EUR to AED transfer within Dubai ?

[TheSherr]

So I have EUR accounts at Mashreq Neo Bank and Emirates NBD bank with euros in both accounts. I can transfer between them without costs but I'm trying to change the EUR to AED. I have AED account at both banks. Unfortunately both banks give horrible exchange rates (currently about 3.84 AED whereas the mid-market rate is 4 AED) so I was thinking lets use an EMI but not many accept UAE. I found OFX but they require you to transfer the EUR to their account in Germany which I'm trying to avoid that due to the high costs from these same banks again. Anybody familiar with an EMI which will allow this without having to send the EUR abroad?

Cheapest option appears to withdraw the EUR in cash from the accounts (charges of 1.32%) and then change it at some exchange office and deposit back to the AED accounts but I have a feeling there are easier/cheaper options...This option would also require my presence and it would be nice to be able to perform these actions without being in the Emirates.

Any help would be greatly appreciated

 

[wellington]

TheSherr said:
So I have EUR accounts at Mashreq Neo Bank and Emirates NBD bank with euros in both accounts. I can transfer between them without costs but I'm trying to change the EUR to AED. I have AED account at both banks. Unfortunately both banks give horrible exchange rates (currently about 3.84 AED whereas the mid-market rate is 4 AED) so I was thinking lets use an EMI but not many accept UAE. I found OFX but they require you to transfer the EUR to their account in Germany which I'm trying to avoid that due to the high costs from these same banks again. Anybody familiar with an EMI which will allow this without having to send the EUR abroad?

Cheapest option appears to withdraw the EUR in cash from the accounts (charges of 1.32%) and then change it at some exchange office and deposit back to the AED accounts but I have a feeling there are easier/cheaper options...This option would also require my presence and it would be nice to be able to perform these actions without being in the Emirates.

Any help would be greatly appreciated
Click to expand...

Transfer EURO to Wise, convert to AED, send AED to AED account in Dubai?

Surely cheaper?

 

[TheSherr]

wellington said:
Transfer EURO to Wise, convert to AED, send AED to AED account in Dubai?

Surely cheaper?
Click to expand...

Issue here is that Wise requires the EUR to be sent to an IBAN in Belgium. Besides that my current Wise account is linked to another residency and I want to prevent any unnecessary issues between them. You never know when Wise will start with CRS.

 

[avalanche]

TheSherr said:
So I have EUR accounts at Mashreq Neo Bank and Emirates NBD bank with euros in both accounts. I can transfer between them without costs but I'm trying to change the EUR to AED. I have AED account at both banks. Unfortunately both banks give horrible exchange rates (currently about 3.84 AED whereas the mid-market rate is 4 AED) so I was thinking lets use an EMI but not many accept UAE. I found OFX but they require you to transfer the EUR to their account in Germany which I'm trying to avoid that due to the high costs from these same banks again. Anybody familiar with an EMI which will allow this without having to send the EUR abroad?

Cheapest option appears to withdraw the EUR in cash from the accounts (charges of 1.32%) and then change it at some exchange office and deposit back to the AED accounts but I have a feeling there are easier/cheaper options...This option would also require my presence and it would be nice to be able to perform these actions without being in the Emirates.

Any help would be greatly appreciated
Click to expand...

Maybe look into Interactivebrokers?

 

[TheCryptoAnt]

xe.com/send-money/

Depending on amount this people might be able to help you too
https://tresotc.ae/
Also other exchanges in UAE, with the EUR tx remaining inside UAE.
Crypto people do fiat too most of the time.

 

[zuyderz]

Interactive Brokers lets you deposit EUR, trade EUR.AED in the IDEALPRO exchange (where the bid/ask spread is just a few pips) for 7.35 AED per trade and wire out AED proceeds to UAE banks. You get one free wire out per month.

Last edited: Jan 31, 2023

 

[USDT]

zuyderz said:
Interactive Brokers lets you deposit EUR, trade EUR.AED in the IDEALPRO exchange (where the bid/ask spread is just a few pips) for 7.35 AED per trade and wire out AED proceeds to UAE banks. You get one free wire out per month.
Click to expand...

I read they close the account if using them for FX only

 

[zuyderz]

usdt said:
I read they close the account if using them for FX only
Click to expand...

