Moving money from the UK
You’ll need to move money to the UAE for deposits and rent, and keep some in the UK. Here’s how to do both without losing out.
In 30 seconds
- The dirham is fixed to the US dollar, not the pound, so the rate you get changes every day
- Compare the total cost of a transfer: the exchange rate and the fee together
- Some UK banks close accounts for people living abroad, so ask yours before you go
CurrencyAEDUAE dirham
Fixed toUS dollarAED 3.6725 = US$1
PoundFloatsThe rate changes daily
Sending money
- Compare the exchange rate as well as the fee. A “free” transfer with a poor rate can cost more
- Send a small test amount first
- Keep proof of where large sums came from, such as a house sale or savings. UAE banks often ask
- Use a firm regulated in the UK or by the UAE Central Bank
We don’t recommend particular providers.
Keeping UK accounts
- Some UK banks close current accounts when you live abroad. Barclays, for example, requires UK addresses. Ask your bank before you move
- Several UK banks offer international or expat accounts, which usually need a minimum balance
- Keep at least one UK card that works abroad: your first UAE salary may take a few weeks
- Keep your UK mobile number for bank security codes. See Phone, internet and WhatsApp
ISAs and pensions
| After you move | |
|---|---|
| ISAs | Keep them tax-free, but you can’t add money once you’re non-resident |
| UK pensions | You keep them. Tax relief on new payments usually stops |
| Investments | Check whether your platform allows non-UK residents |
How much to move
You’ll usually need a large amount in your first month: the first rent cheque, a deposit, agency fees and DEWA deposits. The moving fund calculator works out your total.
What to do next
- Ask your UK bank whether you can keep your account
- Compare two or three transfer providers
- Work out your total in the moving fund calculator
Sources
- CBUAE: the dirham peg
- Barclays: living outside the UK
- GOV.UK: ISAs if you move abroad
- HMRC: pension tax relief abroad