As expats working in a foreign land, part of our money is often set aside for sending internationally, to families and relatives back home. Other than food, transportation, shopping, and other expenses, money remittances occupy a portion of our monthly or quarterly budget.
Fortunately, there are different ways to send money — safely and quickly — internationally from Abu Dhabi. Since there are many foreign workers living and working in the emirate, transferring money to different countries has become a major industry, in fact!
Guide to Sending Money from Abu Dhabi to Other Countries
There are three major ways of sending internationally from Abu Dhabi: banking services, money exchange services, and online brokerage services. The transaction rates usually depend on how much money you plan to send, how quickly you want to transfer it, and of course, the available options in your home country.
#1 – Banking Services
As long as you maintain an account with them, most banks offer international money transfers for minimal rates. Be sure to read the fine print and don’t hesitate to ask about transaction fees, so that you can determine whether this is the best option for you.
When sending cash, you will need to go to the bank personally, but if there is an online or mobile banking option, consider this instead so that you and your recipient can save both time and money!
If you are a Filipino, you’d be happy to know that there are many banks that facilitate international money transfer to the Philippines — Bank of the Philippine Islands (BPI), Metrobank, and Philippine National Bank (PNB), to name a few.
#2 – Money Exchange Services
Money exchange services abound in Abu Dhabi and across the entire UAE, actually! The transaction fee is based on how much you plan to send, plus the money could be received in an instant, within 24 hours, or three days at the most… depending on different factors.
Some of the more popular money exchange firms in the country are Al Ansari, GCC Exchange, Moneygram, and Western Union.
#3 – Online Brokerage Services
Sending money through online brokerages are not as common as the first two options mentioned above. However, this could be advantageous if you are sending a large amount of money or if you are an active online trader yourself. Some of the more popular online brokerages are eToro, Forex.com, Ig Trading, and Olymp Trade.
As you can see, there is no shortage of ways to send money from Abu Dhabi to your home country. Don’t forget to compare and see which ones have the best rates, based on how much you plan to send, how often you want to send it, and the available options in your country.
In the meantime, finding ways to cut your expenses can help you allocate more money for savings and remittances. With this, we suggest you try these free things to do in Abu Dhabi!