How to Transfer Money from UAE to Australia
UAE to Australia Guide
Summary
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.
Visas and immigration
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.
Studying in Australia
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.
Buying property in Australia
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.
Taxation in Australia
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.
Banking and money in Australia
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.
Trade and investment
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.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UAE to Australia. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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