Ash The Great | Oct 31, 2017 | 0
Best Way to Send Money to the UAE
Sending money to the United Arab Emirates is becoming easier and easier, but it is still fairly tricky when you compare it to sending money to other developed countries. The country you are sending the money from will also have an effect. There are some transfer companies and transfer methods that are only available to people in certain countries. I have come up with a list of the best ways to send money tot the UAE. The list applies to as many people as possible, but it goes without saying that some of the methods may not be open or available to you in your country. Pick a method that suits your circumstances, and that suits your specific needs because there are some that are more convenient, some that are less expensive, and some that are quicker.
The reason you are transferring may also affect your method of transfer. If you are moving over there, then maybe the cost of your transfer is a little more important than how quickly your money arrives. On the other hand, if you are making a large purchase, then the upper limits of how much you may send and how often you may send may be a bigger concern than how convenient the process is. This article doesn’t really touch upon security, but common sense suggests you should take steps to ensure the person or company you are sending the money to is not going to steal from you in any way. Here are the best ways to send money to UAE.
Send Money to The UAE With TransferWise
Transferring money to the United Arab Emirates is very easy with TransferWise. There is no minimum deposit, and your money is converted at the market rate rather than the rate you are given by the exchange company. This means you can go to something such as Google or Bing to see the market rate that you will receive with TransferWise. The fee for transfers and conversions to AED is 1.5%, and there is usually a flat fee of two dollars, but the flat fee depends where you are sending the money from. You may get a no-obligation quote from the conversion and transfer tool on their website home page. Plus, you do not have to sign up for their service in order to try their quoting tool.
One of the best ways to save money is to consolidate your transfers into one chunky payment, and then to find a company that offers market-rate transfers with a fee. The money you lose on fees is tiny compared to what you lose if you use a company that doesn’t give you the market rate for your currency conversion. Plus, since you are consolidating your transfers into bigger payments, then you pay fewer fees.
Send Money to The UAE With Xpress Money
Since you have slightly fewer options for sending money to the UAE, which is why we have added Xpress Money into this list. I am not 100% sure about Xpress Money (formally Money2Anywhere) because even though they are a reasonably big company, they look to me like company that is slowly going out of business. If they keep absorbing other companies, then they will probably be okay. With Xpress Money, you may pay in with cash, and you may have cash paid out to somebody in the UAE, or you may have the money delivered to the other person’s bank account. They also have an iOS and an Android app, and they deliver money to many different countries too.
Send Money to The UAE With Western Union
When you sign up to Western Union and try to send money to the United Arab Emirates, you have the option of sending US dollars or United Arab Emirates Dirham (AED). If you are sending US dollars, then the process is very similar to if you are sending dollars within the USA. If you are sending AED to the UAE, then you are transferred to a licensed operator, which will probably be something such as “Majid Al Futtaim Exchange.” It is not sending you to a fake site when you click to send your money (if it is, then it fooled us too because we sent money to United Arab Emirates with Western Union). As a verified customer who has given ID, you are able to shouldn’t as much as 20,000 AED per month.
Send Money to The UAE With MoneyGram
You are able to send money to people in the UAE, but you are not allowed to send them bank transfers, you are only allowed to send money that is picked up in cash. UAE is not stuffed with MoneyGram locations, but there were over 100 on my last count. Normally, the rates for sending are on the high end, but they are not so bad if you are looking to send money to the UAE. If you fund your transfer with a checking account, then your fee is high but reasonable. If you fund your transfer with a debit or credit card, then your fee is more than double what you pay for a bank transfer.
Send Money to The UAE With PayPal
Quite a few people prefer to use PayPal when they send money to people in the UAE because it is private, very quick and very cheap. A PayPal user may upload money into his or her account and then convert that money into AED in order to send that money to somebody in the UAE. The great thing about PayPal is that you may send your own currency and have your recipient convert the currency into AED. The only downside to this is that the person who converts the currency is often the one who gets the worse deal because PayPal do not offer a market rate. There is a fee for receiving money, unless that money was sent by a friend or family member, in which case, you may select the free option.
