Posted September 12th, 2023
Online Money Transfer Method to Send Money from Dubai to the UK in No Time
The kettle goes on, the tea bag is delicately steeped, a splash of milk is added, and by the time your cuppa is ready, your money transfer arrives in the UK. Thought sending money takes more time? Then you probably don't know how to send money from Dubai to the UK the right way.
According to The National, more than 120,000 Britons reside in the UAE. While these hundreds of thousands of British people enjoy life in Dubai, they may have loved ones or business associates in the UK and may wonder about the best and safest way to transfer funds back to the UK. Especially since the money transfer sector in the UAE is fiercely competitive, with international money transfer providers available to remit hard-earned dirhams abroad.
British people residing in The UAE often face pain points when sending money back to the UK. The main challenges are navigating the complex process of international money transfers, dealing with various foreign exchange rates, transaction fees, and potential delays. To resolve these issues, our article will cover the following:
- Issues to consider when transferring money from the UAE to the UK
- The benefits of choosing Hubpay as a money transfer method
- Steps to follow when sending money from the UAE to the UK using Hubpay
[Considering sending money to The UK from UAE,? Download Hubpay and enjoy cost-efficient international money transfers with multiple services such as bill payments and airtime recharge. You can join for free on Apple and Google Play.]
1. Common issues when transferring money from the UAE to the UK
Despite the different money transfer methods, sending money internationally from the United Arab Emirates to the United Kingdom can be challenging for the following reasons:
Unfavorable exchange rates can result in the recipient receiving less money in the destination currency, reducing the overall value of the transfer. According to Fortune, an American multinational business magazine, more than 50% of international payment fees are hidden in inflated exchange rates.
For example, consider a British individual in the UAE who wants to transfer 10,000 AED to the UK in GBP. They find a money transfer service that offers a currency exchange rate of 1 AED = 0.19 GBP. However, after researching, they discover another financial institution that offers a more favorable rate of 1 AED = 0.20 GBP. By opting for the institution with the higher exchange rate, the recipient can receive 2,000 GBP instead of 1,900 GBP, resulting in an additional 100 GBP in the destination currency.
Another issue is the hidden fees charged during the transfer. These fees are often undisclosed upfront and can significantly reduce the amount of money the recipient receives. For example, the correspondent bank fees become necessary when the sender is not part of the SWIFT network, and an intermediary has to be involved in the money transfer process. In fact, this is the main reason why a bank transfer might not be the ideal option for international money transfers.
“If you choose to use a local bank abroad to exchange or transfer money, it will usually charge a currency conversion fee of about 1% of your total purchase,” said Jairo Riveros, managing director of the Americas and global head of strategy at Paysend.
Suppose a British person in Dubai wishes to transfer 20,000 AED to a recipient in the UK. They initiate the transfer through a local bank in Dubai, assuming that the advertised fee is the only cost associated with the transaction. However, correspondent banks may be involved during the transfer process to facilitate the transfer between the UAE and the UK. As a result, the recipient in the UK, for instance, ends up receiving 19,500 AED instead of the expected 20,000 AED.
Transfers from the UAE to the UK can sometimes take longer than expected. Delays in processing can be frustrating, especially when there is a need for the money to reach the recipient instantly.
According to SWIFT, The Society for Worldwide Interbank Financial Telecommunication, wire transfers can take several days to arrive. Moreover, the time zone and weekend differences between the United Arab Emirates (UAE) and the United Kingdom (UK) are also potential causes of delays. In this regard, it’s worth mentioning that online money transfers through mobile applications are the fastest. Most recently, more and more expats worldwide are utilizing money transfer mobile applications to send remittances.
Sending money through banks and some money transfer companies often involves a certain level of paperwork. They often require individuals to provide detailed information and documentation, which can be time-consuming and cumbersome.
With the rise in online transactions, there is always a concern about the security of personal and financial information during the transfer process. Individuals must thus ensure they are using reputable and secure platforms to mitigate these risks.
