Sending Money Back Home From UAE Can Not Be More Easier
Most of the expat’s community of UAE (which roughly about 90% of the entire population) send money back home for many purposes. What is the big fuss about this, as we all know UAE offers multiple ways to send money back home.
But if you do your research right then the same amount of money can give you a little extra. So, doesn’t it worth the little extra effort.
There are two common ways to transfer money back home from UAE are via money transfer exchanges or via UAE banking system. But both has their own fees structure in place.
Let’s talk about India the biggest expat community in UAE. There are about 33% of UAE population is from India. According to World Bank, Indian expats sends the biggest chunk of cash back home from UAE & worldwide.
*WU transfer charges depend on 2 things. If you are using WU services via exchange houses or online banking then how recipient is getting the cash in his/her bank account in India or collecting via WU outlets in India.
UAE Banking Way Of Money Transfer
1st of all you, you will have to have an account with any of the Banks who offers money transfers to India.
Top Banks in UAE offers money transfers for free or at very attractive rates. For example, RAK Bank’s RAKMoneyTransfer changes only AED 5 to its account holders. Whereas ENBD one of UAE’s leading bank is giving this service for Free of cost. ENBD even offers 1 min money transfers to selected Indian banks at FREE of cost.
Having said that there might be some difference in currency rates from Banks to exchange houses. But you will also need to calculate the overall UAE Dirham you are spending (including service fees) and the amount getting transferred in your home country.
Don’t have a Bank account – Money Exchange Way
Money Exchange companies like UAE Exchange, Al Ansari Exchange etc. are the best way to send money if you don’t have a bank account. As for the new to UAE people, it takes some time to open a bank account. This is mainly due to the VISA stamping & Emirates ID Card processing.
It’s advised to send money in one transaction rather than multiple small amounts. As each time you pay a visit to money exchange shops you are paying them a transaction fee. This fee usually starts at AED 15 for India. For rest of the countries, it varies from AED 5 to AED 25. All you need is a valid ID card (Can be your PASSPORT).
Online Brokerage – The BIGGGG Way
Dubai is full of glitters and Gold. It only takes a moment to stand lucky and win something big. Dubai has some or the other raffles / draws every other day. Or if you have taken a loan for some major investment back home. It’s always best to send money via online brokerage firms as they tend to offer a better deal.
So, to wrap it up, it really depends on you which option you select to transfer your hard-earned cash back to your loved ones, for their daily needs or for a life event like marriage, choose wisely and see your money run a little longer than regular option.
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