Job Discussion Forums

suwonkid · Joined: 07 Sep 2003 Posts: 2

Has anyone actually compared the exchange rates at the different banks and money changing places (UAE exchange). Also has anyone ever heard or a commercial rate? How much is actually considered a "larger sum"? Thanks in advance for any useful replies!

helenl · Joined: 04 Jan 2006 Posts: 1202

In the past USD25,000 (or equivalent) was considered a "larger sum" at most banks.

You can check on some bank websites for rate quotations, but you won't be given a firm rate until you walk in and cough up the cash.

Iamherebecause · Posted: Wed Jun 30, 2010 5:26 am Post subject:

The exchange places such as Al Rostamani offer much better rates than the banks in my experience. They also charge less, and I haven't heard of transactions getting 'lost' or being unaccountably delayed. If you have a very large transaction ask to see the branch manager about getting a special rate before you begin dealing with one of the clerks.

However do check what the deal is with the bank where you have an account before taking my advice: I bank with UNB, not the best on the block.

uaeobserver · Joined: 05 Feb 2007 Posts: 236

I've used UNB, HSBC, and Al Ansari Exchange.

UNB: 70 AED to wire funds home - but exchange rate isn't bad
HSBC: Free monthly remittence - but lousy exchange rates
Exchange: Modest remittence fee, and near market exchange rates

In my own opinion - you're best off just sticking with the UNB current account (make the Chancellor happy) --- and wiring funds home with an exchange.

The UNB ATMs are all over the country ---- and the exchanges are, too.

Avoid end-of-month transfers --- that's when you run into huge lines.