# Best way to transfer AED to GBP



## coconut_shy (Feb 3, 2013)

Hi
I would like to move AED to an offshore account in GBP (both HSBC accounts). Anyone know the best way to do this? Reading older threads, it seems that its better to use an exchange house in Dubai instead of the banks. 

Any recommendations? Can this be done online or does the money have to be withdrawn and handed over to a branch? It seems a bit impractical to withdraw and hand over money

Thanks


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## Yoga girl (Oct 19, 2008)

If you have an HSBC account the easiest way to transfer is from one HSBC account to another. There are no fees just exchange rates and you can choose the best, either applied from offshore or here. Speak to the customer service centre of your offshore account and they will be able to help you with more information.


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## coconut_shy (Feb 3, 2013)

Yoga girl said:


> If you have an HSBC account the easiest way to transfer is from one HSBC account to another. There are no fees just exchange rates and you can choose the best, either applied from offshore or here. Speak to the customer service centre of your offshore account and they will be able to help you with more information.


The bank has a notoriously poor exchange rate - I'm trying to get the best deal for my money so prepared to go to a good exchange house if someone can recommend one


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## Dubaifrog (Aug 4, 2013)

I've found waiting till the rate goes good and just getting the cash and taking it home when I go back, for me works as I go home 2/3 times a year


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## Yoga girl (Oct 19, 2008)

Then I suggest you try Wall Street exchange, but they will charge a fee for the transfer. Does that offset the no fee and rate at HSBC?


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## vantage (May 10, 2012)

try GCEN?


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## twowheelsgood (Feb 21, 2013)

Yoga girl said:


> If you have an HSBC account the easiest way to transfer is from one HSBC account to another. There are no fees just exchange rates and you can choose the best, either applied from offshore or here. Speak to the customer service centre of your offshore account and they will be able to help you with more information.


My experience with HAsBC is that it's a poor rate lid they do charge fees -150Dhs per transaction but maybe that is for a different transfer type.


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## saraswat (Apr 28, 2012)

If the amount is large enough, go into any of the exchange houses and speak with the shift manager. He/she will give you a better rate than what they would give you otherwise. This makes it extremely worth your while to transfer via them. I use Ansari exchange to transfer to India and the U.S, but from what I've heard they are all pretty much the same .....


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## FlexRay (Feb 12, 2013)

I recently changed £1400 of DHS to the UK through HSBC Advance Global Transfers, i usually use GCEN for UK to DBX but this time there wasnt a great difference, only around £20 difference in exchange rate

HSBC Advance Global transfers are also instant which i dont mind paying the extra £20 for

Craig


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## Canuck_Sens (Nov 16, 2010)

Precisely, if you need money in real time I think HSBC is the best. They dont have very good rates though for other currencies other than USD I find.

If you have monthly bills to pay and else. It is very convenient. If you can wait, you need to do the maths, better send bigger chunks in this case to offset fees


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## coconut_shy (Feb 3, 2013)

Thanks for the recommendations. Found a suitable exchange house in the end. Both HSBC and the exchange charge a 15GBP transaction fee but Saved 1900GBP! At 5.78, HSBC rates suck!


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## Felixtoo2 (Jan 16, 2009)

Got 5.57 yesterday morning at Al Rostamani.


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## coconut_shy (Feb 3, 2013)

I wonder if HSBC realise just how noncompetitive their rates actually are


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## saraswat (Apr 28, 2012)

coconut_shy said:


> I wonder if HSBC realise just how noncompetitive their rates actually are


They probably do, but then hang their proverbial 'hat' on the whole 'same bank, seem less transaction' monologue


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## Dubaifrog (Aug 4, 2013)

Felixtoo2 said:


> Got 5.57 yesterday morning at Al Rostamani.


Where is this place ??


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## saraswat (Apr 28, 2012)

Dubaifrog said:


> Where is this place ??


Al Rostamani Group


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## Felixtoo2 (Jan 16, 2009)

It's Al Rostamani Exchange in MOE down at the Cinema end.


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## stamboy (Apr 1, 2013)

Felixtoo2 said:


> It's Al Rostamani Exchange in MOE down at the Cinema end.


Do they have an FX counter there?


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## Felixtoo2 (Jan 16, 2009)

It's just a standard exchange but the rates are good and they only charge 45dhs for the transfer. I've been using them for years and they gave me some sort of customer card which always gets me a slightly better rate than is advertised.


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