2. The benefits of choosing Hubpay as a money transfer method
Besides being available in many countries like India, the Philippines, Pakistan, Australia, Canada, and others, when choosing Hubpay as a money transfer method between the UAE and the UK, there are several advantages:
Hubpay offers the best exchange rates and charges low fees, making it a cost-effective option for sending money to the UK. Moreover, downloading Hubpay from Apple or Android app stores is free of charge.
Hubpay is locally regulated to provide money services in the UAE by the Financial Services Regulatory Authority (FSRA).
Hubpay prioritizes the safety of its users, using bank-grade technology as well as two-factor authentication, one-time passwords (OTP), and biometrics for secure transactions.
Users can earn real money by referring others to Hubpay. They can also track their earnings in real-time.
Hubpay offers services for sending large amounts securely, providing VIP service and favorable exchange rates through a premium account option.
Transfers made through Hubpay are stress-free, allowing users to avoid waiting endlessly for their money to reach their destination.
Besides being a fast money transfer method, Hubpay enables real-time in-app communication between the sender and the receiver to confirm delivery and discuss details.
Hubpay has best-in-class customer service with real people who answer questions and offer support in over ten languages.
3. Steps to follow when sending money from the UAE to the UK using Hubpay
Hubpay has a simple and user-friendly onboarding process. With just a few steps, you will be ready to send money from the UAE to the UK.
Download the Hubpay mobile app
Create a new Hubpay account
Hubpay registration involves using a mobile number. Open the app, select Create New Account, and enter the necessary data.
Following the UAE's know-your-customer (KYC) regulations, Hubpay will request proof of identity. Users must scan their Emirates ID with their mobile phone's camera to finish creating the account.
Activate the security measures
Hubpay offers two security options to protect accounts:
- One-time passwords (OTP) involve receiving a single-use code through a text message whenever a user wants to log in to Hubpay.
- Biometrics include scanning the user’s face and fingerprints to log in to the account.
Link the bank account to the Hubpay account
Open the Hubpay app and login into the account, on the homepage, click "Add Money" and a new pop-up tab "Link your Bank Account" will appear.
- In the "Link your Bank Account" tab, click "Get Started"
- A new tab appears, click on "Set up Payments”
- From a list of accessible banks, select the corresponding bank and then enter the bank account details, such as the account number.
Add funds to the Hubpay Mobile Wallet
Add money in AED to the Hubpay mobile wallet after completing the bank account linking process:
- Use the "+" symbol in the app's top right corner.
- Enter the money to add.
- After reviewing and approving the transfer amount, it will be immediately added to the Hubpay mobile wallet. Users can repeat this process whenever they need to fill their mobile wallet without going through the linking process.
Send money to the UK
After selecting The UK as the destination country, click the blue "Send Money" button at the bottom of the homepage and enter the recipient's bank details. Review the transaction information in the following step and click “Confirm Payment”
Enjoy Hubpay’s additional features
- International mobile recharges: British expats living in the UAE can recharge mobile phones in the UAE and the UK using Hubpay.
- International bill payments: British expats can pay various bills in the UAE and the UK using Hubpay.
- Internal chat: Hubpay users can chat directly using a built-in chat feature. It allows the sender and receiver to confirm the details without switching apps.
- Past transactions: Users can keep track of their transactions and review their history through the “Transactions” tab in Hubpay.
[Do you want to send money to the UK from the UAE effectively and easily? Download the Hubpay app for free on Apple or Google Play and register a free account to enjoy low-cost international money transfers.]
- Online money transfers simplify the process of sending money from the UAE to the UK.
- When transferring money internationally, it is important to consider exchange rates and hidden fees.
- Hubpay offers several advantages as a money transfer method, including affordability, credibility, security, profitability, flexibility, speed, and excellent customer support.
- Hubpay provides additional features such as international mobile recharges, international bill payments, and an internal chat feature for convenient communication between the sender and receiver.