Sending money to friends and family in the United Arab Emirates is a route well-serviced by money transmitters given the substantial expatriate workforce scattered throughout Dubai, Abu Dhabi, and other emirates. However, not all cash transfer facilitators provide the same value on corridors into the UAE. High fees can erode too much hard-earned income meant to support loved ones or fund investments back in the Gulf region.
Thankfully, increased competition and newly emerging fintech disruptors are dramatically improving UAE-specific payment channels. In this guide, we analyze the leading money transfer services tailored specifically for payments flowing into the United Arab Emirates from abroad. By comparing market innovators like Wise, WorldRemit, Xoom, and Remitly across factors like transparent pricing, foreign exchange rates and speeds, recipient access throughout UAE emirates, and dedicated support, we identify optimized offerings allowing consumers worldwide to protect their savings.
Whether setting up recurring payments or funding a new business venture back home, using the right remittance provider ensures more dirhams directly reach your recipients in need. Sending money to the UAE need not be a maze of hidden fees – technology revolutionizing the payments landscape promotes fully visible rates and faster settlement across this global finance hub.
Currency of the United Arab Emirates – the UAE Dirham (AED)
The currency of the United Arab Emirates (UAE) is the UAE Dirham, abbreviated as AED. It is the official and widely accepted currency in the seven emirates that make up the UAE. The UAE Dirham is further subdivided into 100 fils, although fils coins are not commonly used. Banknotes and coins come in various denominations, with the most frequently used banknotes being 5, 10, 20, 50, 100, 200, 500, and 1,000 dirhams. The UAE Central Bank is responsible for issuing and regulating the currency, ensuring its stability and integrity. The UAE Dirham is known for its stability and is pegged to the United States Dollar (USD), with a fixed exchange rate. It is widely used for both domestic and international transactions in the UAE, making it an essential part of the country’s thriving economy.
What Are the Best Companies for Transferring Money to the United Arab Emirates?
For transferring money to the United Arab Emirates (UAE), several companies stand out for their service quality and range of options. Wise is a great choice for those in Germany/Europe, the United Kingdom, and the USA, offering transactions in EUR, GBP, and USD respectively, with AED as the received currency. This makes Wise a reliable and straightforward option for international transfers.
Revolut, operating from the same regions, also facilitates transfers in local currencies (EUR, GBP, USD) to the UAE, offering a modern and digital approach to international money transfers. MoneyGram is another strong option, known for its global reach and efficient service, allowing transfers from these regions in the respective local currencies.
CurrencyFair offers a broader range of currency options including AED, EUR, USD, and GBP, catering to a diverse set of needs and preferences. Xoom and TransferGo, both recognized for their user-friendly services, enable transfers in the local currencies of the sender’s country, ensuring ease of use for customers.
Western Union, with its vast experience and extensive network, provides reliable services from these regions, making it a go-to for many users. WorldRemit, similar in its approach, offers convenient and quick transfer services.
OFX and TorFX, both offering services from Germany/Europe, the United Kingdom, and the USA, allow for a wide range of currency options, making them versatile choices for international money transfers. Lastly, XE, known for its comprehensive currency exchange services, extends its offerings to include money transfers in various currencies including AED, EUR, USD, and GBP.
In conclusion, for transferring money to the UAE, these companies provide a mix of convenience, currency options, and reliability, making them top choices for individuals and businesses alike.
What Is the Fastest Way to send Money to uae?
When considering the fastest way to transfer money to the United Arab Emirates, several providers are notable for their swift transaction capabilities. Wise and Revolut are known for their rapid digital transfer services, making them a go-to choice for those who prefer online transactions with minimal processing time. MoneyGram is another excellent option for quick transfers, renowned for its efficient and speedy service, often completing transactions within minutes.
CurrencyFair, while offering competitive rates, tends to have slightly longer transfer times, but is still a reliable choice for those not in immediate rush. Xoom stands out for its near-instant transfer capabilities, particularly appealing for urgent transactions. Western Union, with its extensive global network, is capable of conducting fast and reliable transfers, often within the same day.
WorldRemit is recognized for its prompt service, balancing speed with a user-friendly experience, making it a popular choice for quick transactions. OFX and TorFX, though typically catering to larger transactions, can also provide speedy transfer services, depending on the specifics of the transfer. Lastly, XE, known for its expertise in currency exchange, also offers swift money transfer services, with the speed varying based on the transaction details.
In conclusion, for those prioritizing speed in their money transfers to the United Arab Emirates, services like Xoom, MoneyGram, Western Union, and Revolut are likely to provide the fastest solutions due to their efficient processing and strong network capabilities.
What Is the Cheapest Way to Transfer Money to the United Arab Emirates?
When it comes to transferring money to the United Arab Emirates in the most cost-effective manner, WorldRemit stands out as the cheapest option among a range of service providers. WorldRemit is known for its low transfer fees and favorable exchange rates, which makes it an ideal choice for those seeking an economical way to send money internationally. While other providers such as Wise, Revolut, MoneyGram, CurrencyFair, Xoom, Western Union, OFX, TorFX, and XE also offer money transfer services, WorldRemit’s focus on affordability gives it a competitive edge in terms of cost. It’s important for senders to consider the overall cost of the transaction, which includes not only the fees but also the exchange rates offered. In this context, WorldRemit’s combination of low fees and competitive rates positions it as the go-to option for budget-conscious individuals looking to transfer money to the United Arab Emirates. However, it’s always wise to compare the services, as factors like transfer speed and customer service can also influence the choice of provider.
