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How To Transfer Money To Dubai When Relocating To The Middle East

How To Transfer Money To Dubai When Relocating To The Middle East

Dubai’s tax free set up, job opportunities and scorching hot, year-round sunshine has attracted expats in the droves in recent decades. It is believed that of the estimated 9 million that live in Dubai, 7.8 million are expats.

Dubai which claimed the title of the most populated city in the UAE in 2009, surpassing Abu Dhabi the city has enjoyed expediential development and become a holiday haven and commercial hub. The vast majority of these expats are from south Asia, notably India and Pakistan. However, westerners have been relocating to Dubai with Americans, Canadians, Brits and Australians all now calling the UAE home.

Key reason to relocate to Dubai

Supercharge your career – The development in UAE, notably Dubai has meant that companies have flocked to the area. Renowned companies are always looking for skilled English-speaking labour and opportunities can be both exciting and plentiful. The area once know almost solely for oil now offers role for experts from all sectors.

Keep all of your earnings – Whilst avoiding tax might be frowned upon by many, the UAE remains a tax-free location. Meaning you can retain 100% of your earnings, if you have the discipline to stay away from the night life and high-end boutiques, a few years work in Dubai can be a great way of securing financial security. Food and clothes are also tax-free meaning that it can be a cost-effective place to live.

City and coastal life in perfect harmony

Located on the south eastern Persian coastline Dubai offer the vibrance of a modern city and the relaxation of whit sandy beaches. City workers can reward a hard day’s work with a drink in one of the coastal bars or a quick dip in the Persian Gulf.

Expats adding to culture in Dubai

The variation and volume of expatriates from all over the world that now reside in Dubai has provided a multitude of cultures. These cultures are all carefully catered for meaning that there is a vast array of restaurants and night life for everyone.

Safety is paramount

When sourcing a location either to move by yourself or to relocate your family safety will be high on your wish list. Dubai’s strict laws and general order mean that crime is virtually non-existent. The majority of crimes committed are of the white-collar variety.

 

Check list of things to do before relocating

Planning your relocation to Dubai is something that needs to be performed with military precision in order to avoid disappointment or face issues when you arrive in the city.

Ensure you have a job – Its far from advisable to arrive in Dubai, especially if the area is in downturn. Make contact and discuss opportunities with a specialist recruiter beforehand. Turning you LinkedIn status to ‘open to opportunities ’ can invite approaches. However, one of the best ways is to network with those that have already left for a new life in Dubai.

Finding accommodation – Many jobs will provide accommodation as part of your contract. For those that don’t finding a home can be a challenge. Rent prices can fluctuate from month to month and its advisable to try and agree a rental contract in the summer when demand is lower. The vast majority of accommodation come with a pool and A/C is a must. Popular areas include the marina and Business areas where property rentals can command a premium.

Visa and residency requirements – Visa applications for the UAE can be completed online with the process being vastly simplified in 2016. There are a multitude of vias that can be applied for both short and long term and your new employer should be able to point you in the right direction.

Getting you belongings to Dubai – Carriers such as PSS, Crown and Santa Fe export belongings to the UAE on a regular basis. Free quotations can be generated online and your valuables will be fully insured with even a packing and unpacking services available.

Set up a Currency transfer account – once you’ve finalised a move you will almost certainly want to transfer money to Dubai to create a financial cushion or rainy-day fund. Specialists such as Rational FX and Currencies Direct can provide much better rates than banks with 0 transfer fees and commercial rates. Meaning your currency transfers will go a lot further and equate to more AED in your account. If for some reason you salary is paid in a foreign currency, they can also arrange a regular transfer for you.

Opening up a bank account – once you’ve have transferred your money to AED you will need to credit a bank account. Thankfully many of the leading global banks operate and have branches in Dubai. These include, Citi, HSBC and Standard chartered.

Typical documents needed to open an account in Dubai include

  • Emirates ID
  • Valid passport with UAE visa stamp
  • Salary certificate from your new employer

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