10 Best UAE Banks to Transfer Money to Foreign Account

Due to the high expats population in the UAE, international transfers and remittances are also higher compared to other nations. Following this, one can find a wide variety of ways to transfer money internationally in the UAE. 

As per the UAE Central Bank, most beneficiary families are from India, the Philippines, the UK, and the US. Several online money transfer modes are available within the country, including digital transfers, online banking, and exchange houses. On top of that, various licenced banks in UAE provide money transfer services that are popular due to their high-quality services as well as ease of use and safety.

The article here will discuss the UAE banks that specifically allow expatriates to transfer money from the UAE to their home countries without any hassle. 

Top Banks to Transfer Money to Foreign Account

To begin with, let’s have a look at the list of the top 10 banks in the UAE that allow expatriates to transfer funds outside the country –

(1) Emirates NBD

DirectRemit is a service by Emirates NBD using which customers can directly transfer money to their home country without any charges in an instant. You can initiate the DirectRemit transaction via online and mobile banking. Currently, the option is available for transferring funds to India, the Philippines, Pakistan, Sri Lanka, Egypt, and the UK.

The following are the key features of DirectRemit transfer:

• You can do as many international transactions through DirectRemit without any fees
• You can enter the amount in INR (India), PHP (Philippines), PKR (Pakistan), LKR (Sri Lanka), EGP (Egypt), and GBP (United Kingdom) – the exchange rate will be displayed on the screen before the initiation of the transaction
• The minimum transfer amount is AED 100 (in the currency of the recipient's country)
• The maximum remitting amount here is as follows:

The segment limit that applies to the maximum remittance amount is as follows:

• The time taken for DirectRemit transfer processing is as follows:

 

 

(2) HSBC 

HSBC offers multiple ways through which you can internationally transfer your money seamlessly – 

• Global View and Global Transfers
• Inward Money Transfers
• International Money Transfers
• Global Money Account

Global Money Transfers 

It is an international transfer service available on the HSBC UAE application. You can make use of this to send money anywhere around the world from the UAE.

The major features of HSBC global money transfer are listed below –

• Competitive  exchange rates applicable for money transfers 
• Option to manage your accounts worldwide through a single login at any time 
• Facility to transfer funds swiftly without any fees
• Move funds of up to USD 100,000 in an instant
• The facility is available in over 25 currencies and can be used to transfer to 25 countries and regions
• The exchange rates are visible on the screen when making a transfer

Inward Money Transfer 

This is one of the easiest ways to get money sent to you from your home. When you transfer funds from your home country to your HSBC UAE account, you can ask the bank in the former location to transfer the money in your home country's currency. The bank will then perform the currency conversion for you at competitive exchange rates. 

Some of the standard features of HSBC Inward transfers are listed below –

• Preferential exchange rates offered to HSBC Jade and Premier customers
• Option to easily explore and contrast the exchange rates offered by the bank when making the transfer to choose the best rate for conversion
• Available for all existing customers with a valid HSBC account

International Money Transfer 

It is another easy way to quickly transfer money using HSBC online banking. You can either download the HSBC mobile application or log into online banking to transfer money online.

Here are the key features and benefits of HSBC International Money Transfer – 

• You can view live rates while making a transfer
• Facility to make transfers in INR (India), PKR (Pakistan), EGP (Egypt), and PHP (Philippines) currencies without any transfer fees
• You can send money to 200 different countries and regions in over 20+ currencies
• You can take advantage of the competitive exchange rates offered by HSBC

Global Money Account 

This is a multi-currency HSBC digital account that can be used for sending, receiving, and managing funds in different global currencies. 

