# Cheapest way to transfer money to uk?



## ChrisLaws1

Dear all,
I am returning to the UK after five years in the sandpit.
I currently bank with ADCB and want to transfer all my money back to the UK - over 100,000 dirhams.
Can you suggest the best and cheapest firm to do this? ie Western Union.
Also, should the transfer be made in GBP or AED?
Thanks all


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## LesFroggitts

Cheapest may not be the best way, doing it from ADCB direct to your UK bank will undoubtedly have the least problems if it encounters any compliance checks (applicable to transfers above a threshold figure). Your bank can do the conversion from AED to GBP as part of the transfer process.

Whereas the likes of WU could encounter this problem and speaking from personal experience be a major PITA is getting your funds through.


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## Stevesolar

Hi,
Why not just take UK cash back with you?
You can then pay it into your bank accounts and avoid the sending and receiving fees.
Cheers
Steve


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## ChrisLaws1

*Re money transfer*

Thanks both
Steve, I couldn't take that amount of money back with me...it would be over 100k dirhams?
Apparently you can only take max 10,000 euros back to UK in ready cash...any more and you could face a 5,000 pounds fine apparently.


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## twowheelsgood

ChrisLaws1 said:


> any more and you could face a 5,000 pounds fine apparently.


Only if you don't declare it .... so declare it.

Seriously, if you're transfering 100k AED the fees are going to be about £15 so why the concern ?


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## ChrisLaws1

It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
So for such a large sum, I'd lose several hundred quid possibly


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## LesFroggitts

ChrisLaws1 said:


> It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
> So for such a large sum, I'd lose several hundred quid possibly


On the right hand side of "Expat Forum" is normally a sponsored advert for TorFX, there are also others available such as Currencyfair and my preferred agent GCEN - all available with a quick Google search.


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## twowheelsgood

ChrisLaws1 said:


> It's not the fees as much, though, it's the poor exchange rate the banks tend to offer?
> So for such a large sum, I'd lose several hundred quid possibly


No, you're not losing money as it money you never had in the first place. HSBC give bme about 5 to 7 fils above the XE echange rate poublished and no transfer costs. I used to use a transfer to Santander but that just got silly charges.

The cheapest way is always to get the money out in cash gradually, and go to somewhere like an Al Ansari and pay it over in lumps, as you'd need more paperwork to do it in a single sum for checking against money laundering.

If you think that three or four trips to the cashpoint, then three trips plus three lots of fees is cheaper than you should do that as the transfer limit witout query was 39,000 AED I recall and the fees were about £15 per transaction and 60AED at this end - plus hours standing in queues.

Seriously, you've got better things to do than stand in queues all day for £100 havent you ?


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## ChrisLaws1

Do you mean standing in queues for Al Ansari? Am confused...
So you're basically recommending making three trips there rather than do it via Santander, where I will be clobbered with fees in the UK most likely?


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## twowheelsgood

ChrisLaws1 said:


> Do you mean standing in queues for Al Ansari? Am confused...
> So you're basically recommending making three trips there rather than do it via Santander, where I will be clobbered with fees in the UK most likely?


No, I am saying you'll have to make multiple trips to your bank to get 100k AED out in cash. Then you'll have to make multiple trips to a money exchange and queue each time because of their cash transfer limits.

Again, you are not being clobbered - its called a marketplace and if you don't like the fees I outlined above then you can do it any way you want but it sounds like you expectations are way below the market price.

I used Santander as an example of where I did the transfers in cash at the lowest possible rate but still ended up with £15 per transaction charges.

And then pointed out that if you ant to spend an entire day moving money around in multiple cash transactions then you may have better things to do 

PS 100k AED may be a lot to you or I but its peanuts in this country so you shouldnt expect anything in the way of a special transfer rate. The best price you'll get is the same for about 30kAED and above.


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## QOFE

Stevesolar said:


> Hi,
> Why not just take UK cash back with you?
> You can then pay it into your bank accounts and avoid the sending and receiving fees.
> Cheers
> Steve


No, it's not that easy. The sum is too large to bring in with you in person legally. The banks will also not let you pay in the cash to your bank account(s) due to strict money laundry laws.


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## Stevesolar

QOFE said:


> No, it's not that easy. The sum is too large to bring in with you in person legally. The banks will also not let you pay in the cash to your bank account(s) due to strict money laundry laws.


