Last Updated on by Rodrigo @ OutofYourComfortZone
In recent years, the number of platforms you can use to transfer money abroad has increased a lot! So which one should you choose? Take a look below for the 7 cheapest ways to send money from Dubai to another country (including fees, transfer times, exchange rates and more).
It doesn’t matter why, but it’s very important that you know the main ways to send money from one country to another. Not just to make sure you’re using a reliable platform, but also to not lose money on fees.
In this article we are going to talk specifically about Dubai, and how to send and receive money from the Untied Arab Emirates.
So, if you live in the United Arab Emirates or provide a service there, you should already know that the IBAN is a very important piece of data when making your transfers. But calm down, if you still don’t know what it is, don’t worry, I’ll explain!
Table of Contents
- 1 What is an IBAN and why is it important when transferring money to/from Dubai?
- 2 3 things to consider before sending money from Dubai to your country
- 3 What are the 7 cheapest ways to send money overseas from Dubai?
- 4 4. WorldRemit
- 5 7. TransferGo
- 9 Concluding
What is an IBAN and why is it important when transferring money to/from Dubai?
The IBAN, or International Bank Account Number, is the international identification number of your bank account. That is, it is this number that you must use to identify the account that will transfer or receive the money.
The IBAN has been used to make transfers between countries in Europe since the 90s, but in some other countries this only started to happen in 2013. Therefore, it is normal that you still don’t know or don’t know what yours is.
It basically consists of the country code (PT, BR, US, DE, ES…) and control code, plus the financial institution identification number (ISPB) and your branch and bank account numbers.
So, if you still don’t know what your IBAN is, you can look it up on your internet banking or contact your branch. Another way is through an IBAN generator such as the IBAN Generator.
3 things to consider before sending money from Dubai to your country
There are many options for platforms that allow you to make international transfers from Dubai to many other countries, so it is difficult to know which is the cheapest and most efficient. To help you, here are 3 topics you need to consider before your transfers. Are they:
- How often will you send money from Dubai to another country
- The exchange rate of the day
- The ease of the platform and the deadline to complete the international transfer to and from Dubai
1. How often will you send money away from Dubai
If you want to make occasional international money transactions from Dubai, the most important thing is to focus on the exchange rate, service fees and terms of each company.
However, if your intention is to make frequent shipments between Dirham and USD (dollar or EUR (euro), you may be able to benefit from certain advantages offered by these platforms. The main one is that some allow you to create an online account.
That way, you pay even lower fees and manage everything right through the app. Platforms like Wise also offer a debit card, making the process even easier.
2. The exchange rate of the day
We’ve talked a few times here about the importance of always paying attention to the exchange rate. After all, the value of currencies around the world has fluctuated a lot over the last few months, so knowing the right time to send money to or from Dubai ensures that you won’t lose money.
Again, if you tend to send frequently, always check the exchange rate. This will ensure that you hit the right day to send your money.
You can check the exchange rate directly on Google, or on the Central Bank’s website.
3. The ease of the platform and the deadline to complete the transfer from Dubai
The main objective here is that, after all this, the process is done with ease and with as little bureaucracy as possible. Nobody deserves to send a thousand documents to create an account and still wait days for it to be approved.
Another point you need to take into account is the deadline. Some companies promise to make the transaction from Dubai to the US or Europe on the same day, but this may vary depending on the payment method you choose, for example. So, it is important to pay attention to all the information about the transaction.
I’ll talk more about the timeframes for each platform further down.
What are the 7 cheapest ways to send money overseas from Dubai?
Now, you will know the cheapest ways to send and receive money from Dubai in the UAE. Here you will find information about the companies and their transfer deadlines, fees and limits.
As always, I suggest you get an instant quote with all of these companies below. It won’t take long and you can save a lot of money by finding the cheapest option for your specific case.
This is one of the most popular platforms in the world for transferring money between countries and is often the number one choice for people sending money from Dubai.
What stands out most about Wise are the low fees, but beyond that, the entire transfer process is very simple. It also doesn’t take much time to create the account, which is a big plus.
Another positive point of Wise is that you can open a digital account, also without much bureaucracy. With this account you can receive and send money even faster and with lower fees.
You also get a debit card that you can normally use in stores, restaurants, or even ATMs.
Wise transfer deadlines, fees and limits for sending money from Dubai
- You can choose between 3 types of transfer: Low Cost, Quick and Easy or Advanced. The Low Cost option can take up to 2 business days to transfer, but the last two options can be completed in as little as 6 hours.
- Wise guarantees the exchange rate for up to 102 hours, which can be great in times of high fluctuation;
- IOF is included in all transactions and is 1.1% when sent to yourself and 0.38% when sent to someone else;
- The service fee goes up according to the amount sent (although they are usually still lower than anywhere else!). In addition, anyone who needs to send more than R$10,000.00 must present additional documents.
And notice that the currency exchange rate from Wise is pretty much the same as the official one given by Google!
Xe is another well-known website platform for international transfers. They are pretty similar to Wise and CurrencyFair.
However, in addition to being an international transfer website, Xe is one of the main websites in the world to search for the exchange rate between any two currencies in the world….including historical values! So it is very good to see if a particular currency is getting stronger or weaker in recent months.
