Remittance – 7 Ways to Send Money Overseas from the UAE!
- Cash to Cash
Transfer cash to your beneficiary hand directly. Walk into money transfer house who tied up with MoneyGram and GCC Remit, which work typically cash to cash basis. People can send cash to their loved ones from the UAE. The beneficiary will received cash either instantly or within a day. The receiver must be presented money transfer receipt number and ID proof to the authorized agent and collect the funds.
- Cash to Bank Account
This service lets you pay in cash to your beneficiary bank account. People can remit their cash to family through money transfer branches like GCC Exchange. This transaction can be credited almost immediately or within a day or two with flat remittance fee. GCC Exchange offers online money transfer solutions from anywhere, anytime.
- Bank to Bank Account
Send money directly from your bank account to the recipient’s bank account. Most banks have netbanking service, with faster delivery and lower fees if the transfer is to a partner bank. It can be arranged online or by phone by providing the account and routing numbers for both the sending and receiving banks.
Emirates NBD offers the quickest bank-to-bank platform to three of the largest remittance corridors from the UAE (India, Pakistan and Philippines) through DirectRemit — a 60-second fund transfer at zero transaction cost and competitive exchange rates.
- Credit and Debit Cards
Money transfer companies such as Western Union and MoneyGram, using a debit or credit card can speed up the time taken to send the money. Some services even let you send money to a recipient’s credit card.
UAE-based non-resident Indians can use a locally issued credit card and transfer money to any bank account in India through the online cross-border remittance service.
However, using a credit card could cost more, and you could face extra charges, depending on whether the transaction is processed as a purchase or cash advance.
- Prepaid Cards
Some services send funds via a prepaid debit card that the recipient can use for cash withdrawals and, in some cases, purchases. The benefit is that the sender can replenish the card in the home country. This service is usually subject to very high fees.
- Mobile/Online Transfers
Online money transfer is easy way to send money to your loved ones. GCC Exchange offers a secure way to send your money through online called “WebTT”. People can send money online from anywhere at anytime. There is available to tracking your transaction by online. WebTT is most convenient way to send money online with reasonable transaction fee. Simple, Fast and more secure money transfer system built by GCC Exchange.
- Bitcoin
Bitcoin is a digital currency with global value, low fees and fast transactions. Customers can buy or sell bitcoins anywhere in the world using bitcoin exchanges like Igot, the first bitcoin exchange in the UAE.
Customers first need to set up a bitcoin account and complete a cash deposit. Once this is done, the cash can be converted to bitcoins.
The currency can only be stored in web-based wallets. At the other end, the recipient takes the bitcoins he has received and converts them at a local exchange.
It is important to keep in mind that this is an emerging technology. Proper research is required before initiating any money transfers.
