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.
- See what currency provider is cheapest with our currency exchange rate comparison tool.
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.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
