# Best way to take/exchange money when moving to Dubai for first time?



## rarchy (Apr 1, 2014)

Hi,

I am moving to Dubai in the next couple of weeks (I have a job) and wondered what the best way to take money there is, both for safety and also to maximise how much I get after exchanging.

I'll have about £4000 or so, I'll need it for things like accommodation down payment (my company can lend me the rest I think if I have to make a big payment) and initial living costs (company put me up for 2-4 weeks)

I will open a bank account as soon as I can, so is it best to take a bit with me, ie £1000, and transfer the rest? My worry is all the fees with a bank transfer, plus potentially poor exchange rate will mean I will lose out.

I was thinking about just withdrawing it all in the UK and exchanging it (best rate I can find is exactly 6 AED with no fees) therefore this just means I have to carry that amount of money with me to the UAE (limit is 100k AED so well under), and then could deposit it in my bank account when I open it (and hopefully would have access to a safe in my to temporary accomm so I wouldn't have to carry it around everyday).

Any thoughts?

Thanks

Rachel


----------



## P3ter (Apr 1, 2014)

Hi Rachel,

I would not be afraid of bringing 4000 pounds with me to Dubai, as it is a very safe place.
You could also exchange it in Dubai in one of the money changers.
They usually have a better rate than overseas banks...

Regards
Peter


----------



## QOFE (Apr 28, 2013)

P3ter said:


> Hi Rachel,
> 
> I would not be afraid of bringing 4000 pounds with me to Dubai, as it is a very safe place.
> You could also exchange it in Dubai in one of the money changers.
> ...


4000 pounds is more than the annual salary of a hotel cleaner. Dubai is fairly safe but the crime rates are higher than they would like us to think. One need to be aware that theft happen here too and be cautious.


----------



## vantage (May 10, 2012)

i brought a similar amount with me, in cash, and changed it when i got here.
i got better rates that way.
Advise found on this site before i came.

just be careful, as you would anywhere, and don't flash your wad!

use the hotel room safe.


----------



## arabianhorse (Nov 13, 2013)

best way is to withdraw at an ATM when you get here as and when you need the cash


----------



## londonmandan (Jul 23, 2013)

I took my money out from the ATM's as and when then just paid it into my UAE account here.


----------



## Byja (Mar 3, 2013)

Option 1: ATM withdrawal from your bank account. The bank will convert it from GBP to AED.
Option 2: Convert GBP to USD back in UK, then change at any exchange office here. The rates for other currencies vary, but most of the XO have the same rate for USD, wherever you go.
Option 3: If you really want to squeeze out that last AED out of your GBP, bring the cash, then head down to one of the XO near Satwa mosque, and negotiate your rate for the amount you want to change.
Bear in mind that 4k GBP probably won't be enough for your rent (unless you find something in 3 or 4 cheques). So company will probably have to cough up housing advance once you find your own place.


----------



## Canuck_Sens (Nov 16, 2010)

Rachel,

What do you want security or max out your rate ? There is a compromise that's what I am trying to tell you.

You can get by with GBP 1000 easily and exchange here. Don't worry with the rates there are "good rate providers". From 5.8 to 6 AED..really that's peanuts... not worth the hassle unless we are talking bigger amounts.

I would -for security sake- take the bare minimum and withdraw the rest using the ATM. 

Get sorted with the current accounts when you land because you can fund your AED current account by remitting fund through other money exchangers and they do usually offer better rates. In fact, the Uk has a very competitive exchange market and providers in the UK will be eager to get your business.


----------



## Ukrainka (Nov 2, 2010)

So many great suggestions, not much to add about the financial part of it...Only whatever you do, please keep your wallet closed, inside of your bag, and keep your bag closed and close to you!
And don't flash your money around anybody, and simply be cautious when you withdraw money from the ATM, or exchange it at the exchange centre, also getting in and out of the cab...you cannot imagine how often people 'forget' their wallets in cabs, and not all the drivers are nice and honest... There are also cases of simply 'snatch' and run... And if you are at the hotel, make sure your room has got a safe to keep some extra cash... I'd say still withdrawing the necessary at the ATM is better than carrying around a large sum of money. You don't lose much on exchange, don't worry. Most of international banks have got their ATMs in Dubai, so if you withdraw from your bank you do not lose much...


