Posted August 25th, 2023
Choose the Best Money Transfer Service for Sending Money from Dubai to Canada Today
This is for every Canadian out there in the UAE: tired of asking how to send money from Dubai to Canada, eh? Well, get ready to put on your skates and hit the ice because we’re about to make it as easy as scoring a goal on an American hockey team!
According to the National, sending money home is the most common activity for nearly 67% of people in the United Arab Emirates. Sending money abroad, whether for personal or business reasons, can be daunting, especially when navigating the complexities of international money transfers: high fees, currency conversion rates, money transfer delays, security concerns, payment methods limitations, and much more!
The good news is that sending money abroad is not rocket science and can be a simple process with the right instructions and money transfer method.
We’ll cover the following points in this guide:
- Common methods to send money from Dubai to Canada
- Factors to consider when choosing the best money transfer method
- Streamlining money transfers and eliminating hassle: How to use Hubpay
- Send money from Dubai to Canada safely in a few steps
[If you’re looking for a convenient, trusted, and easy way to send money to Canada from the UAE, download Hubpay. It provides cost-effective international money transfers with multiple additional services such as bill payments and airtime recharge. You can join for free on Apple and Google Play.]
1. Common methods to send money from Dubai to Canada
There are several options for sending money from Dubai to Canada, each with its own pros and cons. The following are the common ones:
Transferring money across borders via a bank transfer is popular. It’s a safe way to send money, and plenty of UAE banks offer it.
However, bank remittances can be costly because of higher exchange-rate margins and transaction costs. In addition, transferring money via a traditional bank can be a time-consuming hassle, sometimes taking several business days to complete.
Additionally, it involves a lot of paperwork, and mistakes can easily occur, further delaying the transfer.
2. Exchange houses
Expats can send money from Dubai to Canada through exchange houses.
Some exchange houses make it easier for newcomers by not requiring them to have a bank account before they can send money abroad. They may also provide additional transfer options, such as cash-to-cash (also known as the cash pickup method) and bank-to-bank transactions.
The transfer process can take a few hours to multiple business days, depending on the method selected.
3. Online money transfer
The advent of the internet has revolutionized all business sectors, including the financial industry. Numerous banks and other financial institutions now offer convenient, round-the-clock mobile and digital banking. The process of sending money abroad has been simplified by online banking, making it more convenient than traditional methods.
2. Factors to consider when choosing the best money transfer method
There are some essential factors to consider before deciding how to send money from Dubai to Canada for family and friends.
1. Exchange rate
The fluctuating value of the currency exchange rate plays a significant role in international money transfers.
While some service providers set their own exchange rates, others follow the interbank rate. Therefore, spending some extra time looking up the market rate is recommended.
Transfer fees can be expressed as a percentage of the amount transferred or as a flat rate, depending on the financial institution providing the service. Sometimes there are extra hidden expenses that aren’t part of the advertised fees. Finding the best service at the most affordable price requires doing some research.
3. Transfer limit
When deciding how to transfer money from Dubai to Canada, it is important to consider the maximum transfer amounts allowed for international money transfers. Limits can be set on the total amount an expat can send at once or the minimum and maximum amounts that can be sent in any given time frame.
4. Transfer time
Sending money through the standard banking system can take longer and cost more. This can be worrying, especially for time-sensitive transactions. Therefore, it is important to verify the timeline of the money transfer and how long it would take to ensure the money will be received as soon as possible.
3. Streamlining money transfers and eliminating hassle: How to use Hubpay
By offering an all-in-one mobile app for international money transfers, Hubpay is making it easier to send money from Dubai to Canada. The following are the benefits of sending money abroad through Hubpay:
1. Instant transfers
Hubpay’s mobile app provides a simple and convenient method to send money on the go. Making a quick transfer through the app eliminates the need to travel down to a bank branch or an exchange house, thus helping you save valuable time.
Hubpay is a low-cost, free-to-download alternative to traditional international money transfer services. Besides the competitive exchange rates, Hubpay has no hidden fees and is clear about all transaction costs.
3. Built-in chat
The sender and recipient of an international money transfer will likely anxiously await the successful completion of the transaction.
Hubpay’s quick processing and in-app messaging features make it easy to confirm the transfer and get answers to any questions without ever leaving the app.
4. Additional features
Hubpay provides some additional convenient services:
- International mobile recharges: This allows expats to recharge their phones and that of their loved ones back in Canada.
- International bill payments: With this service, expats can pay their bills and that of their family and friends back in Canada.
4. Safely send money from Dubai to Canada in a few steps
You can start sending money from Dubai to Canada through Hubpay by following the following steps:
1. Register a new account
Once you have downloaded and installed the app, open it and enter your phone number to create a new account for free.
You will also be asked to scan your Emirates ID to confirm your identity as part of the UAE’s know-your-customer (KYC) requirements.
2. Login safely to your account
It’s safe to use Hubpay because strict security measures are in place to prevent unauthorized access in situations such as a stolen or lost mobile phone.
The app uses a one-time password (OTP) confirmation to add another layer of security to the account. Every time you log in to your account, a new password is sent to your phone number via text message (SMS), and the account cannot be accessed without it.
3. Activate Biometrics
Hubpay’s biometric security features are an extra layer of cybersecurity. A person may be able to steal your phone number or mobile device, but they cannot steal your fingerprints or face. Scan your biometrics (face and fingerprints) to activate this feature.
4. Link your bank account
The next step is adding a bank account from which you will fund your remittances. To do this, follow these steps:
- 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,” Set up Payments,” shows up. Click on the blue button,” Set up Payments,” and you will be directed to “Select a bank.”
- Choosing and entering your bank details is an essential next step. Hubpay uses the Lean methodology to link the user’s bank account with their Hubpay account, making transferring money between the two easier. This is a one-time process, and you don’t have to enter the bank account information every time you need to send money with Hubpay.
5. Add money to your Hubpay mobile wallet
Once you link your bank account number, you can start adding money in AED to your Hubpay mobile wallet. On the app’s homepage, click the “+” sign in the top right corner and input the amount.
You will then be asked to review and confirm the payment. Once you do this, the money will be added directly to your Hubpay mobile wallet. Repeat this step whenever you want to add money to your wallet.
6. Send money to Canada
Hubpay features a special FX rate widget that allows reviewing how much money the transfer will cost, including foreign exchange (FX) rates and other fees. After selecting Canada on the homepage, you will see the transfer fees and current AED-CAD exchange rate.
With Hubpay, users don't have to do the calculations themselves. They don't need to find out how much 1 AED equals in USD, then do another exchange to determine how much CAD they will get from that exchange. Hubpay simply shows the AED-CAD exchange rate.
To send money, click the blue “Send Money” button at the bottom of the homepage. You can enter the recipient’s bank account and the desired amount to send.
Next, you’ll be asked to review the transaction details to ensure everything is set up correctly. Once you do so, the exact amount you entered will be transferred immediately to the recipient’s account.
7. Check transactions history
The “transaction” tab on the main page will show you the current status of every transaction.
8. Add-on services
At the bottom of the homepage, you will find the option to pay bills and recharge mobile phones on behalf of your loved ones in Canada.
- Bad exchange rates, hidden fees, inconvenience, and slow processing speed are some challenges commonly encountered when sending money internationally.
- Banks, currency exchanges, and electronic funds transfers are the three most common methods for international money transfers.
- Fees, exchange rates, and transfer times are critical when reviewing available money transfer providers.
- Hubpay is a free-to-download, secure, fast way to send money worldwide.
- Hubpay’s safety is top-notch because of a one-time password (OTP) and biometric verification.