How to send money to Dubai using a money transfer service or foreign exchange broker to a Dubai bank account.
Transferring Money to Dubai
Table of Contents
When transferring money to Dubai, either to transfer money to family members or purchase an investment residential or commercial property, there are various methods to assist your chances of obtaining a remarkable AED currency exchange rate, extraordinary service and likewise ensure you send out cash to Dubai safely.
Ways to Send Money to UAE
- Debit Card – when acquiring products on the Emirati website or using an internet seller, you may be offered the opportunity to pay with a debit card; internet sites are unlikely to provide economical foreign exchange rates when sending money to Dubai and will charge a foreign debit card. You are likely to be billed an admin fee from your financial institution to make the AED settlement, along with possibly being charged by the vendor’s bank. Those requiring to transfer money to Dubai to purchase an investment home or pay a solicitor invoice could be required to move cash to Dubai. For that reason, you could be obligated to move United Arab Emirates Dirham via a bank or, ideally, a foreign exchange broker. Several FX brokers approve debit cards as a form of repayment, permitting you to pay easily whilst staying clear of fees, in addition to obtaining a much better United Arab Emirates Dirham currency exchange rate.
- Credit Card – Suitable for leasing a property before turning up in Dubai, bank credit cards offer simplicity in addition to offering the safeguard of compensation from your bank card supplier if all isn’t as it appears to be. However, please be aware credit cards work from uncompetitive AED currency exchange rates and will charge for convenience. Often this shortfall can be cancelled out by air miles or incentive bonus points.
- Bank Transfer – Numerous individuals will decide to transfer money straight to Dubai from their bank checking account. Generally, the foreign exchange rate to move foreign currency to Dubai will not be as economical as the foreign exchange broker’s supply. You could be required to visit your banks to move a significant amount to Dubai. When sending out money to Dubai utilising an international bank, you will probably be required to pay a transfer charge or fee between ₤ 10-30 or foreign cash equivalent.
- Swift – Swift settlements pertain to money transfers outside the EU. Within the EU, and for that reason, not applicable when sending out cash to Dubai is the SEPA payments system. Using the swift system, a money transfer to Dubai can take a couple of days longer than transfers within the EU as the swift settlements system is utilised.
Required Bank Details to Transfer Money
Identification – when you send money globally using a bank, you will typically be asked to provide 1-2 photo ID instances. You will be required to have your debit account charge card on your person. Transfers to Dubai normally will need to be made in your local bank branch. If you have the option to send money to UAE using your online account, you will more than likely need your debit card reader and logins to hand to access your online bank account.
When using a Foreign exchange broker, your ID documents will all have been collated when you opened the account. Your currency account supervisor will ask you some elementary questions to confirm the account over the phone. Their online trading platforms resemble those of bank with much better online Arab Emirates Dirham currency exchange rates.
Swift Code – A Dubai Swift Code will begin with a four-letter bank code, proceeded to by a two-letter country code, afterwards a two-letter location code and concluded by a 3-figure branch code. Dubai does not take advantage of the IBAN system.
Time taken to send money to Dubai
- Typical time: For a foreign exchange provider to get your foreign money, transform it to AED, and send your money transfer to an Emirati account or recipient, you need to enable between 2-4 working days. Usually, the recipient’s financial institutions might take a while to assign funds sent from abroad. If using a global bank to send out funds to Dubai, you need to permit 1-2 days a lot more as their handling is normally slower.
- Same-day transfer – if funds are located in your foreign exchange transfer account, you have the opportunity of transferring your AED to Dubai and the AED clearing the next day. A same-day transfer to Dubai is extremely unlikely when using the swift repayments system. It can make the recipient’s checking account 1 day or more to allocate funds. Banks will naturally take a lot longer, commonly 2-4 working days.
Cost to Transfer Money to Dubai
- Commission – FX commissions that worldwide banks take differ from one organisation to the next. Nonetheless, one typical trait is they continue to be uncompetitive when compared to foreign exchange brokers. A Foreign exchange provider will often be able to save their clients around 1-4% when sending out money to Dubai and numerous other places outside of Europe.
