How To Transfer Money Internationally?
The most popular way to transfer money internationally is via Exchange Houses. Some of the most established Exchange Houses in the UAE are Al Ansari, Lulu Financial, Al Rostamani, GCC Exchange, Wall Street Exchange, and Orient Exchange Co. While it is still quite common for people to transact via cash or cheques, many of the leading Exchange Houses now offer online options at attractive rates.
Some renowned money transfer service providers operate via franchises and agents. Due to this, they have an extensive reach for remitting funds. Examples are Western Union, Xpress Money, and MoneyGram. These are essentially cash pickup companies, which means that your beneficiary can visit the relevant agent, present the required documents, and walk away with cash in hand within a few minutes.
Thanks to technological advancements, various digital banks have mushroomed offering remittance services. They typically offer attractive rates and deals, which are worth checking out. You can use their website or mobile app to transfer money internationally from the comfort of your home or office or even while you’re on the go. Also, you can use credit cards to transfer funds on their website or app.
Most leading banks, like First Abu Dhabi Bank, ADCB, and Mashreq Bank, offer wire transfer services. Wire transfers can be made online and are safe. This option is convenient since you may already have an account with such a bank.
Before choosing a mode, ensure to compare the fees, facilities offered, time taken for the transfer, and currency exchange rate.