Send Money to United Arab Emirates

GCEN
Margin Rate: 1.5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: Not FCA Regulated

Countries in United Arab Emirates

Moving Money to the UAE

The UAE operate what are known as “free zones”. These are areas such as Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Um Al Qwain which benefit from special or tax free status which is advantageous to businesses operating in the region. The country has a large and sophisticated network of both domestic and foreign bank branches across the country. These make the transfer of money from overseas to the UAE very simple. The same is true for transferring cash from the UAE. The Emirati dirham (AED) can be freely exchanged into foreign currencies and there are few constraints on foreign capital flows.
Given the number of banks available, the costs involved can differ greatly, so the confusion comes in working out the best option in terms of price. Using a high street bank might be very convenient, with most banks helping you to set up a transfer with just one phone call or in-branch visit. It may be worth phoning around a number of banks for a quotation in order to check not only the exchange rate but also any per-transfer fees that may be charged by the bank for moving money.

If the recipient of the money transfer does not have a bank account there is the option of using a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to the UAE to be picked up at a convenient location. With this option however you will need to pay a significant commission on the transfer, some as high as 10-15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.
A third option is to use a foreign exchange broker to transfer money to the UAE. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing.
The downside however is that with most brokers there are minimum levels involved so they may be only suitable for businesses or individuals moving more significant sums of money.

Bank note system
The Emirati dirham (AED), is often abbreviated as DH or Dhs. One dirham consists of 100 cents, or fils. Coins are available in values of 1, 5, 10, 25 and 50 fils and one dirham. The 1, 5 and 10 fils coins are relatively rare, and most amounts are rounded up to the nearest multiple of 25 fils. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 dirham.

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