There are several ways to transfer money to the UAE and most of them are relatively simple and easy.
However, the costs involved can differ greatly, so the confusion comes in working out the best option for you in terms of price.
Using a high street bank might be very convenient, with most banks helping you to set up a transfer with just one phone call or in-branch visit.
But this simplicity comes with a cost. You are likely to be hit with a poor exchange rate on the dirham and the per-transfer fees charged by the bank for moving money to the UAE will eat into your funds.
Additionally, if you want to transfer money to the UAE when your recipient does not have access to a bank account with First Gulf Bank, for example, then a local bank won't be able to help you.
Instead you should consider using a Money Sending bureau. These are small establishments found in major cities around the world and they allow you to transfer money to the UAE to be picked up at a convenient location.
Unfortunately you will need to pay per-transfer fees of between ten and 15 per cent for this privilege. Add this to a poor dirham exchange rate, and your funds will be noticeably reduced.
To avoid this situation you can think about using a foreign exchange broker to transfer money to the UAE.
These companies shift huge volumes of currency around the world so they can offer you a competitive exchange rate when you make use of their services.
Furthermore, RationalFX will guarantee you a low fee way to transfer money to the UAE, lowering your costs even more.
Why not open an online account with us today! It's quick, free and easy and will allow you to view and compare the exchange rates on offer at the moment.