# Transferring money from Dubai to the US



## Timberwolf78 (Jun 18, 2009)

My sister just helped sell a property I had in Dubai as she had a POA from me. 
The check is in my name which is with her in Dubai while I am in the US. 
I am being told that I would have to travel to Dubai to "receive" the payment.
Is that true? is there any way around it?
If I must travel, what would be the least time consuming way to do this? I am guessing, I will have to open a bank account and deposit teh check? 
Anyway, I would really appreciate some help on this.

Thanks


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## ash_ak (Jan 22, 2011)

Is the check currency in UAE dirhams, I think you can get the check couriered to you and you can deposit it in your US Bank account. You probably will lose 2% in foreign currency transaction fees when your bank does the conversion to usd. 

Check with your bank in the US about the fees involved.


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## RenoMichaelk (Apr 4, 2013)

I have sent checks back to the US that are written in AED and have not had any problems with them being deposited in US banks. Just as ash_ak pointed out, you may lose the foreign currency transaction fee but that also depends on your bank. 

A FedEx envelope is cheaper than a plane ticket.


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## xxxxxxxxJonzie (Feb 22, 2014)

Hello, I have personal insight on this. I had to send a personal check back to the USA from UAE made out to a family member. I sent this check via DHL. Whoever told you, you need to travel here to pick up the check is misinformed. Have your sister send the check via DHL. The agents/DHL in general are very strict about sending checks in the mail here. Anyway, what to do is have your sister draw two diagonal lines in the upper left hand corner of the check. This is to ensure your check will not be stolen and illegally cashed. Yes I know...how f**in' ridiculous is that explanation. I swear to you, this was explained to me by a DHL agent in Abu Dhabi and DHL's policy of shipping checks from the UAE to the USA. It might cost her 250 AED but you will get it in 2 days time. Better than spending 1300-2000 USD for airfare. Good Luck


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## Timberwolf78 (Jun 18, 2009)

Thanks for the replies.

So I researched a bit. My bank, Wells Fargo, would convert the amount into dollars at 3.78AED/$1. The amount that I would lose because of the exchange rate is a lot higher than what I would spend on airfare etc. I checked some other banks and the exchange rate is even worse. Is that normal?

Anyway, I have decided to fly out to Dubai. I think I would open a non-resident account, deposit the checks and then do a wire transfer. Any opinions on which banks are easier and less time consuming to deal with?


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## uberkoen (Sep 12, 2013)

Am I missing something here? 3.78 is the correct exchange rate. Its actually a brilliant exchange rate.


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## Timberwolf78 (Jun 18, 2009)

How is that "brilliant"? Isn't the official exchange rate 3.67AED for 1USD?
So hypothetically someone deposits 1 million AED in a US bank. At 3.78 the deposit in dollars would be $264,550. At 3.67, it would be a little over $272,000. I don't know if I will get exactly 3.67 in Dubai but it would definitely be a lot better than 3.78.


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## ccr (Jun 20, 2010)

Timberwolf78 said:


> So I researched a bit. My bank, Wells Fargo, would convert the amount into dollars at 3.78AED/$1. The amount that I would lose because of the exchange rate is a lot higher than what I would spend on airfare etc. I checked some other banks and the exchange rate is even worse. Is that normal?
> 
> Anyway, I have decided to fly out to Dubai. I think I would open a non-resident account, deposit the checks and then do a wire transfer. Any opinions on which banks are easier and less time consuming to deal with?


I have just transferred money from my US bank to UAE bank, and the wired rate was 1 US to 3.56 AED. So it seems the cost (0.09) is similar going the other way.

If you fly over, open a local account then transfer, wouldn't it cost you the same as Wells Fargo. I don't believe the local bank will transfer at 3.67


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## Timberwolf78 (Jun 18, 2009)

:fingerscrossed:


ccr said:


> I have just transferred money from my US bank to UAE bank, and the wired rate was 1 US to 3.56 AED. So it seems the cost (0.09) is similar going the other way.
> 
> If you fly over, open a local account then transfer, wouldn't it cost you the same as Wells Fargo. I don't believe the local bank will transfer at 3.67


I had considered that as well. But in Dubai I can take the AED and convert into USD before I do the wire transfer. Can't I? I checked with RAK bank, their selling rate for the day is 3.678.


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## ccr (Jun 20, 2010)

Timberwolf78 said:


> :fingerscrossed:
> 
> I had considered that as well. But in Dubai I can take the AED and convert into USD before I do the wire transfer. Can't I? I checked with RAK bank, their selling rate for the day is 3.678.


Just open the local Dubai account in USD, then transfer.


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## Fat Bhoy Tim (Feb 28, 2013)

Jonzie said:


> Anyway, what to do is have your sister *draw two diagonal lines in the upper left hand corner of the check*. This is to ensure your check will not be stolen and illegally cashed. Yes I know...how f**in' ridiculous is that explanation. I swear to you, this was explained to me by a DHL agent in Abu Dhabi and DHL's policy of shipping checks from the UAE to the USA.


Isn't A/C Payee Only standard on cheques these days?


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## xxxxxxxxJonzie (Feb 22, 2014)

It doesn't matter what the rates are...banks are in the business of making money and you will get screwed at either end. The rate (depending on the day) is anywhere from 3.67-3.68 AED. Better to get currency exchange from banks and NOT exchange centers at any airport. They will definitely hit you with fees etc. on top of rates.

At any rate, I am with HSBC. The main branch is in Dubai and I haven't had any problems with them. If you are able to open an account here, you need to remember a few things:

1. These banks require an annoying amount of certified paperwork if you're a resident here. So if you don't plan on being a resident here and opening an account, you need to contact a representative at the bank to find out what documents are needed.

2. When you decide to come over here and start the process, be patient!! The language barriers are difficult to comprehend (they do all speak English here but native languages make their accents difficult to understand...not in all cases though). There is a vast difference between the "customer service" experience in the USA vs. in the UAE...it's practically non-existent (in most cases). They definitely don't make processes here efficient for the customer.

3. I'm not sure about other banks, but HSBC transfers are very quick if you transfer to a US account. If you transfer money on a Monday or Tuesday (before 10 am UAE time or auto XFR), it will be in your account the same day in the USA. Weekends here are Fridays and Saturdays and any other day transferring money will take at least 5 days or more with the differences in what is considered "work days" here in the UAE. 

Either way call before you get here to find out what you need signed, certified and attested! Good luck!


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## mehranR (Jul 27, 2013)

I believe if the money is over $100k, It is always best to cash the money in Dubai and send in US dollars from Dubai. You would get a better exchange rent. 
One thing I am concerned with is that you will not be able to open an account In Your name without a residence visa. 
Also you will have to have all papers ready to show to your bank after transfer because there is 90% chance that the question of "where did the money come from" would arise.


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## Timberwolf78 (Jun 18, 2009)

Thanks again folks.

I am not a resident so I would be opening a non-resident account. It will be a savings account so the only document needed is the passport.


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