Currency exchange

Hi,

There are lot of exchanges available across Bahrain and everyone gives a competitive rates.

NAFEX (National Finance and Exchange Co). UAE Exchange, BIIECO, Travelex, LuLu International Exchange LLC (LuLuEx) etc.. just google for their address for the location near to you.

Do ask for exchange rates with different outlets before you exchange your  £'s..

good luck

Thank you logicalindian.

Our money is currently in the bank in the UK, we fly out tomorrow and wondered what our best way of exchanging the money was; through a broker, the bank, bureau De change or any other methods we hadn't explored yet, especially as the pound is quite weak against the dinar at the moment.

dear Loopyloo,
I am not sure what could the best option for this situation.

team,
May be someone who has already done this could share some information regarding the same....?

T&R

Hi,

Personally I wouldn't look to move all your money now!  Are you planning on leaving the UK for good or do you see this as being for a few years?

We left most of our money in the UK and hubby opened an account here as soon as he could (needed a CPR!) for money he earns out here.  It might be worth checking what charges there are for withdrawals from cash machines from your existing UK account.  It is also worth notifying them that you will be out here so they don't put a stop to you getting your money.  I have a Nationwide Select credit card which has no charges for use overseas which we used at supermarkets and hotels to start with, and I still use it if short of cash.

We keep a reasonable amount here to cover living costs and any sudden essential costs here and send money back to the UK as well (exchange rates have been working in our favour these last few months - the finance press seems to suggest that they will settle after the election, but where they will settle is unknown!!)

HTH

Thank you Mummy T.

We plan to be staying (if all goes well) and thinking along the lines of what you suggested, keep our money here in the UK, but obviously we will need some to keep us going for time being. We will have some BD's with us, but don't really want to bring too much cash with us.

My husband's company have said they will provide him with a letter for us to open a bank in Bahrain when we arrive. We plan to do this with HSBC, as we already bank with them & so it's free to transfer money over, it's just I'm not sure if this would be the best way for the best exchange rate?

Leave it where it is for as long as possible, If you don't need it here then don't change it, its currently the worst exchange rate for a long time.

We have already sorted an hsbc acct before leaving the UK. Just call their international banking number and you can apply over the phone. Then take ID into a branch. If you have a premier acct you can transfer money for free and set up the acct for free.

I agree with others here on the forum with regards to bringing money from the uk to Bahrain....erm i would say leave it in the UK if you can. Exchange rates from UK to Bahrain are at the worst rates now.

Obviously you need money to live on here in Bahrain - but if you canget away with earning your money here rather than bring from uk to here, that will work in your favour. Would your company not pay you in advance while you are settling here for the first few months? Or ask them to help you out by loaning you money just to settle in, then they can deduct it from your salary as the months move along?

This would work in your favour. Then when you are settled in, and if the rates are still what they are today, and you've saved something - you can transfer to UK as the rates are highest now then in previous years.

With HSBC, im not sure what thier exchange rates are (if you dont have a premier account)  - personally ive always found BFC to offer good rates (less commision) when exchanging Dinars to Pounds, compared to Travelex and UAE exchange.

hope this helps and good luck 

I too endorse all the comments above.

Once you are here, your hubby can ask his employers for an advance against his first salary, and that should keep you going until he gets the full payment. That way you can leave your money in the UK and still not worry about cash for expenses when you get here. That's what I did when I first moved to Bahrain. The first month is a bit of a struggle, but things sort themselves out thereafter.

Best wishes with you move!

Thanks everyone!
We opened a HSBC account for that reason, as heard we would be able to transfer money for free, but we have not been successful in opening an account here, we will try again by phoning the international banking team, thank you.

HSBC is an option.  I have a Premier account with HSBC Expat in Jersey as well as in Dubai and now Bahrain.  They are all linked via global view which allows me to do "instant" money transfer between them for free. 

The exchange rate is obviously not as desirable as you would want e.g. instead of the official peg on the USD of 1 BD = 2.65, HSBC gives me 1 BD = 2.635.  However, if you factor in the convenience (not going to an exchange agent), instant transfer and no charges; it is not that painful.

However for pounds, maybe it is worthwhile to go through the exchanges.

there is no such thing as a free lunch. Particularly where banking is concerned and especially where HSBC is concerned.

They hammer you on the exchange rate even if there are no fees at all and, because most of us in the ME are sending relatively large amounts around, they make a killing.

Use a currency exchange network to do these kinds of transfers rather than banks. I have used CGEN for the last two years and they have always consistently beaten any other rate I've ever found (at least for SAR -> GBP).