Transfer money overseas using UAE Exchange India international money transfers.
UAE Exchange India is a part of UAE Exchange, a company based in the United Arab Emirates that specialises in remittances and foreign exchange solutions. Its Indian retail operations started in 1999, and it currently offers various financial services including foreign exchange services to customers in India. Its online foreign exchange services are available through its website.
UAE Exchange India foreign exchange rates
UAE Exchange India has a “currency-convertor” section on its website which displays its foreign exchange rates. The exchange rates listed below are for the 15 currencies you can transfer overseas using UAE Exchange India. These are accurate as on 16 May 2018.
|Currency code||Currency||Exchange rate|
|AED||United Arab Emirati dinar||19.05|
|JPY||Hong Kong dollars||9.1|
|NZD||New Zealand dollar||47.3|
|SAR||Saudi Arabian riyal||18.4|
|USD||United States dollar||68.8|
These rates are just indicative in nature and are not the final rates that you will be charged if you decide to carry out a wire transfer through UAE Exchange India.Back to top
How much does it cost to transfer money with UAE Exchange India?
UAE Exchange India charges different fees for international money transfers depending upon the amount you are looking to remit and the purpose of transfer. The fees are not displayed on its website, so do contact their customer service for clarity about the exact fees you will have to bear for your remittance. You’ll also have to pay Goods and Services Tax (GST) as per Indian tax laws.
Minimum transfer amount and available countries
The minimum amount you can transfer using UAE Exchange India is US$200 or its equivalent. Before initiating any overseas money transfer, it’s important to be aware of the Reserve Bank of India (RBI) regulations that govern overseas money transfers. The maximum amount of overseas remittances a resident Indian can carry out from India is US$250,000 (or its equivalent) in an Indian financial year (April to March). This also is the maximum amount that a resident Indian can transfer through UAE Exchange India.
According to UAE Exchange India customer support, it can assist in transferring money from India to the following countries:
- Gulf countries (check with provider first before sending)
Contact UAE Exchange India’s customer services if you are unsure whether they support remittances to the country you are looking to transfer money to.Back to top
What types of transfers can you carry out with UAE Exchange India?
- Wire Transfers.
You can carry out wire transfers (TT/Swift Transfer) to beneficiary bank accounts in major countries across the world using UAE Exchange India.
The registration and transfer process
You need to have an account with UAE Exchange India to make a wire transfer. Follow these steps to transfer money:
- Step 1. Fill in the online form for a remittance request, by selecting the currency and amount and entering your name, email address and mobile number. You’ll be sent a one time password (OTP) to your mobile phone which you’ll need when you log in to your account.
- Step 2. Log in and enter your details, including your address and date of birth. You also have to fill in information regarding the remitter ID you’ll be uploading. You have to select either your passport/Aadhaar card/driving licence or election card and enter the appropriate details.
- Step 3. Enter the beneficiary details including SWIFT code.
- Step 4. You’ll then get to see the total amount you need to pay to complete the transfer.
- Step 5. Go to your nearest UAE Exchange India branch with all your documents for the branch staff to validate. You have to make the payment for the funds transfer by cheque or through either National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) using your Indian bank account.
- Step 6. The wire transfer is then processed.
The wire transfer usually reaches the beneficiary bank account within 2 to 3 working days.Back to top
You can get access to UAE Exchange India’s customer service representatives over email, chat, at a branch or over the phone.
Pros and cons of using UAE Exchange India
- Low minimum amount of US$200 or its equivalent.
- You can transfer money from India to most major countries.
- Lock in an exchange rate for 2 days by paying a refundable deposit of INR1,000.
- Not all currencies are supported.
- Transfer fees are not transparently displayed.
- You need to go to an UAE Exchange India branch to complete the wire transfer process.
What other products and services does UAE Exchange India offer?
- Buying and selling foreign currency. It’s possible to buy and sell cash in 26 foreign currencies using UAE Exchange India.
- Forex Travel card. UAE Exchange India facilitates the issuance of prepaid forex travel cards in 16 different currencies.
How does UAE Exchange India compare to other providers
Frequently asked questions about UAE Exchange India
A final word
UAE Exchange India offers overseas remittance services from India in most major currencies across the world. It’s an alternative to sending money overseas using banks. However, since exchange rates are dynamic, do make it a point to check current rates before carrying out any money transfers.