Cash Deposit Machines in the United Arab Emirates

    Currently according to the report by the Central Bank of the UAE there are 5,279 Cash Deposit Machines (CDM) also known as Automated Teller Machines (ATM) operating in the country. This machines are distributed well around the country. They can be found in hotels, resorts, airports and malls. 

     Their utility in facilitating transactions and avoiding the hustle of going to the conventional banks can not be contested. Though CDMs in the UAE typically have daily withdrawal limit of AED 10,000 most international ATM cards can be used in the country. 

     The UAE in an attempt to outdo its already admirable accomplishments launched talking CDMs that can provide service to the blind and visually impaired in 2018. Those CDMs could also be operated by wheelchair-bound persons.

                                                                                                                          Yosief K. Afewerki
                                                                                                                         Financial Consultant

Five best money transfer companies

     According to some accredited rating agencies this is a list of the best money transfer companies in the world in a descending order.

1) WorldRemit 

This is an online money transfer business based in Great Britain. It has been running since 2010.  

Strengths

     Online only 

     Good for cash transfers and mobile wallet transfers
     Money can be sent to more than one hundred countries 

Drawback
     But there is a maximum cap on the amount that can be transferred

 2) OFX 

This online money transfer business is set up in Australia. It is an online only business.

Strengths

     No maximum cap on the amount that can be transferred 

Drawbacks
     But only bank to bank transfer allowed
     But minimum 1,000 US dollar per transfer
     Takes a bit extended time to transfer money

3) Currencies Direct
Headquartered in United Kingdom

Strengths

     Both online and physical
     Trade in more than 60 currencies

Drawback

     Unavailable to some globally used currencies

4) Paysend
Headquartered in London, United Kingdom. It is an online only company.

Strength

     A very simple interface

Drawback

     Can only send money to a bank account 

5) TorFX
Headquartered in Cornwall, England
Strength

     Ease of set up and transacting

Drawback

     Limit on the amount you can transfer online

                                                                                                         Yosief K. Afewerki

                                                                                                        Financial Consultant