Whether you need to send money to, from, or within a country, several options are always available to accomplish this task. Of course, banking applications play a significant role. In many cases, using local or global payment systems is also advantageous. All available options are given in the article.
Almost all modern UAE banks provide mobile banking apps or online platforms with relevant functionality. International money transfers are one of the services that can be accessed through these services.
To incentivise the adoption of mobile banking, some banks offer lower transaction fees or other benefits. And, of course, using a mobile app is much more convenient than visiting a bank branch.
However, this option is only suitable if you have an account and card with a local bank. The processing time can take up to five working days if the transfer is made between different banks. Also, banks often have daily and/or monthly transfer limits.
Online money transfer systems
Online services typically support multiple global currencies, have comfortable terms and conditions and can be operated through a website or mobile app.
Such companies in the UAE are regulated by either the Central Bank or the Securities and Commodities Authority (SCA).
As payment processors utilize predominantly digital technology, they require lower operating costs than banks or foreign exchange bureaux. Consequently, they can offer lower transaction fees and competitive rates.
Another advantage is speed — transactions are usually made instantly or within a day instead of 5 working days.
General instructions on how to make a UAE dirham transfer via an online payment service:
- Install the chosen application.
- Get access to a free mobile banking account.
- Enter identification information about yourself.
- If necessary, you can issue a card or link an existing card.
- Transfer and receive money. Services can be used as electronic wallets to store savings.
In addition to money transfers, payment services allow you to top up your phone, pay for utilities, pay in shops (if you have a card) and much more.
It is possible to find an online exchanger willing to exchange other currencies for Arabic dirhams or vice versa, with a withdrawal to a bank account.
It is recommended to use BestChange to find exchangers for two reasons:
- It minimizes the likelihood of bumping into scammers.
- It allows you to order exchangers at the most favourable exchange rate and thus lose as little as possible on the transaction.
To find exchangers with bank transfers in Arabian dirhams (AED), select the desired direction in the columns on the left.
These are financial institutions involved in sending and receiving international money transfers and exchanging currencies. Approximately 130 exchange offices are operating in the UAE. However, the authorities frown upon these activities because they are often used for money laundering.
These money exchangers are regulated by the Central Bank of the UAE (CBUAE) to ensure that they operate with transparency and integrity.
A customer must visit these exchangers and create a transfer request to send money through them. The exchange point will then exchange the dirhams received from the sender into the foreign currency of the recipient's country or vice versa.
Only a valid ID card is required to use the point. A bank account is not required.