If you’ll be sending money abroad while in the Capital, here is some useful information.
6 June 2017| Last updated on 16 September 2018
As expats, it’s very common to need to transfer money back to your home country. Luckily, since expats make up the majority of the population here, there are many ways to be able to do so.
However, that means you have to look around and try to find the best option that works for you. Here are some tips regarding the different ways you can remit your money.
You can send money via bank transfers, exchange places and online brokerages.
1. Through banks
There are some banks that have free money transfers to particular companies, so it’s worth checking. To use bank transfers, you need to have an account with that bank. It’s important to check the fine print and the fees involved when deciding to go through the bank.
Exchange rates will vary between banks and other money transfer services, so be sure to compare the overall costs. Keep in mind not only the exchange rate, but also transaction fees from the bank here and the receiving bank.
Many banks offer this service through mobile or online banking, so it could be more convenient for some. Many also offer same day processing, and then it would normally take 24 hours from the time it’s processed.
2. Money exchange firms
This is the most popular way to transfer money from Abu Dhabi. Anyone can use their services, not just residents. However, if you’re not a resident, then you’ll be limited to how many times you can transfer money.
They do charge a flat fee for each transaction they do and the fee differs between firms. Therefore, it’s always advised to simply send a larger sum once, rather than smaller amounts separately.
The exchange rate will also vary between firms, so make sure to check different ones. You can also try to negotiate to get a better rate, so don’t be afraid to do so.
Exchange houses will normally say it will take 3 business days for the money to be received. However, it’s been reported by many that it only took 24 hours if sent during the week. However, this can differ based on a variety of factors.
If you need the money to be received as soon as possible, Western Union would be the best option as they have same day transfers, but it’s going to cost you a decent amount more.
3. Online brokerages
This is not a very common option. It’s mostly used to sending large sums of money. There’s usually a minimum amount, so there’s no extra cost to you.
Sometimes, if the exchange rate is in their favour, they might also let you transfer money.
Which of the three options is best will depend entirely on your circumstances – which country, which bank or exchange house, what the exchange rate is at, how much you’re sending and how fast you need it.
Compare all options before deciding which works best for you.