, and getting your process down to minimum transfers..else you'll be up for 1,200AED a year in fees alone (if you do monthly transfers) before you even start to get ripped off by the lousy exchange rate.
It's the large margins banks charge for AED to almost any other currency. And of course the 100AED fee for the international transfer in the first place. So it's definately worth shopping around, and getting your process down to minimum transfers..else you'll be up for 1,200AED a year in fees alone (if you do monthly transfers) before you even start to get ripped off by the lousy exchange rate.
Join Date: Apr 2003
Location: UAE
Posts: 1,026
Likes: 0
Received 0 Likes
on
0 Posts
Flaphandle, I've been using Rostamani for a couple of years. I don't know if they have the best exchange rates but they are very convenient, the transfers are only 45Dhs and they have better rates than HSBC. Good enough for me.
