If you need to transfer money to the United Arab Emirates, forget about the old way of sending payments through high-street banks, and start using foreign exchange companies instead. They are a lot cheaper, they’re quicker, and you can make a UAE money transfer online safely. Most of the time, you can save up to 90% on fees when compared to banks.
Foreign exchange firms are not only the most affordable option, they are also faster and you can simply do the transfer online. The information in this guide will benefit anyone looking to transfer money to or from the United Arab Emirates through the best money transfer companies in UAE.
Transferring money from the United Arab Emirates overseas – how expensive is it with banks?
|National Bank of Abu Dhabi||AED123.00*|
|Abu Dhabi Commercial Bank||AED73.00*|
|First Gulf Bank||AED73.00*|
|Dubai Islamic Bank||AED39.00*|
* These are the maximum figures. May be lesser depending on the type of account and destination.
The table above clearly shows that if you want to send money abroad using a UAE bank, you will pay anywhere from AED39 to AED199. So, banks are without a doubt quite expensive, more so if you plan on transferring a small amount of money. With small figures, banks charge you as much as 20% of the total amount. So, let’s say you want to send AED1000 through the bank system, the bank can charge you up to AED200 in transfer fees. The only way to avoid paying such exorbitant fees is to send the money through an international money transfer company instead.
Sending money from the United Arab Emirates abroad – currency costs
If you plan on transferring money from the UAE to another country, in particular a big amount (5-7 figures), you must take into account the currency costs. The currency exchange rate that is used whenever you transfer money is important because if the wrong rate is used you might actually lose a decent amount of money. If you opt for a bank, chances are that the bank will not work with the actual currency rate, but a much lower rate. Banks do this so that they can make maximum profits from each transaction.
The table below shows the amount of money that you are likely lose if you go for a bank instead of a cheap money transfer company:
|Reason for Transfer||From||To||Cost in AED||Margin||Paid in Currency Markups|
|Luxury Item Purchase||UAE||France||249,000||1.5%-2.5%||~AED4,980|
|Portfolio Rebalancing||UAE||Any Currency||1,500,000||1.5%-2.5%||~AED30,000|
Our recommendation is that instead of transacting through a bank, transfer your funds via a money transfer company in the UAE instead. The reason being that money transfer organizations tend to charge a markup that is below 1%, without any outbound wire costs. To add on to that, money transfer firms give their clients access to their current online systems so that you can do the transfer yourself. If you need any help transferring the funds, they have expert dealers who can help you.
Our Top 3 Money Transfer Companies for UAE Transfers
After a comprehensive research, we concluded that the following three firms are the best choices for making international money transfers to and from the United Arab Emirates:
What you can find on our UAE money transfers guide?
Our aim with this guide is to help those individuals who are looking for the least expensive way to send money to and from the United Arab Emirates. We did a lot of research on various money transfer services so that we would be able to give you detailed information about each company we advise you to work with.
We know that people all over the world are sending money to other countries on a daily basis, and those amounts vary from person to person and from business to business. As such, there is a specific international money transfer firm that will be perfect for every transaction. So, our focus is mainly on those businesses or people who want to transfer money to and from the UAE. Any one of the companies we have discussed should be able to assist you with your money transfer needs. Our mission is to assist anyone who wants to transfer money abroad to do so safely and conveniently.
Improved exchange fees are now possible due to money transfer companies
With a cheap international money transfer company, you can be certain that you will be able to change your money into a different currency using the highest currency rates possible. The issue of currency rates is very important especially to those sending a large amount of money. When it comes to currency rates, banks work with the currency exchange rates system.
Before you make the decision to send money through the banking system, it’s important to be aware of the fact that banks take a certain amount of money from each exchange when people carry out a foreign exchange transaction. And, because banks don’t normally tell this to their clients, a lot of people are unaware that banks do this. Some banks can even give you an assurance that no money will be deducted as commission, but the truth of the matter is that a bank always finds another way to benefit from people’s transactions.
Even though you can find a bank that actually discloses the profit margins it makes from every transaction, most of those margins can reach 2.5%, which is quite high. As we mentioned before, banks will always find a way to make a decent profit from each transaction. That is why we cannot overemphasize the importance of sending money abroad through a cheap international money transfer company. Yes, there are banks that are cheaper than some wire transfer companies. That is why we took time to find the best money transfer companies that offer cheap transfer fees.
Why People Transfer Money in UAE
International money transfers are on the rise these days because of how much our societies have become so global. These days, the skie is the limit for most people. Some people find that it’s easier to chase after their dreams now than it has ever been. For instance, more people are relocating to other countries because they are looking for a better job and a better life. Others have put it on their bucket list that they want to travel all over the world and see as many cultures as they can before they die. So, they are constantly travelling from one country to another. There are others who decide to get an education in a different country. All these people need a convenient way to transfer money internationally. And, the ideal way to do this is via a money transfer firm. The following are some of the reasons why people send money abroad.
- Best money transfer companies UK
- Best money transfer companies Australia
- Best money transfer companies USA
- Best money transfer companies Canada
- Best money transfer companies Spain
- Best money transfer companies France
- Best money transfer companies Ireland
- Best money transfer companies Hong Kong
Sending Money to Loved Ones
Gone are the days when people would grow up, go to school, get married and eventually retire in the same country. These days people are willing to go where the wind blows, so to speak. For instance, many students are choosing to go to a college or university that is located in a different continent and it is not only because the tertiary institution has a good reputation, it is also because they want to experience different cultures. There are those professionals who prefer working in the United Arab Emirates because there are better working conditions and a better salary in the that country. All these people obviously have no choice but to leave their loved ones at home. There is therefore a need to send money back and forth between the country of origin and the destination country. These people can transfer funds to and from the UAE through a cheap international money transfer company.
