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Top 3 Money Transfer Providers for UK to UAE

Provider Amount Received Fee Exchange Rate Speed
Western Union Business Solutions Western Union Business Solutions 45,116.66 £0.00 4.5117 1-3 days more...
Moneycorp Moneycorp 45,345.68 £0.00 4.5346 1-3 days more...
TorFX TorFX 45,437.29 £0.00 4.5437 1-3 days more...
FXcompared Country Guides
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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
UAE
The United Arab Emirates (UAE) has a dense network of both domestic and foreign bank branches, which makes overseas money transfers to the UAE and transferring money from the UAE relatively simple Read More
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UAE 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
  • UAE’s money transfer regulations
  • UAE’s regulatory authority
  • Economic background
  • Currency
  • UAE to Individual Country Guides
  • Summary

    The United Arab Emirates (UAE) has a dense network of both domestic and foreign bank branches, which makes overseas money transfers to the UAE and transferring money from the UAE relatively simple. The Emirati dirham (AED) can be freely exchanged into foreign currencies and there are few constraints on foreign capital flows.

    UAE’s money transfer regulations

    The governments anti-money laundering legislation imposes strict reporting guidelines for large wire transfers and requires that travellers entering the UAE must declare any currency of more than Dh100,000. Reporting requirements are much lighter for lower amounts.

    The tax burden in the UAE is low, particularly for corporations located in the country’s free zones. There is no Value-Added Tax (VAT) or personal income tax on residents, though other taxes apply to foreign residents; for example, expatriates are required to pay a housing rental tax that is equivalent to 5% of total rental costs.

    Outside of the country’s free zones, the environment is slightly more difficult with regard to capital account transfers, which include FDI and portfolio investment. Despite the country’s openness to FDI, authorities tend to favour domestic over foreign investment; for example, foreign ownership of land, and stocks in Emirati firms is restricted, with conditions varying across the seven emirates.

    Another aspect of the UAE to take into account is the criminalisation of debt. Passing a bad cheque of Dh200,000 will count as a misdemeanor, which carries a financial penalty. Any cheques over this value will be subject to a maximum prison sentence of 3 years in jail. Dubai is the most strict of the areas of the UAE in relation to this.

    UAE’s regulatory authority

    The Central Bank of the United Arab Emirates sets monetary, credit and banking policy for the UAE, monitors the health of the financial system and works to maintain price stability. Foreign exchange businesses, including banks and other institutions, must be licensed by the central bank. The bank monitors exchange providers capital, debt and operating conditions in order to protect consumers. Dubai’s main free zone, the Dubai International Financial Centre, is overseen by an independent authority, the Dubai Financial Services Authority (DFSA), that falls under the umbrella of the central bank.

    Given the dominance of US dollar-denominated oil and gas exports in the country’s export basket, 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

    The UAE is a federation of seven distinct emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. Free movement of goods, persons and money is permitted between the emirates.

    The UAE has emerged as a major global financial centre, anchored by Dubai’s 22 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 April 2019, the UAE was reported to have attracted some US$38bn in incoming foreign direct investment (FDI), roughly 40% of total FDI in the six-country Gulf Cooperation Council (GCC).

    The UAE is also a popular destination for low-skilled migrant workers, particularly from Asia, and a number of organisations have emerged to handle the country’s large remittance flows. By 2019, roughly 80% of the UAEs 10.75m population were expatriates. As of 2019 one third of the UAE’s GDP was created via the exporting of oil. It is currently carrying out wide scale construction in an attempt to diversify the its economy. This is based around a number of manufacturing and service industries.

    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.

    UAE to Individual Country Guides

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    Top 9 Money Transfer Providers

    Exchange Rates as of 20 September 2019, 21:07

    Smart Currency Exchange

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

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    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

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

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

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

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    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

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    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

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

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