Dubai is a great international money transfer market. Subsequently involving people of different countries to transfer a large amount of money in and out of Dubai. So, there are various ways to transfer money in Dubai. People can adopt the way from online transfer to bank-to-bank transfer as per their needs and access.
Dubai’s money transfer market is competitive. New and convenient technologies and methods are introduced daily into the market to increase the competition. It relies on you to choose the best option from amongst them.
As there are a large number of expats living in the UAE, money transfers are far-reaching. Following are some of the ways to make money transfers in the UAE:
Online money transfer
As the world is becoming digital, digitalized ways are expected to be the best and safest ways for transferring money. There are many online platforms available for international money transfers.
PayPal is the online money transfer platform that is working globally. It has subsequently lessened the long paperwork and provides all services online. It is easy to use. After you have signed up for the account, you need to search the address where you want to send money and give the amount, and press send. Your work done in least time.
Currency Fair has made money transfer easier. At first, signup on the website, enter the amount and currency you want to transfer it in. Now add the details of recipients and choose your deposit method. Furthermore, Currency fair offers eight times cheaper money exchange services comparative to others.
Source: Currency Fair
Money Corp another international platform that provide international money transfer. You can also download its mobile application and make transaction with a click, sitting in your homes.
MoneyGram is also one such service that makes money transfers easy. You just need to sign into the account, give the receiver’s details, select the amount, pay with your card, and send. Thus, in few steps transfer completes up.
Source: Money Corp
Xpress is a platform that provides stress-free money transfer services. You can avail of cash pick-up or account credit services.
Western Union is considered as a reliable service that takes two business days to transfer your money. Additionally, it immediately informs you via emails about the transfer process.
Source: Western Union
Wise provides money transferring services to over 59 countries and at much cheaper rates.
Money Transfer through Banks
Every bank provides a money transfer service if it is licensed. Banks are the most dominant way of transferring money because of greater trust level and reliability. On the other hand, this is quite expensive method as well. Banks also charge a service fee, remittances fee, and VAT charges. It takes up to a week or five working days to transfer money via banks.
Mobile banking is a convenient way to transfer and receive money in UAE.
Wire transfer services are also a noted way of transferring money. Money is sent through one of the 125 money exchanges that depend on money exchange companies for the transfer. Some of the money exchange houses are:
Al-Ansari Exchange is a trading business and deals with more than 150 banks. Moreover, it provides instant money transfer, door to door bank transfer as well.
Orient Exchange is a reliable service. It remits money through RTGS and NEFT modes. It partners with the banks like Summit bank, Deutsche bank, Eze top, HDFC, etc.
World Remit is also on the list of money exchange centers that are feasible. It allows to send money directly to recipients’ prepaid phone, or banks and recipients can receive cash on the doorstep as well.
Wall Street Exchange
Wall Street Exchange is a trustworthy option for money transfers. It is a single-step solution for all financial needs.
Mashriq bank quick remittance indeed the best option available for quick money transfer to Asian countries. Unfortunately, there is a transaction limit. You can only transfer money within that limit.
One can also rely on foreign exchange brokers for money transfer services. Though brokers must be carefully evaluated. Assess their customer service, online tracking system, regulatory approvals from Central Bank, and trustworthiness. It can be a little stressful, but you can save the large number of fees that are required in any other system.
Check for money conversion rates, fix your ones and send them to your broker. There are some brokers you can choose from like HIFX, ADSS, World First, etc.
Bitcoin is the digital currency, a new method of making money transfers. You can make quick transactions in less fee. Make a bitcoin account. Convert your cash to bitcoins and store it in online wallets. Send the money to the recipient. The receiver can receive bitcoin and get it converted from a local exchanger.
Various platforms are providing Money transfer services. You are required to choose the best suitable service for yourself. You must be aware of the exchange rates, premiums you will have to pay. Check for all the payment methods available. Rates of transfer change at different points of time, consider time as well. And last but not least, look for customer service that suits you.
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