----------



## Vesper007 (Mar 31, 2014)

Seconding converting to USD and then exchanging in the UAE for AED. Because the AED is directly tied to the USD so the exchange rather is pretty much constant there. For the UK pound, it tends to vary.


----------



## rarchy (Apr 1, 2014)

Hi everyone

Thanks for the feedback. I think I'm going to withdraw it all and take cash, as my move date has been brought forward to this coming Wednesday (aargh!!) and I just don't want to be faffing with bank transfers. I will find a way to securely keep my cash, ie a safe, and will certainly not carry large amounts don't worry!

I will still try to get the best exchange rate, for £4000 the different between 5.8 and 6 is 800 AED and actually to me that's extra money I could do with! And withdrawing it each time I end up paying a fee each time and probably having a rubbish rate. 

My choice now is 

- transfer £ to AED here (pre-order I can currently get 5.984 with no fees or commission)
- exchange £ in Dubai - how do I find out rough rates, is anyone able to check if you happen to go past an exchange centre! (I know it changes all the time but good to get a benchmark)
- transfer to USD here and then to AED in Dubai - as the dollar is pegged what's the usual rate in Dubai at exchange centres? I can get around $1.64 to the £ if I preorder so can use that to see if I get more AED this way

If anyone can offer advice on approximate local rates that would be great and I will make my decision! If local rates are better I think I might get around £1000 worth of AED here anyway so I have some when I land, and then either do dollar or pound locally 

Thanks again

Rachel


----------



## Ukrainka (Nov 2, 2010)

Hi,
I found the web-site of a popular and one of the biggest exchange agents: Thomas Cook. Their rates are more or less the same as others. I understood you can even preorder with them. Dollar rate is usually 3.65
Buy UAE Dirhams | Pound to UAE Dirham Exchange | Thomas Cook. Others are Al Ghurair exchange, can 't remember more now...
Don't exchange the money at the airport (naturally  )unless you need to pay for taxi. Once you arrive get to any shopping mall, there are plenty of agencies there. You do not need to get to the first available. Have a look at the mall directory or ask customer service to direct you to the exchange.


----------



## rsinner (Feb 3, 2009)

ATMs do give you the best rates, but your home bank may charge a transaction fees. Either ways, you cant get very wrong.
The "correct"exchange rate without fees etc. can be found here XE: (GBP/AED) British Pound to Emirati Dirham Rate

It obviously keeps changing all the time. Right now it is 6.09, which means you should get a rate close to 5.9-6 when you exchange cash (accounting for their "fees" etc).


----------



## Byja (Mar 3, 2013)

If I may recommend, I'd go with this one:
Habib Exchange Company L.L.C. - Today's Exchange Rates
There's one in Satwa, next to the mosque.


----------



## rarchy (Apr 1, 2014)

Thanks everyone, have got £1500 in AED and taking the rest in £ cash and will keep in my hotel safe til I have a bank account


----------



## Elphaba (Jan 24, 2008)

Don't change any GBP to AED in the UK as you'll always get a lousy rate. You can change some cash at the airport in arrival in Dubai and more when you need it in numerous exchange places as they are in every shopping mall and the banks all offer this service too.


For future larger money exchanges (AED 8k+ or equivalent in any tradable currency) take a look here Thinking of moving your Dirhams or Dollars to Sterling? Want the best rates? | Financialuae's Blog


----------



## arabianhorse (Nov 13, 2013)

Elphaba said:


> Don't change any GBP to AED in the UK as you'll always get a lousy rate. You can change some cash at the airport in arrival in Dubai and more when you need it in numerous exchange places as they are in every shopping mall and the banks all offer this service too.
> 
> 
> For future larger money exchanges (AED 8k+ or equivalent in any tradable currency) take a look here Thinking of moving your Dirhams or Dollars to Sterling? Want the best rates? | Financialuae's Blog



Absolutely true!


----------

