Transfer money from UAE to India

AED 257.95 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from UAE to India
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Top 6 Money Transfer Providers

Exchange Rates as of 2018-08-20T11:19:05+00:00

moneycorp

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Est. 1979
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Amount Received
INR 186,150.91
AED 212.62
saved vs. banks

OFX (prev. UKForex)

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Amount Received
INR 188,050.41
AED 312.62
saved vs. banks

Smart Currency Exchange

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Amount Received
INR 186,662.09
AED 239.53
saved vs. banks

WorldFirst

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Est. 2004
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Amount Received
INR 187,100.66
AED 262.62
saved vs. banks

FC Exchange

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Est. 2005
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Amount Received
INR 187,357.87
AED 276.16
saved vs. banks

RationalFX

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Est. 2005
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Amount Received
INR 186,749.80
AED 244.14
saved vs. banks

How to Transfer Money from UAE to India

Summary

The Emirate dirham (AED) is freely convertible to Indian Rupees and there are no specific money transfer restrictions sending money from Dubai to India. As many people from India work in Dubai, this is a very popular money transfer corridor. The reasons and the amount of money transferred to India may lead to gift taxes or additional paperwork.

Regulations for sending money from Dubai to India

If you are sending money from Dubai to India, your transfer may be treated differently depending on whether or not you are an Indian national and the reason for your transfer.

Banks in India that receive a money transfer often ask for the reason for the transfer such as family medical bills or family maintenance. Recipients of the money transfer sent by people who are non-citizens of India are not required to pay gift tax on the money they receive. In addition, non-citizens of India do have to pay for the charges in any income tax set by the Indian Revenue. But, the rules can differ from citizens of India with status of RNOR and NRI of holding Student (F), temporary work (H), and tourist (J) visas.

There are many alternatives for sending money to India from traditional bank to bank to Western Union Dubai and Moneygram Dubai. These are popular with the large number of less skilled manual workers who move to the country from India and Pakistan. For higher earning professionals sending larger funds to India, we recommend using a specialist money transfer broker.

Sending money to family

Any money transfer from Dubai to India received by parents is not treated as income, but as a gift. In addition, India has no Gift Tax for any relations and there is no limit on the amount that the sender can send to their family in the country. For instance, gifting international money to India from Dubai between father and son or vice versa does not have tax implications and limits.

Sending money for property purchases or other reasons

If the money sent to India is used for specific purpose such as buying a property or other reasons, the sender must acquire a certificate of Inward Remittance from the bank in India where the money will be transferred. This is recommended for money transfer to India through banks as the certificate of Inward Remittance certifies that the credit entry was accumulated from the transfer of money from Dubai to India. If ever the Indian tax authorities question the origins of large received sums, the certificate of Inward Remittance will be a crucial document to have.

Indians in Dubai

Dubai has long been a popular destination for Indians working abroad. Traditionally, the largest numbers have sought work in manual and unskilled sector such as the booming construction sector, transport, or retail. A significant number of Dubai’s expat professionals, however, come from India, working in banking and finance. As Dubai’s economy has broadened, the numbers of professionals from India finding jobs in sectors such as technology and media has risen.

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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.