Transferring money to UAE
Both entrepreneurs doing business there and ordinary citizens may require transferring money to the UAE. In the first case, it can be a large sum in a form of payment to partners or for other purposes, while the latter case can be motivated by many different reasons, such as purchasing of real estate or goods, hotel room booking, etc. In order to transfer money to the UAE on the best terms, you should learn about the possible methods and compare their transfer conditions and fees..
Methods of money transfer to the UAE
In both cases, money can be sent to the UAE by one of the following reliable and proven methods:
- international money transfer systems, the most prominent being Western Union;
- electronic payment systems, such as WebMoney or PayPal;
- from an individual account in the residence country to an account in the UAE via SWIFT.
Each of the above-mentioned methods has its pros and cons. When transferring money via international systems, recipient can obtain it by providing a passport at one of the systems’ subsidiaries in the UAE. Their primary advantage is short transfer period (from 15 minutes to 24 hours), but this method stipulates relatively high fees. The most popular international money transfer systems are:
- Western Union – has the highest service fees of 3-8% that depends on transfer amount;
- Unistream – service fees of 2.1-2.3%;
- MoneyGram – has an extensive network around the world and offers the smallest fee (from 1%).
Money transfer systems are a good way to transfer small amounts of money – $100-200 – while SWIFT is more preferable for bigger transfers. Its features are:
- foreign currency account;
- minimal tariffs ($15-50), depending on bank;
- transfer period of 3-5 days;
- fees amounting to 0.15-2% of the transfer.
Electronic payment systems are best suited for making purchases.
Transferring money to the UAE is more relevant for enterpreneurs and big business persons than for ordinary citizens, as they have to often transfer big amounts of money for their businesses and deposit their accounts in the UAE in order to keep money in a more reliable banking system to ensure its safety. Bank transfer is one of the best options in this situation.
Opening a personal account abroad may create difficulties in your country of residence. As a result, it would be a good idea to open an offshore company in the UAE together with a bank account. Specialists of Dubai-based Brahma Business Consultancy will help you with this task.