Send money to Dubai

 

Top 9 Money Transfer Providers

Exchange Rates as of 2018-10-19T01:49:07+00:00

Smart Currency Exchange

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OFX (prev. UKForex)

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Moneycorp

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Est. 1979
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Bank Beating Rates

TorFX

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Est. 2004
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Currencies Direct

Call us0203 018 1318

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Currency Solutions

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WorldFirst

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Est. 2004
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Global Reach (formerly FC Exchange)

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RationalFX

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Est. 2005
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Dubai Resources

Summary

The Emirati dirham (AED) is a freely convertible currency, and there are few restrictions on foreign capital flows, both sending money to Dubai (and the broader UAE) and transferring money from Dubai. That said, under the countrys 2001 anti-money laundering legislation, the central bank imposes strict reporting guidelines for large wire transfers and requires that travellers bringing currency into the UAE must declare amounts over Dh100,000.

Dubai money transfer regulations

Almost all restrictions on foreign exchange transactions and international money transfer have been eliminated in the UAE, though a few stipulations remain; for example, bank transactions may be carried out in USD, albeit subject to a 1% fee. Dubais free zones apply no currency restrictions. In the Dubai International Financial Centre (DIFC), a federal financial free zone, the Jebel Ali Free Zone, another major business centre and the emirates other free zones, the authorities allow 100% foreign ownership of registered businesses and full and free repatriation of capital and profits.

Outside of the countrys free zones, some restrictions apply to capital account transfers, which include foreign direct investment (FDI) and stock market investments. For example, foreign ownership of land and stocks in Emirati firms is subject to certain constraints, depending on the emirate, and authorities tend to favour domestic over foreign investment.

Dubai’s regulatory authority

In Dubai, like in the other six emirates of the UAE, the Central Bank of the United Arab Emirates is responsible for managing the currency, monetary policy and banking regulation, and oversees the health and stability of the financial system and foreign exchange market. The DIFC is directly overseen by a distinct authority, the Dubai Financial Services Authority (DFSA), that falls under the purview of the central bank. The DFSA sets specific legal, fiscal and operating guidelines for companies in the DIFC and monitors their implementation.

The Emirati dirham (AED) has been pegged to the US dollar (USD) since 2002 at AED3.6275/USD. Bank transactions may be carried out in USD, but they are subject to a 1% fee.

Economic background

Dubai, one of the seven federated emirates of the United Arab Emirates (UAE), has emerged as a key platform for global trade and investment. Dubai includes some 22 economic free zones, which have attracted foreign investment and financial transfers from around the globe thanks to its simplified legal context and financial and labour regulations. Dubais largest financial free zone, the Dubai International Financial Centre (DIFC), operates under a distinct legal framework tailored to its free zone status. The UAE has emerged as a major global financial centre, anchored by Dubais free zones. A number of multinational firms have established their headquarters in the UAE in order to take advantage of its conducive business environment, low tax burden and the absence of foreign exchange controls. In 2013, the UAE attracted some US$12bn in incoming foreign direct investment (FDI), roughly 40% of total FDI in the six-country Gulf Cooperation Council (GCC).

Currency

The the Emirati dirham (AED), is often abbreviated as DH or Dhs. One dirham consists of 100 cents, or fils. Coins are available in values of 1, 5, 10, 25 and 50 fils and one dirham. The 1, 5 and 10 fils coins are relatively rare, and most amounts are rounded up to the nearest multiple of 25 fils. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 dirham.

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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.