If you or your business ever need to transfer money from UAE abroad, then the tried, tested and traditional method of relying on a bank to handle the transaction is not the way to go. Instead you can transfer money from UAE overseas using money transfer specialists for a fraction of the cost.
Whether you are sending money from UAE to USA, UK or Europe (the three most popular destinations for money transfers from UAE), or you need to move your money somewhere else, there is a buoyant market of foreign exchange and money transfer specialists. In this post we will take a closer look at why people need to transfer money from UAE abroad, and some of the best companies to help do it.
Why Do People Want To Transfer Money From UAE Abroad Internationally?
The United Arab Emirates is truly a cosmopolitan collection of States and is well worthy of its reputation as the modern nation of immigrants. An estimated 89% of its population are dual nationals, born outside of the country and residing there on work and resident visas. The primary driver for this is of course a financial one, both Dubai and Abu Dhabi are prosperous states with high salaries and lucrative opportunities for ambitious foreigners.
While many foreigners come to the UAE working in high profile business or technical roles, others, primarily from developing nations, simply come to work in more humble service roles in order to send their earnings back home to family.
As foreigners cannot easily qualify for full UAE citizenship, most of them retain personal and financial interests back home and as such, most regularly remit monies back to their home countries. In fact, remittances from the UAE to the rest of the world are set to hit the $626 billion mark in 2022.
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Why You Should Never Transfer Money From UAE Internationally Using A Bank
Most expat workers in the UAE are paid in Dirham and receive their salaries into local bank accounts. As such, whenever they need to transfer money out of the country they may be tempted to ask their bank to handle the transfer.
However, whenever an Emirati bank is asked to transfer money from UAE abroad, they levy a series of charges and these can be considerable. Firstly, they charge a handling or transaction fee. This is usually a fixed amount which is deducted before the monies are converted.
Furthermore, the bank is also in full control of the currency exchange and as such, gets to set the exchange rate used in the transfer. Rather than offering the current market rate, they use a “marked up” rate which is usually 2 – 4% below the market and keep the difference for themselves.
As you can see, anybody who needs to regularly transfer money from UAE internationally will find themselves paying out a lot in fees over time if they use the banks.
Fortunately, the money transfer companies who we mentioned earlier offer much lower transfer fees, much better exchange rates and are often twice as cost effective as the banks.
How To Send Money From UAE To UK
There are a lot (over 120,000) British nationals living and working out in the UAE and as such it is a very popular currency transfer route. This means that there are many companies able to process the transaction and compete to offer the best rates.
The British based fin-tech, e-bank Wise is fast growing in popularity for UAE to UK transfers although the two best rated companies for this route are Currencies Direct and MoneyCorp.
How To Transfer Money From UAE To USA
While there are “only” an estimated 50,000 Americans in the UAE, the USE to USA transfer route is nevertheless a very busy one on account of the United State’s position as the world’s premium economy. A lot of Emiratis have business interests in the US as such, regularly send and receive money from the US.
Because of the USA’s stringent financial services regulations, the “on boarding” process for a money transfer can be tougher but companies like MoneyCorp have offices in the US who can handle transfers.
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How To Send money From UAE To Germany
Germany is Europe’s economic engine and if the stereotypes are to be believed, home of high quality engineers whose skills can be richly rewarded in Dubai and Abu Dhabi.
Some of the best rated money transfer specialists are not registered in the EU yet. However, Wise, Revolut and CurrencyFair are also affordable options for money transfers from the UAE To Germany.
Final Thoughts On How To Transfer Money From UAE Overseas
The UAE is a truly prosperous nation and because of expat workers despatching remittances, that property is spreading across the globe. As we have seen though, if we want to avoid that prosperity being funnelled of the by banks, then the best way to transfer money from UAE abroad is to use a money transfer specialist.
Whether you are looking to transfer or send money from UAE To UK, USA or Germany, there is a money transfer provider who can handle it cheaper than the banks can.