- Money Transfer Centers / Exchanges: These include remittance services and generally work on a cash basis. You handover the cash along with an acceptable supporting document (Passport or Emirates ID) – the representative will inform you on the exchange rate and the expected foreign currency (post conversion) along with the charges incurred. The currency can either be delivered into an account you provide or be picked up by a recipient in cash at the destination country. In case of a pick-up, your payment receipt would include a money transfer control number, which you would need to convey to the recipient. This number must be presented by the recipient to collect the funds. Depending on the type of transfer, bank account or direct collection, the time can vary between a few hours up to 3 working days.
- Bank transfer: This is another popular way of transferring funds, owing out of an ease of conducting transactions. While there exists an option to visit the branch and initiate a transfer, the most convenient way is by the use of online or mobile banking. It typically involves you adding a recipient account as a beneficiary. Ideally you would need to keep handy the beneficiary account’s details including name of account holder, bank account number or IBAN (International Bank Account Number), SWIFT code to identify your bank (in most cases, you would be able to find the same within the beneficiary addition form, upon searching for your bank and branch). Once the beneficiary is confirmed, which could take up to 24 hours, you are free to initiate a transfer. The time period for a transfer could be between a few hours, based on the country of receipt, to 3 working days.
The world of fintech is advancing rapidly and while it may yet be nascent, the technology of blockchain based smart contracts is being explored to offer you more convenient ways to transfer funds globally. The same is being tested across certain countries and it is bound to deliver an array of solutions in the coming years. This technology will help your transfers be faster in a secure environment.
With our bank you can choose to transfer your funds through Citibank Online, Citi Mobile or Citiphone banking . Citibank Global Transfers (CGT) is the fastest, easiest and most cost-effective way to send and receive money to and from Citibank individual accounts globally. Few details on Citi Global Transfers:
- Online Funds transfer is effected immediately, as compared to a standard telex transfer
- All transfers are free of charge
- Citibank account holders can transfer a maximum of USD 25,000 and Citigold customers a maximum of USD 50,000 per day
- Easily accessible through your Citibank Online account and Citi Mobile app
Content exclusive to Citi by Wealth Monitor. The views expressed here are those of the authors and do not necessarily represent or reflect the views of Citibank UAE.