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A lot of people setup companies in Dubai to do Global Trade as sending and receiving funds from Dubai is fairly easy. However, it is important to note although sending and receiving funds is easy, the UAE based banks do charge a service fees for the same. Although most banks in Dubai dont charge any service fees for Domestic Transactions, but they may charge a certain fees for International Transactions.

Apart from using the traditional banks for international transactions, international transactions can also done through exchanges like Al-Ansari Exchange, Sharaf Exchange, Lulu exchange etc. However, these exchanges also charge a lot of fees for international transactions and may not always be the cheapest option for International Transactions.

Cheapest Option for Intl. Money Transfers from Dubai Company

The cheapest option for International Money Transfers from a Dubai Company is to use the services of Payment Processors like Wise or Payoneer. Both these payment processors are very popular across the Globe for International Transactions and the currency exchange rates offered by them are very competitive.

(Update: Wise has temporarily stopped onboarding customers from the UAE and therefore Payoneer is now the cheapest option for International Transactions).

Apart from Payoneer, Paypal is also a very popular payment processor for international transactions. Both Paypal and Payoneer are US Companies with presence across the Globe. However, Paypal is quite expensive as compared to Payoneer.

The link for opening an account with Payoneer is shared herewith for your ready reference

Payoneer relies on your Company Docs and Passport and does not require an Emirates ID for opening an account. And thus, even a person who does not have a Residence VISA and Emirates ID can also open an account with Payoneer.

Emirates ID is a mandatory requirement for opening a bank account in Dubai but not for Payoneer Account. Even a person who does not have a Bank Account in UAE can sign up for Payoneer Account and receive/pay funds using Payoneer.

Irrespective of whether your company is registered in a Freezone or Mainland in Dubai, an account can be easily opened digitally from the comfort of your home without the need of travelling anywhere.

How does Payoneer work?

Payoneer will open Bank Accounts for your Company in different part of the world i.e. in US, Europe and other countries and you can receive/pay funds from these bank accounts anywhere across the Globe at very nominal fees.

You can even receive funds in these bank accounts and there is no charge on receiving funds in your bank account. You can also hold funds in these virtual bank accounts and it is not necessary to withdraw these funds. A Mastercard Debit Card is also issued alongwith these Virtual Bank Accounts and you can use this Debit card across the Globe including in UAE.

Irrespective of the country where the funds are being received from, payoneer does not charge a few on receiving the funds in these virtual bank accounts. Charges are only levied when international payments are being made.

Payoneer currently supports several currencies like USD, Euro, GBP, CAD, AUD, JPY, CNH etc. I have been personally using Payoneer for several years now and am very satisfied with their interface as well as with their payment processing timelines and service charges.

PS: Like all banks, Payoneer also does not support receiving payments from sanctioned countries like Russia, Syria, North Korea etc.

The following video explains in brief how a Payoneer Account works:-