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Transferwise, has launched AED (United Arab Emirates Dirham) currency transfers.
The update means that Transferwise customers can now send money from the United Arab Emirates in AED to over 70 countries around the world.
Why have Transferwise added AED currency routes?
Transferwise said of the update:
With the UAE being 1 of the top 5 countries worldwide for sending money overseas, we’re moving closer towards our mission of making sending money around the world cheaper, fairer and more convenient.
This makes TransferWise the first fully online money transfer service in the UAE.
It’s important to note that the AED currency route is only available to consumer users only, not businesses at this point.
Transferwise hope to target workers and expats wanting to send money via digital money transfers home from GBP, EUR, AUD & BRL.
What sort of AED transfers is Transferwise good for?
Trasnferwise is typically good for small money transfer transactions as the platform offers an online-only tool to get discounted exchange rates on over 70 currencies around the globe. The platform started off as a peer-to-peer exchange but has since developed into a more traditional money transfer provider utilising centralised liquidity pools and bank lines.
Alternative ways to transfer AED abroad
For those looking to send between 1,000 and 50,000 AED, Transferwise are particularly competitive. But, for larger AED transfers it’s worth looking at a currency broker who can work orders, limits and advise on execution and conversion strategy. AS well as provide currency forwards. Something that Transferwise do not yet do.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.