How to transfer money from the UAE?
If you’re an expat living in the United Arab Emirates and your family is in your home country. Since expat community has a large portion of the overall population of the United Arab Emirates, there are many ways for money transfer.
There are many exchange outlets stationed outside the expatriates communities residence, junior staff accommodation, or outside of the labour camp. Therefore, you’ve to look around your area which is the best option available for you to remit money home.
There are many options available for transfer your money to your own country. Options include direct transfer from the Bank, exchange outlets, Western Union, online brokerages, and online payment system.
Money Transfer through Banks
This option is available everywhere in the world. You can transfer money domestically and internationally through banks. However, in some countries, there is a restriction on the international transfer.
But here I am talking about the UAE, where is no restriction on global remittance since here is a vast majority of the population belongs to somewhere else in the world.
There are some banks in the UAE that have the facility of money transfer for free of charge for particular companies. You should check it with your management if you’re a newcomer to the United Arab Emirates.
For bank transfer, the fundamental requirement is to have an account with the bank you intend to money transfer. Secondly, you should check the charges for money transfer and foreign exchange rates since they vary.
Banks are nowadays offering their almost services through mobile and internet banking. It is convenient for many people with busy schedules. Money transfer would take 24 hours; it depends on your bank and your receiving bank in your home country. But, mostly money transfer takes less than 24 hours.
Online brokerage is to buy and sell securities online. For the majority of people, it is not a common option since it has to do with online trading and brokerages. It’s usually for sending a large amount of money.
Money Transfer through Exchanges
Transfer money from the money exchange is a popular option available for expats living in the United Arab Emirates. Anyone can transfer money; it is not mandatory to be a resident. However, if you’re a tourist, you could use the transfer service for a limited number of times.
There are flat transfer fees for each remittance; the cost could differ between exchange outlets. Therefore, you’ve to decide whether you want to send a large amount once to avoid charges or you want to send smaller amounts separately. It depends on your circumstance or family requirement if there is any need for remitting less amount.
Similarly, like bank transfer, the exchange rates will vary between outlets. But, you can negotiate with the shop to get the best exchange rate. There is nothing to worry about it; many people are doing so to get a better rate.
Money transfer could take 24 hours or longer depending on a variety of factors. On the other hand, money could be transferred less than 24 hours. Therefore, outlets would not promise you that money will be transferred quickly. In a friendly manner, they could tell you. But, you should not override your transaction if the money is not transferred within the notified time frame to your receiving bank.
If your receiver has an emergency to receive money quickly, then choose the Western Union. Your receiver would receive money on the spot, you just need to inform your receiver the control number of your transfer. Or else, take a picture of the receipt from your smartphone and send it to your receiver’s WhatsApp.
In fact, it would be a costly transaction to transfer money through the Western Union. You can use it in the case of emergency.
Online Payment System
PayPal is leading name in this respect. If you and your receiver have an account with PayPal, you can transfer electronically. PayPal is a global online payment system. You can transfer money from your debit or credit cards. In India, there is a similar payment system under the brand name PayTM which is very popular.