How to Transfer Money from USA to UAE
USA to UAE Guide
Summary
With expatriates accounting for about 85% of the UAEs workforce - attracted by high and tax-free professional salaries and representing over 150 nationalities - the UAE, and Dubai in particular, has become a leading source and destination of international money transfers. There are no capital controls, so it is very easy to send money to Dubai and to transfer money from Dubai. A range of providers cater to different sums and clients, from migrant worker remittances up to real estate, investment and trade.
Buying property in Dubai
Since 2002, foreigners have been allowed to buy, sell, lease or rent property without restriction. Buying property is one of the largest sources of private money transfer to Dubai, where most expats in the UAE live and work. Indeed, real estate is one of the largest sectors outside of oil and gas, with strong demand in recent years keeping prices elevated. Prime residential price in the emirates have risen by 29% and 71% over the past two and three years, respectively.
For residential property, before the global financial crisis, expats with a good credit rating were able to obtain a mortgage in Dubai worth up to 90% of the property value without much difficulty. Domestic banks have since tightened their lending procedures, with deposits of 20-50% of the purchase price not unusual, with some lenders requiring collateral in the form of another property. Increasingly, the bureaucracy and cost of securing a local mortgage is deterring applications. Expats buying property, whether for investment or occupation are thus likely to need to take out a mortgage in their home country and send money to Dubai, even if they have accumulated a deposit locally.
US to UAE trade
The US maintains a strong trade surplus with the UAE, with the latter importing some US$24.6bn of goods in 2013 to become the US 17th largest goods export market. By contrast, trade flows in the other direction are tiny. The UAE in 2013 was the US 65th largest supplier of goods imports, the value of which grew by 1.7% from the previous year to US$2.3bn. Excluding returned items, the largest import categories in 2012 (the latest year for which a breakdown is available), were aluminium (US$589m), fuel and crude oil (US$173m), fertilisers (US$129m) and diamonds (US$126m).
US investment in Dubai
The UAEs low tax environment, liberal trade regime, deep financial sector and highly developed infrastructure have made Dubai a key regional investment hub. The business environment has steadily improved in recent years, although local investors are still generally favoured over foreign ones. Dominated by the financial and insurance sector, the stock of US foreign direct investment (FDI) in the UAE was up 33.5% from 2011 to stand at US$7.8bn in 2012, the latest data available. The US accounted for 8.2% of total FDI stocks in the UAE that year.
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 USA to UAE. 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.
Your Feedback
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
Latest Money Transfer News Articles for UK