International cash to bank transfer: how to minimize losses?
I live in the United Arab Emirates. I have 10,000 USD in cash. I have a bank account in USD in a Czech bank. What is the best way of transferring that money to my bank account?
My situation is quite peculiar. Firstly, the currency I want to transfer the money in is neither the currency of the country from which I would send money nor the the recipient country's. Secondly, the source is cash but the target is bank account. However, the source and target are in the same currency.
A brute-force solution that jumps to mind is to exchange the cash into local currency, AED, either in a currency exchange office or in a bank, then upload that money in my bank in the UAE, then wire transfer to my account in Czech Republic. Unfortunately, that seems like a convoluted path with potential for many losses along the way. Do you see any simpler solutions?
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Why not open an USD account or subaccount in Czechia and then transfer the money using an UAE bank that supports transfers in USD. If you don't want to open an USD account in Czechia, it'll get converted when received there into the currency of your account but at their conversion rate which probably isn't good.
Alternatively, use Transferwise which might or might not be cheaper.
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