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Top 3 Money Transfer Providers for UK to Bahrain

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 4,927.21 £0.00 0.4927 1-3 days more...
Global Reach (formerly FC Exchange) Global Reach (formerly FC Exchange) 4,919.77 £0.00 0.492 1-3 days more...
RationalFX RationalFX 4,922.25 £0.00 0.4922 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
BAHRAIN
The Bahrain (BHD) dinar is fully convertible, and overseas money transfers to Bahrain and money transferred from Bahrain can be sent freely Read More
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Bahrain Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Bahrain’s money transfer regulations
  • Bahrain’s regulatory authority
  • Tax and property issues
  • Currency
  • Summary

    The Bahrain (BHD) dinar is fully convertible, and overseas money transfers to Bahrain and money transferred from Bahrain can be sent freely. Like its Gulf neighbours, Bahrain allows for the unrestricted international transfer of investment capital, profits and passive income such as royalties, interest, dividends and management fees.

    Bahrain’s money transfer regulations

    The Central Bank of Bahrain (CBB) licenses and supervises financial services firms. As of August 2019, there are 23 licensed retail banks, 69 wholesale banks and 36 banks from overseas. These banks offer services both in a traditional banking sense and using Islamic laws.

    Bahrain’s policies on foreign investment are much more open than other countries in the Gulf, such as Kuwait, the United Arab Emirates (UAE) and Qatar. The government is actively seeking foreign direct investment (FDI) in an effort to diversify and expand the private sector, particularly in ICT, financial services, tourism, energy and business services.

    Incentives and conditions vary according to sector, and we recommend consulting the sector-specific guidelines set by the country’s Economic Development Board (EDB). The Bahraini Ministry of Finance has also signed 63 bilateral investment agreements, beyond existing GCC agreements, which streamline investment fees and conditions.

    Bahrain’s regulatory authority

    The CBB sets the country’s monetary policy, monitors the health of the financial system, and acts as the sole regulator of the Bahraini banking sector. The CBB also monitors the foreign exchange market in order to preserve the stability of its currency, the Bahraini dinar.

    Bahrain is a member of the six-country Gulf Cooperation Council (GCC), which also includes Qatar, UAE, Kuwait, Oman and Saudi Arabia. The GCC is a loose regional association that aims to advance regional political and economic integration. The GCC Monetary Council, headquartered in Riyadh, Saudi Arabia, provides a platform for member countries to discuss and coordinate monetary policy, but there are few significant differences.

    Five member countries, including Bahrain, have pegged their currencies to the US dollar (USD). The CBB maintains a fixed exchange rate of BHD0.376:USD1. Kuwait did experiment with a USD peg in the mid-2000s, but then reverted back to a managed float where the Kuwaiti dinar is referenced to a weighted basket of currencies. A project to establish a GCC monetary union has been suggested on numerous occasions but faltered due to insufficient support. As of 2019, a potential currency union is still far from becoming reality, though talks took place in 2017 without making any progress.

    Tax and property issues

    In line with other oil-rich countries in the Gulf, Bahrain does not apply corporate tax for most sectors of the economy, regardless of where companies are incorporated. However, both foreign and domestic firms engaged in hydrocarbons exploration, production or refining are subject to a 46% tax on net profits. Passive income including capital gains, dividends, interest and royalties is untaxed.

    Currency

    The Bahraini dinar uses the currency code BHD and is frequently abbreviated as BD. One dinar is equivalent to 1,000 fils. Banknotes are produced in denominations of 500 fils (BD0.500), as well as 1, 5, 10 and 20 dinars. Coins are available in values of 5, 10, 25, 50 and 100 fils.

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    Top 9 Money Transfer Providers

    Exchange Rates as of 12 December 2019, 21:29

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    More InfoLess Info
    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    More InfoLess Info

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    RationalFX

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    Est. 2005
    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
    More InfoLess Info
    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments

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