# UAE banks that permit international money transfer in AED



## mls082 (Jul 11, 2015)

Unfortunately I haven't been able to find a regulated forex broker with local accounts in the UAE. They all appear to be based in the UK (context - pay AED in to UK based AED account, paid AUD in to AUS account).

Additionally, my bank doesn't permit international money transfer in AED on internet banking.

"For money transfers in UAE Dirhams (AED) to payees outside UAE, kindly route these offline through the nearest ADCB branch."

A colleague implied this is also the case with NBAD.

Is anybody here with a bank that allows international money transfers in AED on internet banking? 

An idea of the fees would also be appreciated. I understand 100 AED per IMT transaction is about standard?

I have the option of going in to a branch, however I work on a construction site in an industrial area and this isn't something that could easily be done during a lunch break.


Matt.


----------



## Chocoholic (Oct 29, 2012)

I make online transfers through HSBC online and it just gets converted the other end. It's usually a 50dhs charge each side.


----------



## KhalidAbuDhabi (Oct 10, 2016)

My bank Emirates NBD charge 45 DHS.


----------



## twowheelsgood (Feb 21, 2013)

Not sure how you could do an international transfer in AED as the bank receiving it would need to be an UAE bank ?

Or am I missing something ?


----------



## Malbec (Jan 2, 2014)

twowheelsgood said:


> Not sure how you could do an international transfer in AED as the bank receiving it would need to be an UAE bank ?
> 
> Or am I missing something ?


There are banks in UK which offers AED account, e.g. Barclays.


----------



## w_man (Apr 16, 2010)

So I use UKForex mostly now - their AED account is based in UK. I personally have a HSBC account and I pay 150aed per transfer (steep, I know). It's like 100aed for something and another 50aed for something else - don't remember the specifics. 

GCEN is another company based in Dubai and have a local UAE account so you can possibly transfer your AED for free but unfortunately they recently made a banking change which ended up costing me extra 'banking fees'. Eg: When I send money via GCEN, I end up paying some fees when they send the money from UK to Canada and then my bank charges an incoming fees.

UKForex on the other hand, I have to pay the 150aed to send the money directly to UK but then they use a local Canadian account to transfer funds to my CAD account so there is no fees on that transfer - PLUS my bank doesn't charge any fees on receiving it.

Each month I calculate both and almost always go with UKForex because their rate is much better than GCEN and even with the 150aed transfer fees, the end transfer rate is better.

You might just have to try each service and see what works best for you and your particular bank(s).


----------



## Malbec (Jan 2, 2014)

100 AED is usually the OUR fee for OTT (Outward Telegraphic Transfer), this ensures the beneficiary gets his payment in full, while with SHA (shared fees) you never know how much will the receiving party get. AED 50 is your bank's charge for submission of the OTT. Some banks don't charge this fee, e.g. ADCB.

Out of curiosity, isn't Currency Fair the most attractive option FX wise?


----------



## mls082 (Jul 11, 2015)

w_man said:


> So I use UKForex mostly now - their AED account is based in UK. I personally have a HSBC account and I pay 150aed per transfer (steep, I know). It's like 100aed for something and another 50aed for something else - don't remember the specifics.
> 
> GCEN is another company based in Dubai and have a local UAE account so you can possibly transfer your AED for free but unfortunately they recently made a banking change which ended up costing me extra 'banking fees'. Eg: When I send money via GCEN, I end up paying some fees when they send the money from UK to Canada and then my bank charges an incoming fees.
> 
> ...


UKForex is who I intend to use. The problem is, that after setting them up as a payee, ADCB will not allow me to pay them in AED.

I'll go in to a branch to confirm. So far no response to my email seeking written confirmation of what they told me on the phone (that they will not permit IMT in AED).

Paying a cheque to one of the local money houses comparable with dealing through a Forex broker?


----------



## mls082 (Jul 11, 2015)

w_man said:


> So I use UKForex mostly now - their AED account is based in UK. I personally have a HSBC account and I pay 150aed per transfer (steep, I know). It's like 100aed for something and another 50aed for something else - don't remember the specifics.
> 
> GCEN is another company based in Dubai and have a local UAE account so you can possibly transfer your AED for free but unfortunately they recently made a banking change which ended up costing me extra 'banking fees'. Eg: When I send money via GCEN, I end up paying some fees when they send the money from UK to Canada and then my bank charges an incoming fees.
> 
> ...