But to calculate the cost of your transfer, you need first to open a free account with them.
Xe transfer deadlines, fees and limits for sending money from Dubai to another country
- They charge a relatively low fee to send and receive money from abroad (for example: for transfers up to 500 USD a fee of 3 USD is charged)
- They don’t charge any fees to send or exchange abroad
- They use a rate close to the official rate
- You can send money to more than 26 countries plus all the countries that use the Euro
- You must open an account before getting a quote for the cost of your transfer…..but it’s free to open an account and super fast
- Sometimes it costs more to transfer with Xe than with Wise or CurrencyFair because their rates aren’t always as good (you’ll have to compare for your individual transaction to see what is best)
Remitly has some points that are quite different from the other platforms here on the list. Usually, transfers are always made from one bank account to another. However, with Remitly it is possible to receive the money in cash. That way, you can withdraw the amount at an authorized location.
Another way to get your money from Remitly is through delivery. Yes, they deliver to your house!
You can also take advantage if you don’t have an account on the platform, to get a discount on your first transfer.
However, Remitly may not be an option for some people as it is not available in all countries inside and outside Europe such as Portugal. Also, shipping simulations are only possible if you have an account, which makes the experience a bit boring.
Remitly transfer deadlines, fees and limits for sending money from Dubai to another country:
- You can choose between two types of transfers, the economic transfer, which takes 3 to 5 business days to reach the recipient, and the express transfer, which can only take a few minutes;
- Service fees vary depending on the amount to be sent and the type of transfer;
- The submission limit is $2,999.00 per day and $10,000.00 per month. If you need to send a larger amount, you will need to send additional documents.
If you are looking for a large company to carry out your international transfers, WorldRemit can be a good option and is the last indication on our list.
With services available in over 150 countries and over 90 currencies, WorldRemit serves over 4 million customers around the world. The headquarters of this corporation is in Brussels, Belgium, and the company is authorized and follows the regulations of the National Bank of Belgium.
WorldRemit transfer deadlines, fees and limits for sending money from Dubai to another country
- WorldRemit fees typically charge around $3.99 for transactions, but you can run a simulation of a transfer to get an exact quote on the amount charged for the fees;
- Despite the period of 2 working days to receive the money, the company claims that 90% of transactions are carried out on the same day of sending.
CurrencyFair is very similar to Wise and the process to use it is the same.
The only downfall with CurrencyFair is that it doesn’t work with as many currencies.
CurrencyFair transfer deadlines, fees and limits for sending money from Dubai to another country
- It’s a super cheap way to send and receive money from other countries – they only charge around 0.35% of the total value, like Wise does
- They use the official exchange rate (which is much better than the “tourist” rates banks use)
- You can send funds to more than 18 countries, including those that use the Euro
- As with Wise, you can use CurrencyFair for your Business to pay suppliers or employees
- It’s cheaper and faster than doing international transfers with a bank
- There isn’t a minimum transaction amount
- It only works with about half the number of currencies Wise does
Here’s a quick video on how to sign up for free:
And how to do a transfer with CurrencyFair:
The second platform on our list is Sendvalu, based in Switzerland, it also has very attractive rates when it comes to sending money abroad.
Right off the bat, the first advantage of Sendvalu is that it guarantees that all transfers are made within 48 hours. In the case of shipments from Dubai to your country, the platform itself points out that the deadline can be 24 hours.
If you don’t already have an account there, this might be the right time, as the first transfer has free fees. It’s a great way to test the company’s services and delivery time.
Finally, it is also worth mentioning that monthly Sendvalu supports a different social project around the world. Thus, for each transfer made, Sendvalu donates 10 cents. Cool, right?
Sendvalu transfer deadlines, fees and limits for sending money from Dubai to another country
- As I showed above, Sendvalu guarantees delivery within 48 hours;
- The more money you send, the higher the fee. However, compared to Wise, the value is (minimally) more affordable;
- The maximum amount to be transferred is 2,500.00 euros.
In the market for almost 10 years, TransferGo has an excellent service and what stands out here is the speed of shipments, which can be received in up to 30 minutes!
In addition to the various types of shipments and payment methods available on the platform, you can also send and receive money from more than 60 countries.
Unfortunately, at the moment TransferGo is not making any transfers to/from some countries, but I believe the service should return soon. Also, if your intention is to make fast shipments from Dubai to countries other than those, this could be the right choice!
TransferGo deadlines, fees and limits for sending money from Dubai to another country
- Lead times vary from 30 minutes to 3 business days, depending on the type of shipment you choose;
- Fees are fixed and change according to the type of shipment and payment method;
- The platform does not have a daily limit for shipments, but informs you that this amount can be determined by your bank.
Let’s recap the 7 cheapest ways to send money from Dubai to abroad:
There are many ways to send money from Dubai to your home city, but it is important that you know the cheapest and most efficient options.
In the list above, we’ve researched the companies that I believe offer the best value for money. Now you just need to choose the one that best suits your needs.
Finally, tell me if you’ve used the service of any of these companies and how was your experience! And, of course, if you have any questions about transferring money abroad, just leave it here in the comments and I’ll try to help you.
I’ve spent a lot of time living abroad and dealing with transferring money between countries, so I know how inconvenient this can be. That’s why I’m happy to help!
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