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Transfering money from UAE bank to IE bank

  • 16-07-2012 12:39PM
    #1
    FullBeard
    Closed Accounts Posts: 64 ✭✭


    I'll be working in Dubai for the next few years. My salary there will be much larger than it is in IE, with several lump sum payments being made to me in AED equal to about EUR 7k a pop, in addition to a monthly salary.

    Back in IE, I owe AIB around EUR 10k. I can clear it quite easily with my Dubai salary.

    My question is: should I service the AIB loan with my AED salary in drips, or should I just clear it with maybe two or three large payments? The aim of my question is to find out how to minimize the amount of money the Dubai bank will charge me in conversion and international payment fees.

    Thanks!


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Don't use the bank to do foreign exchange, shop around for a broker that will give you a better rate. Can get better rates for larger amounts so you probably want to do that.

    Remember there are two seperate "chargeable" items going on here:
    1. Converting AED into EUR - the conversion rate is very important, get the best you can.
    2. Transferring money from a UAE bank into an EU bank.

    The charge for #2 is probably not a big deal (fixed amount). The hit you take from #1 is what is important. There are brokers in London that convert eur/aed so do some googling. If you are earning abroad then having an fx broker is very important imo.


  • #3
    FullBeard
    Closed Accounts Posts: 64 ✭✭FullBeard


    srsly78 wrote: »
    Don't use the bank to do foreign exchange, shop around for a broker that will give you a better rate. Can get better rates for larger amounts so you probably want to do that.

    Remember there are two seperate "chargeable" items going on here:
    1. Converting AED into EUR - the conversion rate is very important, get the best you can.
    2. Transferring money from a UAE bank into an EU bank.

    The charge for #2 is probably not a big deal (fixed amount). The hit you take from #1 is what is important. There are brokers in London that convert eur/aed so do some googling. If you are earning abroad then having an fx broker is very important imo.

    Thanks very much. I wonder, are these brokers contractable entirely over the web? How does the process generally work -- do I withdraw the money from my Dubai a/c, transfer it to the broker's a/c, who then moves it to my AIB a/c at an optimal conversion rate for a modest fee?

    Also, as a total novice at this, could you name a few reputable brokers for me? I'm not sure that my bs sensors are so finely tuned that they would recognize a legit broker from a bogus one on the web.


  • #4
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Yes you can setup via the web if you mail them the necessary proof of id/address etc. Otherwise you can do it via snailmail.

    I'm sure there are brokers that have physical offices in the UAE too. Can't recommend one to you because I don't have much experience with FX outside the EU.

    You could also look at sites like www.currencyfair.com (not a broker but a matchmaker). Shop around and get the best rate you can.


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