One of the most important considerations for any overseas worker is how easy it is to send money home. Indian expats are some of the most prolific overseas workers and represent a significant majority in the UAE. If you’re wondering which money transfer way is best from UAE to India? Then there are a number of different options.
Traditionally, it wasn’t easy to send money to India from UAE. You’d have to rely on currency exchange agents or other shadier third parties. However, modern technology means that there are much more convenient solutions.
Digital wallets like payit are slowly starting to become the medium of choice to transfer money from the UAE to India. However, let’s take a look at some other ways to send money from UAE to India before discussing digital wallets but payit has them all.
The most traditional and long-standing way of transferring remittance from the UAE to India is through cash transfer. In a cash transfer, the sender deposits the cash, and the receiver receives it in the form of cash itself. Obviously, there are mediums known as exchange centers in UAE that handle cash transfers.
The sender can visit these centers with the amount of cash they’d like to send the receiver and make the deposit. However, there are some requirements. Senders need to provide details like the receiver’s name, complete address, and government ID proof.
Only if the sender provides all the necessary information and documents will they be able to deposit the cash. Then, the exchange center will convert the currency according to the exchange rate between AED and INR. After the conversion, they’ll send the money to the destination.
The exchange centers also employ a processing fee, and it will take a few days for the receiver to get the cash.
Aside from a straight cash transfer, exchange centers also offer senders the ability to transfer the amount to the recipient’s bank account. Get the necessary details like the receiver’s name, account number, swift code, etc.
After making the deposit, it’ll take between 2-3 business days for the cash to be credited to the account. The sender will also have to pay a currency exchange fee on the transaction.
Aside from relying on exchange centers, banks also provide remittance facilities. For example, most prominent banks in the UAE allow clients to enter the beneficiary details straight through their internet banking facility.
After adding the beneficiary, the account owner can transfer the desired account directly from their bank account. Generally, this is one of the fastest methods of sending money online from the UAE to India.
While it might be super convenient, most banks tend to charge remittance fees on the transfer. However, there are some banks in the UAE like FAB that provide free monthly international remittances on their bank account.
As a result, this is one of the cheapest ways to send money to India from the UAE. Take a look at what remittance services banks are offering before opening up an account.
Most credit cardholders in Dubai can use their cards to send money to India from their accounts. However, credit card providers tend to charge some extra fees on international fund transfers. The bank will recognize the transfer as a cash advance or a purchase.
To transfer money through a credit card, senders will need to take their credit cards to an exchange center. The exchange center will then essentially perform a cash transfer after charging the credit card.
Digital wallets are starting to emerge rapidly and are quickly becoming one of the best ways to send money to India from the UAE. A digital wallet or an e-wallet is a software-based system that securely stores payment information and passwords for multiple payment methods and websites.
payit is quickly emerging as the digital wallet of choice for people in the UAE. It’s especially popular among overseas workers for one particular reason. Transferring money through payit wallet is super easy and cheap.
Using a digital wallet is arguably one of the cheapest ways to send money from the UAE to India. While another service might levy some small processing fees, transferring money through payit has no fees. So if you want to transfer money online from UAE to India, going with payit makes a lot of sense.
The world is becoming much smaller. It makes it possible to send money to over 200 countries in a convenient and rapid method. Moreover, you won’t have to wait in lines or pay any unnecessary fees at the money exchange.
There are a few ways through which you can transfer money via payit. Firstly, you can transfer money directly to the recipient’s bank account. Currently, payit offers direct bank transfers to India with zero additional fees. As a result, it’s now one of the cheapest ways to send money from the UAE to India.
More than 40 countries currently enjoy zero extra fees while sending money from the UAE thanks to Mastercard services.
On top of that, payit also offers a MoneyGram feature to make quick international money transfers to more than 200 countries. Again, the service has a few additional benefits, including instant transfers, no waiting lines, 24×7 services, and competitive interest rates.
payit users can transfer money to friends and family through their digital wallets, and they’ll be able to get the money from the closest money exchange agent. To transfer money even faster, you can send money from the payit wallet to any other digital wallet anywhere in the world.
After registering with payit and activating your account, the matter of transferring money from the UAE to India is simple. Here’s everything you need to know about how payit makes it super easy to transfer money online from UAE to India.
Pick the international funds’ transfer option to get access to the transfer destination page. From here, you’ll have the opportunity to send money to more than 200 countries! You’ll want to select India. After making the selection, the application will ask you how much you’re going to send and give you the option to apply the promo code.
You’ll also have to enter all the necessary details of the recipient. After entering the details, the application will take you to the confirm transaction screen. When you press to confirm the transfer, it takes a few seconds to process, and then it will send your money. Barring any unusual delays, the recipient should receive the funds within a few seconds.
As we progress towards a more cashless society, an increasing number of people are starting to turn towards digital wallets, and it’s easy to see why. These e-wallets allow consumers to complete transactions without having to use any cash.
You can make transactions without worrying that someone will get access to your financial account information and passwords. Consumers get the security because most digital wallets use security features like two-factor authentication and one-time pin generation.
On top of that, every digital transaction uses advanced encryption techniques that help ensure financial information remains secure.
Wallets like payit also offer several different features like splitting the bill between friends at restaurants, cashback promotions, and much more. Digital wallets are the future as we transition towards a more cashless society.
They’re also a very attractive proposition to overseas workers.
While there are many different ways to transfer money from the UAE to India, it’s important for consumers to know which method is the best. Some people prefer using money exchange agents because it’s what they’ve always known. At the same time, others might rely on their bank accounts.
Some big banks, like FAB, offer account holders the opportunity to send remittances without any additional cost. However, the majority of banks will levy some sort of charge for transferring remittances online.
All of these methods can also often take a few days to transfer the money. However, digital wallets tend to stand out in every aspect. When it comes to transferring money from UAE to India or other countries, using a digital wallet is the cheapest and the fastest way.
Digital wallets like payit currently give you the ability to transfer money online to more than 200 countries. They even offer MoneyGram services without making you wait in any long queues and having to worry about potential delays.
If you want to transfer funds from UAE to India, digital wallets are the choice to make!
With advancements in technology, it’s become more accessible than ever before for overseas workers to send money back home. That’ll encourage more people to seek jobs overseas and bring us towards a more global economy.
Digital wallets like payit are leading the charge towards a more cashless society. Get access to your payit digital wallet and start sending funds back home with the click of a button!