I forgot to ask - is your HSBC transfer to UKForex on online banking? Or are you doing this at the branch?

I'm hearing from multiple colleagues that its *impossible* to send AED overseas. I wonder how much money they are wasting letting their banks facilitate the conversion. They get a little complacent with the whole "there is no tax in the UAE" thing... :frusty:

May be a timely opportunity for me to move to a more _transparent_ banking provider.


----------



## LesFroggitts (Dec 30, 2013)

NBD allow me to transfer AED out of the country, goes to an AED account held in the UK by the recipient - no worries at all.

Also, my recipient accepts ALL transfer charges to their account 

*@w_man*: I don't think that GCEN have a 'local' bank account any more, their instructions are to send the funds to their Santander account in the UK and that they must remain in AED


----------



## lylebaker (Oct 30, 2016)

LesFroggitts said:


> NBD allow me to transfer AED out of the country, goes to an AED account held in the UK by the recipient - no worries at all.
> 
> Also, my recipient accepts ALL transfer charges to their account
> 
> *@w_man*: I don't think that GCEN have a 'local' bank account any more, their instructions are to send the funds to their Santander account in the UK and that they must remain in AED


Same here, have used NBD many times to transfer to both EU and Middle East countries without any problems. I usually transfer out in AED to avoid loss on currency exchange cuts.

I also was using HSBC for a few years, but fees were higher and service worse so I switched to NBD


----------



## w_man (Apr 16, 2010)

mls082 said:


> I forgot to ask - is your HSBC transfer to UKForex on online banking? Or are you doing this at the branch?.


Yes - HSBC allows you to transfer AED to UK AED account no problem. 150AED total transfer fees. I do everything online - I try to avoid going into any bank as much as possible.


----------



## w_man (Apr 16, 2010)

LesFroggitts said:


> *@w_man*: I don't think that GCEN have a 'local' bank account any more, their instructions are to send the funds to their Santander account in the UK and that they must remain in AED


That's interesting. They keep changing their banks, which is why I hardly transfer with them anymore. They closed their local bank once before too BUT they did offer to pay all fees for any transfer from UAE to UK. So I used to simply select 'recipient will pay fee' option when transferring. Then they brought it back to the UAE - guess they are closing it again. Good to know.


----------



## w_man (Apr 16, 2010)

Malbec said:


> 100 AED is usually the OUR fee for OTT (Outward Telegraphic Transfer), this ensures the beneficiary gets his payment in full, while with SHA (shared fees) you never know how much will the receiving party get. AED 50 is your bank's charge for submission of the OTT. Some banks don't charge this fee, e.g. ADCB.


That's good to know.



Malbec said:


> Out of curiosity, isn't Currency Fair the most attractive option FX wise?


Interesting. I just checked their site. Tried to create an account to get a real quote to compare but got stuck. They are asking for two piece of IDs which your physical address - how do you get around this issue? Other than my tenancy agreement, nothing has our physical address, only PO Box (which they don't accept). Had the same issue with UKForex where they asked for a 'certified' copy of the tenancy agreement (it was a pain to find someone to do this). 

Do you have an account with Currency Fair? If so, what did you use for the physical address ID? Thanks!


----------



## Malbec (Jan 2, 2014)

w_man said:


> Interesting. I just checked their site. Tried to create an account to get a real quote to compare but got stuck. They are asking for two piece of IDs which your physical address - how do you get around this issue? Other than my tenancy agreement, nothing has our physical address, only PO Box (which they don't accept). Had the same issue with UKForex where they asked for a 'certified' copy of the tenancy agreement (it was a pain to find someone to do this).
> 
> Do you have an account with Currency Fair? If so, what did you use for the physical address ID? Thanks!