Let’s take a look at the major features of the HSBC global money account:

• Make convenient payments to your contacts using only their respective mobile numbers
• Option to transfer funds in 21 currencies without any minimum balance from the global money account
• A monthly statement stating all the transfers made within the month and their key details is sent to users

(3) Abu Dhabi Islamic Bank (ADIB)

Abu Dhabi Islamic Bank, referred to as ADIB, allows users to transfer money abroad via two types of its services – 

• Wire transfer 
• ADIB UAE Egypt account 

ADIB Wire Transfers 

The process of transferring funds is quick and highly convenient with ADIB wire transfer. Moreover, it is also efficient in terms of rates, with highly competitive exchange rates offered for all major currencies to individual and corporate customers –  

Some of the most notable features of ADIB wire transfer are as follows – 

• You can use a wire transfer as an over-the-counter cash transaction or an international fund transfer
• Highly competitive exchange rates provided with plans
• ADIB wire transfers are generally faster and more secure than paper cheques

ADIB UAE-Egypt Current Account

A more specific method compared to the wire transfer, ADIB UAE-Egypt current accounts are excellent choices if you primarily transfer funds to Egypt. 

Listed below are the main benefits of opening an ADIB UAE-Egypt current account – 

• One free monthly transfer from your ADIB UAE account to your ADIB Egypt account provided
• Option to open an account through any ADIB UAE branch
• You can access your funds in Egypt through ADIB’s free debit card 
• Facility to automate payments for regular transactions (like bill payments, transfers, donations, instalments, and more) as per your convenience
• Safety of online transactions ensured through ADIB WebSecure

(4) Abu Dhabi Commercial Bank (ADCB)

Transferring money through ADCB mobile banking application and ADCB personal internet banking is a straightforward and safe process. This is a preferable option if you wish to transfer funds on an urgent basis – 

Here are the key features and benefits of transferring money through ADCB –

• ADCB provides users with three ways to transfer their money –
• India Online (transfer to India)
• Xpress Money (transfer to 14 countries and approx.. 300 banks)
• SWIFT Transfers (covers all major currencies and nations)
• IBAN (International Bank Account Number) is mandatory for all inward and outward remittances to and from the UAE. You can generate IBAN on the ADCB website.
• Facility to transfer funds in 41 currencies 
• Money transfer service available 24/7
• Complimentary life insurance (Takaful for Islamic Banking Customers) provided with international money transfers (up to 12 times the funds transferred)
• Easy access to the global banking network
• Transfer funds instantly or on the same day for currencies like USD, INR, EUR, CAD, and GBP

(5) Standard Chartered Bank

Standard Chartered Bank is remarkable in that it allows users to transfer funds at zero correspondent banking fees (applicable for both online and mobile banking). The Standard Chartered international funds transfer also allows you to transfer funds from your source bank accounts, visa debit or credit cards, or digital cards.

Curated below are the salient benefits and features of Standard Chartered Bank money transfer – 

• Instant transfer of funds across the world
• Option to easily make donations related to religious organisations, charity, disaster relief, and education globally 
• You can pay your property or service fee in your home country or anywhere else
• Transfer funds to other investment funds and instruments in different nations.

(6) Dubai Islamic Bank (DIB)

Dubai Islamic Bank, also known as DIB, offers a remittance channel, namely DIB Express Transfer, using which you can transfer funds to your family or friends internationally. Moreover, as a DIB user, you are also eligible to apply for all types of foreign currency funds transfer services from your active DIB account to any other account.

Have a look at the features of this fund transfer service by Dubai Islamic Bank – 

• You can transfer the funds through a physical bank branch, online or mobile banking, or express transfer (ATM) 
  • If you prefer the online mode, you can simply log into AI Islami online banking and follow the mobile or personal banking steps
• Option to transfer funds to any bank account in India, Jordan, or Pakistan in as fast as 60 seconds
• 24/7 available transfer service

(7) First Abu Dhabi Bank (FAB)

Using the First Abu Dhabi Bank mobile application, one can easily transfer money and funds internationally without any hassle. Moreover, this application can be used for both one-time as well as periodic transfers. 

