Emirates Islamic Bank International Transfers & Exchange Rates
The Emirates Islamic Bank promises “excellence in managing finances” for individuals. This review explores its international bank transfer options and some bank products to help you find the best banking service for your needs.
About Emirates Islamic Bank
Emirates Islamic Bank was founded in 2004 in the UAE as one of the banks that practice Islamic banking. Its practice is guided by the Shari'a principles, which distribute the financial risk and profits among the bank, depositor, and borrower.
This practice aligns with the bank’s vision to become "the most innovative Shari'a-compliant bank for their customers." This vision extends to its workplace, where employees are trained through "Emiratization." The aim is to provide a customer-centered, Islamic banking experience that has resulted in a diverse workplace of 60 nationalities.
Can I Use Emirates Islamic Bank for International Bank Transfers?
Yes. Emirates Islamic Bank provides services for international bank transfers to different countries worldwide, which can be done online.
Other Ways to Send Money With Emirates Islamic Bank
Phone, online, and mobile banking are three other ways to send money with the Emirates Islamic Bank.
With phone banking, customers can call 600 599 995 to send money with their previous beneficiaries. This option is available 24/7 and is available in four languages, including English and Arabic.
Online and mobile banking can be used across different devices to send money locally or internationally. Customers must first open an account at a branch before they can register for an account.
Emirates Islamic Bank exchange Rates and Fees
This section includes the exchange rates and transfer fees with Emirates Islamic Bank. Customers can use this information to compare its rates and fees with other money transfer alternatives.
Exchange Rates
Emirates Islamic Bank keeps its exchange rates for its customers. As of October, 1 AED (UAE Dirham) converts to 0.27 USD (US Dollars). Customers can also convert to other widely used currencies, such as GBP (British Pound), EUR (Euro), and INR (Indian Rupee). You can learn more about exchange rates here.
Transfer Fees
The usual transfer fees for international money transfers range from 90 to 105 AED per transaction. If the customer uses "Advantage Banking," they can get a cheaper transfer fee option of 78.75 AED per transaction.
Currently, Emirates Islamic Bank offers a free international remittance fee when a customer transfers money through online banking. This offer will be available only for a limited time. You can learn more about international bank transfer fees here.
Additional Costs
Correspondent bank fees and value-added tax (VAT) are included in the transfer fees for money transfers with Emirates Islamic. The bank does not provide an estimate for these charges.
How Do Emirates Islamic Bank Transfer Fees Compare to Using a Money Transfer Provider?
Customers can readily compare Emirates Islamic transfer fees to other money transfer providers based on the information on their websites. They can also access the latest updates on the currency exchange and fees imposed on their money transfers—the usual international transfer fees for Emirates Islamic Bank range from 90 to 105 AED per transaction.
Key Currency is an alternative money transfer option that customers can explore. It can exchange money in more than 30 currencies around the world. It does not disclose its transfer fee amount, but it says its fees are lower than those of its counterparts and banks. Its processing time ranges from 1 to 5 business days.
Customers can request free quotes from Key Currency’s website to see its exchange rates. Because it does not have a mobile app yet, all transactions with Key Currency are conducted on its website.
Emirates Islamic Bank SWIFT Codes
Emirates Islamic Bank has SWIFT codes available for international transfers. The format for its code is “MEBLAEADXXX," with the last three digits corresponding to the code of each branch.
Emirates Islamic Bank Pros and Cons
Interested customers of Emirates Islamic may need to weigh these points before trying the bank. Here are some of the pros and cons:
Pros
Cons
How to Send and Receive Money With Emirates Islamic Bank
This section is a guide to sending and receiving money with the Emirates Islamic Bank. Most of the transactions can be done through online banking.
Sending Money
There are two ways to transfer money with Emirates Islamic Bank.
The first option is through any Emirates Islamic branch, where different fees apply compared to online banking.
The second option is through online banking. Customers can do local and international transfers with online banking.
Successful transfers done with online banking can arrive in real-time to 24 hours.
Receiving Money
Customers can provide SWIFT numbers, IBANs, and their account numbers to their senders to receive money. Any successful transaction will be reflected in their account, which can be viewed through online banking.
Customers can visit the bank’s website and enter their old account credentials to generate new account numbers and IBANs for receiving money transfers.
Additional Information
Customers planning to send money through a branch can use the app to queue a ticket before arrival. This feature is available in the EI Bank app. They must choose the “Foreign Exchange Transaction” option to initiate an international money transfer.
What Customer Support Options Are Available?
There are four remote ways to reach the customer support of Emirates Islamic Bank.
First, Customers Can Call: The bank through 600 59995 within the UAE for any inquiry or concern. The international number of the bank is +971 600599995.
Second, Customers Can Email: the bank through "collections@emiratesislamic.ae."
Third, Emirates Islamic Bank Offers an Electronic "Contact Us" Form: For customer concerns. This option asks for the full name, mobile number, and email of the customer. Lastly, customers can write and send a parcel to PO Box 6564, Dubai.
Summary
Emirates Islamic Bank offers two international money transfer options for its customers. The first one is through a branch, and the other is through online banking. Both of the alternatives cost around 100 AED in transfer fees.
Customers can receive money through SWIFT transfers and generated IBANs. All of the funds received will be reflected in their main account, which they can view through their online accounts.
Key Currency can also be an alternative money transfer option for customers looking for lower transfer fees. It offers more than 30 currencies, and its processing time ranges from 1 to 5 business days.
Customers can discover more available money transfer options here and compare them with our comparison tool.
Other Banks
Answers to key questions about Emirates Islamic Bank
This section contains basic information about Emirates Islamic Bank. Customers can use this to explore the other products and services that the bank can offer for their needs.