Contents
Transfers to and from the UAE run through banks and licensed exchange houses. The speed and success of a payment depend not only on the method but also on how you have prepared the documents.
Main methods
- Bank transfer (SWIFT): between accounts in different countries, with fees charged by the sender, the recipient and intermediary banks
- Local transfers within the UAE: fast and inexpensive
- Exchange houses: for smaller amounts and cash transactions
- Payment service transfers: with their own limits and rules
The dirham is pegged to the US dollar, so transfers in USD usually go through without unnecessary conversion.
Why the bank asks questions
Banks are required to verify the source of funds and the purpose of a payment. They may request:
- A contract or invoice
- Proof of income or of the origin of funds
- Information about the counterparty
- Company documents
Missing documents are the main reason for delays and refusals. More in the article Why Banks Close Accounts.
How to prepare
- Gather the contract, invoice and proof of the source of funds in advance
- State the exact purpose of the payment
- Check the recipient's details and the payer's data
- Do not split large amounts into small ones without reason: it looks suspicious
- Check the restrictions of your bank and of the sending country
If a payment is delayed
The bank usually requests additional documents. Respond quickly and fully. If a payment is returned, ask the bank for the reason and repeat the transfer only after it has been resolved.
Considerations for nationals of certain countries
For some countries, additional restrictions and checks by correspondent banks apply. They depend on current rules and change, so confirm the current situation with your bank.
If you need an account for regular payments, see the bank account opening service and the article Dubai Account for a Non-Resident.