Given below are the major features of the FAB money transfer service –

• Money transfer service available globally and instant transfer services available for India, Sri Lanka, Pakistan, and the Philippines 
• Zero transfer fee
• Daily transfer limit of AED 100,000 if transferring funds from one account to another account or mobile wallet 
• Easy transfer process 

(8) Citibank

Citibank UAE offers two types of fund transfers –

• Citibank Global Transfer
• Foreign Currency Transfers 

Citibank Global Transfer 

Citibank Global Transfer is one of the quickest ways to transfer money to and from Citibank personal accounts across the world. Some of its other key features are listed below – 

• Zero transfer fees charged
• Option to easily access the facility at your convenience through your Citibank online account 
• Transfer the funds in the local currency of the recipient
• Zero paperwork or documentation required
• Round-of-clock service available
• Daily transfer limit of USD 250,000 per day through Citi Global transfers

Citibank Foreign Currency Transfer 

For individuals transferring funds overseas on a frequent basis, this can be a great choice as they can enjoy the convenience of easy transfer of funds in just a few taps via online as well as mobile banking. Its user-friendly interface and swift processing further enhance its position to make it a leading choice among expatriates.

Using the Citibank Foreign Currency Transfer service, you can enjoy the following features – 

• Provision to transfer money in 50+ different currencies of the world
• Secure transactions owing to the protection of one-time passwords sent to your registered mobile number with Citibank
• Access to live FX rates that can help you make an informed choice before confirming the transaction
• Highly competitive foreign exchange rates

(9) Mashreq Bank

Mashreq bank offers two types of services for money transfers across the globe – a

• QuickRemit
• Swift Transfers

QuickRemit 

QuickRemit by Mashreq Bank allows the transfer of funds to your home country in your home currency. It can prove helpful in transferring funds to 40 global destinations. However, if you wish to transfer money to a country besides your home country, you can choose swift transfer.

Let’s take a look at the features of QuickRemit by Mashreq Bank.

• Facilities to transfer funds instantly and at any time
• Convenient and secure 24/7 processing via Mashre online channels
• The bank doesn't impose any correspondent charges and no deductions are made to the amount received
• No hidden costs involved in transactions

Swift Transfer 

As mentioned earlier, the ‘Swift Transfer’ facility by Mashreq Bank is a suitable choice if you wish to transfer funds from Mashreq online, Mashreq mobile, ATM, or any of the physical branches of the bank to your home country as well as other ones.

Find below the key features of Mashreq Swift Transfer – 

• Transfer funds abroad 
• 30+ currencies accessible via this service
• Option to check the prevailing exchange rates online when performing transactions
• Preferential and competitive rates for transactions of high value
• Provision to monitor your transactions in real-time 

(10) Emirates Islamic Bank

The final bank in our list, Emirates Islamic Bank is another financial institution offering easy money transfer facilities and the option to transfer money in any remitting currency via Swift. With Emirates Islamic Bank, you can make fund transfers from your UAE bank account to anywhere in the world conveniently without moving a step anywhere. 

Here are the key features of Money Transfers by Emirates Islamic Bank – 

• You can use Emirates Islamic branches, online banking, and ATMs to perform the transactions
• The exchange rates are visible on the screen while performing transactions. A similar case is there at its branches, where the staff will advise you of the applicable foreign exchange rate.
• You can easily register the new beneficiary online in an instant
• The bank will offer you special rates if you meet the minimum threshold transaction amount. To obtain a special rate approval, the minimum threshold amount (applicable for AED and USD currencies) is AED 500,000. For other currencies, the amount for the minimum threshold is AED 20,000.
• No limit on transaction amount is applicable if the transfer is being completed via an Emirates Islamic branch. 

For online/mobile banking channels, the maximum transaction amount is as follows:

• Option to transfer an amount of up to AED 300,000 on a daily basis

Key Takeaways

As seen in the article above, numerous options are available in the UAE for sending money abroad. Whether one wishes to make money transfer for their child's education, parent's medical treatment, or any other such reason, they will find plenty of options for the same in the emirates. 

All the banks and financial institutions mentioned in the article provide excellent services for transferring funds outside the UAE. Ultimately, you can select any one of those remittance products based on your requirements and make a well-informed decision to transfer funds without any hassle. 

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