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Secure Ways to Send Money Back Home from UAE

October 9, 2017 Latest News

How to transfer money back home if you’re living in the UAE?

Gulf countries have long attracted citizens from all over the world. In the UAE, the expat population is a staggering 88.5%.

If you’re an expat in the UAE or other Gulf country, you may be concerned about sending money back home securely. Here are two reliable ways to do so.

1. Banks

Most banks offer international transfers, but account-to-account transaction fees may vary, unless you’re transferring money to an account in the same bank, or a partner bank. In that case, the transaction fees can be comparatively low.

When choosing a bank, a good option may also be to select one that has a branch or partner bank in your home country. 

2. Exchange Houses

Many expats prefer to send money through exchange houses. These can offer lower transaction fees and better exchange rates, with two ways to transfer:

Cash to Cash 

An easy option, you provide the exchange house with the amount to transfer and the details of the recipient. The exchange house provides a code at an exchange house in your home country so the recipient can receive the cash. Transactions are usually completed within minutes, among the fastest of international money transfers.

Cash to Bank 

Exchange houses can also transfer money to bank accounts. 

Things to consider

The best option for sending money depends on your home country, as well as considerations like these:

  • Exchange rate: Banks and exchange houses offer different exchange rates for different currencies. Depending on where you go, you may find a good rate for the Indian Rupee but not for the British Pound. The only currency not affected by exchange rate is the U.S. Dollar, which has been pegged to the Dirham at AED 3.672 since 1997.
  • Service or transaction fee: Like exchange rates, service or transaction fees differ among banks and exchange houses.
  • Transaction time: Depending on the chosen service, some transactions happen almost instantaneously or on the same day, while others may take 2-5 business days.

Before you choose to send money back home, compare currency exchange rates, transaction fees, and the time it takes to make a transfer. That way, you’ll ensure this process is secure, easy and affordable.

Credits: Metlife UAE