# transfer money any better rate than HSBC Premier?



## deeps_10 (Mar 21, 2014)

Hi,

I am HSBC Premier customer in the UK and Dubai. This allows me to transfer money between my HSBC accounts in the UK and Dubai with no fees. The only factor is the exchange rate I get when a transfer is done. 

Does anyone else use a different service? Just checking I am not missing a trick here or better rates using another service?

Thanks in advance!


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## jonathanharland (Oct 23, 2014)

*Transfer*

I asked about GCEN on another thread earlier this week. As a result of the positive responses I transferred pounds into dirhams and saved about 1500 dirhams on a transfer of 100k dirhams. The process took about 3 days from start to finish.


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## KPSP (Aug 13, 2015)

*Transfer*

Hi,

I guess it worth checking services like Transferwise and Xendpay where the transfer fee is less than banks.

If required, let me know if you need any referral link which can give you cashbacks...


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## cfposi (Jun 12, 2015)

I'm also an HSBC premier customer. I've looked into the other services, but given the fact that I'm only transferring about 20-30k at a time I don't feel that the better exchange rates offered by the other providers offsets the speed and convenience of the global transfers service offered by HSBC. 

I suppose it depends what's most important to you, but I prefer no fees and instant transfers to waiting several days for my money to reach Mrs. Cfposi's account.


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## twowheelsgood (Feb 21, 2013)

cfposi said:


> I'm also an HSBC premier customer. I've looked into the other services, but given the fact that I'm only transferring about 20-30k at a time I don't feel that the better exchange rates offered by the other providers offsets the speed and convenience of the global transfers service offered by HSBC. I suppose it depends what's most important to you, but I prefer no fees and instant transfers to waiting several days for my money to reach Mrs. Cfposi's account.


Each to their own I guess but I do all my transfers with Al Ansari as the HSBC rates were complete rubbish. People go on about no fees but then pay a rate which is do garbage they would be better off paying a fee. I just use the cashpoint, draw out cash every time I am there anyway, and then go into the exchange once a month or more and transfer just less than the value before the paperwork comes in. I haggle for a lower rate and always get it a lot less than the listed price - usually 0.03 over the XE published rates. 

HSBC is not the the cheapest and never will be because they rely on people being lazy


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## Malbec (Jan 2, 2014)

This thread is pointless without the numbers people could get at HSBC Premier and the rate at money changers within 30mins, period.

Writing that someone saved AED 1500 over 100k transfer is irrelevant. This is compared to what? At what times? At which rates?

I am regularly selling EUR and buying AED. Either I am checking wrong or Al Ansari rates are horrible. Example which I just checked:

ADCB Excellency: €10,000 -> AED 41,422
Al Ansari: €10,000 -> 37,965 (daylight robbery ??????)
UAE Exchange: €10,000 -> 41,996

Perhaps for transfering GBP from AED it is different and DD/TT fx rates are used, but let's say:

ADCB Excellency: AED 5,810 -> GBP 1000
Al Ansari: AED 5,825 -> GBP 1000
UAE Exchange: 5,783 -> GBP 1000

Looks like UAE Exchange would be the best but from my experience what they show on the website and once you go over the counter it's two different worlds.

It seems ADCB Excellency has very similar fx margins to HSBC Premier.


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## sburt (Aug 19, 2015)

Why is the exchange rate variable with HSBC? I am about to try and open an account with them strictly for the transferring capability. It seems to me the rate should just be set by the market, and I know for USD at least AED is priced at a fixed point to it...


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## Yussif (Jul 27, 2015)

sburt said:


> Why is the exchange rate variable with HSBC? I am about to try and open an account with them strictly for the transferring capability. It seems to me the rate should just be set by the market, and I know for USD at least AED is priced at a fixed point to it...


Because they rely on people being generally lazy even with their own money.

Interesting seeing the EU vs AED like that - being such a widely used currency you would think that everyone would be within millimeters of each other but I guess it falls back to what I said above


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## Dave-o (Aug 23, 2015)

HSBC Premier here too, it depends on how much you're transferring and how regularly. HSBC do give you a crappy exchange rate but the transfer companies like Al-Ansari, CurrencyFair online hide their charges and your bank charge another fee as it hits your account so what appears to be a good rate ends up getting chipped away as it passes through the transfer system.


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## Sunder (Mar 11, 2014)

Malbec said:


> This thread is pointless without the numbers people could get at HSBC Premier and the rate at money changers within 30mins, period.
> 
> Writing that someone saved AED 1500 over 100k transfer is irrelevant. This is compared to what? At what times? At which rates?
> 
> ...


Al Ansari rates seems strange to me. Did you negotiate the rates or just checked whats written on the website.

Al Ghurair and Al Ahalia have better rates than UAE Exchange. You need to negotiate for the best rate which is 0.05 (higher/lower) than whats provided by XE that day.

Al Ghurair also have a membership card in which they provide you with better rates all year round for AED20/year subscription.

Money transfer via banks is good only when you are sending small amounts back home. If the amount is more, exchange houses give much better rates than any other banks.


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## rsinner (Feb 3, 2009)

Sunder said:


> Al Ansari rates seems strange to me. Did you negotiate the rates or just checked whats written on the website.


DO not use the rates on the website - they use it put off their competitors (and probably don't have the simple tech to update it minute by minute).

You don't need to take cash to Al Ansari at least (may be others too). Make out an Account Payee cheque to them. Adds a day or two before they can encash the cheque, but there is no extra cost.


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## deeps_10 (Mar 21, 2014)

I will be transferring a large lump sum amount in the future for a house deposit from my UK account to my Dubai account, so I need to ensure I get the best value for money both in exchange rate and / or fees


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## Mikeho (Aug 23, 2015)

Worst is if you do a transfer from euro / Gbp to your AED account 

Open the pairing currency account at hsbc premier and contact hsbc fx market to do a forex exchange - spreads should generally be 0.3% to 1% commission off the live market rate depending on amount as a preferred rate. You can always call and negotiate this rate if you aren't registered to the capital markets platform. 

Third party exchanges and over counter exchanges typically are about a 3% spread


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## deeps_10 (Mar 21, 2014)

Mikeho said:


> Worst is if you do a transfer from euro / Gbp to your AED account
> 
> Open the pairing currency account at hsbc premier and contact hsbc fx market to do a forex exchange - spreads should generally be 0.3% to 1% commission off the live market rate depending on amount as a preferred rate. You can always call and negotiate this rate if you aren't registered to the capital markets platform.
> 
> Third party exchanges and over counter exchanges typically are about a 3% spread


Good info. I'll look in to it


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## jhmaeng (Mar 16, 2015)

After suffering at the hands of the cluster**** that is HSBC UAE, I have recently switched to ADCB and couldn't be happier.

For Privilege Club, the spread is 0.3% for USD and 1% for GBP which I'm happy with, particular as there are *no* foreign transfer fees at all regardless of the destination/beneficiary (unlike HSBC where only transfers to your own accounts have a reduced charge).


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## NXY (Aug 29, 2015)

jhmaeng said:


> After suffering at the hands of the cluster**** that is HSBC UAE, I have recently switched to ADCB and couldn't be happier.
> 
> For Privilege Club, the spread is 0.3% for USD and 1% for GBP which I'm happy with, particular as there are *no* foreign transfer fees at all regardless of the destination/beneficiary (unlike HSBC where only transfers to your own accounts have a reduced charge).


Thanks for the info


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