How to get best possible rate when wiring large amount from Europe to Dubai?

[JimBeam]

Don't mess with IBKR if your account was not used to transact 6 or 7 figures in and out often. That will just get you in trouble.

I suggest you open an account in UAE/Dubai. It's possible with that kind of money even as non-resident. (I think I can help you with that just PM me). You transfer your USD to your UAE bank account, exchange it for AED (since it's fixed exchange rate spread is very little and you'll lose around 0.25% - 0.33% in the process - that's nothing!) and then just transfer the AED to the developer and pay just 1 AED fee for transferring any amount. I doubt it can get much cheaper than this. If you plan living there or just renting a place there - it's good to have a bank account there (so you can get your rents or pay bills etc).

 

[PinkCat]

may i ask which project is this for?

Imperial Avenue, a soon to be finished project in downtown Dubai

Don't mess with IBKR if your account was not used to transact 6 or 7 figures in and out often. That will just get you in trouble.

I suggest you open an account in UAE/Dubai. It's possible with that kind of money even as non-resident. (I think I can help you with that just PM me). You transfer your USD to your UAE bank account, exchange it for AED (since it's fixed exchange rate spread is very little and you'll lose around 0.25% - 0.33% in the process - that's nothing!) and then just transfer the AED to the developer and pay just 1 AED fee for transferring any amount. I doubt it can get much cheaper than this. If you plan living there or just renting a place there - it's good to have a bank account there (so you can get your rents or pay bills etc).

I should be able to get golden visa soon and open account as a resident but still interested in some banking options there since I'm not familiar with the banking scene there at all. Unfortunately I can't PM first now, since forgot to pay for my account, so if possible PM me and lets discuss it further.

 

[DGTLOTC]

Use an fx house.

1st party in and 3rd party out.

Job done

 

[PinkCat]

well i just wired USD that were auto converted to AED at the fixed rate by the recepient bank. I suppose my own bank would have given me worse rate.
So if you do USD to AED, jsut wire the USD and let the dubai bank convert it to AED, no need to look for better rate

 

[DGTLOTC]

USD and Aed are pegged,so it can’t have been that expensive