Yes I have and I have submitted:
- passport copy (identity)
- residence visa copy (identity)
- Etisalat landline bill (address proof)
- Etisalat mobile bill (address proof)


----------



## w_man (Apr 16, 2010)

Malbec said:


> Yes I have and I have submitted:
> - passport copy (identity)
> - residence visa copy (identity)
> - Etisalat landline bill (address proof)
> - Etisalat mobile bill (address proof)


Ahh - I just checked. Certainly don't have my physical address on the Etisalat mobile bill - only PO Box. My DU landline bill does have my partial address along with the PO Box - just the building name and apartment number - which should be enough.

Did you request Etisalat to put your physical address on your mobile bill? Or maybe since you have a landline account, it defaults over? I don't remember them ever asking me for my physical address when I signed up 3 phones with them.

Thanks!


----------



## Malbec (Jan 2, 2014)

w_man said:


> Ahh - I just checked. Certainly don't have my physical address on the Etisalat mobile bill - only PO Box. My DU landline bill does have my partial address along with the PO Box - just the building name and apartment number - which should be enough.
> 
> Did you request Etisalat to put your physical address on your mobile bill? Or maybe since you have a landline account, it defaults over? I don't remember them ever asking me for my physical address when I signed up 3 phones with them.
> 
> Thanks!


You can edit the billing details somewhere online on Etisalat website or just drop them an email.

DEWA bill should also have your physical address.


----------



## canadianukgirl4 (Aug 18, 2018)

*Aed to aed uk*

Hi

Just found this thread. I did not know that I could not transfer AED out of the country without converting it.

I opened an AED account with BArclays to carry out exchange there as exchange rates for banks and ansari and the like are much too high.

In any case - I bought quite a large sum of Euros but now my bank won't let me transfer AED from here to my AED account in the UK.

Wondering if anyone has found a way around this - short of opening an account with HSBC or NBD which will take time and I won't be able to fulfill the trade.


----------



## UKMS (Jan 9, 2017)

canadianukgirl4 said:


> Hi
> 
> Just found this thread. I did not know that I could not transfer AED out of the country without converting it.
> 
> ...


Possibly just me ..... but I’m not entirely clear what you are trying to do ?


----------



## canadianukgirl4 (Aug 18, 2018)

Sorry.

Until last Wednesday I'd never transferred money out of UAE. I've just been saving it up. So I had no idea how this was all done beyond the general knowledge. 

I set up a foreign exchange trading account with a company in the UK. 

I bought Euros for two thirds of the dirhams I had because the euro was down to 4.2 and I was able to buy it for 4.18.

I went to transfer the amount to the exchange company's AED account in the UK but my bank won't let me send AED outside of the country. 

If I transfer through the bank - I lose alot of money as their exchange rate is abysmal bordering on scandalous. 

I asked around and it seems only HSBC and NBD will allow for AED to be transferred to an AED account in the UK without converting.

But neither of my accounts here are with either of those banks. 

So trying to find a way to send AED to an AED account in the UK. 

Thank you!


----------



## UKMS (Jan 9, 2017)

canadianukgirl4 said:


> Sorry.
> 
> Until last Wednesday I'd never transferred money out of UAE. I've just been saving it up. So I had no idea how this was all done beyond the general knowledge.
> 
> ...


If they won’t let you transfer AED out of the country then you maybe limited. Some kind of intermediary is a risky option or it might cost you .... personally I can’t recommend anything other than long term an HSBC account with a UK based AED account might be your answer.


----------



## Nishad1982 (Nov 10, 2019)

LesFroggitts said:


> NBD allow me to transfer AED out of the country, goes to an AED account held in the UK by the recipient - no worries at all.
> 
> Also, my recipient accepts ALL transfer charges to their account
> 
> *@w_man*: I don't think that GCEN have a 'local' bank account any more, their instructions are to send the funds to their Santander account in the UK and that they must remain in AED


So, did you this transfer online? To my knowledge, all banks will allow this transfer, but they want you to visit the branch - in other words, they make such transfer difficult for the customers.

Please confirm of you did this from NBD online banking/ mobile banking platform. Please confirm of they asked to visit branch and what was your amount. Is there a limit?


----------



## Nishad1982 (Nov 10, 2019)

I tries the same with Abudhabi Islamic Banking ADIB. They ask to visit branch. I am trying to transfer AED to my currency fair account in UK. I want to be able to do it online. Anyone has any idea?


