If you need to transfer money to the United Arab Emirates, forget about the old ways of sending payments through high street banks and start using Foreign Exchange (FX) companies. They are a lot cheaper, quicker and you can do it safely online. Most of the time, you can save up to 90% on fees when compared to banks.
Read carefully this United Arab Emirate Money Transfer Guide and start saving time and money when sending money abroad.
The Guide’s Topics:
- Best Way to Send Money to United Arab Emirates
- Best Company to Transfer Money from United Arab Emirates
- Today’s Emirati Dirham Rates
- Reasons to Move Funds into United Arab Emirates
- Regulation and Limitations
Best Company To Transfer Money To UAE
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
CurrenciesDirect allows you to send money to Dubai or any other city in the United Arab Emirates with zero fees from countries like USA, UK, Canada, Australia, India, Germany and many more. By using them, according to the data in the table above, you are already saving AED100 on the fees alone.
But the biggest saving, especially when talking about big amounts, is when you take the currency exchange in to consideration. Currencies Direct will provide a better currency exchange rate that any of your local banks which translates in more money in the new currency.
With MoneyCorp you will receive the same benefits as the previous company but also the guarantee of more then 35 years of experience in this business. This makes it older than some of the banks in UAE like Abu Dhabi Commercial Bank or Emirates NBD.
For more information or to get a free quote for your transfer, be sure to visit their website.
Best Company to Transfer Money from UAE
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
Supported Regions & Currencies
The United Arab Emirates has a big number of banks (some of them are foreign branches), which makes international money transfers to or from UAE very simple. The Dubai Financial Services Authority (DFSA) has imposed very light restrictions or regulations for amounts of lower than Dh100,000.
Currencies: With World First you can send money from UAE to practically anywhere in the world because they have access to over 100 international currencies. So it doesn’t matter if you want to send to the usual big destinations like the United States, Canada, Australia, France, Spain, South Africa, India, or smaller countries like Israel, Portugal, Cyprus, Sri Lanka or even New Zealand, you are covered and still benefit from the zero fees transfers.
Today’s Foreign Exchange Rates for AED
United Arab Emirates (UAE) Dirham behaviour
Sharp changes in reserves warn that the currency peg is potentially unsustainable. Stresses are likely to be created mainly by big changes in crude oil prices and major dollar swings.
The UAE has a pegged currency with the dirham fixed against the dollar with 1 dollar equal to 3.67 dirhams.
Although slight fluctuations are allowed, there will be no significant movement against the US dollar unless there is a change to currency peg. The value of the dirham against other global currencies will be determined solely by dollar movements.
The currency peg will come under stress either through the trade account, a change in relative inflation rates between the US and UAE or big dollar moves.
Intervention is required to keep the peg intact which affects the level of currency reserves. Overall strains will, therefore, be illustrated mainly by changes in reserves, a sharp decline warns that the peg is increasingly unsustainable.
Oil accounts for close to 50% of revenues and the trade account will, therefore, weaken if oil prices decline while higher prices generate pressure for a stronger currency.
A sharp increase in internal inflation, potentially through aggressive fiscal expansion, would increase pressure for a weaker currency.
Changes in the dollar’s global value can also create pressure for a peg break. A very sharp decline in the dollar increases pressure for the dirham to revalue, a very strong dollar creates devaluation pressure.
Transfer Money To UAE Bank Account
The United Arab Emirates is a federation of seven emirates with its capital in Abu Dhabi. It is one of the youngest countries if we take in to consideration that it was established in December 1971. The national currency is the Dirham (code: AED).
Tourism: The travel and tourism industry in the UAE was responsible for supporting nearly half a million jobs in 2013 which represented 9.1% of total employment. Even though new data is not available, everybody knows that these numbers have surely increased in 2015, as cities like Dubai have become the Mecca for shoppers and recognised as an entertainment hub.
Business: Many will agree that the United Arab Emirates is mostly known for their oil and natural gas reserves. Lately, however, the country has focused on growing the non-oil sectors in order to protect and confer more stability for the country’s economy. As a result, the non-oil sectors now account for 69% of the UAE’s GDP.
Real Estate: The investments in properties and office buildings, or buildings in general, have been astronomical since the boom that the city of Dubai saw in the past years. According to Savills, the trend is going to be pretty much the same in the long term as the Gulf economy has clocked annual growth of at least 4% for the past three years. So if you are interested in acquiring a new property be sure to use one of the top recommended companies to transfer money to Dubai.
Thinking Of Relocating To The United Arab Emirates?
If you consider moving to the UAE and live there as an expat, you may find the following information helpful.
Advantages Of Moving To UAE:
- High Expat Salaries: Many expats relocate from fields such as teaching, law, and international business. Salaries on average are 40% higher than the expat’s home country.
- Good Vacation: The average teacher in UAE gets two months paid leave per year plus national holidays.
- Health Benefits: 89% of employers cover health benefits.
Disadvantages Of Moving To UAE:
- Astronomical Housing Costs: Average apartment rent for a one-bedroom can exceed 1,000 USD per month.
- Bureaucracy: It is difficult to function with government offices and can be quite time consuming for expats.
- Cultural Misunderstandings: The Arab culture can be a challenge for many Westerners, especially women. Women should consider carefully whether they can handle the difference of rights.
How Cheap Online Money Transfer Works
The Foreign Exchange companies specialise in dealing with currencies and, because they buy in bulk, they receive a wholesale price, much lower than any other institution. When a customer makes an international money transfer, they will actually help these companies exchange the currencies and thereby to make a profit margin.
Depending on the amount of money you’re sending, some FX companies will allow you to send money to Dubai for free. This why more and more real estate agents are using FX companies to ease the process of buying a house or other property overseas for their clients abroad.
UAE consists of:
- Abu Dhabi
- Ras al-Khaimah
- Umm al-Quwain
What you need to send money to UAE
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
Our Company Recommendation:
- Send Money to United Arab Emirates: Companies that provide international money transfers to the United Arab Emirates.
- Send Money from United Arab Emirates: Companies that take on Emirati Customers.
Regulations and taxes when transferring money to and from the United Arab Emirates
The United Arab Emirates’s (UAE) currency is the Emirati Dirham (Dh). The Dh is fully convertible, and the UAE has an immense network of foreign and domestic banks, making transfers in and out of the UAE relatively simple.
The Dh has been pegged to the US$ since 2002, at a rate of Dh3.67 per US$.
The Central Bank of the UAE
The Central Bank of the UAE oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability. Its oversight extends to monitoring the activity of all foreign exchange businesses, which must be registered through the bank.
There are no transfer restrictions on money going in and out of the UAE, with transfers particularly simple in the UAE’s free zones. However, any large transfers must be reported to the authorities, and travellers must declare sums exceeding Dh100,000 before entering the UAE.
An estimated 80% of the population of the UAE are expatriates, with a significantly high proportion of migrant workers, many of whom send their income back to their home country.
Starting with January 2018, the UAE is moving to impose a VAT on remittances. The decision is intended to help the UAE government diversify their revenue streams and stop relying only on oil production as its primary income.
Taxation on foreign income
The UAE imposes relatively low taxes. Residents of the UAE are taxed on any foreign income. Non-residents are taxed only on income originating in the UAE. Double tax treaties are in place to avoid double-taxation.
Biggest banks in UAE
- Emirates NBD
- National Bank of Abu Dhabi
- Abu Dhabi Commercial Bank
- First Gulf Bank
- Dubai Islamic Bank