Dubai Islamic Bank International Transfers & Exchange Rates

The Dubai Islamic Bank aims to be the “most progressive Islamic financial institution in the world” with the help of its 2 million customers. This review serves as a guide on their international money options and some banking products.

About Dubai Islamic Bank

Dubai Islamic Bank (DIB) officially opened on September 15, 1975. DIB practices Islamic Banking along with conventional banking to enhance its customers' banking experience.

Although Islamic Banking suggests a religious and exclusive experience, this only means that Shari’a principles guide the bank. Applying these principles enables DIB to bank without imposing high interests on its customers to help them with their financial concerns. It now has 66 branches in the UAE with over 2 million customers.

Other Ways to Send Money With Dubai Islamic Bank

Money transfers with Dubai Islamic Bank can be done through its branches and mobile and Internet banking. The bank has a library of the exact locations of its branches and ATMs on its website.

The bank endorses mobile and Internet banking as the primary means of conducting local and international fund transfers.

Dubai Islamic Bank Exchange Rates and Fees

This section offers a review of the exchange rates and transfer fees of the Dubai Islamic bank. Customers can use this information for comparison with other money transfer options.

Exchange Rates

Dubai Islamic Bank does not share its exchange rates for public disclosure. Its website states that interested customers should instead head to their branches to inquire about their live currency exchange rates. The bank only says that it offers "competitive rates" in "all major currencies."

Transfer Fees

International transfers “by Telex/SWIFT for DIB customers” costs 63 AED (UAE Dirham) in transfer fees per transaction. Whether this cost is incurred only by a transfer made through a branch or an ATM is not mentioned. International transfers made through Al Islamic Online Banking would cost 36.75 AED per transaction.

Additional Costs

Dubai Islamic Bank’s schedule of charges does not indicate whether additional fees are charged to avail its international money transfer options.

How Do Dubai Islamic Bank Transfer Fees Compare to Using a Money Transfer Provider?

Dubai Islamic Bank does not publicly disclose its transfer fees or currency exchange rates online. However, it offers two different international money transfer options for its customers: DIB Express Transfer (limited to India, Pakistan, and Jordan) and International Fund Transfer (available worldwide).

XE is an alternative money transfer service that customers can explore. XE sends money to over 170 supported countries, with more than 65 available currencies.

• The transfer fees of XE are set at 2 GBP (British Pound), but with the clarification that it can increase or decrease based on the location of the sender and the recipient, the transfer method, and the total amount sent.

• Xe only offers to deposit funds directly into the bank account of the recipient.

• Money sent with XE money transfer can arrive within a day.

Dubai Islamic Bank SWIFT Codes

The Dubai Islamic Bank uses SWIFT transfers for international remittances. Its code follows the "DUIBAEADXXX" format, with the last three letters replaced with the branch code.

Dubai Islamic Bank Pros and Cons

Interested customers may need to weigh some points regarding the banking experience with Dubai Islamic Bank. Here are some of the salient pros and cons of banking with Dubai Islamic Bank:

How to Send and Receive Money With Dubai Islamic Bank

This section is a guide on how to send and receive money with Dubai Islamic Bank. These transactions involve the use of the mobile and Internet banking services of the bank.

Sending Money

Dubai Islamic Bank offers three main ways of sending money for local and international transfers. Local interbank transfers can be done through the DIB Mobile app. This option allows customers to send money to their recipients regardless of their bank in the UAE.

International transfers are divided into (1) DIB express Transfer and (2) International Fund Transfer. DIB Express Transfer promises real-time arrival of money in the recipient accounts. This option is only available in India, Pakistan, and Jordan.

The International Fund Transfer applies to most countries worldwide, but the Dubai Islamic Bank does not disclose the extent of its reach on its website. Both options can be done through the DIB Mobile, Al Islami Online Banking (accessible through the DIB website), or any Dubai Islamic Bank branch.

Receiving Money

All transactions, including receiving money, can be done through the app or online banking. As long as the customer's account is linked to their online credentials, they can receive and manage their money within their online accounts.

Customers in Pakistan can use IBANs with their account numbers to receive money. The bank offers an IBAN generator on its website for Pakistan customers to use for receiving money.

Pakistan customers can also directly receive remittances in their accounts sent through Western Union. They must dial 0800-11-DIB (342), provide their MTCN number, CNIC, and their account number to have it transferred to their account. This service is available 24/7.

Additional Information

Customers can also explore other money transfer options partnered with the Dubai Islamic Bank.

What Customer Support Options Are Available?

There are three remote customer support options available for reaching Dubai Islamic Bank, and all of these options are on its website.

• The First Option: Is to send an inquiry to the bank using its online form. This option asks customers to input their details, such as full name, email address, and mobile number if they wish to continue.

• The Second Option: Is to give feedback, similar to the "send an inquiry" option. It asks for the same personal details to continue.

• The Last Option: Is to contact a specific branch through its telephone number. The website contains the list of Dubai Islamic Bank branches and their corresponding telephone numbers.

Summary

Dubai Islamic Bank offers two primary means for conducting international money transfers. These are DIB Express transfer (exclusive for India, Pakistan, and Jordan) and International Fund Transfer. The bank offers no details regarding the extent and limits of its international money transfer options.

XE can send money to over 170 countries in different currencies. It also features cheap transfer fees as low as 2 GBP. The sent amount can arrive within a day. For these reasons, customers may consider XE a better alternative than the Dubai Islamic Bank international transfer options.

Check out other available money transfer options here and compare them with our comparison tool.

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