It can seem like a great challenge for first timers to transfer funds from India to overseas, however if handled correctly, it’s very easy. It will help you move funds to foreign countries from India. Online forex markets offer you the best way to send money from India to UAE. In this article, we talk about what are the options available to you if you wish to transfer funds from India to UAE and what is the best way to do so. UAE’s currency is known as Emirati Dirham and as of today, 1 Emirati Dirham is equal to 19.96 Indian Rupee.
Foreign money transfers enable you to easily and effectively send money to countries with multiple currencies all over the world. You can send money to UAE in a variety of ways.
You can transfer money to UAE via these following methods:
Online money transfer services
Online money transfer services offer the easiest and cheapest way to move money abroad and allow you to create an online profile to digitally transfer your funds. It’s a convenient way to get your money where you really want it, but to make purchases online, you will have to be secure enough.
There are several businesses that allow individuals to make cash transfers from India online. Such companies serve as facilitators after you have made an account and will transfer all the funds to your preferred account.
Many providers have a specific transfer amount set, whereas others do not have a specific transfer amount of any kind. When the money is transferred at the other end, other costs that include transfer fees and processing fees can be paid.
This is a perfect process of transferring money from India to UAE.
You can submit money directly from your own account to a foreign bank account in accordance with the rules of the Reserve Bank of India (RBI) set out in the Foreign Exchange Management Act (FEMA). International money transfer, telegraph transfer (TT), wire transfer or SWIFT transfer are also known as this method. While this option is convenient and safe, there is a downside.
You can use professional services to do wire transfers.
It takes a few days to move the money, also there are a number of fees that will be carried on by the bank to customers. At the other side of the deal, the sender’s bank and the receiver’s bank will charge several types of fees but this negotiated exchange rate will have a significant effect on how much the deal will finish up costing the client.
You can do a wire transfer from India to UAE as it’s one of the most popular methods of transferring money. It would cost you less letting a mediator like an online forex platform join and handle your foreign transaction from India to UAE rather than doing so directly with a bank which will cost you much more.
Another alternative for moving money from India to UAE is the draft demand for foreign currency. On account of the beneficiary, certain physical paper drafts can be taken up.
It is possible to take these drafts to UAE or even to send them by post to a recipient abroad. Although it can take some time for the receiver to receive the money, charges can be significantly saved by this method.
You would have to pay the bank INR 200 to INR 600 for the making of a draft. From bank to bank, the fees can vary. The demand draft will take 7-10 days to hit the receiver. You still have to pay the postal charges and the shipment is not monitored by any facility.
India Postal Office
To send money abroad, the Indian Postal Office has agreements with money transfer firms. As the maximum amount per transaction is USD 2,500 you can convert that to different UAE currencies), there are some disadvantages and you cannot make more than 12 transactions in one year. You may also visit the post office closest to your place to find out more about how they send cash abroad to know more about the operation.
What is the best way to transfer money from India to UAE?
Customers can opt for online foreign exchange & remittance platforms as it offers a useful way than banks to move funds from India to UAE. When sending money to UAE, you will save up a lot of charges that banks normally put in. It’s also a process that is fully digital and contactless.
All of the KYC paperwork is done on the internet and people do not need to visit any bank. It can be accomplished by sitting at home to send money abroad to your family, relatives or friends who are living in the UAE. You can also lock the UAE currency’s rates and you can make full use of such features on online forex & remittance platforms.