Help! Emirates NBD electronic tranfser to US Bank? | ExpatWoman.com
 

Help! Emirates NBD electronic tranfser to US Bank?

230
Posts
EW NEWBIE
Latest post on 29 May 2011 - 08:27

Trying to search past trheads but can't find anything.
I need to transfer money from my NBD account to my US account to pay bills from that account with US checks.

Can I transfer electronically or if I go to the bank can they give me a check to send to the bank?

Anyone have any experience with this?
Thank you!

1120
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EW OLDHAND
Latest post on 08 January 2013 - 06:24
The exchange rate is fixed, however, the additional fees that are imbedded in that rate differ slightly from each exchange house. In comparison, the fees imbedded at the bank are higher...so actually, you will be saving more than just 30 dirhams by going to an exchange house because the exchange rate used by the bank will be higher.
173
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EW NEWBIE
Latest post on 07 January 2013 - 22:42
Thanks for the reply Sakhifa. Lloyds used to charge 70 dhs for a transfer- I dont know yet what NBD charges- but 30 dhs difference for the convenience of a 4 times a year lump sum transfer is an amount I am willing to fork out for the convenience (and safety of not hauling around a bunch of cash in my car). However I am still confused about the US dollar exchange rate- is it true that no matter where I go in Dubai, the USD exchange to UAE dirham is fixed and therefore it really doesn't matter who I use (bank or exchange houses)- in terms of getting a different exchange rate ?( putting the issue of the transfer fee aside)... would be grateful if any financial types could advise thanks.
5452
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EW MASTER
Latest post on 07 January 2013 - 16:41
Sue - You are going to end up paying a lot more in transfer/currecy fees if you do this through your bank. It's cheaper if you go to an exchange house. Al Fardan charges AED 40 for US transfers. Thanks for the tip. I will use Al Fardan from now on when I send money to the USA. I wonder why they are so much cheaper than the usual suspects. I recently paid 90 dirhams with UAE exchange.
1120
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EW OLDHAND
Latest post on 07 January 2013 - 15:06
Sue - You are going to end up paying a lot more in transfer/currecy fees if you do this through your bank. It's cheaper if you go to an exchange house. Al Fardan charges AED 40 for US transfers.
173
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EW NEWBIE
Latest post on 07 January 2013 - 15:03
Just reviving this thread as I have a question or two...Trying to set up electronic transfer with NBD to my USD offshore account with LLoyds Isle of Man but of course the NBD online system "is having difficulty with iphones and blackberries and Mac's when sending the authentication code".. so I cannot do it currently. Debating going elsewhere but 1. When you say "shop around" - when it comes to the USD- is the Dirham not fixed to the USD- in other words, everyone is going to give me a rate of 3.68 so why shop around? ( I get the concept for Uk funds etc etc) . 2. Do you really walk around Dubai with a purse stuffed with cash on the way to a transfer place- is that safe? Sorry if stupid questions. Would be a lot easier just to use NBD online - since it is a large sum of money the difference in the fixed transfer fee they charge vs the others probably isn't worth the hassle of carting around a bunch of money. Just might take them a year to sort out their issues........
230
Posts
EW NEWBIE
Latest post on 29 May 2011 - 09:32
I agree with LSX - shop around. I have found the bank to have the worst exchange rates. I transfer money monthly and use a money exchange house, Al Ansari at Lulu (the ones in less touristy areas have better rates). Also check which intermediary bank they use in the US. This is the bank that they will send your money to, and if it is not your bank, the intermediary bank will take money from your deposit, to transfer to your bank. I found that Al Ansari has an account with my bank, therefore there are no intermediary bank charges. HTH ETA - you need to take your passport and your account details including IBAN or swift code. edited by TwoKids on 29/05/2011 Thank you both! I will shop around as suggested great advice!
587
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EW GURU
Latest post on 29 May 2011 - 08:51
I agree with LSX - shop around. I have found the bank to have the worst exchange rates. I transfer money monthly and use a money exchange house, Al Ansari at Lulu (the ones in less touristy areas have better rates). Also check which intermediary bank they use in the US. This is the bank that they will send your money to, and if it is not your bank, the intermediary bank will take money from your deposit, to transfer to your bank. I found that Al Ansari has an account with my bank, therefore there are no intermediary bank charges. HTH ETA - you need to take your passport and your account details including IBAN or swift code. <em>edited by TwoKids on 29/05/2011</em>
315
Posts
EW EXPLORER
Latest post on 29 May 2011 - 08:39
It would be cheaper for you to wire transfer it via Western Union Money Transfer, etc. But, I found this link on the NBD Website http://www.emiratesbank.ae/en/personalBanking/telegraphicTransfer.cfm Hope this helps! <em>edited by Lady_SilverX on 29/05/2011</em>
 
 

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