Transferring money to UAE
Both entrepreneurs doing business there and ordinary citizens may require transferring money to UAE. In the first case, it can be a large sum in the 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. If you are wondering how to send money to Dubai or other emirates 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.
The modern market of money transfer services between countries of the world is large enough and it is not easy to choose the most favorable conditions. Each of the above-mentioned methods of money transfer Dubai has its pros and cons. When transferring money via international systems, the recipient can obtain it by providing a passport at one of the systems’ subsidiaries in the UAE. Their primary advantage is the 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 – the most famous money transfer system worldwide. One of its main advantages is a wide network of branches - you do not have to search for a branch for a long time to send the required amount. In this case, the transfer is carried out in the shortest possible time - money can be obtained almost instantly. However, compared to other methods, Western Union has the highest commission - 3-8%, depending on the amount of payment;
- Unistream – this money transfer system is similar to Western Union, but has a lower commission - 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, but how to transfer money to Dubai when it comes to much larger amounts? Bank transfers to a personal account through the SWIFT system are convenient and beneficial when conducting transactions with large amounts, since the commission is rather high if the amount is small. This is the most reliable, profitable and convenient way of transferring money to UAE. In fact, it is a transfer of funds from an account in one bank to an account in another bank.
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.
WebMoney, PayPal, Yandex.Money and similar electronic systems are best suited for paying for goods and services purchased, but not for money transfer Dubai. To transfer large sums with their help is inconvenient and unprofitable.
Transferring money to UAE is more relevant for entrepreneurs and big business persons than for ordinary citizens. 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 the most popular option for persons who are wondering how to send money to UAE in such case.
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 S.H Business Adviser will help you with this task.