If you need to send money to the United Arab Emirates, it will lower your costs if you research the best way of doing so.
The amount of money that you want to send to the UAE and your reasons for doing will affect which method you choose.
However, these are your three main options to send money to the UAE:
First of all, you can enquire with your local bank about how to send money to the United Arab Emirates.
It usually only takes one phone call or in-branch visit to organise the transaction if you want to send money to a bank account with the Emirates Bank of First Gulf Bank, for example.
Unfortunately, this convenience comes with a cost. The foreign exchange rate for the United Arab Emirates dirham on offer from a bank is often fairly poor. But what is really likely to push up your costs, especially if you need to make regular transfers to a bank account in the UAE, is the fact that banks tend to charge high per-transfer fees on each transaction.
Your second option is to call in to a Money Sending Bureau. These are small establishments visible on most high streets around the world. While they can enable you to wire money to a pick up point rather than a bank account, these bureaus are quite poorly regulated and can charge per-transfer fees as high as ten or 15 per cent.
Alternatively, you could open an online account with RationalFX for free to get an idea of the savings available if you send money to the United Arab Emirates with a foreign exchange broker.
RationalFX has some of the most competitive dirham currency exchange rates available to consumers and only charge low fees when you send money to the UAE.
Why not open an account and check out what the currency exchange rate is today?