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In today’s technology-driven world, making international money transfers is easy. If you’re based in the UAE, it’s even easier to send money to anyone anywhere in the world, including India. Thanks to the high population of expats in the UAE, you are spoilt for choice with an array of options to transfer funds to loved ones in India.
However, deciding on the option that best suits your needs can be a daunting task. Factors such as fees, speed, and reliability all play a role. Check out some of the options below so you can make an informed decision when you need to transfer money back home to India.
One of the oldest and most popular ways to send money abroad is through bank-to-bank transfers. You know, the usual go-to-the-bank, input-your-details, enter-recipient-details, pay-a-fee. Before committing to using a bank’s remittance services, keep an eye out for fluctuating exchange rates and transaction fees. Also, ensure you have the name and address of the recipient as well as their International Bank Account Number (IBAN) or Society for Worldwide Interbank Financial Telecommunications (SWIFT).
If you don’t have a bank account in the UAE or don’t want to go through the process of making a trip to a branch or waiting 1-2 days for the funds to clear, read on — there are other options to consider.
Over the years, exchange houses have become an attractive option for making quick remittances, giving recipients the option to receive money as cash or in a bank account. One of the key things to look out for when using this service is exchange rates, which begs the question: Is it cheaper to send cash through an exchange house or a bank? There is no definite answer as the exchange rates regularly fluctuate. You may find that today banks offer favourable rates, and tomorrow, the tables have turned. It’s advisable to always compare before committing.
Before using an exchange broker, ensure that they adhere to local laws. Every country has a governing body that regulates exchange houses, and in the Emirates, the Central Bank of the UAE calls the shots.
The beauty of online banking is that you can send money from the comfort of your home using a banking app or internet banking. All you need is an active account with one of the main banks in the UAE, and you can easily send dirhams which will be converted to rupees back home.
Similar to the traditional bank-to-bank route, you’ll need all the relevant banking information of the person you’re sending money to, including the SWIFT code and IBAN.
However, online banking usually comes with high transaction costs. Moreover, not everyone is eligible to open one as there’s usually a requirement to submit salary certificates, NOC letters, maintain a minimum balance and more.
If you’re looking for the most convenient and cost-effective way to remit funds from the UAE to India, look no further than digital wallets. Digital wallets are mobile apps that allow you to store cash and make transactions such as sending money or shopping — all with a click of a button.
One digital wallet that is gaining popularity in the UAE-India corridor is the Pyypl app. Pronounced “people,” our platform gives you unfettered access to the financial system without a bank account, allowing you to securely send, save, or spend cash using your smartphone. The best part? The money shows up in the receiver’s account in real-time!
What’s more, you can also get an internationally accepted Mastercard to make payments with ease. Digital wallets are really becoming a strong contender in the remittance market, and for a good reason. There’s no match to the convenience of transacting with your smartphone and not having to worry about carrying a physical wallet.
With so many ways to send money to India from the UAE, it’s ultimately up to you to choose one that works best for you. Whether your deal breaker is security, accessibility, exchange rates, or fees, one thing is clear: Making cross-border money transfers is easier than ever.
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