There are many ways to make international money transfers in the UAE. With a higher mix of expats the international transfers and remittances from the UAE are higher. According to the central bank of UAE, the beneficiary families are from India, the Philippines, UK and the US. The market for money transfers in UAE is highly developed. Online money transfer services like digital transfers, online banking, exchange houses function within the country. Here we provide you with a guide on making international transfers in the UAE. The following are the ways for international money transfer in the UAE.
- International money transfers in UAE
- Online money transfers services in UAE
- International money transfers in UAE through banks
- Wire transfers in UAE
- Foreign exchange brokers in UAE
1. International money transfer services in UAE
In the UAE, nearly 90% of the total population comprises expats. There is no surprise that Middle Eastern countries are the second largest population where the remittances are higher to other countries. International money transfers from your bank account to the receiver party can be made through online payments through third-party services, cash services exchange over the counter. There are fees and services associated with the transfers. Consider the exchange rates, transfer fees and processing time when you are making international transfers.
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2. Online money transfers services in UAE
There are a number of online services which provide international money transfers in the UAE. To encourage the transfer remittances the government launched a transfer wire in Abu Dhabi in 2019. However, there are other platforms that support online transfers such as PayPal, CurrencyFair or Moneycorp. These transfer services allow customers to transfer dirhams to overseas bank accounts. There are also domestic startup companies such as Now Money and Denarii Cash.
According to an estimate, using online services for international money transfer is more economical, this accounted for eight times cheaper than other services. There is a fee associated with the online transfer which is charged by the bank or the transfer company.
The currency fair offers money transfer facilities to more than 150 countries. You can avoid excessive bank fees when you transfer money online. The exchange rates are cheaper than banks which help you to avoid excess fees.
Money transfer facilities are also available through mobile banking. To make a through online you have to follow the below instructions.
- Add the recipient details as given on account.
- Bank name, address, account number and branch
- SWIFT code or IBAN code
You can also visit the bank and ask for more details. If you are making international transfers for the first time, banks may also contact you and verify the details.
3. International transfers in UAE through banks
Licensed banks in the UAE provide money transfers services. Bank transfers are an easy and convenient way to transfer. For the expats bank transfers are the easiest method, the account holders can make transactions within minutes while using mobile banking or the internet. Banks predefine their exchange rates and this is different from the interbank rate which is shown on google. Money transfer services are expensive through the traditional method of bank transfer.
For any exchange remittance banks will charge a service fee for doing remittance. There are several banks in the UAE which do not charge an upfront service fee for transfer because of international relationships with the countries. Bank service fee may be from 0 to AED 100 which does not include VAT, for international bank transfers the maximum time would be 5 working days to transfer the money.
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4. Wire transfers in the UAE
When it is an international money transfer 75% of expats use wire transfer. Money exchange is done overseas through the 125 cash houses. This is done through the SWIFT banking network, through the international funds transfer companies such as MoneyGram or Western Union. These exchange companies are in Malls high streets throughout the UAE. Companies such as Al Fardan Exchange, Al Ansari, Al Rostamani Exchange, LuLu Exchange, UAE Exchange, GCC Exchange, and Wall St Exchange provide transfer services.
5. Foreign exchange brokers in UAE
There are many foreign exchange brokers that operate in the UAE. When you are making an international transfer foreign exchange brokers can assist you in sending money to your home country. The foreign exchange brokers are the regulatory authorities such as UAE Central Bank, Dubai International Financial Center or Abu Dhabi Global Market and other international regulators within the country. These foreign exchange brokers provide customer service, online tracking, create trustworthiness and provide transparency in their transactions.