Should You Transfer Money to the United Arab Emirates Using Your Bank?
When considering whether to transfer money to the United Arab Emirates using traditional banks, it’s essential to weigh the pros and cons. Traditional banks may not always be the most advantageous choice, especially when compared to specialized remittance services or online money transfer platforms. One of the primary drawbacks of using banks for international transfers is the cost factor. Banks typically impose significant fees, comprising both upfront charges and hidden costs through exchange rate markups. These additional expenses can considerably diminish the amount that the recipient in the United Arab Emirates ultimately receives.
In contrast, money transfer sites or specialized remittance services tend to offer more competitive exchange rates and lower fees. This pricing strategy ensures that a more substantial portion of your sent funds reaches the recipient, making these services a cost-effective choice for international money transfers.
Another critical consideration is the time it takes for the funds to reach the United Arab Emirates. Bank transfers can often be slower, primarily due to the involvement of multiple intermediary banks, which can lead to delays and uncertainty for both the sender and the recipient. Conversely, money transfer sites and specialized remittance services prioritize speed and efficiency, with many capable of completing transfers much more rapidly, sometimes even within minutes. This expedited process enables recipients in the United Arab Emirates to access the funds promptly, without unnecessary delays.
Considering these factors, if cost efficiency and speed are your primary concerns, opting for money transfer sites or specialized remittance services over traditional bank transfers is likely a more beneficial choice. These alternatives typically provide more efficient and cost-effective solutions for sending money to the United Arab Emirates.
How to Send Money to the United Arab Emirates? Step-by-Step Guide
Sending money to the United Arab Emirates through online transfer services is a straightforward and user-friendly process. To guide you through it, here’s a step-by-step breakdown:
- Choose a Money Transfer Website:
- Begin your process by researching reputable money transfer services like MoneyGram, Western Union, or Remitly.
- Consider essential factors such as exchange rates, transaction fees, transfer speed, and customer reviews.
- Ensure that the selected service operates in your country and offers transfers to the United Arab Emirates.
- Create an Account:
- Visit the website of your chosen money transfer provider and register for a new account.
- Complete the registration form with your personal details, including your full name, address, and contact information.
- Provide valid identification as required by the service to comply with security and regulatory standards.
- Fulfill any necessary verification steps, which may involve confirming your email address or phone number through a verification link or code.
- Initiate a Transfer:
- Once your account is set up and verified, log in using your credentials.
- Navigate to the money transfer section and designate the United Arab Emirates as the destination country for your transfer.
- Enter Transfer Details:
- Specify the exact amount you wish to send, with the website typically displaying the equivalent in the United Arab Emirates Dirham (AED) or other available currencies, considering the current exchange rate.
- Provide the recipient’s information, including their full name and, if opting for a bank deposit, their bank account details. Ensure all details are accurate to prevent delays.
- Review and Confirm:
- Carefully review all the transaction details, paying particular attention to the exchange rate and any associated fees.
- Confirm that all recipient details are correct to avoid any issues with the transfer.
- Choose Payment Method:
- Select your preferred payment method, which can include direct bank transfers, debit/credit card payments, or other online payment options.
- Be aware that different methods may have varying processing times or fees, so choose the one that aligns best with your needs.
- Complete the Transaction:
- After choosing your payment method, proceed to confirm and complete the payment.
- Make note of the transaction confirmation and any provided tracking number for future reference.
- Track the Transfer:
- Utilize the provided tracking number to monitor the status of your transfer on the service provider’s website.
- This feature allows you to stay informed about when the money has been sent, received, or if any issues require attention.
By following these steps meticulously, you can ensure a seamless and trouble-free experience when sending money to the United Arab Emirates using online transfer services.
How Can You Find the Best Transfer Rate to the United Arab Emirates?
To secure the best transfer rate when sending money to the United Arab Emirates, you can rely on RemitStack’s specialized expertise and platform. RemitStack is dedicated to assisting individuals and businesses in their quest to discover the most favorable transfer rates for international money transfers. Their platform has been thoughtfully designed to assess a wide range of money transfer providers, leveraging their extensive industry knowledge and experience. RemitStack prioritizes crucial factors such as exchange rates, service fees, transfer speeds, and the reliability of each provider, ensuring that users can pinpoint the most cost-effective and efficient options tailored to their specific needs.
RemitStack’s service proves especially advantageous for those looking to maximize the value of their financial transactions when sending money to the United Arab Emirates. Whether it’s for personal or business purposes, RemitStack is committed to providing up-to-date and comprehensive comparisons. Their ultimate objective is to simplify the process of selecting the right money transfer service, offering transparency and clarity to empower users to make well-informed decisions aligned with their transfer requirements.
With RemitStack, users gain the confidence to navigate the intricacies of international money transfers, knowing that they have access to the best rates and services available in the market. RemitStack is dedicated to streamlining this often complex process, serving as a reliable resource for those seeking optimal financial solutions for their international transfers to the United Arab Emirates.