Solution – WorldFirst
Buying or Selling Property Overseas
Some people go even bigger by buying or selling property abroad. So, if you are one of the many people who are seeing the value of buying a property in the United Arab Emirates, make certain that the money transfer firm that you go for has the currency that is required on offer. Fortunately, most international money transfer companies have over 50 currencies on offer, and that includes the ones we have recommended in this guide. What that means is that you will not have any problems finding a money transfer firm that can assist you with your transaction. The only issue that you need to watch out for is that there are certain firms that have limits when it comes to the amount of money you can transfer. Because there are so many other firms that do not have a specific limit you can choose from, you should not have any difficulties picking the right firm.
Solution – Moneycorp or Currencies Direct
Making Mortgage Payments Out of the Country
The number of people who are choosing to relocate to another country is increasing. It’s no wonder then that more and more people end up having to make mortgage payments abroad. And, the best way to make those payments is through one of the cheap international companies we discussed above. You could choose to do this via the bank, but chances are that a bank will charge you exorbitant charges. If you are going to be making mortgage payments overseas, the best way to avoid paying different amounts every month is to ensure that the currency of your mortgage is the same as your income. The exchange rate changes every day, so if the currencies are different the amount due for your mortgage will constantly be changing based on the exchange rate.
Apart from being cheap, international wire transfer companies also make sending money overseas easy and convenient. The companies, including those listed in this guide, will make sure that your mortgage payment is done on time every month. Those who want to send money abroad have two choices when it comes to the exchange rate. They can opt for the daily exchange rate or the forward contract. With the forward contract, you will be working with a fixed exchange rate for up to 24 months.
Solution – Moneycorp or Currencies Direct
Increased globalisation has also resulted in the number of people who are retiring overseas increasing. If you have always dreamed of someday living in the United Arab Emirates, one of the best times to relocate to this beautiful country is when you retire. You can also retire to the United Arab Emirates if that is where your children and other close family members are based permanently. Most people who have retired abroad have chosen to transfer their pension funds through a cheap international money transfer company.
Another benefit of working with these companies is that they provide a foreign currency transfers expert. The services offered by these professionals are very important, especially because currency markets are constantly changing. You need someone who specializes in currency markets to assist you when you are transferring money abroad, especially huge sums of money. Also make sure that when you do a transfer of your pension, you choose a money transfer company which does not have maximum sending limits.
Solution – Moneycorp
Cheap International Money Transfers – Why the UAE is Ahead of the Game
Being a major economic hub, the United Arab Emirates is constantly taking the necessary measures to ensure that it stays ahead of the game when it comes to offering cheap and convenient foreign currency transfers. One of the ways this country does this is by transforming how they conduct the international money transfer business in keeping with the times. With increased globalisation comes more advances in technology and business skills.
The United Arab Emirates has managed to stay ahead of other countries because it takes advantage of these advances for the benefit of its clients. Speaking of clients, this country is at the forefront when it comes to cheap international money transfers because of its exceptional customer service. By prioritising their customers, more and more people are choosing to work with foreign currency companies in the United Arab Emirates.
Alternative Money Transfer Companies in the United Arab Emirates
There are other remittance companies that are worth mentioning in brief. The firms that we have focused on until now are mostly used by people who want to transfer relatively large amounts of money. There are other companies which, although they mainly assist people who want to send smaller amounts of money abroad, they are in fact big and successful businesses. The only disadvantage of transacting through these companies is that their markups are quite high.
Moneygram is perfect for someone who simply wants a way to transfer small amounts of money. A good example is of a parent who has a daughter or son who is enrolled at a foreign university. Apart from paying tuition, these parents need a way to send their kids money for personal spending on a regular basis. Because it is usually small amounts of money, you need a company that specialises in such transactions. The good thing is that you can do send funds online without the assistance of an expert. Once you do the transfer online, the recipient can collect the cash at any one of the Moneygram locations that are in more than 200 countries the world over. But you must look out for their markups which can be as much as 3% per transaction.
Western Union is another popular company that specialises in sending smaller amounts. It also has branches in more than 200 countries, making it a convenient way to transfer money. And, just like with Moneygram, you can just transfer the funds online without any help. The person you send the money to will just need the tracking number of that transaction to collect the cash at a nearby Western Union branch. It’s easy and simple to send money via Western Union. However, be prepared to be charged a markup of up to 4%.
As you can see, it is cheaper, faster and more convenient to transfer money through an international money transfer company than a bank. There are foreign currency firms that can save you as much as 90% in terms of charges. Foreign currency firms will make sure that they work with the correct and current foreign exchange rates so that you don’t make a loss. Currency exchange companies also provide you with currency and other experts to assist you with your transactions. These companies are even more beneficial to people or businesses that want to transfer sizeable amounts of money, whether it is once off or it is on a regular basis. So, if you are looking for the cheapest way to transfer money to or from the United Arab Emirates, choose any one of the cheap international money transfer companies discussed in this guide.