Send Money To United Arab Emirates
Dubai and its booming tourism industry have been amongst the greatest contributors when it comes to spreading peace and understanding in the Middle East. It is a country that has embraced different ethnicities, nationalities and faiths all working together in a harmonious existence. Although there are several rules in Dubai that travellers are required to follow, they are not as strict as many people have been led to believe.
Almost everyone who visits Dubai is fascinated by its energy and acceptance of people from everywhere in the world. Dubai is the capital city of the Emirate of Dubai. It is one of seven emirates of the United Arab Emirates. Only Dubai and Abu Dhabi have veto powers in the UAE’s legislature in any matter of national importance.
United Arab Emirates
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united arab emirates
The official currency in Dubai is the dihram. Its official abbreviation is AED (Arab Emirates Dirham). One dirham is made up of 100 fils. One Dirham is the equivalent of approximately 0.22 British pound and 0.27 US dollar.
When visiting Dubai, you are better off having your cash in dirhams is it is the currency used virtually everywhere. In fact prices are indicated in dirhams almost everywhere. Although they also accept British pounds and US dollars at bazaars, the conversion rates are not that great. If you have Mastercard or Visa, you can get your dirhams at the ATMs at the airport.
Send Money with Bank Deposit
In Dubai, fund transfers between banks are required to take place through the country’s Central Bank system. The medium is the Funds Transfer System (FTS). All banks are mandated to use the FTS for all Dirham transfers to make the processing of AED payments more efficient. There are no limits on the amount of money that can be transferred using the FTS.
The UAE has also moved towards stricter regulation of the hawala. This is a largely informal system used to transfer money across the Middle East and parts of South Asia. The result has been an increase in money laundering and drugs-related prosecutions.
Dubai’s booming economy and patchy implementation of financial compliance regulations have previously been cited as some of the factors exposing the country to terrorist funding and money laundering.
Banks and other financial institutions have also been accused of failing to carry out sufficient due diligence on their customers or prospects and ignoring many of the financial practices followed by international banks.
In 2014, the Central Bank of UAE issued new regulations on the monitoring and licensing of currency exchange businesses with the aim of regulating and enhancing the currency exchange business and providing solid foundations for exchange services.
Send Money Through Cash Pickup
Dubai is arguably the most important financial centre in the United Arab Emirates, thanks to its flourishing services and financial industries. In fact the banking industry has been the Dubai’s basis for development in the last decade. Dubai’s banks serve as the country’s conduits to other economies, regionally and globally. In the recent past, lower oil prices have forced lenders to adjust to new demand patterns and to evolve their operations.
As long as you possess a “no objection” letter from your employer, you a free to open your own bank account in Dubai. Once you have a bank account, you are free to transfer funds into and out of the country. If you are transferring significant amounts, inquire about the commercial rates of exchange.
In Dubai, cheques are incredibly important. However, until you acquire a residency visa, you are not eligible for cheque services in Dubai. Most of the other services, including credit cards are available once you open bank account.
Money Transfer Regulations
Cash pickup is one of the most secure and cost effective methods of cash transfer. The best thing about cash pickups is that your recipient collects the funds from an agent within a short time, usually minutes.
So if you are in Dubai, you can send your relative some cash and see them collect it in less than 30 minutes.Some cash pickup companies have as many as 500,000 locations in different countries. They also offer in-person transfers and online transfers to those different locations.
Cash pickups are highly secure and convenient. The costs involved differ from agent to agent, so you may want to compare the options available to you. When using a cash pickup, look out for the following:
1) Transfer fees
Compared to depositing money into the bank account of your recipient, cash pickups cost a little bit more. Before you hand over the cash, confirm all the fees involved.
2) Pickup location
You don’t want to expose your recipient to potential risk. Find out whether picking up the cash will expose your recipient to theft or any other harm.
3) Weak exchange rates
Exchange rates are always going up and down. In some cases, online transfer specialists offer more competitive rates.
4) Untrustworthy providers
Only use reputable providers of this service to avoid being someone taking advantage of you.