ikqureshi
hello peeps - advice needed from all of you..please read on !
Ive managed to sell my property in Dubai :)
So, im travelling to Dubai this month to receive my share of the sale.
I will get a 177,000 AED "cash cheque" which i have been told i can convert to cash at any bank with my ID. I dont live in Dubai and dont have any bank accounts there so i have been assured this is ok.
Now, with 177,000 AED i need to get sterling to take back to the UK. I need this in cash. Will the foreign currency exchanges in the malls help change this large amount of money?
Thanks
sage & onion
Take your passport along as proof of identity and you should not have any problem.
xty
- ikqureshi wrote:
Now, with 177,000 AED i need to get sterling to take back to the UK. I need this in cash. Will the foreign currency exchanges in the malls help change this large amount of money?
Thanks
That's a lot of cash to bring. Make sure you don't get trouble when leaving Dubai or entering UK (need declaration?).
No, don't change at money changers in malls (mostly Al Ghurair or Al Ansari exchange). First, their rates are very bad. Second, I'm not sure they have that much of amount. Third, security reason.
But if you insist, go to some money changer in the city. In my experience, Wall Street exchange (Karama or Rolla street) gives better/negotiable rates.
It's much safer to do wire transfer. You probably may negotiate with the bank for better rate.
ikqureshi
Thanks for the info guys. At least i have options. As for wiring the money, its a rip off to be honest- it may be safer but the charges and poor conversion rate once my UK bank gets the money is ridiculous. I think im better off with the cash in hand - uk customs have no issues with money coming into the country ive had a look on hm customs web site!
onetickin
- ikqureshi wrote:
Thanks for the info guys. At least i have options. As for wiring the money, its a rip off to be honest- it may be safer but the charges and poor conversion rate once my UK bank gets the money is ridiculous. I think im better off with the cash in hand - uk customs have no issues with money coming into the country ive had a look on hm customs web site!
How did you come to the conclusion wiring the money is rip-off?
1) The spreads in a TT transaction are a lot narrower than any bureau de exchange in the world. Just simply because they are on a large nominal rate, and therefore, like all economies of scale, you get a better rate.
2) I deal direct with money brokers, that trade on the interbank rate, and only take 0.005% from the market bid-offer spread.
3) My broker also pays the TT, which only cost about £50 anyway.
4) Your UK bank should only charge maximum £50 for accepting the forex.
5) If you get pulled over in UK customs, you really think they will not ask why you are carrying £25000 in cash, from a middle-eastern country that has been involved in money laundering, under the tighten terrorist alerts?
6) Let me know when you arrive in the UK, so I can mug you.
xty
- ikqureshi wrote:
Thanks for the info guys. At least i have options. As for wiring the money, its a rip off to be honest- it may be safer but the charges and poor conversion rate once my UK bank gets the money is ridiculous. I think im better off with the cash in hand - uk customs have no issues with money coming into the country ive had a look on hm customs web site!
Just to share of what I've been experiencing so far. For every 2-3 months, I've been transferring money (small & big) to Indonesia and I made some comparisons among some methods:
- Western Union : bad rate (AED->IDR) but low transfer fee (35 AED per USD1000). It takes several minutes to reach (someone picks the cash at destination). For amount up to USD2000, this is the most efficient.
- Telegraphic Transfer (from my account in NBD to my account in Indonesian bank) : good rate (AED -> USD -> IDR) but high fee (100 AED for NBD + USD15 for correspondent bank in US + USD5 for Indonesian bank). The good thing is that this fee is fixed no matter how much amount you transfer. It takes couple of days to reach, but secure. For amount more than USD2000, this is the most efficient.
- Carrying cash (USD) at time of vacation. This happens to be the best in terms of amount (don't forget to NOT TO DECLARE at airport when arriving :p). But due to ridiculous "informal rule" among banks/money changers in Indonesia where you need to have new and latest series of USD notes, this is almost impossible option.
In your case, I'm not sure if non-resident can do TT at the bank.
And will you not have problem in terms of "income" taxes?
ikqureshi
Thanks guys for all your thoughts and comments. Ideally, im seeking and weighing up options and there are some valuable comments posted here which i am grateful. I have never dealt with any foreign exchange issues on a large scale like this so im simply assessing whats best. Clearly each have their pro's and con's.
Telegraphic transfers go through various sources before they arrive at my UK bank There is no telling what the charges will be until it reaaches my bank which i think is unfair but of course, the service is fast and hassle free. Its secure too.
As for me physically taking the cash (sterling) from Dubai to UK. This again poses a risk but the UK law states on their website that there is NO legal requirement to declare any cash, whatever the amount or currency! The link to HM Revenue and customs is here to prove this:
&_pageLabel=pageTravel_ShowContent&id=HMCE_PROD1_026096&propertyType=document
Essentially, i feel safer taking cash as ridiculous as this may sound it is legitimate money and i will have documents proving the sale of my apartment. funny thing is i used to carry sterling in cash out of the UK to Dubai to pay for the apartment, so im simply returning with the same cash and a little profit.
Once again appreciate your comments.
sage & onion
- ikqureshi wrote:
Thanks guys for all your thoughts and comments. Ideally, im seeking and weighing up options and there are some valuable comments posted here which i am grateful. I have never dealt with any foreign exchange issues on a large scale like this so im simply assessing whats best. Clearly each have their pro's and con's.
Telegraphic transfers go through various sources before they arrive at my UK bank There is no telling what the charges will be until it reaaches my bank which i think is unfair but of course, the service is fast and hassle free. Its secure too.
As for me physically taking the cash (sterling) from Dubai to UK. This again poses a risk but the UK law states on their website that there is NO legal requirement to declare any cash, whatever the amount or currency! The link to HM Revenue and customs is here to prove this:
&_pageLabel=pageTravel_ShowContent&id=HMCE_PROD1_026096&propertyType=document
Essentially, i feel safer taking cash as ridiculous as this may sound it is legitimate money and i will have documents proving the sale of my apartment. funny thing is i used to carry sterling in cash out of the UK to Dubai to pay for the apartment, so im simply returning with the same cash and a little profit.
Once again appreciate your comments.
In the exchange shops in Naif area, believe me the amount you are talking about is perfectly normal.
ikqureshi
Naif area? Any shop names in particular to look out for? ive emailed a few of the foreign exchanges out in Dubai (al ansari and al rostomani) and they said the currency exchange should be fine just need proof of ID and proof of apartment sale. I think the cash option will be good. As for me getting mugged in UK, my family relative is a chief customs officer at Heathrow Terminal 3 so i guess ill be sorted :)
sage & onion
- ikqureshi wrote:
Naif area? Any shop names in particular to look out for? ive emailed a few of the foreign exchanges out in Dubai (al ansari and al rostomani) and they said the currency exchange should be fine just need proof of ID and proof of apartment sale. I think the cash option will be good. As for me getting mugged in UK, my family relative is a chief customs officer at Heathrow Terminal 3 so i guess ill be sorted :)
Wall Street exchange always ok for me
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