# Transferring AED to London - HELP PLS!



## hether24 (Jul 24, 2010)

Really hoping some of you, more financially savvy than me, can help me with a bit of a mess that has transpired in trying to transfer savings back home to the UK.

We made an agreement through a currency exchange dealer in the UK to send a large amount of AED back home, we would transfer in AED and they would transfer to GBP at a more competitive rate than our bank was offering and deposit it into our bank account back home.. Straight forward so far! 

The first problem arose when we tried to do the transfer on-line, the problem being the currency selection you had to select to transfer to London was only in GBP, EUR or USD, not AED. 

We received an e-mail from our Bank, Abu Dhabi Islamic Bank (ADIB) who stated to send AED to London we needed to visit the branch. 

We informed our currency exchange lender the transfer would be a day late due to this.. 

We go to the Branch, and the branch manager explains they cannot facilitate the transfer of AED to London as they don't have a correspondence account in AED in London, on receipt to their account in London it will be transfered to GBP?

Our currency exchange company are threatening us with large fees should we fail to complete the transfer. WE are trying everything possible with the bank, but they insist it is not possible. 

Can they not just send the AED directly to the account in London (which is set up in AED) as we have requested? Is a correspondence account needed by the bank? 

Any help or had knowledge of this you can share would be appreciated. 

Regards, 

Hether


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## Elphaba (Jan 24, 2008)

I see no reason why the transfer could not have been made in AED. If you are transferring via an exchange service you should be sending them the AED and _they_ make the switch to GBP. It's irrelevant where you are sending the money really; it's just to another bank account so provided you have the right details you should be able to do it online.

If the bank won't see sense I am in a position to intervene and sort it out for you. I do this kind of thing all the time via my newspaper column.


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## hether24 (Jul 24, 2010)

Thank you very much for your reply. This was our thinking. We have all the correct details including; swift code and IBAN code etc. 
When we first completed the transfer via internet banking there was a drop down box in which we had to select 1) The Country it was going to AND 2) The Currency 
We received an e-mail back the following day from our bank (ADIB) saying they could not process AED to London. The branch when we visited yesterday were equally unhelpful and stated the same. Stating they did not have a correspondence account which accepted AED in London, therefore on receipt it would be transfered into GBP. 

I would be hugely appreciative if you could intervene as we feel we have exhausted all avenues with the bank via e-mail, telephone and the branch. 

I could send you the e-mail from the bank which initially stated "to send AED to London you need to visit the branch"

Many thanks

Hether


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## Kawasutra (May 2, 2011)

It is the same with *HSBC*, they can not transfer AED to Germany. You are forced to take the exchange rate from HSBC, wich is terrible and then do the transfer. By the way, the charges are 150AED for the transfer. 
Now I am using *AL ANSARI*. Better exchange rate and the fee is 60AED.


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## Kawasutra (May 2, 2011)

Elphaba said:


> I do this kind of thing all the time via my newspaper column.


Good to know.....


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## Alamuddin (Sep 28, 2011)

*Details*

would you please email me your contact details , i am from ADIB and i will do my best to resolve this issue.


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## Elphaba (Jan 24, 2008)

hether24 said:


> Thank you very much for your reply. This was our thinking. We have all the correct details including; swift code and IBAN code etc.
> When we first completed the transfer via internet banking there was a drop down box in which we had to select 1) The Country it was going to AND 2) The Currency
> We received an e-mail back the following day from our bank (ADIB) saying they could not process AED to London. The branch when we visited yesterday were equally unhelpful and stated the same. Stating they did not have a correspondence account which accepted AED in London, therefore on receipt it would be transfered into GBP.
> 
> ...



My contact details can be found via my website - link below.


If your banks in the UK will not allow the transfers you require you should either change bank, or use a better currency exchange service that will allow you to give them a cheque in AED. I use a good service for my clients, so contact me if you want info.

-


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## Alamuddin (Sep 28, 2011)

Just , provide the beneficiary’s Bank details in UK & their correspondent Bank in UAE


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## Kawasutra (May 2, 2011)

Alamuddin said:


> Just , provide the beneficiary’s Bank details in UK & their correspondent Bank in UAE


And this is exactly the problem if you read the first post...
There is no correspondent bank in the UAE.


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## Alamuddin (Sep 28, 2011)

Kawasutra said:


> And this is exactly the problem if you read the first post...
> There is no correspondent bank in the UAE.


then I am afraid that no bank in uae can perform the transaction based on her request but they can look for another bank in uk where they have a correspondent


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## Canuck_Sens (Nov 16, 2010)

Hey Hether,

Just call your currency exchange dealer and ask them which banks they operate in the UK that would accept AED. You would just need to wire the funds to that bank.

Your currency dealer could have a bank here or a correspondent (UAE) and operate the FX from that bank ?

And check the terms and conditions of the contract you signed with your currency dealer. Can they really penalize you for not sending the funds ? 

last week the USD rebounded against most currencies and is still performing somewhat...this would the "right"moment to send some savings back home...as it seems that a correction in the FX will be coming on the next few weeks 

someone made a comment about Al Ansari

I went to Al Ansari exchange site for the rates...I trade a lot with BRL, but on the website, they are still using the name Cruzado and that currency was retired a long time ago in Brazil. It does not inspire confidence at all lol


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