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Cheapest USD->AED transfer option without UAE address

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Luxxxtino

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Jun 4, 2020
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#1
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Hi all,

Looking to transfer around 600K USD into AED (I have an AED account with ENBD) for a property purchase (not currently a UAE resident).

IBKR would have been ideal but they won't let me withdraw AED to the account without proving my UAE address (currently an Airbnb) through a bank statement/utility bill.

My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).

Do you guys have recommendations for companies/services to use in this scenario for a better rate?

Thanks!
 
#3
Luxxxtino said:
Hi all,

Looking to transfer around 600K USD into AED (I have an AED account with ENBD) for a property purchase (not currently a UAE resident).

IBKR would have been ideal but they won't let me withdraw AED to the account without proving my UAE address (currently an Airbnb) through a bank statement/utility bill.

My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).

Do you guys have recommendations for companies/services to use in this scenario for a better rate?

Thanks!
Click to expand...
Xe.com has 3.67250
 
#6
I have heard that for large sums, exchange houses or traditional banks may offer better rates than Wise or Revolut. Maybe try some of the UAE exchange houses (Al Ansari for example). Or maybe you can simply pay using crypto?
I would also reach out to @Fred - he'll probably have a solution for a case like yours.
 
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#7
JustAnotherNomad said:
I have heard that for large sums, exchange houses or traditional banks may offer better rates than Wise or Revolut. Maybe try some of the UAE exchange houses (Al Ansari for example). Or maybe you can simply pay using crypto?
I would also reach out to @Fred - he'll probably have a solution for a case like yours.
Click to expand...
Thanks I'll check Al Ansari out! Crypto won't be doable since this is a secondary market transaction, but I can ask the seller if they'd accept USD equivalent.

@Fred feel free to reach out if you think you have a suitable option here :)
 
#8
Luxxxtino said:
My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).
Click to expand...
The difference for IFX and NBD is just 0.002 AED and for 600k USD that's only 1,200 AED (about $350).

That's nothing!
That's a night or two at best in a decent hotel in Dubai.
Or a better lunch for 4 people in Dubai.

Just pay the NBD and move on.
Don't mess with IBKR and risk 600k and get your self in trouble over $300 bucks.
 
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#15
PinkCat said:
How did you get Dubai bank account without being resident?
Click to expand...
It's possible BUT banks may ask for lot of papers, will ask for bigger deposit (in my experience min $100k) and may report you home (CRS)

PinkCat said:
Isn't AED pegged to the dollar, so banks should auto convert to AED upon receiving on the same rate or not?
Click to expand...
Yes it's pegged to USD, but they won't convert it for you. Most banks offer multi currency accounts so you can keep USD, EUR, CHF...

If you want to exchange USD to AED (or vice versa) you'll have pretty good exchange rate in most banks (and that's not the case with other currencies).
 
#19
I recommend building a relationship with a FX Broker in the U.K. If your explain them your Sof once they will not cause any further trouble, and likely be able to beat the rate of the likes of Wise.
 
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