What Are Some Feasible Ways of Transferring Money From UAE to India

If you are a resident in the UAE and would like to send money to India, numerous factors are to be considered. A few commonly faced issues by the residents are to find the best medium that offers the best exchange rate, lesser transferring fee and opt for a hassle-free process. The brighter side to this is that there are many workarounds for this. All you need is to understand the process well and choose the best suitable option for you. This article will discuss the essential requirements and feasible ways of transferring money from the UAE to India.  

What's the process of transferring money from the UAE to India?

Transferring money from the UAE to India is not as simple as it seems. There are some considerations you need to mind before you begin the transfer. First, you will have to open a Non-Resident (External) Rupee Account in the UAE if you are a Non-Resident Indian (NRI) or an Indian Nationals living abroad. You can also transfer money if you have an INR account in India, and it can be in the name of either one of the account holders or jointly with the account holder.  

UAE to Indian Rupee Exchange Rate

Before transferring the money, you also need to understand the fluctuating nature of the exchange rate between Indian rupees and US dollars (USD) for a better exchange rate. It varies based on the demand and supply of the Indian rupee in the international market. For instance, 1 USD is equal to around INR 80 currently. But it keeps fluctuating as per the market conditions and significant events that happen globally.  

Bank Transfer

Bank transfer is another way of transferring money back home. You will have to open an Indian Bank account to receive the money. You can also use a Nostro account if you have one. There are no withdrawal restrictions, and it is maintained in your name. You can also transfer money from UAE to India by opening a Letter of Credit (L/C account) at the UAE bank. You can maintain the L/C account in INR or other foreign currencies. You can withdraw the money once the transfer is complete.  

Transferring money using online services

Alternatively, you have plenty of online money transfer services from the UAE to India. These services offer easy and convenient ways, charging a small amount for the transfer. You must log in to the website and provide sender and receiver bank account details. Some frequently used services are PayPal, Remit4x, Western Union, MoneyGram, and others. There are no restrictions on transferring money using these services. You can also make a transfer by using a virtual account. Once you give the login details, the recipient of the amount can withdraw the amount from any ATM. 

UAE to India Wire Transfer Options

Wire transfers are a common and popular way to transfer money from UAE to India. Wire transfers are quick, easy, and convenient. You have to log in to your bank account and transfer the amount. The money will reach the Indian bank account in 2 to 3 working days or less. You can transfer either through SWIFT (The Society for Worldwide Interbank Financial Telecommunication) or IBFT (International Banking Financial Telecommunication); however, there is a small charge for this. The Indian banks will charge 4-5% as a fee for receiving the funds. But there is no fee for sending the money. You can also choose to open a Nostro account at the UAE bank instead of sending the money through a wire transfer. You can withdraw and maintain your account in INR, USD, or other foreign currencies. It is maintained in your name and has no restrictions on withdrawals.  

Conclusion

You can transfer money from UAE to India in several ways depending on the chosen service, and each has a different processing time duration. A convenient, safe and easy way to transfer money is by using online services. Most of these services aid in tracking the status of your transaction. Hence popularly considered the best way to transfer money from the UAE to India.