Why is it important to understand the terms?
When it comes to transferring money abroad, especially between Russia/Ukraine and the UAE , there’s often confusion over terminology. People use the words “transfer,” “transfer,” and “exchange,” but don’t always understand the difference. This difference affects the speed of receiving the money, the fees, and even the security of the transaction.
To choose the right method, you need to clearly understand:
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What is a bank transfer ?
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what does transfer mean ;
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and in what situations one or another option is more suitable.
What is a bank transfer?
A bank transfer is the classic way to send money through a bank.
It goes through an official systеm (for example, SWIFT or local settlements between banks within the country).
Main characteristics:
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The sender deposits money into his bank account.
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The bank transfers funds through the international systеm.
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The recipient collects the money into his account in another country.
Pros:
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A completely official and documented method.
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Suitable for large amounts and business payments (for example, real estate payments).
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The recipient receives money directly into their bank account.
Cons:
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Long translation time (from 2-3 days to a week).
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High commissions (can reach 3–5%).
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In some cases, banks request confirmation of the origin of funds.
What is a transfer?
Transfer is a more general term for transferring money outside of banking channels.
This term typically refers to alternative transfer methods , such as:
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Hawala is a systеm of trusted transfers through intermediaries.
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Cash-to-cash is when money is deposited in cash in one country and issued in cash in another.
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Table to table – exchange through intermediary offices.
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Hand-to-hand — transfer of money in person through a trusted courier.
Pros:
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High speed (often money is available within an hour).
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Minimum bureaucracy (no complex documents or certificates).
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You can transfer rubles or hryvnias and receive them directly in dirhams.
Cons:
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Less formality and official confirmation.
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Trust in the intermediary is required.
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For large amounts, it is better to combine with banking instruments (for example, a check manager).
Key differences between a transfer and a bank transfer
| Criterion | Bank transfer | Transfer |
|---|---|---|
| Speed | 2–7 days | from 15 minutes to several hours |
| Commissions | 2–5% + fixed fees | usually lower, depends on the intermediary |
| Documents | passport, account, confirmations | minimal package or not needed at all |
| Currency | only official (USD, EUR, AED, etc.) | any (rubles, hryvnias → dirhams) |
| Suitable for | major transactions, real estate, business | personal transfers, fast exchanges, flexible payments |
| Risks | bank check, delay of funds | choosing an unreliable intermediary |
When is it best to use a bank transfer?
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When purchasing real estate or concluding large contracts.
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When it is important to obtain official confirmation of a transfer.
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If funds need to be credited to a bank account.
When is the best time to choose a transfer?
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When you need speed , you need money “here and now”.
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If the payment is in rubles or hryvnias , but you need to receive dirhams.
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When the amounts are not critical (for example, up to 50-100 thousand dollars).
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For regular transfers within a business or family.
Result
A bank transfer and a bank transfer are two completely different approaches to transferring money. A bank transfer is official and slow, while a bank transfer is fast and flexible. Ideally, many use a combination: large sums are transferred through a bank (check manager, SWIFT), and everyday transfers are transferred through a bank transfer.
This approach provides both reliability and convenience.
