- Bank-beating exchange rates
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Digital money transfer specialists will almost always offer you more dirham for your dollars than your local bank. Explore money sending options to transfer between Australia and the United Arab Emirates to make sure your money is going to your recipient instead of to fees.
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 OFX and TorFX 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, compare MoneyGram to digital services like WorldRemit or XE when possible.
Dirham probably aren't carried at your local bank. Even if your local bank can convert your US dollars 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 $1,000 to friends or family in the United Arab Emirates. Here's what you might face in fees and exchange rates.
|Digital money transfer service||Bank transfer|
|Fee||Up to $60 depending on the amount being sent||$22 + additional correspondent bank fees|
|Exchange rate||1 AUD = 2.72 AED||1 AUD = 2.56 AED|
|Transfer speed||10 minutes||2-5 days|
|Amount received||AED 2,716.13||AED 2,559.30|
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 in this scenario, your recipient ends up with AED 156.83 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 10 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 Australian dollar, 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.
Track how the UAE dirham trades against the Australian dollar in our historical rate chart.
To send money to the UAE from Australia, 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 Australia to the UAE, you'll need documentation and details that include:
To pick up money in person, documentation can include:
Sending your hard-earned money to the UAE shouldn't cost a fortune. Compare transfer companies that specialise in foreign 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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Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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