First of all, I hope everyone is keeping safe and well at this time of uncertainty. I know many expats have sadly lost their jobs due to the closure of so many business in the Gulf and Asia, so I hope this article helps regarding the best way(s) to transfer final settlements and salaries home. As teachers, the vast majority of us are still working (thank goodness) and getting our heads around this online teaching system, new to many of us. As long as it is feasible for us, it is still important for us to keep transferring our money home each month, especially as some of us are saving lots more due to the fact that there are very few treats to spend it on right now.

Before you learn something new below, please read my disclaimer here now about the advice and tips I share on this blog. 

To transfer your money from your expat bank to your home bank, you’ve a number of options:

You can:

  1. Use an online currency exchange site, e.g. Currency Fair, to transfer your money to your home bank (plus earn €30 when you sign up and make your first transfer!)

OR

2. Withdraw your cash, exchange it to your home currency at a currency exchange place, and transfer it to your home bank from the same currency exchange place.

Let me go through both options, its pros and cons, and stay tuned to find my preferred method(s) of transferring money home!

1. Use an online currency exchange site, e.g. Currency Fair, to transfer your money to your home bank.

For the last year, I’ve been using  Currency Fair, an Irish-owned online currency transfer, to move money between my home bank account and my expat bank account. I had to email them some documents to set it up, but once that was done, my account was set up very easily. The exchange rate is currently better than is available at currency exchange houses (Option 2 below). In fact, Currency Fair has an even better option, where it allows me to set the exchange rate I want, so I can tell Currency Fair not to transfer my money until the Euro exchange rate (or your preferred currency) reaches a better rate. Another pro is that it has an app, so I can do everything from the comfort of my own home- no queuing required! I save so much time this way and especially at this time when we are being encouraged to stay at home and only leave for essential services, the Currency Fair app is proving to be the best solution to transfer your money home.

If you use my affiliate link for Currency Fair, you will get €30 in your CurrencyFair account (if you transfer at least €2,000) and so will I! It costs you absolutely nothing, but this money helps to fund the running costs of my website, so thank you!

2. Withdraw your cash, exchange it to your home currency at a currency exchange place, and transfer it to your home bank from the same currency exchange place.

Prior to joining Currency Fair, my preferred option to transfer money home was by withdrawing it from my UAE/ Qatar/ expat bank & going to a currency exchange place like Al Ansari or Al Jaber Exchange (in the Gulf) and transferring it to my home bank account that way. I would always check at least 2 exchange places with a large sum and ask them for their best Euro rate, which used to be UAE Exchange for me but as it is currently out of action, Al Ansari is another option. It has a 63 AED (15 euro) transaction fee and then another charge on the receiver bank’s side, depending on the transfer amount. Despite these fees, I used to still get more than using my expat bank to transfer, due to their lower currency exchange rates. The downside is that it does take some time to queue up at the bank, withdraw the money, and then queue up again at the currency exchange place. At this time, many of our banks in the Gulf and Asia are temporarily closed which makes it a lot harder to withdraw our cash. Moreover, queues at money exchanges right now are very long, which takes away even more of our time.

Try both options, but don’t forget that you will get a €30 gift when you sign up and make your first transfer with Currency Fair!

Happy transferring!

Sorcha

Comments

comments