If you are looking to perform money transfer services from UAE, you will come across
many ways to do the same.
UAE is home to a lot of expats; therefore, the country has made it easier for people to make international transfers and remittances. Moreover, the central bank of UAE reports most of the beneficiary families are from the USA, UK, and India.
Digital banking services such as exchange houses, digital transfers, online banking,
etc., functions in the country. Here are the prominent ways through which you
can carry out international money transfer services from UAE:
There are a lot of online services that offer international money transfers in the
country. To facilitate the transfer remittances, the UAE government has initiated
a transfer in 2019 in Abu Dhabi.
But you will find many other platforms that support online transfers, including but limited to CurrencyFair, Moneycorp, and PayPal. These online transfer services enable customers to transfer the dirhams in their accounts to international bank accounts.
Many new companies have also been established to facilitate online transfers like Denarii Cash and Now Money.
Using online banking services for international money transfers is considered more economical. In fact, according to an estimation, online services are eight
times more cost-effective than other services. You have to bear a certain fee that
depends on the online transfer you have selected.
The charges are selected by the bank or the transfer company; generally, the charges are nominal. Furthermore, the currency fair provides transfer facilities to over 150 countries.
When you choose online money transfer, you can avoid the heavy transfer levied by the banks.
Online money transfer facilities are also accessible via mobile banking. You need to go through the following instructions to make an online transaction:
● Add in the details of the recipient as provided on the account.
● Add bank name, account number, branch, and address.
● IBAN or SWIFT code
Moreover, if you are doing international transfers for the first time, the banks
may call you to verify the transaction.
International Money Transfers In UAE
In the UAE, approximately 90% of the overall population encompasses expats. Evidently, the Middle Eastern countries account for the second largest population of expats, so the volume of international transfers is extremely higher.
International money transfers are done from your bank account to the receiver party. You can also make the international transfer through third-party services or over-the-counter cash services exchange.
There are certain fees as well as services related to the transfers. So when you choose an international transfer, you need to consider processing time, transfer fees, and exchange rates.
International Money Transfer In UAE through banks
Licensed UAE banks offer international money transfer services from UAE. Bank
transfers offer a safe and convenient way to transfer money globally.
When it comes to making international money transfers, banks are the easiest approach.
They allow the account holders to perform transactions within a few minutes
through the internet or mobile.
Furthermore, banks have predefined exchange rates, and the figure is different from the interbank rate available on Google.
Money transfer through traditional methods of bank transfer can be quite
expensive. For an exchange remittance, the bank will charge a certain amount as a service fee. However, some banks do not charge any fees for this exchange.
The bank fees may vary between AED 0 and AED 100, excluding the VAT. And it would
take around five business days for the transfer to get completed.
Some expats deal with face-to-face banking transactions. For that, you need to
visit your home branch and fill out the form for international transfer.
You can either give the cash to the bank or have it debited from your account directly. But
performing a visit to the bank may come with higher service charges as opposed to online or mobile international payments in the UAE.
Foreign Exchange Brokers In UAE
There are various foreign exchange brokers that function in the UAE. When
performing an international transfer, foreign exchange brokers can help you to
send money to the home country.
Additionally, the foreign exchange brokers are denoted as the regulatory authorities like Dubai International Financial Center, UAE Central Bank, Abu Dhabi Global Market, etc.
These brokers offer online tracking, customer services, transparency, and optimum trustworthiness. When you choose a foreign exchange broker for a money transfer, you need to consider many factors.
The regulatory approvals from the Central Bank of UAE, Abu Dhabi Global Market, or Dubai International Financial Center, customer support, reliability and online tracking are among the important factors.
It is better to make a couple of calls and ask around as it will allow you to save money on foreign exchange rates. The market of foreign exchange is highly competitive, and some brokers may offer interbank exchange rates to lure more customers. But they might add extra charges or increase the margins, so in the end, you will end up paying a lot.
Therefore, ensure that you get the overall quote upfront and be clear about all the costs associated with the particular international transaction. When you choose a foreign exchange broker, then you generally have to open an account.
Wire Transfer In The UAE
75% of the expats living in the UAE use wire transfers for international money
transfers. Money exchange is performed internationally via the 125 cash houses.
SWIFT banking network facilitates such kind of transactions along with the international funds transfer companies like Western Union, MoneyGram, etc.
Malls High Street area in the UAW encompasses a lot of exchange companies. Some of the companies that offer this service include Al Ansari, Al Fardan Exchange, Al Rostamani Exchange, UAE Exchange, Lulu Exchange, Wall St. Exchange, GCC Exchange, etc.
You can generally make wire transfers straight through a credit card in the UAE.
However, this process may take a long time; you may have to wait up to five business days. However, certain services like MoneyGram and Western Union leverage credit cards or debit cards can boost the time taken in order to send the money.
Factors To Consider When Choosing Money Transfer Services
There are a lot of factors that expats need to consider when sending or receiving payment internationally in the UAE. For example, you must consider costs, licenses, and the convenience of international money transfers. Let’s understand
these facets in detail:
- Exchange Rates
The currency markets remain open round the clock, and the rates are highly fluctuating. But based on the internal policies of the providers, currency conversion rates may vary significantly. Forex brokers typically leverage the interbank rate, whereas exchange houses and banks set their own tariffs.
When paying international payments in the UAE, you will have to pay a certain amount as premium m. This may be reflected in the exchange rate or may come as an upfront fee.
In case you are not being offered the interbank rate, the exchange house is likely to make money on the transaction.
Therefore, make sure you compare various costs of international money transfers in the UAE.
3. Payment Methods
International money transfers in the UAE can be done in cash as well. This is done via credit card or bank instructions. Additionally, cost transfers are also made available through mobile apps.
4. Transfer Time
The next important factor to consider is the transfer time. The rates tend to increase and fall based on a lot of factors. However, you are likely to find it more expensive to send money internationally during the festivals.
Moreover, emergency transactions may need you to pay more or harness an online service
to ensure your money gets to the right individual. On the other hand, if you can wait a little longer, then you may be able to choose a cheaper option or be provided with a different rate.
5. Pickup Methods
International payments in the UAE can generally be directed to the recipient’s bank account. However, a lot of exchange houses provide the option of cash delivery when presented with a safe Money Transfer Control Number.
6. Customer Service
Considering foreign exchange markets are open 24×7, you should be able to get the same level of customer service. So check whether the transfer option you are considering offers round-the-clock customer services.
There are many money transfer services from UAE that expats can leverage to transfer money to their home country. It is important that you assess and evaluate each option thoroughly before choosing the transfer service.