Having a huge Indian expat population in the UAE, there would be several outward remittances on a daily basis. In the year 2018, there were more than $20 Billion remitted to India from UAE. Indian expats can send money to their families, friends, etc. back in their home ground in several ways. Some of the different ways that are practiced often to transfer money from UAE to India are,
One of the transfer methods is cash to cash transfer where the sender deposits the cash and receiver receives the cash itself. There are several well-known exchange centers in UAE that handle cash to cash transfers. The sender can visit these centers with the required cash he would like to transfer.
The sender needs to provide some details like the receiver’s name(the one on Government ID proofs), full address and your government ID proof. Once these details are provided you can deposit the cash. The exchange centers will convert the currency as per the exchange rates of AED to INR and transfer it to the destination. There will be processing fees added to the transaction. The receiver will receive the cash in a couple of days.
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Cash to the bank account
If the sender has cash and would like to transfer it to the receipt’s bank account he can opt cash to bank transfer method. You can visit the exchange centers with the required details like the receiver’s name, bank account number, swift code, etc. The beneficiary will get the cash credited on the account within 2-3 business days. The sender will be charged currency exchange fees for the transaction.
Bank to Bank
Apart from the exchange centers, banks also provide the remittance facility. You can add the beneficiary details to your account through internet banking facility. And transfer the required amount directly from your bank account to the beneficiary. Usually, this is one of the quickest ways to transfer funds to India from Dubai.
Even though banks charge remittance fees on international fund transfers, there are some banks in UAE like FAB, Dubai Islamic bank that provides free international remittances monthly on their bank accounts. So this is considered one of the cheapest ways for Dubai to India currency transfer.
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Another option that is widely considered to transfer funds from Dubai to India is online transfer. Exchange centers and other digital payment websites/apps provide international money transfer facility. This mobile money transfer facility is simple where the sender can send using his phone to the recipient’s mobile wallet.
Read: Best money transfer services from UAE to International recipients
Credit card holders in Dubai can use their plastic cards to transfer funds to India from their respective accounts to the beneficiary account. Credit card providers charge some additional fees on the international transfer of funds. The transfer will be considered as a cash advance or a purchase when their credit card is used at the exchange centers.
These are some of the ways to transfer money from Dubai to India. But one thing to keep in mind while transferring funds are the fees levied. The fees charged on the international remittances vary with each exchange center and banks. Senders must find out the fees charged along with the currency exchange rate of AED to INR of that particular day and proceed with the transfer way which won’t charge them excessively.
MyMoneySouq helps the visitors to find the right financial product by comparing different products provided by various banks in UAE. It compares different loans, insurance, accounts, credit cards. It works with a goal to give the users a clear idea of what to expect out of their funds and what they can get from those.