Regulated Remittance Services: Who Qualifies and What You Get
Learn how expatriate workers in the United Arab Emirates can safely send money home using licensed and secure transfer channels.
Regulated Remittance Services provide a way for people living in the UAE to send money to other countries through officially licensed and monitored channels.
Who it's for
This service is designed for expatriate workers living in the United Arab Emirates who need to send money to family or friends abroad.
What you get
You get access to secure and licensed money transfer channels. Using these official services helps ensure that your money reaches its destination safely and follows legal standards.
What it costs you
While the service itself is a regulatory framework, you will encounter costs during the transfer process. These typically include transaction fees charged by the provider and the spread on the exchange rate used to convert your money.
The catch to know
You must avoid using informal money transfer channels, often known as hawala. These unregulated methods are illegal and do not offer the same protections as official services.
How to apply
- Identify a licensed money transfer provider or bank.
- Compare the transaction fees and exchange rates offered.
- Complete the required identification steps required by the provider.
- Execute your transfer through the official provider.