Approximately $550 billion in remittances are sent to the developing world from the developed world. Transferring money to your family is essential if you need to support them.
However, international money transfers usually come with high fees. A lot of banks or money transfer services will take around 5-7% of your total transfer amount as a transaction cost. This is a pretty hefty amount and can put a dent in the amount youâ€™re sending.
Luckily, weâ€™re here to talk to you about the best way to transfer money without incurring high fees. If youâ€™re in the UAE and want to send some money to your family overseas, here is how to do it.
The UAE has a large number of expats. In fact, nearly 90% of the UAEâ€™s population are expats. So, thereâ€™s a huge demand for international money transfers. It should come as no surprise that the UAE is the second largest contributor of remittances worldwide.
So, how can you send money overseas to the UAE? Since there is such a huge demand, the international money transfer market is pretty well developed. You can choose between various different ways, such as using your bank or third-party services.
However, as we said, these can be pricey. The cheapest way to transfer money from UAE is through online services, which can actually be up to eight times cheaper than using banks or third-party services.
We will talk about the best online money service you can use in just a bit. But before that, let’s see what things to consider when making money transfers.
Making online international money transfers is always tricky, so there are some things you need to consider.
When sending money abroad, you want to make sure that you use a service that will keep your money safe. This is especially true when you are sending large sums of money.
Thus, you should choose a reputable service provider. Just because a place offers money transfer services doesn’t mean that they are 100% safe. Look for service providers that are licensed by financial authorities.
Licensed providers like payit must keep your money safe and are bound by law. So, if something were to happen to your money, they could be held liable, and you should be able to get your money back.
Licensed providers also provide you with tracking services. You can keep track of exactly where your money is and rest assured that it will reach its destination.
Another thing to consider when you are transferring money internationally is what transfer limits are in place. Banks usually have a transfer limit in place, meaning you can only transfer a specific amount of money per day.
Third-party services don’t typically have transfer limits, but be sure to check before choosing a provider!
We have already touched upon this, but transaction costs can be really high when it comes to international money transfers. There are two things to think about when it comes to cost.
First, there is the commission. Service providers usually charge a certain percentage that they deduct out of the amount you are sending as commission. However, there are hidden costs too. Service providers usually offer low currency conversion rates too, which allows them to increase their profit margins.
So, when you are looking for a service provider, make sure you check what currency conversion rates are being provided on top of the commission fees.
Before you decide to make an online international money transfer, you should also consider the pros and cons of this method:
Online international money transfers are pretty easy to do. You typically don’t even have to leave your house! Most online money transfers can be done via the website or mobile apps.
All you need to do is log onto the app, enter your account details, the recipient’s details, and the amount you want to transfer.
Online money transfers are also very fast. You won’t have to wait days for the amount to reach your family. The transfer usually happens within a few hours maximum!
International online money transfers also have lower costs than using in-person services. Since the service is primarily online, they can operate with lower costs. As a consequence, they charge lower transaction costs.
The biggest problem with international online money transfers is that they are not available everywhere. You can only send money to the specific areas where that service provider is operating in.
Some international online money transfer services do impose transfer limits, so you will need to look for that. They usually limit the amount of money you can send over a certain time period, such as per day, week, or month!
Now, let’s talk about the best way to send money online from the UAE in terms of fees and easiness! As we said, there are many options available in the UAE, so picking one can be challenging.
The best way to do so is using payit app. money transfer service. payit is a fully-featured digital wallet operating in the UAE, and it is an excellent way to send money around the world.
Currently, you can send money to over 200 countries quickly and effortlessly. However, what makes this service exceptionally great is that you can transfer money to 33 countries completely free.
If you are looking for the best way to transfer money without incurring high fees to any of these 33 countries, then payit is what you are looking for!
its money transfers service to these countries’ bank accounts or digital wallets ( in some countries) is extremely fast and free.
There are a lot of ways you can make international money transfers via payit other than just a bank transfer. These alternate methods have competitive transaction costs and are pretty cheap compared to using other service providers.
Using the payit money transfer feature is also extremely easy! All you have to do is download/open your payit app and click on the money transfer option. Then, pick the country you want to send the money to, set the amount you want to send, and the recipient’s bank account details. And that is it! You are done. The whole process is extremely easy and shouldn’t take you more than ten minutes.
The currency conversion rate that payit offers is updated every 3 minutes. When you are entering the amount you want to send, payit will convert the amount to the receiving countryâ€™s currency so you can see what rate will be applied before you click send!
International online money transfers are tricky to navigate. The UAE has a very developed system for these transfers, given the large number of expats it has. However, that can often make it even more challenging to decide how to send money back to your family.
There is a lot of stuff you need to consider when you are choosing a service provider for money transfers. You need to look at processing times, costs, and transfer limits. However, if you are looking to avoid costs completely, payit is an excellent option for sending money to 33 countries worldwide.
With payit’s money transfer service, you can conveniently send money anywhere in the world. You can do this completely free of cost for 33 countries and at really competitive rates for other countries.