Cheapest USD->AED transfer option without UAE address

[Luxxxtino]

Hi all,

Looking to transfer around 600K USD into AED (I have an AED account with ENBD) for a property purchase (not currently a UAE resident).

IBKR would have been ideal but they won't let me withdraw AED to the account without proving my UAE address (currently an Airbnb) through a bank statement/utility bill.

My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).

Do you guys have recommendations for companies/services to use in this scenario for a better rate?

Thanks!

 

[Clank]

You can buy an utility bill or a bank statement. You can even use the ENBD one and Edit the pdf

 

[zzzzzz]

Luxxxtino said:
Hi all,

Looking to transfer around 600K USD into AED (I have an AED account with ENBD) for a property purchase (not currently a UAE resident).

IBKR would have been ideal but they won't let me withdraw AED to the account without proving my UAE address (currently an Airbnb) through a bank statement/utility bill.

My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).

Do you guys have recommendations for companies/services to use in this scenario for a better rate?

Thanks!
Click to expand...

Xe.com has 3.67250

 

[Luxxxtino]

Jbb1 said:
You can buy an utility bill or a bank statement. You can even use the ENBD one and Edit the pdf
Click to expand...

Could be risky if they put a hold on the transfer and therefore the assets asking for further proof of address? Is this actually a done thing?

zzzzzz said:
Xe.com has 3.67250
Click to expand...

I'm seeing 3.6401 on their "Send" page?

 

[Onassis]

Luxxxtino said:
Wise
Click to expand...

I would avoid using Wise for such amounts, no matter the exchange rate

 

[JustAnotherNomad]

I have heard that for large sums, exchange houses or traditional banks may offer better rates than Wise or Revolut. Maybe try some of the UAE exchange houses (Al Ansari for example). Or maybe you can simply pay using crypto?
I would also reach out to @Fred - he'll probably have a solution for a case like yours.

 

[Luxxxtino]

JustAnotherNomad said:
I have heard that for large sums, exchange houses or traditional banks may offer better rates than Wise or Revolut. Maybe try some of the UAE exchange houses (Al Ansari for example). Or maybe you can simply pay using crypto?
I would also reach out to @Fred - he'll probably have a solution for a case like yours.
Click to expand...

Thanks I'll check Al Ansari out! Crypto won't be doable since this is a secondary market transaction, but I can ask the seller if they'd accept USD equivalent.

@Fred feel free to reach out if you think you have a suitable option here 🙂

 

[JimBeam]

Luxxxtino said:
My best rate offer so far is IFX with 3.667 (NBD offers 3.665 and Wise is effectively 3.656 post-fees).
Click to expand...

The difference for IFX and NBD is just 0.002 AED and for 600k USD that's only 1,200 AED (about $350).

That's nothing!
That's a night or two at best in a decent hotel in Dubai.
Or a better lunch for 4 people in Dubai.

Just pay the NBD and move on.
Don't mess with IBKR and risk 600k and get your self in trouble over $300 bucks.

 

[Onassis]

Guys, by IFX you mean Global Payment, FX and Fintech Solutions or https://ifxbrokers.com/?

JustAnotherNomad said:
Revolut
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For the record, Revolut is offering 3,6669 AED - this is with one of their paid plans. Although as I said earlier, I would avoid using EMIs for amounts like these...

 

[JustAnotherNomad]

Yes, I would definitely advise against using EMIs for this, in case that wasn't clear...

 

[Forte]

Buy a manager cheque with USDT

 

[carlosbl]

Onassis said:
Guys, by IFX you mean Global Payment, FX and Fintech Solutions or https://ifxbrokers.com/?


For the record, Revolut is offering 3,6669 AED - this is with one of their paid plans. Although as I said earlier, I would avoid using EMIs for amounts like these...
Click to expand...

It is www.ifxpayments.com

 

[Clank]

Lately, I've been using currencyfair, the best exchange rate so far.

 

[PinkCat]

How did you get Dubai bank account without being resident?
Isn't AED pegged to the dollar, so banks should auto convert to AED upon receiving on the same rate or not?

 

[JimBeam]

PinkCat said:
How did you get Dubai bank account without being resident?
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It's possible BUT banks may ask for lot of papers, will ask for bigger deposit (in my experience min $100k) and may report you home (CRS)

PinkCat said:
Isn't AED pegged to the dollar, so banks should auto convert to AED upon receiving on the same rate or not?
Click to expand...

Yes it's pegged to USD, but they won't convert it for you. Most banks offer multi currency accounts so you can keep USD, EUR, CHF...

If you want to exchange USD to AED (or vice versa) you'll have pretty good exchange rate in most banks (and that's not the case with other currencies).

 

[Luxxxtino]

PinkCat said:
How did you get Dubai bank account without being resident?
Isn't AED pegged to the dollar, so banks should auto convert to AED upon receiving on the same rate or not?
Click to expand...

ENBD Priority, they'll open for non-residents if you're willing to put 350k AED with them (can be invested)

 

[PinkCat]

Luxxxtino said:
ENBD Priority, they'll open for non-residents if you're willing to put 350k AED with them (can be invested)
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Nice! Do they ask for source of funds?

 

[Luxxxtino]

PinkCat said:
Nice! Do they ask for source of funds?
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Yep they did for me

 

[BeyondBorders]

I recommend building a relationship with a FX Broker in the U.K. If your explain them your Sof once they will not cause any further trouble, and likely be able to beat the rate of the likes of Wise.