Business

International Money Transfer in Dubai

More than 200 nationalities are living and working in the U.A.E., out of which most of them are in Dubai and Abu Dhabi. Around 88.52 percent of the population are non-nationals in the UAE, most of them are sending money to their family or near ones regardless of the amounts. Indians, Pakistanis, and Philiphinos are the ones transferring a huge percentage of money to their countries. The international money transfers have grown so systematic and well managed in Dubai. You can use any way to transfer funds from traditional bank transfer to online transfers. There are various ways of transferring money from Dubai or UAE to other countries. 

Bank Transfers

Bank transfers are the traditional way for transferring money to other countries. It is also called telegraphic transfer. Banks usually have a network of banks internationally to let the money transferred into the receiver’s bank account. Senders must visit the bank and must give the receipt’s bank details paying some certain fee. Generally, the fees are higher in this mode of transfers and also may be time consuming. 

Cheque and Money Orders

These are also another traditional money transfer way, where an international cheque of specified amount is sent to the receiver and money orders are the payment order. These services are rarely used nowadays due to the transfer time period and fees involved.

Wire Transfers

Wire Transfer is the electronic money transfer via a network of hundreds of banks and transfer service agencies around the world. It may not require a bank account. Western Union and MoneyGram are the best examples of wire transfers. You will be asked to show your official ID and reciept’s name, contact details and address. You will get the money transfer code which you should pass to the receiver and the receiver will use that code to withdraw the transferred amount within a short period of time. 

Online Transfers

Wide range of online providers also offer transfer money online to other countries which have its availability in those countries. It can be instant transfer if the money is transferred from one account to another. Paypal, TransferWise, CurrencyFair and MoneyCorp are few examples of online money transfer services. They might have a minimal fee, charging depending on the country you are sending to, these fees are cheaper than any other mode. It can be done with some taps or clicks from your mobile or devices sitting at your home or anywhere you are. 

Despite these mediums, there are some informal ways also which are illegal but exist in international money transfers. It’s always worth and safe to use a licensed transfer system to send money to other countries. It is also so beneficial if you can compare the fees involved, exchange rates and processing time before picking any medium. Dubai has provided the full set of options to transfer money for business and personal purposes. Expats remittance is one of the major transactions of Dubai.

Image: Pixabay

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