- Transfer Fees – An overseas bank will normally charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to transfer your money to Dubai. A lot of foreign exchange brokers do not charge a transfer fee. As an instance, none consisted of Foreign Exchange Live do.
- Exchange Rate – A bank will typically utilise a ‘day FX price’, which will be calculated when the branch opens up early in the early morning. To reduce any FX market variations in the United Arab Emirates dirham rate, the currency rate will include a margin to cover any daytime AED volatility. Fx brokers, contrarily, work from live market currency exchange rates permitting you to take advantage of positive trends, offering advice if the United Arab Emirates dirham rate decreases.
Fees for Receive Money in Dubai
Dubai uses the swift payment option, which, when compared to SEPA, can be expensive and sluggish. If you send money to UAE, you are most likely to be charged an intermediary cost or charge. A foreign exchange provider will normally soak up the cost. However, banks will, most of the time, charge a fee.
Limits on Money Transfers to Dubai
You should not be restricted on how much money you can transfer to Dubai on the proviso you or your company can validate the AED money transfer. If your currency broker authorises the money transfer, there is no set constraint on how much you can trade.
Typically, if a transfer goes beyond ₤ 500,000+ or local currency comparable, your international money broker can ask for a copy of a bank statement to confirm your capability to fulfil the AED currency contract. They might additionally request documents to reveal the reason for the transfer (e.g. Emirati residential or commercial property purchase).
Transfer a Deposit to Open a Dubai Bank Account
A global bank or foreign exchange provider will be more than happy to manage your transfer to credit a brand-new Dubai checking account. Make certain any kind of papers, in addition to your Dubai account details, are to hand. Your financial institutions or broker can help your banks down payment transfer and send your money to Dubai.
Dubai banks will normally require you to credit your account quickly with 3000 AED.
Do Foreign Exchange Brokers Transfer Money to all Banks in Dubai?
As long as you possess the correct UAE bank details and the institution is regulated and doesn’t appear on a blacklist, they’ll be no issue to transfer to the beneficiary.
Safely Send Money to Dubai
The good news is that foreign exchange brokers are unbelievably mindful of globally currency fraud; they will be diligent on your behalf, run recipients through their systems, and flag any dubious recipient information.
- FCA – Always verify your UK forex broker is financial conduct authority (FCA) approved. A UK forex broker should never hesitate to share their FCA enrolment number or forward an online link to their accreditation on the FCA’s register. They have also to advertise information concerning their regulation on their internet site.
- Guarantees – Whilst even the most credible foreign exchange broker will have no capacity to issue guarantees or warranties, their segregated accounts must be held with tier 1 organisations. All consumer funds are held within these ring-fenced accounts and set apart from their capital. If something was to occur to the foreign exchange broker, you could obtain the funds straight from the tier 1 banks.
- Protection – Trusted foreign exchange providers abide by substantial anti-money laundering protocol to ensure they are only taking care of respectable clients and firms’ transfers. This is continued when they trade money and transfer funds to Dubai to ensure that standards remain high currency exchange brokers could request supplementary details on transfers whose recipients look dubious. Money broker’s FX trading systems are digitally guarded. They also utilise high levels of web safety to stop the opportunity of their customer’s information being accessed.
- Fraud – Despite these preventative procedures, fraudulent transfers can take place within the global transfers’ market. You can, nonetheless, take measures to reduce your possibilities of ending up being a transfer fraud victim. Never send your password or security logins over email or be pressurised to make a money transfer by an fx broker. Ensure communication with your broker is from an appropriate organisation email address. If you are telephoned unexpectedly by an unidentified participant of the broker’s team or brand-new currency account manager, agree to call them back to guarantee they are a team member of the money exchange broker you trade currency with.
