# Transferring money from Dubai to Ireland to save and clear a €9k debt



## FullBeard (28 Jul 2012)

Hi Folks, 

I asked this elsewhere but didn't get a very specific reply and, as I'm new to international transfers, I do need specifics.

Here are some points about my financial situation:

- Basically, I'll be in Dubai very shortly for the long haul. I will be paid around 3.5k euro per month tax-free. I will also receive two lump sum payments of 10k euro twice per year. Note that I am providing the amount in euro; the currency that the payment is made in is AED.
I will receive the first 10k + 3.5k in late September. I have no dependants or spouse. 

- Back in Ireland, where I currently am, my finances aren't so hot. I had a student loan of 15k euro, which I have now reduced to €9k over the past 10 months. I owe this money to AIB, who take €277 automatically to service the loan each month. I make additional payments every month; that's why I've managed to pay back €6k in ten months.

- I have no other debts at all, but also no assets or savings.

- When I move to Dubai, I am going to claim tax back from the Irish state for the financial year 2012. This should see approx €1,500 -- maybe more -- come back to my Irish current account. I will also sell my car, which will give me another €1k. I also intend to reclaim my pension, which will give me another €1k (I've looked into it and can do it as I'm with my current employer less than 2 years).

- So, when I leave Ireland at the end of August, I will have the following accounts with AIB in Ireland:

Current account: +2750 EUR
Loan account: -8100 EUR
Credit card: 0 EUR​
^^ Not so good. 

But, as mentioned above, my income will increase dramatically from late September onwards. My take home pay in euro will increase by 225% per annum, bearing in mind salary increases and 0% tax. I've factored in everything else -- including accommodation in Dubai.

So now I come to the nub of my query and the point of this post:

Please advise me on how best to manage my Dubai finances so that I can clear my AIB loan in Ireland as efficiently and cheaply as possible. 

- Would you recommend paying it back in maybe two or three large downpayments of several thousand euro each? There is no penalty for paying it back early. 

- How do I get the best deal from my Dubai bank when transferring relatively large amounts of money from my bank account there to my Irish bank account?​
And please recommend a savings strategy for me in Dubai. I think I could save the equivalent of €25k euro there per year (minus the first year as I want to clear the remaining €9k debt with AIB) and I will stay for three years minimum. 

- Where should I save the money? In Dubai? Or should I transfer it in regular payments back to Ireland or somewhere else? 

- How do I do this while minimising bank fees for transfers and currency exchange?​
Thanks!


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## millieforbes (28 Jul 2012)

Hi FullBeard,

Firstly, well done on re-paying 6k of your debts so quickly, you've done really well. Secondly, I know you're not comfortable with the level of debt you have, but I would try not to panic or worry about it - you're well ahead of your re-payment schedule and you you have a strong income stream so you're not in a bad place.

I don't know anything about Dubai, but I'm earning in foreign currency and sending money home - I followed some advise from this site and checked out www.currencyfair.com and I use them to send money home now. They have local accounts in a lot of jurisdictions so your transfer to them will cost you the same as any other local transfer, then you convert the money to your home currency - typically the margin on the exchange is a lot lower than what a bank charge - then you transfer the cash, I think the transfer fee is Eur 3.

I'm not connected to the company at all, but after 18 months of paying about Eur20 for each transfer I think I will stick with these guys from now on!


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## FullBeard (30 Jul 2012)

Hi millie, thanks very much for your reply. I'll definitely take it on board


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## Graftgirl (27 Aug 2012)

Thirdstream, If I am not pointing out the obvious, you are trying very hard to build up posts, posting to and updating old threads whilst not adding any advice why?


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## whytehouse (20 Oct 2012)

Really interested in moving to Dubai as well but was unsure about sending money home (another student in debt here)! Can I ask how you went about it? Bit unsure when reading reviews of different companies in UAE (Sabis, etc.)

Thanks! And well done on clearing your debts so quickly!


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