Here's a list of some popular low-cost and quick ways to remit money online
Online remittance is now the best option to send even a large amount of money from the UAE
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Online remittance becoming the best remittance option in the UAE
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Making overseas payments in the UAE is much more economical
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Some transfers take minutes, some take a lot longer.
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Many services now offer overseas money transfers in the UAE
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Millions of migrants in the Gulf region rely on online remittance firms which facilitate large remittances in the UAE
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Get the best exchange rate possible!
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How long does the platform you use for online payments take to remit your money?
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TransferWise is known widely for having no foreign exchange rate markups
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Service cost from TransferWise tend to be lowest if you use a bank account
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When it comes to speed, a transfer using a debit/credit card on TransferWise can arrive in minutes
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If you plan on sending $10,000 or more using TransferWise, consider OFX
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OFX charges no transfer fees, irrespective of how much money gets sent
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OFX lets you make a transfer at current exchange rates or target future rates
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OFX has a minimum transfer amount of Dh500 in the UAE
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Transferring dirhams can be cheaper than a regular overseas transfer with Moneycorp.
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Ensure 'dirhams' are transferred to the overseas account, rather than exchanging your transfer to the local currency.
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Moneycorp locks in the rate during the transfer, which will help in taking advantage of a good rate.
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Currency Fair does not lock in the rate, meaning it could change by the time your money arrives.
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Currency Fair has a platform where you can post your desired rate, and wait for it to be matched with another customer. But this makes it a slightly slower process.
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Transferring dirhams can be cheaper than a regular overseas transfer with Currency Fair.
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