Reasons to send money to Dubai
- Bills: Your Dubai house or business will almost certainly have regular ongoing costs. These can consist of local state property tax, renovation costs, or utility bills. A foreign exchange provider will enjoy handling your money transfers to cover your Dubai account and also care for any continual money transfer to Dubai.
- Loans – If you have been lent cash from a buddy or family member in Dubai, you might want to clear the debt if United Arab Emirates dirham prices move in your favour. Alternatively, if you have a home mortgage on your Emirati house and the United Arab Emirates dirham price remains in your favour, you may consider sending cash to Dubai to clear part of your AED home mortgage.
- Family – Birthday celebration celebrations and family occasions and celebrations are never far away. Your foreign exchange brokerage account can be a terrific means to send out financial presents to a relative in Dubai.
- Property – When the United Arab Emirates Dirham currency exchange rate jumps in your favour, you could think about capitalising and use the high AED rate to restore your home.
- Inheritance – Regretfully, plenty of people experience loved ones passing away overseas. You may need to repatriate inheritance funds to Dubai. A foreign exchange provider can sensitively take care of the process.
- Car – If transferring to Dubai, you might wish to lease a vehicle or purchase transport to commute to your job or discover the kingdom.
- Holiday – If renting a house or condominium for a trip to Dubai, your forex broker will use a far better AED money rate than your financial institution or debit card.
- International wholesalers – When acquiring oversea items or supplies, you can use a foreign exchange broker’s solution to lower the FX risk related to buying products from Emirati dealers that market in United Arab Emirates dirham.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange broker is the best way to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Dubai.
Finding a reputable Foreign Exchange Broker
Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to Dubai.
- Regulation – always ensure the foreign exchange provider you use is regulated. In Dubai, for example, brokers must be authorised by the FCA (financial conduct authority)
- Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Dubai and deal with many different scenarios.
- Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Dubai are small. A transfer fee can typically outweigh the advantages of sending the money to Dubai via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
- Online transfer, telephone transfers or both – online Apps are great for small transfers to Dubai. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or email. An established foreign exchange provider will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.
Find The Right Broker To Transfer Money To Dubai
Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe and saving them thousands of pounds in the process.
- Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
- Safety and Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.
- No Expensive Fees or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £4o or currency equivalent. A foreign exchange provider will process your transfer to Dubai with no transfer fees and a narrow margin (or spread).
- Better Exchange Rates: A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.
Foreign Exchange Contracts
A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:
- Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to Dubai shortly after.
- Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Guaranteeing the cost of your purchase and avoiding foreign exchange volatility.
- Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The currency is traded automatically when it hits the agreed level.
- Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
- Option contract – as with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers – A payment plan to send money overseas regularly.
Documents needed for a foreign exchange broker account
The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved
- A valid form of photo ID
- Recent utility bill or address proof (less than 3 months old)
List of Foreign Exchange Brokers
- Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain.
- Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to serve their global clientele best.
Arranging a transfer to Dubai
When you’ve chosen which FX broker you want to work with, arranging a transfer to Dubai won’t take long. The dirham transfer can be made online or over the phone with your broker. Agree or select an AED exchange rate online or over the phone with your currency broker and supply the UAE bank account details, including the swift code details. You’ll then have to transfer the money to the broker in the local currency to pay for this transfer.
Large Money Transfer to Dubai
if making larger money transfers to the UAE, timing is key. AED exchange rates move quickly, and small variations on large transfers can make a significant difference. For example, if someone exchanges £1000 and the rate moves 3%, the difference will be £30. For example, on a larger transfer to Dubai, an exchange of £100,000 to AED, a 3% variation will be £3000. Meaning if the currency exchange is timed well, you can potentially save money and receive more AED if the exchange rate is high.
Instant Money Transfers to Dubai
Several foreign exchange specialist’s offer instant money transfer services and will be very pleased to transfer money immediately to the UAE. The transfer fees they charge will be comparable to banks by the AED exchange rates are very uncompetitive. The Arab Emirates dirham exchange rate will be comparable to the exchange rates offered at bureaux de change in a train station or airport in many cases.
