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USD to AED conversion in UAE..

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Old Mar 17, 2015 | 10:05 am
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MNSWEEps
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USD to AED conversion in UAE..
Which is the best place to make the USD to AED conversion? at the airport(AUH) ? or outside in the city currency exchange kiosks.
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Old Mar 17, 2015 | 8:44 pm
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muscat
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For dollars, it will probably be a very small difference.
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Old Mar 17, 2015 | 10:51 pm
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In Dubai the airport exchanges give bad rates. Much better at the exchange places in town. Probably the same in Abu Dhabi.
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Old Mar 20, 2015 | 10:56 am
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xSTRIKEx6864
 
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Not in the airport... best way to get AED currency is an ATM if you have a no foreign transaction fee debit card.
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Old Mar 20, 2015 | 1:04 pm
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Originally Posted by xSTRIKEx6864
Not in the airport... best way to get AED currency is an ATM if you have a no foreign transaction fee debit card.
Excellent point. I have Platinum relationship with Logix banking and I see my ATM transactions are fee free.

https://www.logixbanking.com/banking...onship-rewards

Thanks for info ^
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Old Mar 21, 2015 | 4:29 am
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ft101
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Originally Posted by MNSWEEps
Excellent point. I have Platinum relationship with Logix banking and I see my ATM transactions are fee free.
You need fees free overseas currency transactions as well to get the most benefit.
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Old Mar 21, 2015 | 11:25 am
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Originally Posted by ft101
You need fees free overseas currency transactions as well to get the most benefit.
Per Logix benefits for Platinum members all World ATM uses are free. Plus they reimburse the other banks fees upto $3.50 per transaction.
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Old Mar 21, 2015 | 1:41 pm
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ft101
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Originally Posted by MNSWEEps
Per Logix benefits for Platinum members all World ATM uses are free. Plus they reimburse the other banks fees upto $3.50 per transaction.
I wasn't referring to ATM fees or other banks' fees.

Banks typically charge 2 or 3% loading on any foreign currency transaction. I understand Logix charges 1.1% so this fee is what would stop most from using it overseas.
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Old Mar 21, 2015 | 5:15 pm
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I converted a grand in the states via my bank, at a much better rate.

but the best way is to use a conversion place at the mall
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Old Mar 21, 2015 | 6:52 pm
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Originally Posted by ft101
I wasn't referring to ATM fees or other banks' fees.

Banks typically charge 2 or 3% loading on any foreign currency transaction. I understand Logix charges 1.1% so this fee is what would stop most from using it overseas.
Provided the ATM has a VISA /mastercard symbol. Mine does have MC symbol so I walked into the local branch and exchanged it with a 100% ATM card only which doesn't have any charge whatsoever. It is MasterCard charging the 1.1% fee. Plus I also got the Premier MC credit card from them and its has no international fees. I was approved for 10K and CC issued immediately at the bank. For platinum any fees charged by Mastercard is reimbursed by Logix.
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Old Mar 22, 2015 | 4:28 am
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Originally Posted by MNSWEEps
Provided the ATM has a VISA /mastercard symbol. Mine does have MC symbol so I walked into the local branch and exchanged it with a 100% ATM card only which doesn't have any charge whatsoever. It is MasterCard charging the 1.1% fee. Plus I also got the Premier MC credit card from them and its has no international fees. I was approved for 10K and CC issued immediately at the bank. For platinum any fees charged by Mastercard is reimbursed by Logix.
Seems a great account then. Mostly one hears about Schwab being the go to account for US folk spending overseas, but this seems to have everything going for it too.
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Old Mar 22, 2015 | 4:32 am
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Originally Posted by mrmikey32
I converted a grand in the states via my bank, at a much better rate.

but the best way is to use a conversion place at the mall
The "place at the mall" needs to make money, and that's coming straight out of your pocket every time you use them.

You can minimise it by shopping around, but the only way to eliminate is by using a card such as described here, with either no fees, or fees that are refunded.
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Old Mar 22, 2015 | 9:56 am
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Originally Posted by ft101
Seems a great account then. Mostly one hears about Schwab being the go to account for US folk spending overseas, but this seems to have everything going for it too.
Yeah agree and I am ashamed I never found this out even though I lived in SO CA for over 17 years. Out of which 14 years in Burbank where Logix is headquartered 3 miles where I used to live. Logix is new name for Lockheed Federal credit Union. I moved 3 years back to North LA ( Santa Clarita valley) and they have many branches here within a mile or 2.

http://finance.yahoo.com/news/lockhe...153300493.html
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Old Mar 22, 2015 | 1:54 pm
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Originally Posted by ft101
The "place at the mall" needs to make money, and that's coming straight out of your pocket every time you use them.

You can minimise it by shopping around, but the only way to eliminate is by using a card such as described here, with either no fees, or fees that are refunded.
Exchanging money at the mall is not as bad as you think. Current example of an exchange place in the mall attached to the hotel I'm going to be staying at- http://www.algiex.ae/exchange.html

They'll give 3.65 AED per $1 USD when the current conversion rate is 3.67. 0.6% isn't horrible. Checking around at other local exchange houses show the same rates.
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Old Mar 22, 2015 | 2:49 pm
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Originally Posted by Dustball
0.6% isn't horrible.
Admittedly far from the worst.

Because of the variations worldwide, I just think all travellers will have an "overseas" card with no fees to get as near to the bank rate as possible, wherever they are.
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