Send money to UAE

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Top 9 Money Transfer Providers

Exchange Rates as of 2019-05-17T20:59:08+00:00
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TorFX

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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

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OFX (UK)

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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

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Moneycorp

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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

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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

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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
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WorldFirst

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Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

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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
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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

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RationalFX

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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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UAE Resources

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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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.