# Transfering money from UAE to USA



## fcjb1970

I have looked around this forum and cannot find anything specific about getting money out of UAE to the good ole' US of A. I will be required to transfer money from UAE to a US account after I begin work over there. I have been looking at various options and none seem all that great. My goal here would be for it to not cost anything.

Any Americans out there that have found a good solution to this issue?

Thanks


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## Elphaba

You expect to transfer money for free?? Not possible. Banks need to make money somewhere. Even if there was not a fee, all organisations make on the exchange rates.

All the usual transfer systems exist, and are the same no matter where you are transferring the money to, so you have to select the one that is most suitable for you. For small amounts (below AED 30K) you have to use your bank or a money transfer system such as Western Union. For larger amounts wholesale exchange rates are available without a fee (PM me for information or see classified ads).

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## fcjb1970

I don't seriously expect to be able to do it for free. But I am sure hoping there is a way much cheaper than using Western Union or a standard bank transfer that would cost in the $50 or more range.


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## Elphaba

As I said above, such a system exists for larger sums...

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## dchou1107

Have you found a way because I will need to be doing this as well since I will still have mortgage in the US to pay. In addition, any recommendations for me on capital gains in the US??


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## Bugwart

Tranferring money internationally is typically done by wire transfer. It costs something per transfer, so it makes sense to maximize the size of each transfer. The cost does not depend on the amount of the transfer.

Based on my experience, the good news is that a wire transferwill exchange money at close to the interbank rate. 

The bad news is that some US banks charge money for incoming wire transfers. Check with your bank so that you will not be surprised. 

Here is what to expect:

Outgoing wire transfer fee. The UAE bank you use will be able to tell you what this fee is.

Money center bank fee. This is nuisance fee which the large US money center banks charge for incoming transfers. This is $15 - $20 per transfer. I have not figured out a way to avoid these fees.

Incoming wire transfer fee at your US bank. I use ETrade for my checking account and they do not charge for incoming transfers. Wells Fargo does charge, so I switched my business account to another bank.

Wire transfers are fast. I have gotten money into my US account in hours from the Middle East. Once the money is in your account, you can use it. Unlike a check, there is no hold time with a wire transfer.


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## Bugwart

dchou1107 said:


> Have you found a way because I will need to be doing this as well since I will still have mortgage in the US to pay. In addition, any recommendations for me on capital gains in the US??


I am not certain what you mean by "capital gains in the US".


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## sprj1

Bugwart said:


> Tranferring money internationally is typically done by wire transfer. It costs something per transfer, so it makes sense to maximize the size of each transfer. The cost does not depend on the amount of the transfer.
> 
> Based on my experience, the good news is that a wire transferwill exchange money at close to the interbank rate.
> 
> The bad news is that some US banks charge money for incoming wire transfers. Check with your bank so that you will not be surprised.
> 
> Here is what to expect:
> 
> Outgoing wire transfer fee. The UAE bank you use will be able to tell you what this fee is.
> 
> Money center bank fee. This is nuisance fee which the large US money center banks charge for incoming transfers. This is $15 - $20 per transfer. I have not figured out a way to avoid these fees.
> 
> Incoming wire transfer fee at your US bank. I use ETrade for my checking account and they do not charge for incoming transfers. Wells Fargo does charge, so I switched my business account to another bank.
> 
> Wire transfers are fast. I have gotten money into my US account in hours from the Middle East. Once the money is in your account, you can use it. Unlike a check, there is no hold time with a wire transfer.


How are you able to transfer money so quickly ("...hours")? I use Emirates NBD and do telegraphic transfers, periodically, to one of my accounts in the US, with Ohio Savings a division of New York Community Bank, and it usually takes about 3 days... ? I think I pay 30AED fee to each bank, so the fees are similar.

I had a problem with a telegraphic transfer a couple days ago. I went to Western Union at DM and attempted to 'wire' money to my checking account in the US and they told me that this is not possible, that I can only 'wire' money to an individual?

