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

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:


^^ 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:


Thanks!

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!

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

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?

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!