The United Arab Emirates has developed into an incredible business centre, especially in Dubai, which has an open economy that attracts investment from a wide range of industries. This expansion means that more people are visiting the UAE for business or leisure travel than ever before. If you need to transfer money from India to the United Arab Emirates, you have many choices, including local banks and online money transfer or foreign exchange platforms.
Transferring money from India to the UAE, or almost anywhere else in the world where fund transfers are accepted, has never been easier. However, before you make a transfer, you should be aware of the Reserve Bank of India’s cap on foreign money transfers. You can only send up to 250,000 or its equivalent to other countries per year under RBI’s Liberalized Remittance Scheme rules.
Transferring funds from India to another country may seem to be a difficult task but it is straightforward if done properly.
In this post, we will discuss the various options available to you if you want to move funds from India to the United Arab Emirates, as well as the best method for doing so. The Emirati Dirham is the currency of the United Arab Emirates, and 1 Emirati Dirham is currently worth 20.52 Indian Rupee.
Foreign money transfers via online platforms allow you to send money to countries around the world with numerous currencies quickly and easily.
The following methods can be used to transfer money from India to UAE:
1. Sending money via Online Money Transfer Platforms
Online money transfer sites allow you to build an online profile and digitally transfer your funds, making it the simplest and cheapest way to move money abroad. It’s an easy way to get your money where you want it, but you’ll need to be safe enough to make transactions online.
There are a handful of businesses that enable people to send money from India through the internet. Following the creation of an account, these firms act as facilitators, transferring all funds to your desired account.
Many providers have a fixed transfer amount, while others have no set transfer amount at all. Other charges, such as transfer fees and transaction fees, will be charged when the money is transferred on the other end.
This is an excellent method of moving funds from India to the United Arab Emirates.
2. Using Wire Rransfers – Either Directly via Banks or through Online Forex Platforms
Wire transfers allow for the individualised transmission of funds from one person or entity to another while retaining the cost savings associated with quick and safe money movement. People in various geographical locations can easily move money to locations and financial institutions all over the world by using a wire transfer.
When transferring funds from one bank or financial institution to another, a wire transfer is the most common method. When a wire transfer is made, no actual money is exchanged between banks or financial institutions. Instead, information about the recipient, the bank receiving account number, and the sum is exchanged between banking institutions.
According to the Reserve Bank of India’s (RBI) rules outlined in the Foreign Exchange Management Act, you can transfer money directly from your own account to a foreign bank account.
It takes a few days to transfer money, and there are a variety of fees that the bank can charge customers. The sender’s bank and the receiver’s bank will charge various fees on the other side of the transaction, but the agreed exchange rate will have a huge impact on how much the transaction will end up costing the customer.
You can transfer money from India to the UAE through wire transfer, which is one of the most common methods of money transfer. Allowing a mediator, such as an online forex platform, to enter and manage your foreign transaction from India to UAE would be less expensive than doing so directly through a bank, which would be far more expensive.
3. Doing the Remittance via India Postal Office
The Indian Postal Service has arrangements with money transfer companies to send money abroad. There are some drawbacks, such as the fact that the maximum amount per transaction is USD 2,500 (which you can convert to various currencies), and you can only make 12 transactions per year.
You should also go to the local post office to learn more about how they transfer money internationally. However, we would not advise you to go with this process.
Best way to Remit Money from India to UAE
Customers can use online foreign exchange and remittance platforms to transfer funds from India to the UAE via wire transfers, which is a more convenient option than using banks. When sending money to the UAE, you can save a lot of the fees that banks impose. It’s also a completely digital and contactless procedure.
People do not need to visit a bank because the KYC paperwork is completed entirely online. It is possible to send money to your family, relatives, or friends who live in the UAE while sitting at home. The payment can also be done via netbanking.
How to transfer money to UAE using an online remittance platform?
Here are the steps that you will have to follow which are pretty much common on all the online remittance platforms. Here we go:
Step 1: First and foremost, you must determine whether you are qualified for an outward remittance. After that, you should list the sender’s information as well as the receiver’s information. You’ll also have to reveal the reason for your money transfer to a foreign country (which is UAE in this case).
Step 2: After you’ve mentioned all of the material, you’ll need to submit a few documents. PAN cards, passport front and back pages, remitter photo and address evidence, and a variety of other records will be needed.
These documents are simple to upload on the website, which saves you time. This is the beauty of an online forex & remittance platform; it is highly efficient.
Step 3: You can now easily pass funds to one of the online remittance platform’s partner banks.
Step 4: You will be charged at the forex rate shown on your device. You will receive a digital A2 form at the end of the process. You can sign it on the portal itself, eliminating the need to go to the bank. The partnering bank will initiate the move, and you will receive a SWIFT acknowledgement.