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Transferring Money from Australia to the UAE: Myths, Methods, Tips & Dos & Don'ts

Sending money from Australia to the UAE can sometimes be professed as a complex task due to different myths and misconceptions surrounding global money transfers. However, with the correct methods, tips, and knowledge of dos and don'ts, the procedure can be simplified and hassle-free. In this complete guide, we will discover the most effective ways to send money from Australia to the UAE, show common myths, and provide practical tips to ensure a smooth and secure transaction.

Myths:

Myth 1: International Transfers Are Always Expensive

Contrary to popular belief, sending money from Australia to the UAE doesn't have to be exorbitant. While some traditional banking methods may charge high fees and offer unfavourable exchange rates, there are alternative platforms that provide cost-effective solutions.

Myth 2: It Takes a Long Time to Transfer Money

With advancements in financial technology, transferring money internationally has become significantly faster. Many reliable platforms offer quick and efficient services, ensuring that your funds reach the UAE promptly.

Myth 3: All Money Transfer Services Are Equally Secure

While the majority of money transfer services prioritise security, it's crucial to choose a reputable platform. Not all services provide the same level of security, so it's essential to do thorough research before selecting one.

Methods:

There are various methods to send money from Australia to the UAE, each with its own set of pros and cons.

Bank Transfers:

One of the traditional methods is transferring money through banks. While this method is widely used, it may involve higher fees and less favourable exchange rates compared to other options.

Online Money Transfer Platforms:

Utilising online money transfer platforms is becoming increasingly popular due to their convenience and competitive rates. Speed Remit, for example, is a reliable platform known for its efficient and secure services.

Remittance Companies:

Specialised remittance companies often offer lower fees and better exchange rates than traditional banks. These companies focus solely on money transfers, providing a cost-effective option.

Tips:

Tip 1: Compare Exchange Rates and Fees

Before making any transactions, compare the exchange rates and fees offered by different providers. This will help you choose the most cost-effective option.

Tip 2: Consider Transfer Speed

If time is of the essence, opt for platforms that offer faster transfer speeds. Some services, like Speed Remit, prioritise quick transactions without compromising on security.

Tip 3: Verify Recipient Information

Ensure that you have accurate and up-to-date recipient information to avoid any delays or complications during the transfer process.

Dos and Don'ts:

Do:

  • Use reliable and reputable money transfer platforms.
  • Check for hidden fees and additional charges.
  • Keep track of exchange rates to maximise the value of your transfer.

Don't:

  • Share sensitive information with unauthorised individuals or platforms.
  • Ignore transaction confirmation and receipt details.
  • Rely solely on the first option without exploring alternatives.

Speed Remit – Authentic Platform for Sending Money from Australia to the UAE:

When considering a reliable platform for sending money from Australia to the UAE, Speed Remit stands out as a trustworthy and efficient choice. With its user-friendly interface, competitive exchange rates, and swift transaction processing, Speed Remit ensures a seamless experience for users.

Procedure for the Smooth Transfers from Australia to the UAE

Sending money from Australia to the UAE typically involves using international money transfer services. Here's a basic procedure you must follow:

Select the Authentic Transfer Company:

Select a trustworthy and reputable international money transfer service. Popular options include banks, specialised money transfer companies, and online platforms.

Sign up for An Account:

If you haven't already, create an account with the chosen money transfer service. This may require providing personal information and completing identity Verification.

Arrange Recipient Details:

Enter the recipient's information accurately. This includes their full name, address, and, most importantly, their bank details in the UAE, such as their account number and IBAN (International Bank Account Number).

Finalise An Amount and Currency:

Specify the amount you want to send and choose the currency. Ensure that you are aware of the exchange rate, as it can affect the final amount received by the recipient.

Gauge Fees & Conversation Rates:

Get acquainted with any fees associated with the transfer. Some services charge a flat fee, while others may have a percentage-based fee. Additionally, check the exchange rate being applied to your transaction.

Kick off the Transfer Procedure:

Follow the steps provided by the money transfer service to initiate the transfer. This often involves confirming the transaction details and authorising the transfer.

Payment:

Provide the funds for the transfer. Depending on the service, you can usually use a bank transfer, credit card, or other accepted payment method.

Track the Transfer:

Many services offer tracking features, allowing you to monitor the progress of your transfer. Keep any transaction reference numbers provided for reference.

Confirmation & Receipt:

Once the transfer is complete, you should receive a confirmation. This may be in the form of an email or a transaction receipt. Save this information for your records.

Alert the Recipient:

Let the recipient know that the money has been sent. Provide them with any relevant details, such as the expected arrival date and the amount they should receive.

Remember that particular procedures may vary depending on the money transfer service you choose. Always read the terms and conditions, and contact the service's customer support if you have any questions or concerns.

Wind Up:

Sending money from Australia to the UAE can be a straightforward process when armed with the right information and tools. By dispelling common myths, exploring various methods, and following essential tips, dos and don'ts, individuals can navigate international money transfers with confidence. Platforms like Speed Remit further enhance the experience, offering a reliable and secure solution for sending funds from Australia to the UAE.

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team (sr.cs@speedremit.com) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.