Guide on Money Transfer from India to UAE​ (2024)

FAQs

What is the best way to transfer money from India to UAE? ›

There are a couple of ways to do a wire transfer: one can be done by going to banks directly but if you want to opt for an economical way to transfer money, you can use BookMyForex which is an online forex & remittance platform.

From 1st October 2023, tax will be applicable to all forex remittance transactions under LRS which exceed the threshold limit of INR 7 lakhs in a financial year.

Up to $1 million may be remitted by an NRI each fiscal year from the balances kept in their NRO account. This cap applies to money that comes from sources other than current income. The amount of current income that can be sent overseas from an NRO account is unlimited.

What is an exact limit of currency you can carry from India to Dubai? As per the Indian customs rules, you cannot export Indian currency. But, there is a limit of Rs 25,000 that you can carry along with you.

There is no upper limit for the no. of fund transfers to India from Dubai to India if you hold an NRE or NRO account. The sender's bank may have some upper limits based on their terms and conditions.

Pay here, pay there, pay anywhere

Payments using Google Pay is accepted at almost all stores in the UAE and across the world where contactless payments terminals having the facility to accept digital wallet payments.

In summary, NRIs should opt for NRE accounts if they want to hold or maintain their overseas earnings in Indian currency and NRO accounts if they want to save their earnings from India in Indian currency itself. Both accounts provide high liquidity, allowing easy withdrawals and deposits.

The sender's legal spouse, parents, siblings, etc., are eligible for tax-free inward remittance if the money is for purposes like financial support, gifts, education, medical treatment, donations, travel expenses, etc. If you send money to India to your friend, any amount exceeding ₹50,000 in a year will be taxed.

You should opt for NRO Accounts if you want to save your earnings from India in Indian currency itself. These earnings could include rent, income, dividend, sale of Property etc. You can open an NRE account with another NRI and close relative Resident Indian.

Is 1,000 AED sufficient for food and accommodation in Dubai? Depends on your standard of living. if you eat outside daily, or have lots of expenditure when it comes to food then no you cannot survive with 1000 Aed. If you want to stay in a studio apartment or one bedroom apartment then no you cant survive.

Is it better to use USD or AED in Dubai? ›

If you are traveling to Dubai, it is best to take the local currency i.e. United Arab Emirates Dirham or AED. It is widely accepted at hotels, retailers, malls, and everywhere else.

The Indian rupee is the 16th currency to be accepted for transaction at Dubai Duty-Free since its opening in December 1983, said the report.

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

On your mobile device, open Google Pay . At the top search bar, search for the receiver's VPA, UPI ID, or phone number. Select the receiver. After you select the receiver, tap Pay.

Al Ansari Exchange provides the fastest and safest way to send money to India.