Sending Money Home: UAE to India Guide
A significant portion of the population in UAE is constituted by Indian Expats. As of 2021 data Indians constitute about 30 percent of the UAE’s total population. With this large population share, this is also a country that contributes to a considerable portion of India’s remittances from foreign countries. The World Bank’s Migration and Development Brief which consistently ranks India among the top recipients of remittances globally also points towards such a contribution of expats living in this Middle Eastern country.
So it is evident that Indians send more money to India through various channels. The downside is that these cash transfers across international borders appear to be expensive weighing much on the purse of hard-working expats. The World Bank reports that the average cost of sending remittances to South Asia, including India, remains higher than the global average. In this context, the following guide to send money from UAE to India seems relevant.
Different Channels for Money Transfer
Bank transfer
If convenience is your top priority, banks offer online international transactions without physically visiting the bank. In this mode of cash transfer, an account holder can access their Internet banking facility and send money straight to the recipient's bank account by entering the beneficiary details. Even though this channel is super-fast, convenient, and devoid of complex paperwork it can weigh heavily on the sender's purse. The banks charge a considerable sum as a remittance fee making it an expensive option. However, comparing different banks may offer affordable solutions. For example, First Abu Dhabi Bank (FAB) offers attractive packages.
Money Transfer Services
A research by the Reserve Bank of India (RBI) highlights that non-resident Indians predominantly use channels such as banks and registered money transfer operators to send money from countries like UAE to India. This is because of their reliability, convenience, and regulatory compliance. However, there is a growing need to compare competing money transfer services to leverage cost-effective transfer channels.
In this direction, Global Exchange which is a licensed remittance service in the UAE that offers cost-effective solutions is a better option. Our service is committed to comparing different money exchange channels to offer the most cost-effective transfer routes. This is beneficial for most expats in the UAE looking to cut costs on money transfers through trustworthy channels. Whether it is a cash-to-bank transfer or credit card transfer we weigh the priorities of our clients and recommend the best channel to send money from UAE to India.
Online Platforms
Online platforms such as Remitly are an alternative if an expat is looking for the cheapest way to send money to India. Evaluate transaction fees, exchange rate transparency, and user experience of such online platforms before narrowing down the best feasible money transfer channel as per your priorities.
Exploring Secure and Cost-Effective Options
Other than evaluating and comparing the transfer fees and exchange rate the following tips could be helpful.
Use Promotional Offers: Money transfer services or banks offer special discounts or offers for new customers or specific transaction volumes. Take advantage of that.
Minimize Currency
Conversions: See if there are options to send money in the recipient’s currency (INR) to avoid conversion charges.
Utilize Bulk Transfers: Bulk transfers reduce the transfer fee incurred in many individual small transfers.
To sum up it is essential to understand and evaluate different transfer channels and apply some of the tips given above to ensure cost-effective transactions. Since a secure channel can only be provided by registered players in the field focus your evaluations in that direction. Global Exchange which offers cost-effectiveness and secure transactions in a single shot is one of the best options to consider.