Best Money Transfers UAE| North Loop Official Blog
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North Loop
16 Nov 2020

Best Money Transfers UAE

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How do international money transfers work?

International money transfers allow you to send money to another country in its currency. You can use cash, credit card or transfer money directly from your bank account to your recipients with the help of a money transfer company. The money gets deposited directly into their bank account. This process is generally quick and can be cost-effective if you choose the right money transfer medium after comparing the fees and exchange rates offered by them.

Coming to the best money transfers UAE -

The list of the best money transfers UAE is as follows -

North Loop
TorFX
Currencies Direct
XE
Global Reach
Money Corp
OFX
TransferWise
Azimo

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Why is this a better option than banks?

Banks usually tend to have a higher fee as compared to money transfer companies, so the transaction becomes much more expensive. The exchange rate offered by banks is also not competitive enough. Therefore, it is better to go for online money transfer platforms like North Loop that offer mid-market rates. Mid-market rates get regarded as the fairest and most transparent exchange rate and get used across the world. That is why you can save more money and transfer more at a lesser fee by opting for money transfer companies rather than banks. Online money transfer platforms are even better because they process the transfers very fast and charge zero to minimal fees.

Let us also understand the factors that you should consider when comparing different money transfer companies -

Transfer methods - It is best to consider all options available for making a transfer, be it online, over the phone or at a branch. For example, North Loop provides a mobile app that allows you to make money transfers with just a few clicks and in the shortest time possible.

Exchange rates - Comparing the rates offered by the best money transfer companies in UAE is also important. It can give you an idea about the best exchange rate available in the market.

Fees - Many transfer companies charge exorbitant fees on transfer of a large amount of money. However, if you conduct thorough research, you can find online money transfer platforms that allow you to send any amount of money at zero or minimal charges. One such example is North Loop itself.

Transfer options - Transfer options involve looking at factors like availability of forwarding contracts, limit orders, recurring payments etc.

Turnaround time - Turnaround time helps you to find out how long it will take for the money you sent to reach your recipient’s bank account. Minimum amount - Several money-transfer companies have a minimum transfer limit. Therefore, you should keep a clear picture of the amount you want to send and look for companies accordingly.

Customer service - This is one of the key reasons that make or break the reputation of a money transfer company. It always gets recommended to go for companies that provide prompt customer support services. That is because if you face any issue and have a large amount of money involved, you sure wouldn’t want to wait several days to resolve it. At North Loop, we do keep this fact in mind and therefore, offer 24*7 customer support services and also a live chat facility on our website.

Conclusion -

Choosing the best money transfer companies in UAE involves focussing on a variety of factors like transfer speed, the total cost of the transfer, convenience and quality customer support. Moreover, since banks are slow to embrace the world of internet and international payments, going for digital platforms that offer you the ability to transfer money abroad in a simple, straightforward and seamless manner becomes a much more convenient option.

At North Loop, we offer lightning-fast money transfer services at zero cost. Unlike other platforms, the exchange rate used by us is the mid-market rate, which is the most transparent. We also do not charge any foreign transaction fees and have no limit on the amount that you can remit. The best part about North Loop is that you can track your money easily on the App, and also use our live chat facility as well as contact our customer support team whenever you need to.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.