Are the transfers you are referring to, in fact, 'telegraphic transfers' or actually 'wire transfers' and where and how do you execute these transactions? I am wondering if the difference lies in the account here in Dubai, the account in the US, the method of transfer... or some combination of those factors?

Thank you in advance,
Jason


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## Bugwart

Jason,

I am somewhat unclear about the method you are using to transfer money. 

I was talking about a normal wire transfer from bank to bank. My experiance is that wire transfers take a few hours to over night. I have not had a wire transfer require 3 days. 

The charges that I have paid are higher than 30 AED. Typically it is between US$25 - US$30 per transfer.


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## Deefor

The first place to start is your bank in the UAE - check with them for the options. I use my online banking to transfer it over - it only takes a couple of days at most and costs 35AED which I think is pretty reasonable.


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## DCguy

Does anyone bank with HSBC - are they good? If I have a HSBC account in the US and open one in UAE can I transfer with no charge? Thanks!


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## roxymuse

*Wholesale Exchange rates*



Elphaba said:


> You expect to transfer money for free?? Not possible. Banks need to make money somewhere. Even if there was not a fee, all organisations make on the exchange rates.
> 
> All the usual transfer systems exist, and are the same no matter where you are transferring the money to, so you have to select the one that is most suitable for you. For small amounts (below AED 30K) you have to use your bank or a money transfer system such as Western Union. For larger amounts wholesale exchange rates are available without a fee (PM me for information or see classified ads).
> 
> -


Hi, how do I send you a PM to learn about the wholesale exchange rates without a fee? New to this and can\t find the info... thank you.


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## Bounty Hunter

DCguy said:


> Does anyone bank with HSBC - are they good? If I have a HSBC account in the US and open one in UAE can I transfer with no charge? Thanks!


Not sure if you got your answer or not...I can see from the time line that your post about HSBC was some time ago. If you did not get your answer, the answer is..."To transfer to another HSBC account over the internet costs 50AED. To go into an HSBC branch (Dalma Mall) it costs 100AED. I have 2 HSBC accounts, one in the US and one in Turkey and it does not matter where the recieving bank is, it costs money. Hope this helps!


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## Bounty Hunter

Just ran across this post that is very old about wire transfers. I have a ADCB privledged account and it costs me nothing, nada, zip to wire money out to the US. I also have a USAA account back home and it also costs me nothing, nada, zippo to recieve international wire transfers. The only thing it does is take time. The average has been about 3 days. Hope this helps if you are still looking for information!


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## Elphaba

There may not be any fees, but I can guarantee that you will lose out on the exchange rates as retail banks make their money by giving you a poor exchange rate. 

For decent sized and regular transfers you can use another method that has no fees but offers much better exchange rates, but accessing wholesale rates and group discounts. I use it personally and recommend it to all my clients. Contact me via the link below for info.


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## Bounty Hunter

I understand that some banks may get you on the exchange rate but USAA does not. I sent 100 AED on 29 Oct and they recieved $27.09 on 31 Oct. According to Onanda.com, I should have gotten $27.23 on that date so I lost $.14. Not bad I think....


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## JUNGLEJEORGE

*Us transfers*

I know this is late but came across this thread because I was facing the same problem. We need to send money for purchases to the US every month and end up spending in excess of 35$ every time which although minimal adds up in the long term besides loosing on exchange rates

One of the options I saw locally is a British company called GCEN. Have not tried them yet but seem to be endorsed by better homes here and website promises a lot

gcen.co.uk


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## JUNGLEJEORGE

Bounty Hunter said:


> I understand that some banks may get you on the exchange rate but USAA does not. I sent 100 AED on 29 Oct and they recieved $27.09 on 31 Oct. According to Onanda.com, I should have gotten $27.23 on that date so I lost $.14. Not bad I think....


do you have any contact or website details for USAA?


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