Would this be the way to get the best rate on foreign currency?

Phate · 1 Oct 2012 at 22:56

Hi guys,

I'm in Dubai for 4 days as of Thursday, hooray!

2 of the days are booked up and paid for. So it leaves me with a day and a half to see Dubai and spend some money.

Anywho, I won't be spending masses, just mainly in taxi's and they are pretty cheap.

Would I be right in thinking that if I transferred money to my friend over there where I'm staying and she used a cash machine I'd get the best rate that way?

Curious

Cheers!
Jake

SpeedFreak · 1 Oct 2012 at 23:00

Is this to a sterling account of hers in Dubai or a Dirham account?

Phate · 1 Oct 2012 at 23:02

SpeedFreak said:
Is this to a sterling account of hers in Dubai or a Dirham account?

It'd be a transfer from my account (sterling) into her Dirham account.

[TW]Fox · 1 Oct 2012 at 23:04

Phate said:
Would I be right in thinking that if I transferred money to my friend over there where I'm staying and she used a cash machine I'd get the best rate that way?

No, because there will be a charge and likely an unfavourable exchange rate when you send the money to her.

SpeedFreak · 1 Oct 2012 at 23:06

Ninja edit lol, I was about to say that yis is not a valid answer!

You're bank will set the rate in this case. If your bank fx rate is better than the fx bureaux you plan to use after fees then it would be both better and easier to transfer it.

Phate · 1 Oct 2012 at 23:09

[TW]Fox;22880842 said:
No, because there will be a charge and likely an unfavourable exchange rate when you send the money to her.

Ah I see. Thanks

SpeedFreak said:
Ninja edit lol, I was about to say that yis is not a valid answer!

You're bank will set the rate in this case. If your bank fx rate is better than the fx bureaux you plan to use after fees then it would be both better and easier to transfer it.

hehe, Ninja skills are still on high alert

Thanks, I shall check this out!

SpeedFreak · 1 Oct 2012 at 23:17

Phate said:
Ah I see. Thanks

hehe, Ninja skills are still on high alert

Thanks, I shall check this out!

No worries, as I said, if the rate is better then go for it but I'm unsure of how likely that is.

Phate · 1 Oct 2012 at 23:22

SpeedFreak said:
No worries, as I said, if the rate is better then go for it but I'm unsure of how likely that is.

Shall do some gewgling tomorrow when 'working'

1mm3 · 2 Oct 2012 at 03:07

We took cash and changed it locally for best exchange rates, would depend on how much your friends bank charges.

The local metro is also very good, just buy a day pass- depends where you are going. Make sure to plan your trip/ route beforehand. All taxis have a set mileage fee so you wont get ripped off. For our trips (we went for a week) we bought week metro passes and taxis from the metro station if destination is far from there.