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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
When you need to send money to the UAE from the UK, you’d be forgiven for thinking it is more complex than with other countries. But, at Regency FX we help you achieve the most from the currency you are converting so you can transfer money from the UAE to the UK with minimal fuss and drama.
As an independent currency specialist, we have lower overheads than the banks enabling us to pass the savings to on you. And we specialise in the transfer of money from the UAE to the UK.
There are a few ways in which you can transfer money from the UAE to UK; a local bank, a UK bank or a money transfer specialist, the costs vary for each different way.
As there are around 240,000 brits living in the UAE it is a safe path to transfer money to a UK bank
The four simple steps on the road to transferring money from the UAE to the UK involve; a customer id check, securing the exchange rate, paying for the money transfer and finally, the money is converted!
Before you can send money from the UAE to the UK, you need to be identified. There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.
The check only applies to new customers. Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis.
For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.
Once you are set up, a bank or money transfer company will quote you their current exchange rate. When moving money back to the UK, you are selling Dirhams and buying Pounds. This is sometimes written as AED/GBP.
The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given. If you are happy to proceed, the bank or money transfer company will lock-in your rate at that time.
Shortly after, you will receive an email confirming all the details of your transaction.
Banks will require your Dirhams upfront before they will agree an exchange rate. However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in.
This might be an advantage if you see a favourable rate and want to lock it in before it moves. On the confirmation, you will be given the bank details of where to send your Dirhams.
Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request.
That's it.
Depending on which UK bank you are using it can vary but normally it takes 2-4 working days for the money to go across.
Dubai itself has zero income tax, a lot of Brits work and live in the UAE, especially Dubai.
If you are working full-time in Dubai the money you earn is tax-free, due to this, when you send your money to the UK you owe HMRC nothing on those earnings.
When you look at paying tax it is more about the country you are a tax resident at the time of those specific earnings.
The tax paying gets assessed on a yearly basis; for example, if someone were to go to Dubai for just 4 months on a contract but they spend the rest of that year in the UK they would still be a UK tax resident as they spent most of that year in the UK.
It would be a good idea to get some tax advice on a “split-year” if you spend a lot of time in both countries.
There’s a cash limit of AED 100,000 for people entering or leaving the UAE, but there are no exchange controls on electronic bank transfers between the UAE and the UK.
Both residents and non-residents can transfer money freely. While banks may set daily online transfer limits, this can slow down large transfers.
Money transfer companies often have no such limits, making them a faster and more cost-effective option for moving larger amounts.
When transferring money from Dubai to UK there are two charges:
I will be using Emirates NBD and HSBC as they are the two major banks that are used by British expats in Dubai.
You need to keep in mind that every money transfer company have their own rates and fees and they differ from company to company.
When you are comparing costs, you need to ensure that you do it at around the same time as they change every few seconds, so you want the most accurate price.
The simple way to compare the costs is to find out the total amount of Pounds that you will get for your Dirhams.
It is best to check that a money transfer company is regulated by the FCA (Financial Conduct Authority) before you use them as authorised companies are required to keep client’s money in a separate, safeguarded bank account to ensure its protection.
Your money will not be mixed with company funds and will only be used just for transfers. You can find out if a company is regulated by the FCA by looking on the FCA register.
Many customers search online for exchange rates, there are many companies that offer ‘live rates’ like XE and Daily FX however, the exchange rates that you see online are not available for customers.
This is called ‘interbank exchange rates’ these are used by banks to exchange money with themselves, even large firms cannot gain access to these rates.
Getting the best Dirhams to Pounds exchange rate can make a big difference when sending money to the UK. Even a small 1% move on an AED 500,000 transfer equals around £500, so timing really matters.
Exchange rates move constantly and it’s easy to miss a good moment. A money transfer specialist can help you track rates, set up alerts and lock in a competitive rate when it becomes available.
By choosing a trusted transfer provider, you’ll get expert guidance, peace of mind and more Pounds for your Dirhams.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer. They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Get a quote and see how we stack up.
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