Send Money to UAE From - The Details
UAE, or more specifically, Dubai is fast turning into the world's business capital. It is the Middle-East's answer to New York and from the looks of it, it is succeeding in that. Most of the major brands of the world have moved their bases to Dubai or have an office in Dubai. And some of the major ivy league and non-ivy league American, European and Indian universities have set up their campuses in Dubai. All this means a lot of money is flowing between UAE and India. Most of the people who transfer money to UAE from India do it for educational purposes. Others send money to UAE from India for emigration or visa fees as well. There are other reasons for people to Send Dirhams to UAE, whatever there reasons to Send money To UAE, this UAE-India corridor is getting popular among the money transfer community.
You use the orthodox methods to transfer money to UAE from India like banks, money changers or Western Union. They don't give value for money because the rates to Send Dirham are unfavourable, it is time-consuming and there are too many charges. But now you can transfer money to UAE from India through the likes of BookMyForex at best rates in India. Not only that you don't have to pay a penny in charges or hidden fees when you send money online to UAE from India through BookMyForex. Our international wire transfer to UAE is fastest in India. It takes up to 4-48 working for the funds to reflect in the beneficiary account. So choose a faster, cost-effective way to transfer money to UAE.
Modes to Sending Money to UAE from India:
You have two ways to transfer money to UAE from India:
1: Wire Transfer Online to UAE (Swift Transfers)
2: Demand Drafts (money orders)
What is a Wire Transfer?
Wire-transfer is the easiest and best way to Send Money Online to UAE. Though wire transfers are actually done by banks, it is cheaper to use the services of companies since like BookMyForex. These online marketplaces will get you a better rate to send AEDs than banks. However, wire-transfer to UAE can be expensive. As Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from AED 10 to AED 40. But when you do an online wire transfer from India to UAE through BookMyForex, you don't have to pay these charges.
What is a Foreign Currency Demand Draft?
You can send money to UAE through foreign currency demand drafts. Demand Drafts are physical paper drafts, issued in a specific foreign currency instead of a sending to a specific recipient. Demand draft is much cheaper than a wire-transfer from India to UAE. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot of money.
However, the problem with demand drafts is that the process takes much longer to transfer money to UAE. It can take longer for the recipient to receive the money because you have to mail the demand draft physically. Once they receive it, it takes few days to en-cash the demand draft. The total number of days combined creates a large gap (maximum up to 10 days) in actually receiving the funds. So demand drafts work out better if there is no emergency. If you need to transfer money to UAE from India on a planned basis with sufficient notice, use demand drafts.
How much money can be sent to UAE from India?
According to RBI’s LRS policy, Indians can send up to $2,50,000 or its equivalent per year per person abroad to UAE.
What are the purposes under which you can Transfer money to UAE from India?
You can send money to UAE from India for the following 8 reasons:
1: Studies abroad
2: Business Trip
3: Medical Treatment Abroad
4: Maintenance of close relatives abroad
5: Emigration
6: Going Abroad on Employment
7: Gift or Donation
8: Private Visits abroad
What Beneficiary details do you need to transfer money to UAE from India?
—Beneficiary Bank Name, Swift Code, Routing number & Correspondent Account No.
- Beneficiary Name, Address (as given in bank)
- Remitter Name, Account Number and Purpose of Transaction with KYC.
- Filled A2 Form cum declaration with signature
What is the Documentation Required to Transfer Money From India to UAE?
You need following documents to Send Money Online to UAE:
— Original and valid passport
- A valid visa for the country of travel (except where VISA on arrival applies)
- Confirmed ticket-showing travel within 60 days of taking foreign exchange
- PAN (Form 60/61 in case PAN missing)
- Apart from this KYC of sponsoring company would be required as per RBI guidelines
Note: When you send Dirhams through Demand drafts or offline methods, you need the same documents as mentioned above.
What are the Benefits of making a Wire Transfer via Bookmyforex.com?
— Smarter, Faster & Most Trusted Way to Transfer Money to UAE from India.
— Send Money to UAE at the lowest possible rates.
- Best Rate Guarantee – Find us a BETTER RATE & we’ll beat it.
- Fastest Transfers – Book your order online and have your transfer processed in the next 12 – 48 business hours.
- Best customer support, available 24×7 on every medium (FB/Twitter/Call/Email)
- There are no foreign transaction fees or hidden charges.
Notes:
All foreign currency transactions are subject to Service Tax.
Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.
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