The United Arab Emirates dirham (AED), also referred to as the Emirati dirham, is the official currency of the UAE. The dirham is divided into 100 fils.
Information you need when sending money to a bank account in the UAE include the recipient’s name and bank account number, as well as the receiving bank’s name and Swift code.
The table below lists Swift codes of some of the popular banks in the UAE.
|Emirates NBD||Abu Dhabi||EBILAEADADB|
|National Bank of Abu Dhabi||Sharjah||NBADAEAAABA|
|Abu Dhabi Commercial Bank||Dubai||ADCBAEAA060|
Mansour moved to the UK because of work. His wife stayed back in Dubai with their son because he was to return in around a year. When Mansour was away, he needed to keep sending some money back home every month so his family could keep up with everyday expenses. He figured that sending around £2,000 per month would be sufficient.
For his first transfer, Mansour turned to a prominent UK-based bank. It was only upon the suggestion of a friend that he decided to compare his options. The end of a basic search led to these findings.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = AED 4.7130||GBP 1 = AED 4.90.74|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 2,000||AED 9,331.74||AED 9,814.80|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||AED 843.06|
Using the services of the money transfer company was more cost-effective than the bank, and it offered quicker processing times. In addition, it also gave Mansour the ability to lock exchange rates in advance.
Sending money to a cash pickup location in the UAE remains the quickest way for the recipient to receive transferred funds. Different money transfer companies such as Western Union, Ria, and MoneyGram have a physical presence in this country.
|RIA IN THE UAE|
|Dubai Al Ahalia Money Exchange Bureau Industrial Area 3, Opposite Nestle Water Factor, Dubai||Sajwani Exchange, Shop No. 7, Bldg. of Mohammed Bin Ali Al Qaizi Murshid Bazaar, Al Bateen, Deira Dubai|
|Sharjah Habib Exchange Co. LLC, Jamal Abdullah Al Shamlan Building, Opposite Mega Mall, Sharjah||Sajwani Exchange, Shop No. 4, Bldg of Jihad, Al Aenezi Industrial Area 3, Maliha, Sharjah|
|MONEYGRAM IN THE UAE|
|Dubai Al Rostamani Exchange, Karama Al Khazna Centre, Kuwait Street, Dubai||Al Ahalia Exchange Ibn Khaldoon Street, Sahara Complex, Dubai|
|Sharjah Al Rostamani Exchange, Sharjah Industrial Area, Sharjah||Emirates India International Exchange, Saif Shop A11, Saif-Zone Area 01, Sharjah|
Travelers to the UAE are usually not affected by violent or petty crime, although the U.S. and UK governments urge their citizens to exercise the same level of caution as they would back home. Collecting cash from a physical location in the UAE should not present any problems, although it is important that you remain aware of your surroundings.
While vehicle break-ins in the UAE are uncommon, it is best that you do not leave money or valuables in parked cars. When travelling, use recognized forms of public transport and taxis. Do not accept free rides from strangers.
The information you need depends on whether you plan to send money to a bank account or a cash pickup location.
There are no currency restrictions for entry to or exit from the UAE. While free-trade zones in the UAE are subject to the country’s anti-money laundering (AML) law, they also have the right to set their own AML rules and regulations as long as they are consistent with the federal law. As a result, you might find some variances in different free-trade zones.