I am usually asked the best way to transfer money from an EXPAT bank to a HOME bank and I answer this question in an article I wrote last year- check it out here. That is because when we are earning abroad and saving as much as we can, we tend to send it to our home bank, where we cannot touch it so it accumulates into a nice hefty sum over a certain period of time!
So why am I transferring money from my home bank to my expat bank?
It is not something I have done before nor is it a habit I would encourage. However, life happens and September has been very spending-heavy for me for a number of reasons:
- I have moved to a new apartment, so had to stock up on some items (cleaning products, washing powder, a big food shop, etc.).
- I have paid my annual rent in full. Click here to see how I’ve saved over €7,000 of my rental allowance this year.
- I have paid my security deposit too.
- I have had lots of brunches and events this month to catch up with friends after the summer!
- I have bought some new work clothes for the start of the academic year.
- I have to pay my personal trainer, Anthony Lee from Activ8 Lifestyle & Fitness in Dubai for my year’s sessions (works out much cheaper per session if I do that)- click here to listen to my podcast with Anthony here and a great offer for EET members!
- I am paying back a loan (should be all paid back by January 2020- YAY!)
- I invested a significant amount of money this month.
- I need to pay for my trip to Vietnam for my half-term holiday in October- I’m very excited!
Luckily, I have savings in my Irish bank account (thanks to money I transferred from the UAE last year and my monthly rental income I make from my property in Cavan) and in my UK bank account (thanks to my summer school job in London), so I’ve transferred money from one of these accounts to my UAE account to tide me over this month.
However, I did not make a transfer directly from my Irish bank to my UAE bank because I would have lost a lot of money with the poor currency rates (EUR to AED). Instead I used Currency Fair, an Irish-owned online currency transfer, to move money between my home bank account and my expat bank account. I had to get a letter from my school to set it up, but once that was done, my account was set up very easily. Currency Fair has an amazing 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 exchange rate hits a better rate for me. Another pro is that it has an app, so I can do everything from the comfort of my own home- no queuing required!
Once I have paid all my bills this month, I plan to be back to my budget, so I can resume my saving in order to have accumulated a decent amount to make a big transfer in December, using Currency Fair of course!
I’d love to hear your thoughts and comments!
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