This morning I enquired with the Western Union to send money to the UK and it costs about QR 250, which I believe is extortionate.
Is there a better and reliable source of sending money other then the WU?
Do not be fooled with low cost bank to bank transfer fees-the truth is, it is not cheap because they make their money from the rate itself!
Currency brokers typically give GBP/QAR quotes with approximately 1% spread from the inter-bank exchange rate. This is pretty good considering retail banks offer a spread of somewhere between 3.5 – 5% :(
There are many methods of transferring money from one place to another online. Whenever you wish to transfer your money online then you need to make sure that you have landed on a website that is secured.
Thanks Novita... I just phoned DB they do charge QR 15 for the transfer, and I guess the transfer from Barclay bank to Scottish bank wont be more then 10 pounds.
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Forgot to post a link. Here's the one I use, they are UK based and hold all their currency accounts in the UK itself:
www.currencysolutions.com
Do not be fooled with low cost bank to bank transfer fees-the truth is, it is not cheap because they make their money from the rate itself!
Currency brokers typically give GBP/QAR quotes with approximately 1% spread from the inter-bank exchange rate. This is pretty good considering retail banks offer a spread of somewhere between 3.5 – 5% :(
Example:
Interbank exchange rate = 5.5 (i.e. 5.5qar needed to buy 1gbp)
Bank rate = 5.69 to 5.78 (plus transfer fee)
Currency broker = 5.55 (plus transfer fee)
There are many methods of transferring money from one place to another online. Whenever you wish to transfer your money online then you need to make sure that you have landed on a website that is secured.
http://www.moneytouk.com
Thanks Novita... I just phoned DB they do charge QR 15 for the transfer, and I guess the transfer from Barclay bank to Scottish bank wont be more then 10 pounds.
from Doha Bank to Barclay UK : Doha Bank charging 15 QR and barclay charging 6 pound to receive it.
Try this and see. i think is cheap
http://www.uaeexchange.com/uae/branch_locator_exe.php