When should I use an Instant Money Transfer Service?
These types of services should only be used in times of urgent need. They are a very expensive way to send cash to Dubai and should only be used when all other avenues have been explored.
Banks in Dubai
The most common banks in the UAE include the following
- Emirates National Bank of Dubai – 250 ATMs and branches
- First Abu Dhabi Bank – Over 100 ATMs and branches
- Abu Dhabi Commercial Bank – 11 ATMs and branches
- First Gulf Bank – 14 ATMs and eight branches
- Dubai Islamic Bank – 10 ATMs and branches
- Abu Dhabi Islamic Bank – More than 700 ATMs and 80 branches across Dubai
You’ll also find some well familiar global banks in Dubai, providing a broad range of services throughout the expat community.
- HSBC – 67 ATMs and 10 branches
- Standard Chartered Bank – 14 ATMs and five branches
- Citibank – 48 ATMs and two branches
Opening a Bank account in Dubai
If staying or visiting Dubai but don’t intend to apply to become a resident, you may still open a non-resident bank account in Dubai. The standard documentation requirements for opening an account are the following
- Valid passport
- Letter from UAE employer
- Your UAE ID card
- Recent utility bill stating your address
If you hold a residence permit, this will be an easy process, and this should be processed with no delay by your bank with your UAE account ready to go.
For non-residents, several of these documents are hard to source. However, given the amount of expats living in Dubai, most banks are still able to open bank accounts for non-residents. Background and financial checks will take longer. You’ll still have an account with a little perseverance.
Can I Send Money from a Dubai Bank Account to the UK?
Absolutely a transfer from Dubai to the UK should take between 2-3 days when sent via a broker and slightly longer from an Emirati bank. The Emirati bank is likely to charge a transfer to make the payment. The AED to GBP rate won’t be a competitive as that offered by the Foreign exchange broker.
Can I Send Money from a Dubai Bank Account to a US Bank Account?
Your Emirati bank and foreign exchange provider will be pleased to assist with an AED to USD overseas money transfer. Just ensure you have the US bank details, including the ACH number and swift code, to make the transfer.
Dubai bank account details
An Emirati bank account is made up of the following characters, which are as follows
- 2 letter country code (AE)
- 2-digit check number
- 3 characters from the bank’s branch code
- 16-digit code for your bank account number
You’ll need these details to send funds via a bank or a foreign exchange specialist.
Sending Bank Deposits to Dubai
Foreign exchange specialists and banks will be pleased to send bank deposits to UAE banks. You’ll need your Emirati bank details, including a swift number, to do so.
Relocating to Dubai
When you decide to relocate to Dubai, you’ll probably need to send money to UAE. It’s worth considering approaching a foreign exchange provider to transfer money to Dubai to access better rates and service.
Dubai’s tax-free setup, 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 most populated city in the UAE in 2009, surpassing Abu Dhabi the city has enjoyed exponential 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 worldwide calling the UAE home. Such a diverse expat community means that foreign exchange brokers are familiar with how to send money to Dubai and offer a great array of services.
Checklist of things to do before relocating
Planning your relocation to Dubai needs to be performed with military precision to avoid disappointment or face issues when you arrive in the city.
- Ensure you have a job – it’s far from advisable to arrive in Dubai, especially if the area is in a downturn. Make contact and discuss opportunities with a specialist recruiter beforehand. Turning your 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. If, for some reason, you are moved to Dubai by an employer and paid in a foreign currency, a foreign exchange broker can offer a regular money transfer plan or send money to UAE every month.
- 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 it is advisable to try and agree on a rental contract in the summer when demand is lower. The vast majority of accommodation comes 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 is a multitude of visa 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 your belongings to Dubai – Carriers such as PSS, Crown and Santa Fe export belongings to the UAE regularly. Free quotations can be generated online, and your valuables will be fully insured with even packing and unpacking services available.