Anecdotes should not guide your financial decisions. Yet, everything we see about the best ways to transfer money abroad is anecdotal. We decided to change that.
We looked at a range of UAE money transfer providers and analysed the rates, commissions and fees. Read on to find out about:
- Cheapest UAE money transfer services (our data-driven analysis)
- The costs involved in moving money abroad
- In the news: 50% of UAE residents worry they're not saving enough according to survey
Cheapest money transfer providers - Our analysis
We have researched 8 money transfer providers ranging from traditional & digital banks, to exchange houses as well as digital payment providers.
For each provider and currency, we checked how much currency would be received by a recipient for a transfer of 5,000. All providers were compared within a 15-minute window on 18/02/2025.
Key highlights:
- For GBP, the difference between Careem Pay (the best option, you get ca. £1,076) and the worst provider is losing out on £39 less when transferring 5,000.
- For EUR, Careem Pay is also market leading, getting you ca. €1,294. However, choose the worst provider and you could be €51 short on your transfer, so would only receive €1,243.
- For USD, e& Money is the leader delivering US$1,360, ca. $60 better than the worst performer. It's worth noting, that for transfers worth under $1,000, Wio Bank has the best rate and fee-free transfers for Wio+ customers (they also become competitive again for larger amounts).
- For INR, Careem Pay currently offers the best rate (if you are a Careem+ user). The worst performing provider would result in you losing 800 Indian Rupees.
Our top 3 ranking table - based on sending 5,000
| Currency | Rank | Provider | Amount Received |
|---|---|---|---|
| GBP (£) | 🥇 1st | Careem Pay* | 1,075.94 |
| 🥈 2nd | e& money | 1,074.27 | |
| 🥉 3rd | Remitly / Al Ansari | 1,070.50 | |
| USD ($) | 🥇 1st | e& money | 1,359.89 |
| 🥈 2nd | Al Ansari | 1,358.50 | |
| 🥉 3rd | GC Partners | 1,356.85 | |
| EUR (€) | 🥇 1st | Careem Pay* | 1,293.77 |
| 🥈 2nd | Remitly | 1,288.90 | |
| 🥉 3rd | e& money | 1,287.88 | |
| INR (₹) | 🥇 1st | Careem Pay* | 118,559.70 |
| 🥈 2nd | Du Pay | 118,079.87 | |
| 🥉 3rd | Remitly | 118,079.00 |
__ Calculated on the basis of a Careem+ membership which includes 3 fee-free transfers*
As always, do your own checks before you transfer and shop around (FX rates change quickly!). If you've seen better elsewhere, please let us know - we'd love to hear.
Our conclusion
Careem Pay is the market leader for key currencies, however, they currently do not support USD transfers. For those, e& Money are leaders, or Wio Bank if you're transferring under $1,000.
If you are transferring larger amounts (when repatriating or making investments back home), you may want to look to exchange houses like Al Ansari or large remittance providers like Remitly. Also, check FX brokers such as GC Partners for quotes as they can be competitive for high-value transfers.
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Costs involved in moving AED abroad explained
Before choosing a service provider, it's important to understand the types of costs involved:
- Market spread - Put simply, it's the cost of buying/selling currency in the wholesale market
- Commission - A percentage that providers add to cover costs and make a profit
- Fees - Flat fees that some providers may also add to the total cost
There is no such thing as "free" transfers - converting money will always cost you something. Whilst some providers offer zero fees, you will often find their higher commission included in the exchange rate they quote you.
What really matters is how much currency you receive for your AEDs after all the costs are deducted. Any difference between providers will simply be their varying costs. This is the key principle we used in our analysis.
Different provider types explained
It used to be that only banks and exchange houses would swap your currency and transfer it abroad. However, with the advent of the digital economy, more tech firms have entered this space.
- Digital payment providers - Usually tech & telecoms providers who specialise in international money transfers
- Exchange houses / FX brokers - Historically in the business of exchanging currency but nowadays also money transfer services
- Banks - Traditionally core international money transfer providers
All are regulated by the UAE Central Bank under various types of licenses.
IN THE NEWS - 50% of UAE residents worry they're not saving enough
According to a recent survey by the International Financial Group Limited, ca. 50% of UAE residents worry that they're not saving enough - so you may not be alone. This tops the list of financial concerns among residents.
Worryingly, 49% also worry about their ability to pay rent. This emphasises how important it is that people are in full control of their finances and have emergency funds set up for unexpected situations. You can read more on other financial worries in this Khaleej Times article.
