What are the Types of Money Transfers Allowed to India?
The Indian diaspora is vast in the UAE. With 2.75 million Indians living in the UAE, the country hosts the largest number of Indian migrants globally. India thus remains the largest recipient of remittances from the UAE.
With a diverse mix of expat residents, the UAE has a well-developed market for international money transfers. Many exchange houses, banks, money transfer services, and digital money transfer brands operate within the country.
It’s a good idea to compare the exchange rate mentioned by various providers before sending money from the UAE to India. Also compare the fees charged by different providers to ensure that you get a cost-effective deal.
Here are a few common types of money transfers that are viable in India.
Transfers through Exchange Houses
Leading exchange houses like Al Ansari, Lulu Exchange, and Orient Exchange have a huge network of branches located across the UAE. You can find them at prime locations such as shopping malls, office areas, and main streets. Exchange houses offer competitive AED to INR exchange rates from the UAE to India. You can send money directly to a bank account in India or as cash that can be collected from one of the agents spread across the length and breadth of the country.
Some exchange houses have developed their remittance apps as well, to enable bank transfers to India from the convenience of your home or office. Just download the app, register yourself, complete your KYC and make money transfers online. They are totally secure and ensure safety of your data and money.
Bank transfer is another way of sending money to India. Reputed banks like the FAB, RAKBANK, ADCB and others allow bank transfers through their websites and apps. Just add your beneficiary details and make your transfer online.
However, note that banks are free to set their own money exchange rate from the UAE to India. Some banks in the UAE currently offer free money transfers to India. You need to have an account in the bank to use its remittance service.
Wise, formerly known as Transferwise, is an example of a digital money transfer company, which is trusted by millions of people globally. This money transfer service provider has made the process of transferring money to India seamless. You can send UAE Dirhams from your UAE bank and your beneficiary will receive Indian Rupees in their accounts. They offer competitive exchange rates from the UAE to India and could be a great option for digital-savvy millennials.
Money Transfer Services
Another option for both online and offline remittances to India is the instant money transfer services provided by Western Union and MoneyGram. They have a vast network of agents in the UAE and India. Beneficiaries just need to go with relevant documents and receive the money in hand.
Western Union also has a remittance app. You can create your profile, check exchange rates from the UAE to India, pay bills, transfer money, and a lot more.
Before choosing an option, consider comparing exchange rates, service fees, and conversion fees charged by various providers. Typically, fees are a percentage of your money transferred, although some charge a flat fee.