Ease to move savings from Middle East currencies to €?

Banks Change Career cost saving MBB Middle East salary stock exchange transfer
New answer on Oct 26, 2020
5 Answers
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Anonymous A asked on Oct 24, 2020

Hi, apologies in advance for the question not entirely consulting related.

I got consulting offers in the UAE and one in Qatar. I worked in Europe all my life. Obviously, the salary is extremely appealing even considering the higher cost of living. I see my self in the ME (Middle East) short term 2-4 years maximum. I got told that transferring your money from the ME to Europe could be challenging for legal limitations and costly because high fixed and variable fees apply exchange rates.

I wanted to learn from someone who had this experience:
- How easy is it to move your savings from UAE / Qatar to a European Bank (€) from a legal perspective? - How costly is it (conversion fees)? Is there a trick to exchange in a cheaper way to €? (e.g. pass it to $ a then € maybe..)
- Any other untold challenge or story regarding this matter you would like to share with me?

Thanks in advance for your advice,
Andrew

(edited)

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Clara
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Content Creator
replied on Oct 26, 2020
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

As long as the money is obtained by licit ways, you have totally no problem.

To save comissions, best is to talk to your bank directly for special treatment o leverage fintechs such as Transferwise or other that are in the market that minize comissions

Hope it helps!

Cheers,

Clara

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Ian
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replied on Oct 24, 2020
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

I highly recommend you use TransferWise for all money transfers. Banks are a pain!

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Henning
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replied on Oct 26, 2020
Bain | passed >15 MBB interviews as a candidate

+1 for TransferWise

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Udayan
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replied on Oct 24, 2020
Top rated McKinsey Case & PEI coach/Multiple real offers/McKinsey EM in New York /6 years McKinsey recruiting experience

I second Ian - Tranferwise is great!

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Francesco
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replied on Oct 25, 2020
#1 Coach for Sessions (4.000+) | 1.500+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 9Y+ Coaching

Hi Andrew,

Congrats on your offers. The best ways to transfer money nowadays are TransferWise and Revolut, although you should check they are available in your country.

Best,
Francesco

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Clara gave the best answer

Clara

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McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut
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