----------



## Nishad1982 (Nov 10, 2019)

*HSBC allows transger of AED to overseas AED account*



Nishad1982 said:


> I tries the same with Abudhabi Islamic Banking ADIB. They ask to visit branch. I am trying to transfer AED to my currency fair account in UK. I want to be able to do it online. Anyone has any idea?





w_man said:


> Yes - HSBC allows you to transfer AED to UK AED account no problem. 150AED total transfer fees. I do everything online - I try to avoid going into any bank as much as possible.


Can we do it online? or, from the mobile banking app?


----------



## Nishad1982 (Nov 10, 2019)

If the member who started this thread could summarize the outcome in the first post it would really help everyone trying to do the same.


----------



## Nishad1982 (Nov 10, 2019)

*The Final Solution*



mls082 said:


> Unfortunately I haven't been able to find a regulated forex broker with local accounts in the UAE. They all appear to be based in the UK (context - pay AED in to UK based AED account, paid AUD in to AUS account).
> 
> Additionally, my bank doesn't permit international money transfer in AED on internet banking.
> 
> ...


How did you solve this problem? Do HSBC and Emirates NBD both allow such transactions from online and anywhere?


----------



## Nishad1982 (Nov 10, 2019)

*CurrencyFair account*



w_man said:


> That's good to know.
> 
> 
> 
> ...


I have an account with CurrencyFair. As a proof of address I gave them UAE tenancy contract. They also ask for home country address if you are relatively a new resident - less than five years. They also accept a valid driving license which is more than five years old.


----------



## Nishad1982 (Nov 10, 2019)

LesFroggitts said:


> NBD allow me to transfer AED out of the country, goes to an AED account held in the UK by the recipient - no worries at all.
> 
> Also, my recipient accepts ALL transfer charges to their account
> 
> *@w_man*: I don't think that GCEN have a 'local' bank account any more, their instructions are to send the funds to their Santander account in the UK and that they must remain in AED


Did you have to visit any branch for this transaction? Did you do it remotely - online banking, mobile app, phone banking?


----------



## Nishad1982 (Nov 10, 2019)

KhalidAbuDhabi said:


> My bank Emirates NBD charge 45 DHS.


Did you do it online? It is not a regular transaction, do you understand? You are transferring AED to an AED account held in UK - no currency change here - you get it? Please confirm in details.


----------



## LesFroggitts (Dec 30, 2013)

Nishad1982 said:


> Did you have to visit any branch for this transaction? Did you do it remotely - online banking, mobile app, phone banking?



Nishad, the last time I did it was over FOUR YEARS ago, things change.

Yes I did it online WITHOUT visiting the branch - maybe I was classed as a VIP, I don't know, but for me it was ALWAYS solely online.

Why not visit your branch and ask them for the most up to date banking regulations.


----------



## Nishad1982 (Nov 10, 2019)

LesFroggitts said:


> Nishad1982 said:
> 
> 
> > Did you have to visit any branch for this transaction? Did you do it remotely - online banking, mobile app, phone banking?
> ...


Thank you for the reply. I will do it.


----------



## w_man (Apr 16, 2010)

Nishad1982 said:


> Can we do it online? or, from the mobile banking app?


With HSBC - Yes! I just did it a couple of days ago.

I still use UKForex. I transfer AED from my HSBC UAE account to UKForex's AED account in UK via online banking. I try to avoid going to the branch and speaking to anyone at the bank as much as possible.

I just quickly looked at the app and it doesn't look like they let you do international transfers on the app yet. I might have missed it but the transfers are only local transfers.


----------



## psychopomp1 (Aug 5, 2021)

Old thread I know, but which UAE bank(s) currently allow you to transfer AED > AED internationally through *ONLINE* banking? Ideally free of charge of course or at the very least without eye watering charges. Its for sending regular AED transfers to my Revolut Premium account in UK.
Cheers


----------



## UKMS (Jan 9, 2017)

psychopomp1 said:


> Old thread I know, but which UAE bank(s) currently allow you to transfer AED > AED internationally through *ONLINE* banking? Ideally free of charge of course or at the very least without eye watering charges. Its for sending regular AED transfers to my Revolut Premium account in UK.
> Cheers


I currently use HSBC arrives into Revolut immediately  using phone app or online.


