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Currency exchange between Australia and Dubai is rapidly increasing. Dubai, one of the largest of the seven emirates of the United Arab Emirates (UAE), has established itself as a global financial hub in the last 10-15 years, and it is one of Australia’s largest trade partners today. This is further facilitated by the fact that the Emirati dirham (AED) is freely convertible to the AUD, with very few restrictions to transfer money from Dubai to Australia.
There are several types of visas available for Dubai residents who want to travel to Australia. Emiratis who plan to emigrate to Australia for professional reasons must either be sponsored by an employer or apply independently as a skilled migrant. This category is typically reserved for professionals such as engineers, accountants and dentists. Talks are in progress between the governments of Dubai and Australia to lessen the visa requirements for travel between the two countries.
The majority of Dubai natives who live in Australia are students enrolled in Australian universities. Australia has become an increasingly popular destination for foreign studies, and there were more than 1700 Emirati students registered in Australian schools in 2013. Many are recipients of government scholarships from the UAE who are in pursuit of PhD or other postgraduate studies. The most popular cities for students from Dubai include Melbourne, Brisbane and Sydney.
Australian citizens or permanent residents face no restrictions when purchasing property in Australia. However, foreigners and non-residents do face certain constraints. In most cases, UAE nationals are only allowed to purchase newly-built properties or land which can be later developed. They will not be allowed to buy existing residential property. Property purchases fall under the purview of the Foreign Investment Review Board (FIRB). Approval will also have to be obtained when selling the property before leaving Australia. Regulations vary if different cases, so it is recommended to seek the assistance of specialists in the area before you transfer money from Dubai to Australia to purchase property.
Non-residents in Australia are required to pay taxes on income earned within the country only. If you are a temporary resident you are likely be exempt from paying taxes on income that you earned in Dubai, such as investment revenue and capital gains that do not include Australian property that is not taxable. Residents of Australia must pay taxes on income earned worldwide.
Once in Australia, it is a good idea to open an account with an Australian bank if you intend to send money internationally from Dubai. This will make accessing your funds in Australia much more convenient and cost-efficient. Like Dubai, Australia has a well-developed financial market; several banks maintain branches in both countries, which may facilitate the transfer process. Some banks will allow you to open the account online although as a non-resident you will be required to provide documents to confirm your identity.
In 2014, Australia’s foreign ministry confirmed that bilateral trade with the UAE had reached the A$6bn mark. Investors from Dubai generally enjoy unrestricted access to the Australian business sector. There are no restrictions on overseas money transfers from Dubai to build, expand or invest in a business in Australia. There are also no restrictions for capital flowing in the opposite direction, such the repatriation of investment capita or proceeds from Australia to Dubai.
In 2013 Australia exported goods worth roughly A$2.6bn to Dubai, which was more than a 25% increase from the previous year. The major exports to Dubai consist of motor vehicles, canola, aluminum, meat, and other food items. Imports from Dubai amounted to almost A$4bn and largely consisted of petroleum products.
Money transfers to Australia are regulated by the Australian Securities and Investment Commission (ASIC). Another official body, AUSTRAC, manages the compliance and requirements of Australian businesses in an effort to prevent money-laundering and the financing of terrorism. While there are no limits to the amount of money that can be transferred in or out of Australia, hard currency being brought in by travelers must be declared through customs if the value exceeds A$10,000.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
