Received International Bank Draft from UAE

ddangoside

I have just received a foreign cheque for $980,000 AED for real estate that I've recently sold in Dubai. According to the exchange rate (3.67), it should convert to about $266-$267,000. My problem is that some banks are unwilling to even buy dirhams. And the banks that do, not only are their rates that their willing to buy the dirhams at too low ($14,000 USD less than what we expected) but they only apply to smaller amounts of money. The only way these banks will deposit the check is if we send it to collections and only after the money is deposited will we find out how much we received for it, and there's no way to reverse the transaction once it is already deposit. I'm currently in escrow to purchase a new townhome for my family and I cannot afford to lose $14,000 USD or else I won't be able to afford it. Is there any other options besides sending to collections. We are currently talking to my agent about sending the cheque back and getting wired over, which should solve the problem, but the bank in Dubai is reluctant to do so for some odd reason. Any advise would be appreciated.

Don

ehlo

Welcome to MSE.

You're talking in dollars so I assume you're in the US? If so, this really isn't the site for you as it focuses on UK finance.

Having said that you can look at one of the large international currency traders such as xe.com
Good luck!

jonesMUFCforever

ddangoside wrote: »

I have just received a foreign cheque for $980,000 AED for real estate that I've recently sold in Dubai. According to the exchange rate (3.67), it should convert to about $266-$267,000. My problem is that some banks are unwilling to even buy dirhams. And the banks that do, not only are their rates that their willing to buy the dirhams at too low ($14,000 USD less than what we expected) but they only apply to smaller amounts of money. The only way these banks will deposit the check is if we send it to collections and only after the money is deposited will we find out how much we received for it, and there's no way to reverse the transaction once it is already deposit. I'm currently in escrow to purchase a new townhome for my family and I cannot afford to lose $14,000 USD or else I won't be able to afford it. Is there any other options besides sending to collections. We are currently talking to my agent about sending the cheque back and getting wired over, which should solve the problem, but the bank in Dubai is reluctant to do so for some odd reason. Any advise would be appreciated.

Don

Even though the banks want to collect the proceeds there should be no reason why they cannot arrange a 'forward contract' for you.
Bank staff will have no knowledge of this so you need to speak to the bank's International/curreny dealers who will talk you through it.