Transferring money to the UAE is not longer as complicated or time consuming as it was until around a couple of decades ago. Now, you no longer need to turn to a bank or a high street currency broker, and you get to choose from a number of specialist money transfer companies no matter where you live. However, no single service provider works equally well for everyone, because individual requirements tend to vary.
Transfer Money to the UAE
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The United Arab Emirates dirham (AED), also referred to as the Emirati dirham, is the official currency of the UAE. The dirham is divided into 100 fils.
Information you need when sending money to a bank account in the UAE include the recipient’s name and bank account number, as well as the receiving bank’s name and Swift code.
The table below lists Swift codes of some of the popular banks in the UAE.
|Emirates NBD||Abu Dhabi||EBILAEADADB|
|National Bank of Abu Dhabi||Sharjah||NBADAEAAABA|
|Abu Dhabi Commercial Bank||Dubai||ADCBAEAA060|
Popular Currency Corridors
The UAE is among the few high-income nations that do not report incoming remittance data. It remains among the top 10 migrant destination countries and is the third largest sender of remittances the world over. In 2015, more than $30 billion made its way out of the UAE to other countries in remittances.
The table below gives you an indication of popular outgoing currency corridors. You may also check how much money was sent to different countries during 2015.
How Do I Compare Companies When Sending Money to the UAE?
Transferring money to the UAE can be rather straightforward provided you know how to compare your alternatives. No matter where you want to initiate your UAE money transfer from, you need to pay attention to the same factors.
- Cost of the transfer. While some money transfer companies provide highly competitive exchange rates, some others charge little to no fees. An easy way to establish the most cost-effective way to transfer money to the UAE is to look at how much money gets to the recipient at the end of the process.
- Transfer speed. If you want to send money to a bank account in the UAE, it may take one to seven business days, depending on your location and the company you select. If you are looking at quick turnaround times, working with companies that operate out of physical locations or have tie up with agents is your best bet. These transfers tend to take place almost immediately.
- Payment methods. Just about every money transfer company lets you pay using your bank account. Not all accept payments via debit and credit cards. In contrast, some even let you pay using different region-specific methods such as POLi, iDEAL, Trustly, and SOFORT.
- Customer service. Online platforms such as Feefo and Trustpilot give you easy means to find out how different money transfer companies fare on this front. Almost all companies provide support via email, and some let you get in touch with them via chat and over the phone.
How to Send Money to the UAE?
When transferring money to the UAE, you get to choose from different methods.
- Online. Most prominent banks let their customers send money to the UAE using their online banking platforms. However, specialist money transfer companies tend to score over banks because of lower costs and speedier transactions.
- In-person. People who do not wish to transfer money to the UAE using the internet have the option of initiating their transfers in person. Specialist money transfer companies also serve as better alternatives for in-person UAE money transfers when compared to most banks.
- Over the phone. You may choose to work with money transfer companies let you initiate your transfer over the phone, and some even give you access to dedicated currency brokers.
Mansour moved to the UK because of work. His wife stayed back in Dubai with their son because he was to return in around a year. When Mansour was away, he needed to keep sending some money back home every month so his family could keep up with everyday expenses. He figured that sending around £2,000 per month would be sufficient.
For his first transfer, Mansour turned to a prominent UK-based bank. It was only upon the suggestion of a friend that he decided to compare his options. The end of a basic search led to these findings.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = AED 4.7130||GBP 1 = AED 4.90.74|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 2,000||AED 9,331.74||AED 9,814.80|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||AED 843.06|
Using the services of the money transfer company was more cost-effective than the bank, and it offered quicker processing times. In addition, it also gave Mansour the ability to lock exchange rates in advance.
Cash Pickup Locations in the UAE
Sending money to a cash pickup location in the UAE remains the quickest way for the recipient to receive transferred funds. Different money transfer companies such as Western Union, Ria, and MoneyGram have a physical presence in this country.
|Ria in the UAE|
|Dubai Al Ahalia Money Exchange Bureau Industrial Area 3, Opposite Nestle Water Factor, Dubai||Sajwani Exchange, Shop No. 7, Bldg. of Mohammed Bin Ali Al Qaizi Murshid Bazaar, Al Bateen, Deira Dubai|
|Sharjah Habib Exchange Co. LLC, Jamal Abdullah Al Shamlan Building, Opposite Mega Mall, Sharjah||Sajwani Exchange, Shop No. 4, Bldg of Jihad, Al Aenezi Industrial Area 3, Maliha, Sharjah|
|MONEYGRAM IN THE UAE|
|Dubai Al Rostamani Exchange, Karama Al Khazna Centre, Kuwait Street, Dubai||Al Ahalia Exchange Ibn Khaldoon Street, Sahara Complex, Dubai|
|Sharjah Al Rostamani Exchange, Sharjah Industrial Area, Sharjah||Emirates India International Exchange, Saif Shop A11, Saif-Zone Area 01, Sharjah|
Safety Tips for Picking up Cash in the UAE
Travelers to the UAE are usually not affected by violent or petty crime, although the U.S. and UK governments urge their citizens to exercise the same level of caution as they would back home. Collecting cash from a physical location in the UAE should not present any problems, although it is important that you remain aware of your surroundings.
While vehicle break-ins in the UAE are uncommon, it is best that you do not leave money or valuables in parked cars. When travelling, use recognized forms of public transport and taxis. Do not accept free rides from strangers.
What Information Do I Need to Send Money to the UAE?
The information you need depends on whether you plan to send money to a bank account or a cash pickup location.
- Bank account. You will need the recipient’s complete name, a bank account number, the bank’s name, and the bank’s Swift code.
- Cash pickup location. The service provider will need the recipient’s complete name as well as the address of a desired cash pickup location. To collect the transferred money, the recipient will need to provide a transaction number and a valid form of identification document such as a passport or a driver’s license.
Regulations When Transferring Money To and From the UAE
There are no currency restrictions for entry to or exit from the UAE. While free-trade zones in the UAE are subject to the country’s anti-money laundering (AML) law, they also have the right to set their own AML rules and regulations as long as they are consistent with the federal law. As a result, you might find some variances in different free-trade zones.
No matter whether you want to transfer USD to AED, INR to AED, or EUR to AED, know that choosing the right service provider may lead to considerable savings, especially if you plan to send a large sum. If you want to save even more, look for ongoing promotional offers provided by different money transfer companies.
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