Choose between Shazada Marketplace and a prepaid debit card to transfer money to Dubai

Choose between Shazada Marketplace and a prepaid debit card to transfer money to Dubai

Maybe you have a business deal with someone in Dubai and need to send money. There are several efficient ways to transfer money in Dubai. Some use the latest technology, while other methods are more traditional. Your choice probably depends on where you live.

Dubai’s currency is the UAE dirham and is pegged to the US dollar, so as one falls in value, so does the other. Currently, 1 dollar is equal to 3.674 dirhams. Residents of the area can keep a bank account and there are few restrictions on the amount of money they can bring in or out, unlike many other countries. This makes transferring money there easier than ever. For a personal transaction, the amount your recipient can receive without explanation is $5,000, but if you can prove it’s a business transaction, there’s no limit.

If you live in or around Afghanistan, one of the most popular ways to send money is through the Shazada marketplace. Considered the Wall Street of the area, this is where you go if you need to transfer money to Dubai. In fact, although you can send money to around 175 countries through this marketplace, almost everyone who sends money there sends it to Dubai. You can show up at the market if you live nearby, or call one of the money changers and give them information about you and your recipient. Fees change depending on the day and the global market, so be prepared.

If your recipient doesn’t mind, one way to avoid outrageous fees charged by banks or similar companies that send money is to use a prepaid debit card. In this case, you would purchase a debit card, send it to the person you work with, and wait for them to receive it in the mail. Then you call with the PIN and upload the agreed amount to the card.

This usually costs $5 to $8, no matter how much you load on the card. Your recipient can then either use the debit card to purchase items or withdraw cash for a small fee. Debit cards are widely accepted in Dubai, although some small shops charge a small fee to use them and haggling won’t work if you pull out a debit card. However, assuming your recipient is a resident of Dubai, he or she is probably aware of this.

Compare the prepaid debit card method to transferring money from your bank to your recipient’s. Most banks charge over $20 to transfer hundreds of dollars, including Dubai Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, HSBC, First Gulf Bank, Citibank, National Bank of Abu Dhabi and more. If you need to transfer money to Dubai and live near Afghanistan, using the Shazada marketplace can work if you don’t mind various fees that you don’t know about until you call or show up. If you want to be able to plan your fees in advance and your recipient in Dubai doesn’t mind using a debit card, a prepaid debit card may be your best bet.

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