I need transfer some amount to UAE, which is the best and cheapest way to do so.
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Someone I am casually acquainted with, was telling us
how they accept local (PKR) funds in Lahore, Islamabad etcetera and their counterparts or business partners/ relatives/ acquaintance in Canada, Saudi and other parts.. give the local currency in the respective country to the required party.
When we probed about how can things be managed now that it is impractical to settle medium to large sums in physical currency and things need to be done via wire transfers
they said 'ho jata hai'.
As in, their counterparties in other countries can and do show it as an official funds transfer via the financial system, if needed.
Some accounting entries is all it takes.. for them to keep the funds 'white'.
Dbs Bank can help
For US, they claim to have lowest charges. Haven't used anything though.