How to transfer money from Dubai to India 

According to estimates for 2023, there are over 3.86 million Indians living in the UAE, making up 38 percent of the country’s population. Indian professionals play an epic role in sectors like business, healthcare, education and technology, contributing significantly to Dubai’s economic growth. It is worth mentioning that many Indians in Dubai hold positions in both the public and private sectors. The remittances sent home by these professionals serve as a source of foreign income for India. These funds support families by providing access to healthcare services, education opportunities and even entrepreneurial endeavors.

There are several methods available for sending money from Dubai to India, but two primary options stand out:

• Using an Online Money Transfer Service (also known as International Money Transfer or IMT)
• International Bank Transfer

Various factors, like the speed of the transfer, the amount you have to send, and whether the recipient possesses a bank account, should be taken into consideration. Also, you must compare the fees various channels charge for their transfer service.

International Money Transfers

International money transfer (IMT) services have multiple advantages over traditional methods like international cheques or bank transfers. Those are: 

Faster transfer speeds: International money transfer services often deliver funds within minutes or hours, especially for smaller amounts. Bank transfers usually take 5 to 6 days or more. IMT is ideal for emergency fund transfer needs. 

Competitive exchange rates: Most money transfer services offer competitive exchange rates compared to banks. This, in turn, helps save you money on the conversion.

Convenience & accessibility: You can do transfers online or through mobile apps anytime, from anywhere. All you require is an internet connection. Also, this saves time and eliminates the need to visit any bank branch in person.

Transparency and security: Most money transfer services are regulated and use secure technologies to protect financial information and transactions.

Additional benefits: Some services provide promotional rates, fee waivers, loyalty programs, and currency hedging to improve your experience.

Also read: Reliable Method Of Remitting Living Expenses to Dubai From India

Here are some potential drawbacks to consider:

Fees: While exchange rates might be favorable, money transfer services often charge transfer fees or hidden charges. Compare fees between different options before making a decision.

Transfer limits: Some services fix limits on the amount you can send per transaction. Ensure the service aligns with your transfer needs.

Restricted customer support: While most services offer online support, connecting with a live representative may not be your first option, especially for complex issues. 

International Bank Transfer

Sending money through banks from Dubai to India is also a viable option. Let’s go through this mode’s advantages and disadvantages. 

Advantages

Security: Banks adhere to strict regulations and leverage robust security measures, making them the most secure option for sending money internationally.

Transparency: Banks clearly outline all changes associated with the transfer beforehand, allowing for better budgeting.

Potential for larger transfers: Banks usually have higher transfer limits compared to some money transfer services, making them suitable for larger amounts.

Familiarity and trust: If you already have a banking relationship in Dubai, using their international transfer service might feel more familiar and convenient.

Also read: Sending Gift Money To Dubai From India – All You Need To Know

Disadvantages

Slower transfer speeds: Bank transfers can take several business days to complete, which might not be ideal for urgent needs.

Less competitive rates: Banks frequently offer less competitive exchange rates than online transfer services, potentially leading to higher overall transfer costs.

Higher fees: Bank transfer fees can be higher and this is a red flag for transferring small amounts.

Limited flexibility: Delivery options might be limited to direct bank deposits, and do not entertain mobile wallet options offered by some IMTs.

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Conclusion

In conclusion, selecting the right method for you to send money from Dubai to India depends on assessing key factors such as transfer amount, urgency, service cost, recipient preferences, and convenience. A thoughtful comparison of these elements will guide you in choosing the most efficient and economical option that works for you.