In short, depending on where you want to send the money, you should compare exchange rates, transfer fees and processing times to make an informed decision. You can make international money transfers in the United Arab Emirates in cash, using bank instructions, or with a credit card. These include regulatory approvals (from the Central Bank of the United Arab Emirates, the Dubai International Financial Center or the Abu Dhabi Global Market, as well as from international regulators in your home country), the costs of international money transfers in the United Arab Emirates, reliability, customer service and online tracking. Thanks to relationships with correspondent partners in other countries, several banks in the United Arab Emirates do not charge initial service fees for transfers in the local currency of the destination country.
Other global players offering international payments in the United Arab Emirates include international platforms such as PayPal, CurrencyFair or Moneycorp, which allow customers to receive dirhams in their overseas bank accounts. To receive an international money transfer in the United Arab Emirates, simply provide the sender with your full name, bank details, and account number. We obtain transfer fees, fees, and other data from money transfer providers in a variety of ways, most often in real time. To send dirhams from the United Arab Emirates to an Indian rupee bank account in India, the cheapest provider right now is Skrill, with no transfer fees and with a competitive exchange rate between AED and INR (its current exchange rate is 1 AED%3D 22,0766 INR).
However, before making international money transfers in the United Arab Emirates, it's a good idea to do your research, as you could literally be giving away extra money in terms of high fees. Despite the wide variety of legal ways of making money transfers in the United Arab Emirates, there are several informal services, such as traditional Hawala and Hundi contracts.