Send Money to The UAE With With A Bank Transfer
If you wish to send money to the United Arab Emirates, then you are both in and out of luck. Most big banks will offer you one method or another where you may transfer money from your account to a bank account in the UAE. The only problem is that some are painfully slow and rather expensive. On the other hand, there are banks that offer you an instant transfer service at a very fair rate, but there is usually a catch, such as having to have one of their paid accounts rather than their standard free ones. However, even if you are paying the maintenance fees for a bank account, the convenience of sending fast transfers, and the security offered by your bank may make the expense worthwhile.
Send Money to The UAE With A Check
If your recipient is okay with exchanging your currency in his or her bank, then you may be able to write and send a check in your currency. If not, then you are going to have to convert your currency to AED and have a check written in that currency. Your recipient may not be too happy to receive a check that is not in AED, though there is a chance that his or her bank may clear the check if it is in US dollars or Euros. Nevertheless, you should find out if your recipient can actually clear a check in another currency. On the other hand, if you wish to send a check with AED, then you will need to get an account that is able to hold the currency long enough for your check to clear.
Send Money to The UAE With Bitcoin
In August 2014, we saw the first Bitcoin exchange open up in Dubai. It was the first legitimate (tax paying) Bitcoin exchange to ever open up in the United Arab Emirates. The UAE is still under-served with regards to Bitcoin, especially when compared to places like the US and China. However, there are now plenty of online options for people in the United Arab Emirates, including exchanges and Bitcoin marketplaces such as LocalBitcoins. Send your money to the UAE with Bitcoin, and your recipient won’t be spoiled for choice, but will be able to find a fair price for his or her Bitcoin.
Send Money to The UAE With An International Money Order
Find out if your recipient is able to clear and cash an international money order. Also, find out if you are able to send the international money order in US dollars, or if you need to send it in AED. There are a few benefits to sending an international money order, with the main one being that you do not need a bank account in order to send it. You also have the added security of the money order having your recipient’s name on it, so that it has to be both stolen and forged in order for you to lose your money. The biggest downside is just how long it takes for your money to end up in the account of your recipient. It can take many weeks in some cases, especially if the receiving bank is sluggish about clearing the money order.
Send Money to The UAE With Xend Pay
You can send to 170 countries if you use Xend Pay, and they have some good reviews so far. The company is a little naughty because they say that you can lower your own transfer fee, but that only counts for the first $2000. After your first $2000, you have to pay what they say for your transfers. They also say there are no limits on the amount you may send as your first transfer, but you still have to abide by the laws of your country—so there are limits. You are able to pay to a bank account or a mobile wallet, and you may execute transfers online relatively easily. There is no mobile app at the moment, there are multiple payment options and their customer support runs around the clock.
Conclusion – Tips And Helpful Advice
Wire transfers were conspicuously absent for two reasons. The first is that if you run a bank transfer, then there is strong chance that your bank transfer will be a wire transfer, and there is a strong chance you will end up paying their international wire transfer fees. Secondly, we have come up with a few articles that offer more guidance than this one. You may try these to get you started if you are interested in international wire transfers.
- Cheapest ways to wire money internationally
- The best ways to send money abroad
- A guide to wire transfers
- Five ways to send money online
- Best ways to send money to an individual
Many online articles concentrate on sending money home from the UAE instead of covering how to send money into the UAE. Make sure you shop around if you are looking to transfer a large amount or if you are looking to transfer frequently because the UAE is no stranger to the money transfer and exchange industry. It may be worth checking out a few of their home-grown exchanges to see if you can find a better deal than the sort of thing that is internationally available to everybody.
If you are sending to a person and not a business, then seriously consider online wallets. That is especially true if you are sending money to somebody and you do not have to convert the currency. Online wallets such as PayPal will allow you to transfer money very quickly and very cheaply, but they also offer the worst currency conversion rates. Are you able to use online wallets to move your money and then find another way to convert the money when you are in the United Arab Emirates? Getting your money over there and converting it need not be done by the same company. In addition, the methods listed on this article are reasonably secure if you take steps to protect yourself, which also includes knowing and trusting the company/person you are transferring the money to.