AED to GBP

[apron]

Hi guys....I'm sure this is an age old question but don't seem to be able to find any more recent/up to date info. What is the most cost effecient way to convert AED to GBP and have it sent to the uk? HSBC want 150 aed per transaction!! (and set a low limit so I need numerous transations)

Tried a currecy exchange company on line.....for roughly 6000 aed the charge was 100 aed....

Any info gratefully accepted

[flyinthesky]

Apron

I use Global Currency Exchange Network. They have an office here in Dubai and it is a simple process to organise. They quote you a very competitive rate which is always better than HSBC and you set up an international transfer to their account at Barclays in London. Just tick the box to advise that the receiver (them) will pick up all the fees. So in effect it is free. Takes about 5 working days. You can do it as a one off or organise regular movements.

Contact is Anjulie Patel and no is 0502585305
Dubai Foreign Exchange Rates ~ Currency Money, UK Transfer Specialists

Regards

[CaptainTom]

I'm using worldfirst. Never had any problems and always better rates than the banks offer.

[springbok449]

I also use GCEN, very friendly, efficient service. Rates more than competitive especially compared to Banks.
Good Luck

[High Energy]

Interesting! I will try GCEN.

Not to hijack this thread, but what about AED to EUR in lets say a Dutch account. Any advice there?

[springbok449]

High Energy,

You can use the same company, they also have Barclays Euros account, have used them a few times from AED to EUR...

[Spoonius]

Currency exchange

Fttcurrency.com great rates

[ruserious]

thing is NEVER get distracted by a low transfer fee, unless you are sending a small amount, it is the rate of exchange that makes the biggest difference.
Used GCEN several times and is pretty good

[Townie]

I may be mistaken, but I thought there was a deal with GCEN through EPC??

I've had a look on the EPC site and don't see any reference to them. There are a few others, namely Blue Sky, First Rate and Transfermate. Only one of them seems to have a UAE number, and it's a mobile??

Anyone with recent experience good or bad with any of the 4 above. I know it pays to shop around for the best rate, but I'd also be keen to avoid an overcomplicated or stress inducing procedure just to save a few fils.

[BigGeordie]

For a balance of rates vs convenience I use Al Rostamani. They give you an "Intro Card" which has all your details on it so you don't have to give them account details or proof of id everytime. Cost is 45dhs for a telegraphic transfer which takes about 3 days to the UK. Rates are good (better for larger amounts) Best thing is they have branches in all the shopping malls so you can just pay a cheque in when you are passing.

[Craggenmore]

Emirates NBD charge 35AED per transaction from Dubai to Jersey, whatever the amount.

[donpizmeov]

But NDB's rate will be nowhere as competitive as Al Rostamani's. I have tried a few and keep finding they do the best deal.

The Don

[jumbo1]

I agree with Don,
Al Rostamani have done well by me and the intro card makes the process painless. I've been able to negotiate a slightly better rate than initially quoted when sending larger amounts

[Craggenmore]

Thanks for the tip Don. Who or where is Al Rostamani?

Obviously free commission would be the best result but I don't overly worry about 400 AED out of 10k English. My broker usually recoups this 'cost' by lunch on the day of receiving the total sum.

Or its just one less bottle of wine down at La Petite Maison

[jumbo1]

There's a Rostamani at Dubai Mall, up near the movies, at the Shk
Zayed Rd Clinic opp Costa, and Mall of the Emirates

[ruserious]

OK, so decided to spend a bit of time on this today and transferred some money up to my account in the UK.

Total costs inc fees worked out as this for 100.000AED:
ENBD transfer from my own account GBP16,510
GCEN online quote GBP16,626.70
MOE Al Rostamani GBP16,772.50

So I will leave it to you to decide whether it is worth saving between 870aed and 1500aed on a 100K deal for a little leg work

Notes on Al Rostamani, first time using their telegraphic transfer, could not have been more helpful, unlike a certain bank I use here!
Took about 20 minutes, as was first time in their system as I also got one of their Introcard's to make the process quicker next time.

Manager Mohd Riaz could not have been more helpful, gave me their ENBD IBAN number so next time, I can call or email him to negotiate a rate, agree a deal, then transfer the money directly to Al Rostamani's ENBD account.
MOE Branch Tel No is 04-341 1155

[myekppa]

Now that's good info ruserious. I want to see if they will do the same for HSBC.

Used Al Rostamani for about 8 years, a few hiccups to start with but after a frank and direct conversation, they sorted things out. Service is as personal as it can be in Dubai but it's about business and money talks. They offer the best rates, satisfactory service (read excellent in Dubai) and actually remember their repeat customers.

[lfrk]

Good thread, I was looking to find a cheap way to transfert AED into EUR.

Went to HSBC near safa park this morning...
Absolutly useless!! couldn't believe it!! I had the feeling that Emirates NDB was better...and believe it or not, Emirates NDB is better.

This morning rate AED to EUR :

-HSBC rate was 5.16
+ with advance banking 30AED transfert fees
without, 150 AED transfert fees

-Emirates NDB rate was 5.13
+35AED transfert fees.

-Called GCEN, nice lady, no fees, 5.10

-Called MOE Al Rostamani, 5.09, 45Aed transfter fees.

Last 2 seems competitive, any good or bad experience with the last 2???

[Man Flex 37.5]

Just checked UKForex which i have used once before, they give you 2 free transactions then after that 50 dirhams for transactions less than 30,000 dirhams otherwise free.

At today's rate 100,000 dirhams buys £16,677, rate 0.16677

Emirates NBD charge 50 dirhams for a local transfer to UKForex Dubai account, it took about 2 days to reach my UK account

[serf]

And for HSBC online banking, 100,000 gets you £16,576.