----------



## psychopomp1 (Aug 5, 2021)

UKMS said:


> I currently use HSBC arrives into Revolut immediately  using phone app or online.


Thanks UKMS. How much do HSBC charge you for each AED transfer to Revolut? On their 'schedule of charges' they mention AED 50 for every international transfer made online to a non HSBC account. 

Also for transfers made from Revolut to HSBC in AED > AED, do HSBC deduct any fees from amount received? Other than the AED 30 fee taken by intermerdiary bank (Barclays). 

I need to decide whether to completely move my banking over from ADCB to HSBC or just open a savings account with HSBC purely to make transfers to Revolut (no salary transfer requirement or min balance requirement with HSBC savings account)


----------



## UKMS (Jan 9, 2017)

psychopomp1 said:


> Thanks UKMS. How much do HSBC charge you for each AED transfer to Revolut? On their 'schedule of charges' they mention AED 50 for every international transfer made online to a non HSBC account.
> 
> Also for transfers made from Revolut to HSBC in AED > AED, do HSBC deduct any fees from amount received? Other than the AED 30 fee taken by intermerdiary bank (Barclays).
> 
> I need to decide whether to completely move my banking over from ADCB to HSBC or just open a savings account with HSBC purely to make transfers to Revolut (no salary transfer requirement or min balance requirement with HSBC savings account)


Hi
I’ve never paid any fees from HSBC > Revolut what I send is what arrives.

Revolut > HSBC I just lose the 30aed. I rarely do this


I’m not sure if it makes any difference but I have an HSBC Premier account.

Revolut works so well all round for me. Travel, savings to UK and I now use it locally here for spend.


----------



## psychopomp1 (Aug 5, 2021)

UKMS said:


> Hi
> I’ve never paid any fees from HSBC > Revolut what I send is what arrives.
> 
> Revolut > HSBC I just lose the 30aed. I rarely do this
> ...


Ok thanks. I suspect you might have gotten very lucky, because HSBC clearly mention in their t&c's of an AED 42 charge for sending funds to non-HSBC accounts overseas for Premier customers:



https://www.hsbc.ae/content/dam/hsbc/ae/docs/en/uae-schedule-of-services-and-tariffs.pdf


----------



## UKMS (Jan 9, 2017)

psychopomp1 said:


> Ok thanks. I suspect you might have gotten very lucky, because HSBC clearly mention in their t&c's of an AED 42 charge for sending funds to non-HSBC accounts overseas for Premier customers:
> 
> 
> 
> https://www.hsbc.ae/content/dam/hsbc/ae/docs/en/uae-schedule-of-services-and-tariffs.pdf


I think you might find it is considered a domestic transfer in AED 'no fees' (because its AED to AED) 

The transfer you highlight is an international transfer which would be in another currency.


----------



## psychopomp1 (Aug 5, 2021)

Fair enough. Anyway I have opened a HSBC Advance Account in UAE (i'm too poor to qualify for the Premier account lol) and will let you know what happens when i try to send funds to my Revolut Premium account. Thanks again


----------



## psychopomp1 (Aug 5, 2021)

I managed to open an Advance account with HSBC UAE. It seems *ALL *international transfers (irrespective of currency) are free currently as part of a promotion, provided you use their ' Global Money Transfer' service which I can only see in their app. If using regular desktop banking, then I'm seeing a AED 52 charge for the same transfer. Also, HSBC are quoting 1-3 working days to send funds to Revolut, definitely not instant in my case. I sent AED from the HSBC app yesterday afternoon and as of yet the funds haven't been received by Revolut, maybe the transfer is deliberately delayed by HSBC given its my very first transfer.

@ UKMS, perhaps you're somehow getting the option to send funds through 'Global Money Transfer' through regular desktop banking website?


----------



## UKMS (Jan 9, 2017)

I mostly use the app for everything …. I’ll have a look later at the desktop.


----------



## psychopomp1 (Aug 5, 2021)

UKMS said:


> I mostly use the app for everything …. I’ll have a look later at the desktop.


Did you get a chance to see in desktop banking?
Cheers


----------



## UKMS (Jan 9, 2017)

Sorry …. Yes I did and it shows fees but the method on the app is still free


----------

