This Is How Much Expats Can Pay In Charges Yearly To Send Money Home
With a population of roughly 10% Emiratis, the UAE is home to one of the highest percentages of immigrants in the world, and the country is fourth highest in the world for money transfers.
And expats here are sending money home at an average cost of AED 6,000 per year, or AED 500 per month according to Guardian Wealth Management, a financial planning company based in Abu Dhabi.
The company believes the substantial costs are due to increased transfer fees across the region, which are now some of the highest fees in the world according to the Khaleej Times.
There are many ways to transfer money in the UAE, the most common being exchange outfits you find in malls throughout the city. Rates vary so it’s best to do your homework, check rates and question if there are any hidden charges before you choose where to make your transaction.
You will be charged per transaction, so it’s best to make transfers in bulk when possible