Cheapest Money Transfer Service for Dubai Property

puthsardarade

Hi,

Any advice on the cheapest money transfer service to use, I have put a deposit down for a property in Dubai and I need to make regular payments.

Would be useful to know who generally pays the best rates, I have looked at moneycorp but as the amount is just under £5k they said it would cost £15 each time to do the transfer whereas I few others I have asked had said no charges as they make their money from the interest rate they offer.

Cheers,
G

mightymouse

Hi gagandeeptiwana

I may have missed the point but if one or two will transfer for 'no charge' you cant get any cheaper can you?.

You have probably looked into currency transactions and paying the lender direct but as I say I may have missed the point.

puthsardarade

Hi,

Well I have come across money transfer services that do not charge any fees such as HIFX but they give you a lower rate of interest (which is how they make their money). Therefore I was wondering if anyone was aware of any transfer services that offer better rates or alternatively if there was a list available somewhere then I could contact each one and compare the rates that I was offered?

Thanks,
G

wecanhelpu

gagandeeptiwana wrote: »

Hi,

Any advice on the cheapest money transfer service to use, I have put a deposit down for a property in Dubai and I need to make regular payments.

Would be useful to know who generally pays the best rates, I have looked at moneycorp but as the amount is just under £5k they said it would cost £15 each time to do the transfer whereas I few others I have asked had said no charges as they make their money from the interest rate they offer.

Cheers,
G

Do you mean exchange rate?

What are you trying to do exactly?

puthsardarade

wecanhelpu: Do you mean exchange rate?

Yes, I would like to know who offers the best exchange rate or alternatively a list of companies that provide this service would be useful as I could then contact them and find that out myself.

Cheers
G

wecanhelpu

What exactly are you trying to do?

Why do you need to make regular payments towards a deposit?

Alan_M_2

The most efficient way is to open an account in the relevant country and currency and transfer in a single lump. You can them make your payment without attracting fees or exchange fluctuation.

In the world of Foreign Exchange sums around £5000 are really not much more than chump change, you need to add a zero or two before you get into the realms of half sensible rate, hence the one lump suggestion.

puthsardarade

The property I am buying is off plan and I have to make regular 10% payments every 3 months and the next one is due in Sept.

I would open a bank account but that would require me having to travel out to Dubai in person to open the account. Therefore for the time-being I need to use a money transfer service, hence the questions re - transfer services that offer the best rates or a list of these companies?

G

Inactive

gagandeeptiwana wrote: »

The property I am buying is off plan and I have to make regular 10% payments every 3 months and the next one is due in Sept.



G

Too late now I know, but it would have been sensible to open a Bank Account in Dubai when you paid your initial deposit.


As far as exchange rates go, unfortunately as others have said, they are related to volume.

puthsardarade

Quote:
Originally Posted by Inactive
Too late now I know, but it would have been sensible to open a Bank Account in Dubai when you paid your initial deposit.

Well the agency that was selling the property is UK based so everything to date has been done here in the UK, therefore I was not in a position to open a bank account when I paid my initial deposit either, unless I paid for flights and made the trip out to Dubai!

G

Alan_M_2

Then go to your UK bank and ask for details of foreign currency accounts in the UK and what the charges are, you can open a UA Dirham account or even better a US Dollar account (Which I imagine they'd accept and we currently have a great rate) then use a FX dealer in the UK to deal with the Foreign exchange into your foreign currency account in the UK (even if it's with the same bank) from which you can then make payment abroad without worrying about rates.

Again this is subject to amounts of money as the charges will probably outweigh the amount saved in exchange rates, unless you're talking six figures.