Home » Cashless Payments Knowledge Hub » Exchange Houses vs Mobile Apps: Which Is Better for UAE Residents?
Sending money home is a regular part of life for many people living in the UAE. While exchange houses offer one way to make international transfers, mobile apps provide a digital option for people who prefer to initiate transfers on their phones.
Payit, the mobile digital account from First Abu Dhabi Bank, offers international money transfer services for eligible UAE residents. In this article, we compare in-person exchange house transfers with mobile app transfers and what to check when sending money internationally from the UAE.
Exchange houses and mobile apps differ mainly in how you access and initiate an international money transfer. [1]
Compare | Exchange Houses | Mobile Apps |
How you send | Visit the branch and complete the transfer in person | Initiate supported transfers through your phone |
Access | Physical branch for in-person services | Access through the app |
Transfer Option | Varies by provider | Varies by app and provider |
Transfer information | Depends on the provider | Available information depends on the app and transfer service |
For those who prefer managing financial services digitally, mobile apps provide a way to initiate supported transfers through a phone. Payit offers international money transfer services through its app, subject to the destination, service and applicable requirements.
An in-person exchange house transfer usually involves visiting a physical branch and making the transfer there. You need to visit the branch to avail of their services. [2]
A mobile application provides a digital way to initiate supported international money transfers. Depending on the app or service, you can enter the necessary recipient details and see what transfer options are available from your phone.
With Payit, eligible customers can send money to their loved ones to over 200+ countries. It offers instant money transfer with competitive rates and 24/7 service. [5]
Exchange Houses vs Mobile Apps: What Should Expats Compare?
Convenience can depend on how you prefer to access and manage financial services.
An in-person exchange house transfer involves visiting a physical branch. With a mobile app, you can initiate supported transfers from your phone. This may suit people who prefer managing financial services digitally.
When considering the cost of sending money abroad, we may think only of the exchange rate. But that’s not the case. The exchange rate matters because it determines how many UAE dirhams are converted into your recipient’s currency.
For example, a provider may offer a low or no transfer fee but use a less favourable exchange rate. This could mean the recipient receives less in their local currency.
Before you send money, check:
Fees and exchange rates can vary by provider, destination and transfer.
Different transfers may take different amounts of time to reach the recipient. This can depend on the destination, how the recipient gets the money, the provider, and any checks or processing needed.
Please check the expected delivery time for the specific transfer before sending. If you need the money to arrive by a certain date to reach your family, make sure the estimated timing works for you.
The money may be sent directly to their bank account or be available for cash collection, depending on the service requested or provided.
Before the transfer is made, do check which option is available for your destination and whether it will work for your recipient.
Support options vary by provider and service. Before choosing a service, check what support channels are available and how you can contact the provider if you need help.[1]
Why Consider a Mobile App for International Money Transfers?
A mobile app can let you initiate and manage supported international transfers digitally, depending on the provider and service. This can reduce the need to visit a physical branch for each transfer. You can also review the available options before proceeding with a transaction.
Payit is a mobile digital account from First Abu Dhabi Bank. With Payit, you can initiate and manage supported international transfers from your phone. Depending on the destination and transfer service, your recipient can receive funds in a bank account, another supported account like your digital wallet, or in cash at a MoneyGram location.
Available countries and receipt methods depend on the type of transfer. For eligible UAE residents who prefer managing international transfers digitally, Payit provides access to supported international money transfer services through the app. Fees, exchange rates, transfer limits and delivery times can also vary by service and applicable terms. Please verify the details below before sending your transfer.
Beyond access, consider transfer fees, exchange rates, applicable charges, available destinations, receiving methods, transfer limits, expected delivery times, and requirements before sending money internationally.
Mobile apps offer a digital way to initiate supported international money transfers from the UAE. For those who prefer a digital approach, Payit offers eligible UAE residents access to supported international money transfer services through the app, making it possible to manage transfers from their phone.