Transferring money out of UAE

Discussion in 'OT (OFF Topic) Forums' started by SPX, May 5, 2017.

  1. SPX

    SPX MB Club Veteran

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    Friend of my dad worked in UAE for a few years and has recently moved back to the UK.

    He's still got a fair few grand worth of Dirham in his UAE bank account and is under the impression that the only way of getting it out is to fly back over there and get it out of the bank in cash then fly back home, I'd have thought it'd be a bit simpler than that?

    Does anyone know for certain if he's correct? Seems a bit extreme having to fly back just to get his money out?
     
  2. Davycc

    Davycc Hardcore MB Enthusiast

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    Easy just transfer it into the following account....................
    :bannana:

    Seriously though. Bringing a large sum of cash into the country has its problems and Im' sure there some local laws re taking large sums out.
     
  3. gr1nch

    gr1nch Hardcore MB Enthusiast

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    I don't know the local laws in UAE, but there are a couple of solutions we have used between other countries. One or more might work for your dad's friend. He's not called Dave is he?!

    1. Intra-bank transfer. See if his UK bank has a branch in UAE. If not, see if there is a friendly, international bank there. For example, HSBC in UAE offer international transfers as a service.
    https://www.hsbc.ae/1/2/personal/transfers/money-transfers?WT.ac=UAE_FXB1_FXX_PWS_T4_0417_M
    We did this using HSBC : UK -> Oz

    2. Use a 3rd party FX company. It was a bit unnerving handing it over to a non-bank, but we'd researched the company (well thought of, of long standing, large turnover, solid holding company) and did a trial trade of 10%. Once that went through fine (fast and at the FX rate agreed online), we followed up a day later with the remaining 90%.
    We used "Tor FX" : Belgium -> UK. Financially worth it Better rate and lower fees than bank.

    Hope that gives some extra ideas.


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  4. WDB124066

    WDB124066 MB Club Veteran

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    The problem will be dealing with the source bank in the UAE rather than the transfer mechanism. They can be almost impossible to deal with remotely for larger sums and much the same for smaller sums for that matter. Your local embassy may need a visit to persuade them to cooperate or just take that trip...
     
  5. gaz_l

    gaz_l Hardcore MB Enthusiast

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    They have ATMs that dispense gold bars in Dubai (natch). Cheap return flight, transfer your dirhams into ingots (preferably small ones), shove 'em up where the sun don't shine and stroll nonchalantly back through the "nothing to declare" channel. Simples. ;)

    Cheers,

    Gaz
     
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  6. toolman1954

    toolman1954 Hardcore MB Enthusiast

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    Hence the expression "Piles of Gold "
     
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  7. WDB124066

    WDB124066 MB Club Veteran

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    You like a nice watch don't you Lee....:):)
     
  8. Petrol Pete

    Petrol Pete Hardcore MB Enthusiast

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    This is a plan...but, just how much money (gold bars) are we talking about ? this could be a long and uncomfortable flight home :-O
     
  9. WDB124066

    WDB124066 MB Club Veteran

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    A gold necklace or two goes nicely with a watch, a bracelet and a gold ring properly jeweled - one set each for you and the Mrs.
     
  10. Pontoneer

    Pontoneer MB Club Veteran

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    Aren't the streets out there lined with unwanted supercars, which could be bought cheaply for cash , shipped back here , then sold at a profit ?
     
  11. OP
    OP
    SPX

    SPX MB Club Veteran

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    This actually went through my mind, get him to buy a couple of Rolex and then sell them when he gets back or something along those lines.

    Can't believe getting his money out is so hard to do though, what a palaver!
     
  12. WDB124066

    WDB124066 MB Club Veteran

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