Article image: Money transfers in the United Arab Emirates

Interesting facts:

The value of real estate in UAE must be at least 1 million dirhams in order to obtain a residency visa. Full version

There are numerous cases where you may need to transfer money to the United Arab Emirates, or, conversely, from the Emirates. Support of relatives, registration of onshore or offshore company, purchase of goods or property, booking a hotel room– this is just a short list of possible reasons.

How to transfer money to Dubai and other cities in the UAE?

There are several options for wire transfers in the UAE. The most convenient and reliable are as follows:

  • Western Union
    • The most well-known system of worldwide money transfer. One of its main advantages is wide network of branches – it will not take you much time to find relevant office to send the required amount. Furthermore, the transfer is carried out within short period of time - money is received almost immediately. However, as opposed to other methods Western Union charges the highest fee - 3-8% depending on the amount of payment. Please note that if you decide to transfer from the UAE to another country more than 2,000 dirhams, you will have to provide a phone number and a passport.
  • Unistream
    • This money transfer system is similar to Western Union, but charges lower fee - 2.1-2.3%. Some of the advantages of Unistream include availability of Russian website, that is designed to maintain online money transfers. By way of you can transfer money to any place from anywhere where Internet connection is available (provided that there are sufficient funds available on the credit card (Maestro, Mastercard).
  • MoneyGram
    • MoneyGram - analogue of the two previous systems of money transfers. Company’s network of offices includes more than 320,000 locations worldwide, and its partners include financial institutions, national postal services and the largest retail networks in 198 countries, including in the UAE. Another advantage of MoneyGram is its reasonable fee: 1%.
  • Electronic Payment Systems
    • Webmoney, PayPal, Yandex and similar online systems are best suited for payment of goods and services. The transfer of large amounts of money via such systems is uncomfortable and is not cost effective.
  • SWIFT transfers / bank wire transfers
    • This is the most reliable, effective and convenient way to transfer money to Dubai and other cities in the UAE. In fact, it constitutes transfer of funds from one bank account to another bank account. SWIFT transfers are carried out quickly - you can get the money the same day or the next day. However, please note that in some cases the fee may be charged by beneficiary bank. Besides the above mentioned, SWIFT transfers are made only to foreign currency accounts.
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