The United Arab Emirates has become an exciting hub of business, particularly the bustling city of Dubai, which has an open economy that attracts industry across many sectors. This growth means more people than ever are traveling to the UAE, whether for business or pleasure. If you need to move funds from India to UAE, you have multiple options, including finding a local bank, initiating a Western Union money transfer and using one of the many online services now available.
India to UAE Funds Transfer
It's never been easier to transfer money from India to UAE, or almost anywhere else in the world where fund transfers are accepted. Before you initiate a transfer, though, you'll need to be aware of the limit that the Reserve Bank of India places on international money transfers. Under RBI's Liberalized Remittance Scheme policies, you can only send up to 250,000 or its equivalent each year to other countries.
There are multiple options for transferring funds from India to the UAE. You can visit a local bank, but you may face hefty fees and roadblocks if you don't have an account there. Other options include visiting a Western Union office and using online services. Since all of these options come with fees, it's important to research each of them if you want the best rate possible.
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Bank Funds Transfer
If you want to transfer money from India to UAE, the first stop will likely be your bank. However, in addition to the exchange rates to convert rupee to dirham, you may also be forced to pay hefty fees going this route. If you don't have an account at an Indian bank, you also might run into trouble getting a bank to move the funds for you, and if one will, the fees could make it cost prohibitive.
Instead of sending the money directly to the recipient, it may be a cheaper option to have your bank issue something called a demand draft. This process creates a paper draft that the recipient can then deposit into his bank account. Since you'll have to mail the piece of paper and wait for it to be cashed, this process can take far longer than a direct transfer. It may be a better option to track down a Western Union office if you want to start the process in person.
Western Union Money Transfer
If you want the person at the other end to be able to pick up the funds in cash, a Western Union money transfer may be the best option. There are Western Union locations throughout the UAE, including several in Dubai. Your recipient can stop by the location and pick up the funds in cash. Western Union also offers a bank deposit option.
To send money to UAE, find a Western Union office in your area at the Western Union search location page. Once there, you'll complete a Send Money form and hand the funds over to the agent, along with the form. You'll be given a receipt and tracking number that you can use to track your transfer along the way. Your recipient will also need that tracking number, along with identification, to pick up the funds.
Move Funds Using an App
Perhaps the easiest way to transfer money from India to UAE is online. If you have a PayPal account, PayPal India may be the simplest way, but you'll pay a fee on the goods and services tax, as well as a currency conversion cost to send money across international borders. There are many other online services that strive to compete with PayPal and others like it, so it's important to price around before you settle on a service.
There are multiple services offering transfers from India to UAE, including UAE Exchange, ExTravelMoney.com and Money2India. Money2India is offered by ICICI Bank, a popular Indian financial institution with locations across the country. Even Western Union will soon provide funds transfers from India to UAE online, which may be preferable to tracking down a location. Each of these services comes with fees, but with so many available, you can compare costs and potentially save money.