Exploring Your Money Transfer Options in the UAE

We understand how important it is to be able to transfer your money to other countries quickly, easily and securely.

Maybe you’re funding your child’s education, securing future plans or supporting loved ones overseas. Whatever your circumstances, we want to make sure you’re able to make informed decisions when it comes to transferring money internationally. 

There are various ways to send money, so it’s worthwhile understanding what method works best for you. 

Bank-to-Bank Transfers

Bank-to-bank transfers, also known as SWIFT transfers, are one way to send your money to a bank account in a different country.  

Every bank has its own unique SWIFT code – it’s a globally recognised code that identifies each individual bank. It helps to ensure your money reaches the correct place without delay.

Depending on your bank, you can make a transfer in-branch, online, or over the phone. To complete the process, you’ll need to provide the recipient’s full name, their bank’s SWIFT code and their IBAN or account number.

Once you make the transfer, your bank will send the funds through the secure SWIFT network. You’ll be given a unique reference code when you make the transfer, allowing you to track your transfer at every step.

Bank-to-bank transfers are trusted worldwide, enabling you to send money to almost all banks across the globe. They offer security, traceability and are strengthened with strict compliance and anti-fraud protocols.

What to think about:

• Transfer time can differ, depending on the country and receiving bank.
• Typically, transfers take between 1-3 business days.
• Fees can include bank transfer fees, charges from any intermediary banks and possible receiving fees at the destination bank. Take the time to understand the fee breakdown first.
• Exchange rates differ widely – make sure to check the rate applied before you make the transfers.

Money Transfer Operators

Money Transfer Operators (MTOs) are non-bank transfer services that allow you to send money, often quickly and easily. 

MTO services are widely available, usually offering the option to transfer money internationally either online, through mobile apps or in branch. You will have undoubtedly seen branches of well-known MTOs in your local mall.

Notably, you don’t always need a bank account to send or receive money with MTOs. This means it can be a particularly helpful option for people who have limited access to banking services.

To make a transfer with an MTO, you usually need the recipient’s full name and location, and in some cases, their bank details or mobile wallet information. Many MTOs offer flexible delivery options, allowing the recipient to choose to pick up cash in person, receive funds into their bank account, or even have the money delivered directly to a mobile wallet.

Most MTOs offer tracking tools, allowing you to track your transfer in real-time with a unique reference number.

MTOs are licensed financial service providers, meaning they’re regulated and operate under strict compliance frameworks to ensure your money is sent safely.

What to think about:

• Transfer times differ widely between operators; it can be almost instant or take a few working days.
• Fees vary between operators and can change based on the amount you’re sending, how you’re paying for it and how the recipient will receive it.
• Exchange rates often change. Some MTOs increase their exchange rates, rather than charging upfront fees so make sure to always compare total costs. 

Peer-to-Peer Payments

Peer-to-peer payments, often referred to as P2P payments, are a type of digital payment that can be used to send money directly to another person.

These types of payments are usually powered by financial technology (fintech) companies, rather than traditional banks. They can be sent using digital platforms, most often by apps on your smartphone.

P2P platforms let you send money using very simple details such as a phone number, email address or username; no need for the recipient’s full bank account details. To send payments this way, you will most likely need an account and a linked payment method.

Whilst more popular for locsl everyday payments, such as splitting bills or paying friends back, some P2P platforms can also be used to send money internationally. In these cases, money can be sent between people using the same platform. Some services even let users withdraw the money directly into their bank account.

P2P platforms are a regulated financial service, so they’re subject to the same security measures as other money transfer options.

What to think about:

• Some P2P platforms only work within one country, so before you send anything, check if your recipient can receive the money wherever they are.
• Transfer speed varies between platforms.
• Some P2P transfers are free, but there may be fees for certain types of payments, so always check first.

Final Notes

Whenever you need to send money internationally, plan ahead a little to ensure your transfer is convenient and cost-effective.

Remember to:

• Compare providers for the best exchange rates and lowest fees
• Always check the total amount your recipient will receive
• Check transfer times
• Always read the fine print to make sure you’re aware of all applicable fees

Whatever your reason for sending money, we’re here to help you make informed choices. For further assistance, you can always reach out to us.