Dubai is renowned among Brits for its vast career prospects, high tax-free salaries, and wealth of visa options, so it is no surprise that there are over 120,000 British citizens living in the UAE.
Whether you are a British expat living in Dubai, preparing to make the move, or have loved ones who call the City of Gold home, there are many reasons you may need to send money to Dubai from the UK.
Luckily, it’s never been easier to transfer pounds to dirham. Find out how you can do so in a cost-effective, quick and simple way, whether it’s a one-off money transfer to Dubai or you need to send money to the UAE on a regular basis.
What is the best way to send money to Dubai?
While some people seek the familiarity of their high-street bank for their international money transfers, they don’t always offer the best value for money and can significantly inflate the cost of a transfer.
A simple cost-effective solution that is tailored to your needs is to use a foreign-exchange specialist, so The Telegraph Media Group International Money Transfer Service has partnered with currency-exchange experts Moneycorp.
Finding the best value for money when sending funds overseas is important but it can be difficult to know where to look. When sending money to the UAE from the UK, this service may help you find more competitive exchange rates than your high-street bank, and you can also benefit from zero transfer fees.
Simply register for a multi-currency account, which you can then use to send money to Dubai as well as all over the world in a few clicks. Not only will you receive assistance from Moneycorp’s team of experts, you will also benefit from zero transfer fees and a range of specialist tools designed to save you time and money now and on future transfers.
How to send money to Dubai
It’s quick and easy to send money to Dubai with a Moneycorp account. Simply:
- Sign up for your online account
- Select ‘Send a payment’
- Input the details of your transfer, including country, currency and recipient
- Enter the amount you wish to send and when you want your transfer to arrive
- Confirm your transfer
Alternatively, you will have access to your own Relationship Manager so you can always reach a Moneycorp expert by phone to receive specialist guidance when you need it.
What details do I need to send money to Dubai?
When sending money to and from the United Arab Emirates, you will need to be identified first. This is a legal requirement to comply with global anti-money-laundering regulations. Once you’re all set up, you should be able to skip this step on future payments, making them even more straightforward.
To transfer money to a bank account in Dubai from the UK, the process is quick and easy. You will need your personal details, the reason for the trade, plus the following information, whether it’s your own account in Dubai or another recipient:
- Beneficiary name
- Beneficiary account number
- Swift code or BSB/routing number
- Bank name
What currency does Dubai use?
The official currency in Dubai is the UAE dirham, which is also known as AED and often referred to as Dhs or Dh.
When traveling to Dubai, the AED is the most widely used currency, although the US dollar is accepted in many places.
However, it is always worth planning ahead and transferring your GBP to AED so you have the appropriate currency to hand.
How to find a good GBP–AED exchange rate
All currencies experience fluctuation and the FX markets are inherently unpredictable. However, the AED is widely known for its stability, much like the US dollar.
The pound generally experiences greater fluctuation due to economic and political events such as a prime-ministerial election or interest-rate hikes. As a result, many British expats living in Dubai may wish to transfer their pounds into dirham and hold it there for its stability, particularly during times of economic uncertainty.
An exchange rate of 1 GBP to 5 AED or above is considered strong for the pound, and 1 GBP to 6 AED would be particularly high (such a rate hasn’t been reached since 2014). In the current climate, with the cost-of-living crisis weighing on the currency markets, anything above 4.5 AED to the pound would be considered a good rate.
Depending on the purpose of your transfer, you may choose to wait for a strong exchange rate, or Moneycorp could help you target a more favorable rate. They can even lock in a current rate to prevent the transfer being affected by downward trends. This can be particularly beneficial if you plan to make regular payments.
An international-payments specialist will offer you currency tools, such as a forward contract**, to ensure you don’t face any unwanted surprises and always receive the rate you agreed.
How long does it take to transfer money from the UK to the UAE?
You can create an online Moneycorp currency account quickly and easily. Once you have an account, you can make as many international payments as you need. Your online transfer to the UAE will usually arrive within 1-2 working days. Express payments usually arrive the same day.
Transfer money to Dubai today
Via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp, you can access expert guidance on the currency markets, competitive exchange rates, and a range of specialist tools for making international payments over the phone, online and via the app. In addition, there are no transfer fees,* which means you can get more for your money.
- Open an account today to get competitive GBP to AED exchange rates via the Telegraph Media Group International Money Transfer Service.
Read more:
Moneycorp is a trading name of TTT Moneycorp Limited, which is authorized by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
* Excludes regular-payment plans
** Forward contracts may require a deposit
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.
Information correct at date of publication.
.
Commentaires
Enregistrer un commentaire