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UAE remains as one of the top 10 destinations for overseas Filipino workers (OFWs), with over 500,000 OFWs to date. If you have friends or loved ones based in the UAE, here’s a quick guide on how to choose a reliable money transfer service to send funds to them.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the UAE. Some offer transfers straight to UAE-based bank accounts, while others allow the money to be picked up in dirham in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like WorldRemit specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s UAE bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the UAE — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or XE when possible.
Even if your local bank can convert your Philippine pesos into UAE dirham, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send ₱10,000 to friends or family in the United Arab Emirates. Here’s what you might face as far as fees and exchange rates as of 8 May 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | ₱0 | ₱400 | US$30 + additional correspondent bank fees |
| Exchange rate | 1 PHP = 0.0727 AED | 1 PHP = 0.0698 AED | 1 PHP = 0.0723 AED |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | AED 728 | AED 698 | AED 615 |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with AED 113 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to the United Arab Emirates in as little as 15 minutes for just a slightly higher fee.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the United Arab Emirates to meet your needs:
When it’s more important to get your money to the UAE quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The UAE’s exchange rate often fluctuates when compared to the Philippine peso, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to the UAE from the Philippines, you’ll need government-issued ID and other documents, while documents needed to pick up money in the UAE may be different by company.
To send money from the Philippines to the UAE, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers between the Philippines and the UAE shouldn’t have any specific tax obligations attached to them, so long as they are for personal use and kept under the equivalent of US$10,000.
Sending your hard-earned money to the UAE shouldn’t cost a fortune. Compare transfer companies that specialise in foreign exchange for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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