Hi,
You can pay in or withdraw large amounts - you just need to explain yourself.
I paid a large amount into my UK amount in January and in the bank they asked me if I had just sold my car - I told them that it was from a large drug deal - and they were happy with my answer!
Cheers
Steve


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## QOFE

Stevesolar said:


> Hi,
> You can pay in or withdraw large amounts - you just need to explain yourself.
> I paid a large amount into my UK amount in January and in the bank they asked me if I had just sold my car - I told them that it was from a large drug deal - and they were happy with my answer!
> Cheers
> Steve


Your bank manager clearly had a sense of humour then... 
You would need to have a paper trail as evidence due to money laundry laws (and yes, drug deals are covered under those laws). 

Good luck with explaining 20K to customs. If you're unlucky their money sniffing dogs catch you.


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## rsinner

With Al Ansari exchange - you can either give them cash with proof of cash withdrawal from bank, or use a cheque, or do it online through their website eexchange


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## LesFroggitts

rsinner said:


> With Al Ansari exchange - you can either give them cash with proof of cash withdrawal from bank, or use a cheque, or do it online through their website eexchange


Whilst it's quite simple at the UAE end, the grief will be at the receiving end, I only sent AED 41,000 and had over a month's heartache trying to prove to the receiving bank's satisfaction that the funds were legit.

I wouldn't advise that route for funds of such a large amount.


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## Stevesolar

LesFroggitts said:


> Whilst it's quite simple at the UAE end, the grief will be at the receiving end, I only sent AED 41,000 and had over a month's heartache trying to prove to the receiving bank's satisfaction that the funds were legit.
> 
> I wouldn't advise that route for funds of such a large amount.


Hi,
That's why I suggested taking pounds cash with you to the UK.
You can fill out a form for HMRC (it's online) - they simply want to know your details and the source of your funds. That is easy to prove with UAE bank statements, copy of salary certificate, payslips, visa etc.
Once you are back in the UK, you can then pay it into your bank accounts, either bit by bit (deposits below £5000 do not attract money laundering questions) - or simply pay it into your account in one go and show the bank all your UAE proof of source paperwork.
The advantage of the above approach is that the money does not leave your sight and cannot get lost in the system.
Cheers
Steve


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## LesFroggitts

Stevesolar said:


> Hi,
> That's why I suggested taking pounds cash with you to the UK.
> You can fill out a form for HMRC (it's online) - they simply want to know your details and the source of your funds. That is easy to prove with UAE bank statements, copy of salary certificate, payslips, visa etc.
> Once you are back in the UK, you can then pay it into your bank accounts, either bit by bit (deposits below £5000 do not attract money laundering questions) - or simply pay it into your account in one go and show the bank all your UAE proof of source paperwork.
> The advantage of the above approach is that the money does not leave your sight and cannot get lost in the system.
> Cheers
> Steve


Agreed, and in the end that's what I wished I'd done with my 41k, but I'd be a bit wary of 100k. At least I knew where the funds were, in the bank's central account, but if hand-carried cash was 'potentially' confiscated or held by Customs in lieu of further clarification then I'd be a bit more concerned.


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## falcon01

1) Get ADCB exchange rate for TT 
2) On the same day visit one or two of the money exchange houses and check the rates. They usually outdo the banks and you have an idea. Make sure you tell them its $100k so they can check their main office for the best rate. Shopping forbrates is perfectly an acceptable practice. 
3) Once you pick one of the exchange house, you will have to fill a declaration form ($40k and above) and state that you are transferring your saving after working here for 5 years. 
4) money will be transferred to their correspondent bank in London which is usually an Indian bank branch. You can pick it up there or have transferred it to your own bank in the UK.


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## flyingtiger

Banks usually worst option. Money changers better. MoneyTT cheapest. They have an office near Nassar Square and in London.


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## CreativeCreator

QOFE said:


> Your bank manager clearly had a sense of humour then...
> You would need to have a paper trail as evidence due to money laundry laws (and yes, drug deals are covered under those laws).
> 
> Good luck with explaining 20K to customs. If you're unlucky their money sniffing dogs catch you.


Not true at all. I recently brought £20k through Heathrow. Filled out the forms online, gave them to the custom agent who stamped them and gave me a copy. They didn't even ask to see the money or the print out of my bank history that I had.


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