When it comes to transferring money to or from Dubai, many people wonder which method to choose: a bank transfer, a money transfer systеm, or a cash exchange? At first glance, they all seem to serve the same purpose: transferring money from one country to another. But in practice, these methods differ in speed, cost, and convenience. Let’s take a closer look.
Bank transfer (SWIFT)
This is the classic option, most often used by companies and individuals for official transactions. The idea is simple: you send money from your bank account, and it arrives at the recipient’s account in the Emirates.
What is important to know:
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The translation period usually takes from 2 to 5 business days.
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The commission can reach 2-5% of the amount, plus fixed fees.
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To send and receive, you will need documents confirming the purpose of payment.
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Sometimes banks may delay or block transactions if compliance issues arise.
Bottom line: SWIFT is suitable if transparency and legal purity are required, especially for large sums and official contracts.
Money transfer systems
We’re talking about services like Western uniоn, MoneyGram, and their equivalents. These companies allow you to quickly transfer money between countries without opening an account.
Peculiarities:
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The translation takes place within a few minutes or hours.
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Money can be withdrawn in cash at any service point.
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The commission is usually higher than that of banks and depends on the amount and direction.
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There are limits: it is not possible to transfer large amounts of money through such services.
Bottom line: money transfer systems are convenient for small amounts and quick transfers, but they are not suitable for business or large transactions.
Cash exchange (cash-to-cash, hawala)
This is a more flexible and popular option today. It works like this: you transfer money in your country, and your partner receives cash in another—for example, rubles or hryvnias in Moscow or Kyiv, and dirhams in Dubai.
Advantages:
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Speed: translation can take only a few hours.
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Favorable rate, often closer to the market rate.
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Minimal bureaucracy: no supporting documents are required for each transaction.
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Suitable for both individuals and companies.
Feature: It is important to work only with trusted operators to avoid risks.
Bottom line: cash exchange has become the most popular tool among those who value speed and convenience, especially when it comes to regular transfers or real estate investments.
What to choose?
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If formality and transparency are important, use a bank SWIFT transfer .
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If you need to quickly send a small amount, use the money transfer systеm .
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If speed and a favorable rate for large amounts are a priority, consider cash exchange or hawala .
Many people today combine methods: for example, they transfer some funds officially through a bank, and some through exchange services for speed and convenience.
Conclusion
Each method of transferring money abroad has its own strengths and weaknesses. The key is to determine your goal in advance: do you need formality, speed, or savings? Understanding the differences between bank transfers, money transfer systems, and cash exchanges will help you choose the best option for your situation.
