Looking for the fastest and most affordable way to transfer money from India to the UAE?
With so many options available, from traditional banks to money transfer companies and online forex platforms, finding the right service can be a challenge.
In this guide, we break down all the key options, compare costs, and help you make the best choice for your next international remittance to the UAE.
Also Read: 6 Tips to Save Money on International Transfers: Expert Advice
Different Options to Send Money to UAE from India
1. Banks
Banks have long been the traditional method for sending money from India to the UAE. Most major Indian banks, such as SBI Bank, ICICI Bank, Axis Bank and HDFC Bank, offer these services. Let’s take a look at their pros and cons:
| PROS | CONS |
| Wide Accessibility: Offered by most major banks in India | Higher Fees: Banks charge more than other options |
| Secure and Reliable: Regulated by RBI, enabling safe transactions | Longer Transfer Time: Takes 2-3 working days to process |
| Well-established Networks: Ensures money reaches securely worldwide | Exclusive for account holders: Not available for non-account holders |
| Lesser Documentation Needs: Banks have KYC documents of their account holders | Lack of dedicated service: Focus spread across multiple banking services other than outward remittance |
2. Money Transfer Companies
Unlike banks, money transfer companies specialise in international remittances to countries like the UAE. Well-known companies such as Wise, Western Union, and PayPal provide dedicated services for sending money abroad. Let’s explore the pros and cons:
| PROS | CONS |
| Better Exchange Rates: More competitive than banks | Platform Fees: Extra charges for online transactions |
| Diverse Service Methods: Available both online and offline | High Charges: Markup and service fees are charged |
| No Bank Account Needed: Transfer without a bank account | Transfer Limits: Restrictions on the amount sent |
| Dedicated Service: Foreign fund transfer customers are their only consumers | Long Transfer Time: Often completed within 2-3 days |
3. Online Forex Aggregators
Online forex aggregators act as intermediaries, connecting customers with foreign exchange vendors and banks to facilitate international transfers. Popular platforms like BookMyForex and ExTravelMoney offer convenient solutions for sending money to the UAE. Let’s take a closer look at the pros and cons:
| PROS | CONS |
| Best Exchange Rates: Most competitive rates after comparison | Limited Availability: Fewer platforms provide this service |
| Zero Transfer Fees: No service or transfer fees | Requires Bank/UPI Transfer: Must have a bank account for transactions |
| Available for all: Account holders of any bank can access the service | Less Physical Presence: Fewer in-person service locations |
| Faster Online Processing: Transfers get completed in 2 days anywhere in India | Longer Documentation: Requires KYC and purpose documents for first-time users |
What is the Best and Cheapest Way to Send Money from India to UAE?
We are not the ones to answer this question. You will find it yourself after going through the comparison of various factors.
Foreign Exchange Rates
The exchange rate for AED offered by banks, money transfer companies, and online forex aggregators consists of a mark-up rate. It is the profit margin added to the interbank rate by the money transfer entities. Even if this rate is just a matter of a few paisa or rupees, when multiplied by a large sum, the amount can be significant. Now, the factor that you must consider is whether these entities charge you excessively.
For instance, if you want to send AED 10,000 to the UAE, compare these 3 cases;
Case 1: Through banks, you will have to pay INR 2,36,100
Case 2: Through money transfer companies, you will have to pay INR 2,31,449.34
Case 3: Through online forex aggregators, you will have to pay INR 2,30,000
Pro Tip: Keep an eye on the interbank rate/ mid-market exchange rate, which is the rate displayed on Google and reflects the true value of a currency. This rate represents the midpoint between the buying and selling prices of two currencies at a specific time. Therefore, knowing this rate helps you assess whether the markup rate is reasonable.
View Interbank Rates Today
Service Charges
Most money transfer entities charge service fees, platform fees, or transfer fees for availing their services. However, some don’t. This charge when added above the exchange rate markup, can cost you a lot.
Case 1: Banks charge a wire transfer fee of around INR 500-1000
Case 2: Money transfer companies charge a wire transfer fee of around INR 500
Case 2: Online forex aggregators like ExTravelMoney charge zero wire transfer fee
As you have now done a detailed convenience and cost analysis, it is time to choose the best platform for your money transfer to the UAE. Take advantage of this knowledge to ensure your hard-earned money travels safely, swiftly, and affordably.
So, found the best option to send money from India to the UAE?
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.