# Changing AED to USD



## renter1 (Jun 7, 2009)

Hi everyone! I will shortly need to change a large sum of money (>2m Dhs) from AED to USD. Any idea what kind of rate I should be aiming for?

I bank with HSBC and it should obviously be done through their trading desk. Just wondering if I should have a target or leave them an order at some level. Or maybe even use another bank?

If anyone has done this before, I'd love to get your thoughts. Thanks!


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## webmongaz (Feb 2, 2011)

If you have that amount of money lying around then surely you have a reliable financial adviser who can answer this question!?


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## renter1 (Jun 7, 2009)

webmongaz said:


> If you have that amount of money lying around then surely you have a reliable financial adviser who can answer this question!?


I don't live in Dubai. The advisors I have in my own country are very knowledgeable in other areas, but trading AED/USD doesn't really lie in their bailiwick.


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## webmongaz (Feb 2, 2011)

Well I had to google bailiwick!


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## Sunder (Mar 11, 2014)

renter1 said:


> Hi everyone! I will shortly need to change a large sum of money (>2m Dhs) from AED to USD. Any idea what kind of rate I should be aiming for?
> 
> I bank with HSBC and it should obviously be done through their trading desk. Just wondering if I should have a target or leave them an order at some level. Or maybe even use another bank?
> 
> If anyone has done this before, I'd love to get your thoughts. Thanks!


If I am not wrong any amount more than 20,000 AED which is to be transferred or exchanged must come with a proof ( like bank slips etc).

You should be asking different banks on the rates as well as exchange houses, most banks will offer you something for "FREE" ( might be some gold ornament, lifetime credit card, some club membership). You have to negotiate to get the best rate and then what they can offer extra on top of that exchange rate.

Exchange houses will surely give you a better rate than banks but I have no clue if they provide something extra for free.

Thanks,
Sunder.


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## rsinner (Feb 3, 2009)

the rate AED:USD is 1/3.6725. You should aim for a rate very close to it. My previous company banked with HSBC and used them for conversions for large sums - just make sure you do not go through normal routes and demand to get a personalised rate as close as possible to the actual rate. Do you have a USD account with them? Assuming that you won't be taking a suitcase full of cash you will also need to specify a suitable USD account.


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## Stevesolar (Dec 21, 2012)

Hi,
As the AED to USD is a fixed, pegged rate - then the exchange houses generally offer very, very close to the official rate and make a small admin fee on the transaction.
There is far less opportunity to negotiate a better rate on pegged currencies than on floating ones - like AED to UK pound, Euro or Indian rupee, for instance.
Cheers
Steve


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## twowheelsgood (Feb 21, 2013)

Sunder said:


> If I am not wrong any amount more than 20,000 AED which is to be transferred or exchanged must come with a proof ( like bank slips etc).


You are wrong.

I transfer 39,000AED at a time and never get asked for proof. I do this as the first time i did 40,000AED there as more paperwork and declarations involved.


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## rsinner (Feb 3, 2009)

twowheelsgood said:


> You are wrong.
> 
> I transfer 39,000AED at a time and never get asked for proof. I do this as the first time i did 40,000AED there as more paperwork and declarations involved.


Thats right. 40K threshold for the additional declarations. But it is just a simple form + ID. Never been asked for pay slips or bank statements.


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## twowheelsgood (Feb 21, 2013)

Who has 2M in AED and comes on this forum to ask for financial advice ?

Did I miss a helpful spam response from someone with one posting only ?


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## Sunder (Mar 11, 2014)

rsinner said:


> Thats right. 40K threshold for the additional declarations. But it is just a simple form + ID. Never been asked for pay slips or bank statements.


As per norms its required, even I have never been asked transferred >30K many times , but I have a copy of it always with me, just in case. The bank provides me when when I withdraw huge sums, and generally the teller asks whether I am going to transfer the money, I reply yes and he gives me the withdrawal slip sealed and signed.


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## renter1 (Jun 7, 2009)

For anyone who's interested, here are the current HSBC Premier rates:
Selling Rate 3.6775
Buying Rate 3.6665

So HSBC Premier is quoting me 3.6775 for this transaction. How does that compare to other financial institutions?


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## renter1 (Jun 7, 2009)

twowheelsgood said:


> Who has 2M in AED and comes on this forum to ask for financial advice ?
> 
> Did I miss a helpful spam response from someone with one posting only ?


As mentioned before, I don't live in Dubai any more. 2m is not that much really and I'm just trying to transfer it out as efficiently as possible. I have financial advisors elsewhere, but they mostly know about the larger financial centers. Dubai is a bit of a backwater and I'm therefore doing the research myself.


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