Absolutely correct. IB closed one of my accounts that had only been used for FX after a few years. So keep in mind that IB needs to earn some revenue on your account, from trading or on your balances, or they'll likely close the account after a while if it is mainly used for FX and transfers.

 

[TheSherr]

Thanks for the advice guys. Interactive brokers are a no go then and xe.com does not allow transfers from UAE. I guess the best option would then be taking it cash from the ATM at a 1% (Mashreq Neo) charge and then finding an exchange office to exchange to AED and depositing back through an ATM. Any tips on an exchange with a close to mid-market rate? Perhaps the outskirts somewhere (Deira for example).

The reason I need to change EUR to AED is because real estate developers in UAE (Emaar/Meraas) require payments in AED. They do allow payments in EUR but at a worse rate than the personal banks I'm currently using (Emirates NBD/Mashreq Neo) so I'm looking for a way to get the most AED for my EUR. If that can be done through creditcards with proper automatic conversion rates (like done by Wise cards) that is fine as well.

Last edited: Feb 4, 2023

 

[zuyderz]

I have used IFX in DIFC for forex for purchasing property in UAE. They will easily beat the best bank rates. My contact there is Katie:

Katie Triggs Associate Director - Key Partnerships Manager

Office 401, Index Tower West, DIFC, P.O. Box 507009, Dubai, UAE

tel +971 (0)4 323 1894 mob +971 (0)56 392 9875

www.internationalfx.com

 

[TheSherr]

zuyderz said:
I have used IFX in DIFC for forex for purchasing property in UAE. They will easily beat the best bank rates. My contact there is Katie:

Katie Triggs Associate Director - Key Partnerships Manager

Office 401, Index Tower West, DIFC, P.O. Box 507009, Dubai, UAE

tel +971 (0)4 323 1894 mob +971 (0)56 392 9875

www.internationalfx.com

Click to expand...

Started the application but unfortunately they also require a copy of my passport which I do not want to provide as I am an EU citizen...Any other options available which can be done with an Emirates ID only?

 

[clemens]

TheSherr said:
Any other options available which can be done with an Emirates ID only?
Click to expand...

If someone know I'm interested to learn about this service.

Toggle signature
One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity

 

[TheSherr]

Perhaps Amana Capital or Equiti? Found those 2 in another thread on here

 

[pomegranate]

Have you tried Al Ansari? not the best FX around probably but still way better than most banks.

 

[TheSherr]

pomegranate said:
Have you tried Al Ansari? not the best FX around probably but still way better than most banks.
Click to expand...

Not yet but it looks like the way to go as I've been getting this advice from others in UAE as well.

Even the interactive brokers do not offer EUR/AED currency pairs and during the boarding process they require a passport even after providing an Emirates ID so that's a showstopper for me as well. Current setup would be taking it out cash at 1% and exchanging it at Al Ansari to AED. Not optimal but I guess the cheapest of the options available

 

[Clank]

TheSherr said:
Not yet but it looks like the way to go as I've been getting this advice from others in UAE as well.

Even the interactive brokers do not offer EUR/AED currency pairs and during the boarding process they require a passport even after providing an Emirates ID so that's a showstopper for me as well. Current setup would be taking it out cash at 1% and exchanging it at Al Ansari to AED. Not optimal but I guess the cheapest of the options available
Click to expand...

They didn't ask for a passport when I signed up

 

[zzzzzz]

TheSherr said:
Not yet but it looks like the way to go as I've been getting this advice from others in UAE as well.

Even the interactive brokers do not offer EUR/AED currency pairs and during the boarding process they require a passport even after providing an Emirates ID so that's a showstopper for me as well. Current setup would be taking it out cash at 1% and exchanging it at Al Ansari to AED. Not optimal but I guess the cheapest of the options available
Click to expand...

What about conversion EUR>USD>AED? EUR/USD spreads are tight, AED is pegged to USD at 3.6725:1, so USD/AED also have tight spreads.

 

[TheSherr]

zzzzzz said:
What about conversion EUR>USD>AED? EUR/USD spreads are tight, AED is pegged to USD at 3.6725:1, so USD/AED also have tight spreads.
Click to expand...

That's a good suggestion. Don't have a USD account yet but I'm going to check this out. Thanks!