Sending Money Home: Guide for Teachers Abroad
Transferring your savings from the Middle East to your home country efficiently is critical for maximising the financial benefit of international teaching. The difference between the cheapest and most expensive transfer methods can cost you hundreds or thousands of pounds per year in fees and unfavourable exchange rates. This guide covers the best methods, costs, and strategies for international money transfers.
Transfer Methods Compared
| Method | Fee | Exchange Rate | Speed | Recommendation |
|---|---|---|---|---|
| Wise (TransferWise) | 0.5-1.5% | Mid-market rate | 1-2 days | Best overall |
| Revolut | 0-1% | Near-market rate | Instant-1 day | Excellent if supported |
| UAE Exchange / Al Ansari | Fixed (AED 10-30) | Slightly below market | 1-3 days | Good for large amounts |
| Bank wire transfer | AED 50-100 | 1-3% below market | 2-5 days | Expensive — avoid for regular transfers |
| PayPal | 2-4% | Poor exchange rate | Instant | Avoid for large amounts |
Recommended Strategy
Primary transfers (savings): Use Wise for regular monthly transfers. Wise offers the mid-market exchange rate with transparent, low fees, and is widely used by the expatriate community. Set up a recurring transfer on payday to automate your savings discipline.
Daily spending (multi-currency): Hold a Revolut or similar multi-currency account for everyday transactions and small transfers. Useful for splitting currencies and managing expenses across multiple countries.
Large one-time transfers: For amounts above AED 50,000 (property deposits, investments), compare rates between Wise, UAE Exchange, and your bank. The percentage fee matters more on large amounts — even a 0.5% difference on AED 100,000 is AED 500.
Timing Your Transfers
Exchange rates fluctuate daily. For regular monthly transfers, the consistency of timing matters more than trying to predict rates. For large one-time transfers, set rate alerts on Wise or XE.com and execute when rates are favourable. The AED is pegged to the USD at a fixed rate (3.6725:1), so AED-to-USD transfers have no currency risk. AED-to-GBP and AED-to-EUR rates fluctuate with global FX markets.
UAE Banking Essentials
Open a UAE bank account within your first month — your salary will be paid into it. Major banks (Emirates NBD, ADCB, FAB, Mashreq) offer salary transfer accounts with no minimum balance requirements. Online banking is standard. Many teachers maintain both a UAE account (for salary and local expenses) and a home-country account (for savings and investments). See our financial planning guide.
Frequently Asked Questions
Should I keep my savings in AED or convert?
Convert regularly to your home currency — unless you plan to stay in the GCC long-term or invest in AED/USD-denominated assets. Holding large AED balances while your financial commitments are in GBP or EUR creates currency risk. Regular monthly conversions (pound-cost averaging) smooth out exchange rate fluctuations and provide predictable savings in your home currency. If you are building towards a UK property purchase, regular GBP conversion ensures your deposit grows predictably regardless of FX movements.
