# Sending savings home



## urgrund (Jun 13, 2012)

Hey there,

I wondering how people usually go about sending savings home?

I've been trying to look into a few options but find them rather unattractive due to the un-competitive rates they offer.

In other countries, I used a company called OzForex and they gave good rates and made it work well due to local transfers _(you transfer to their account in your expat country, then they transfer from their local account in your home country to your home account_), so it actually avoided 'wiring' or 'international transfers' at the bank.

Though - I find a lot of these fx houses don't have accounts in the UAE and the 'remittance' houses like AlAnsaria Exchange offer really bad deals. They are fine for a few small transfers, but not large chunks (100'000Dh+) as you feel the sting of their rates.

Using the banks would be my last option.

I can't open offshore accounts as I don't have enough to qualify for these benefits.

Does anyone have any advice?


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## rednelly84 (Jul 4, 2010)

I use Al Rostamani on Electra in the Gulf Bank tower, next to the pink building. If I am going home within 6 months and therefore not in a hurry for the money to be in my UK account, I request a banker's draft for the grand sum of AED10. Usually though, I am charged AED45 per transaction. Have you tried online banking?


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## urgrund (Jun 13, 2012)

Thanks for the suggestions, I shall look into them!  

Problem with online banking, and most of these trade houses are that they hide their fee's in the currency rates they offer.

eg) If I were to send 100'000Dh to Australia (AUD), the market price would give me $35000. 1Dh = 0.35AUD

But - banks will will only BUY your Dirham for 0.32AUD or even 0.31AUD... when we're talking about 100'000Dh - that means they scalped 10'000Dh off your savings. The trading platform I used before _(no accounts in UAE  )_ would, in this case, offer something like 0.345... so it's not at market, but it's a very competitive rate.

Other problem with online banking is they charge to SEND the money, then the beneficiary often charges to RECEIVE the money... 

So I was curious who else has had to send large sums home and what sort of methods did they use?


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## rsinner (Feb 3, 2009)

I have used Al Ansari exchange in the past for Indian rupees (and larger sums than 100K Dhs) and found them to be pretty competitive with rates. You should always ask to see the "manager" to get better rates if the amounts are large. Go to non mall locations.
Also, it may depend on the currency.
Also, the rates that they offer you at the counter are usually better than the rates they have posted online on their own websites.


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