Want to save money when making currency transfers?

Of course you do! No one wants to spend more than they have to and we all like to make a saving.

With the fall in value of many currencies this is an ideal time to move your UAE Dirhams or US Dollars to Sterling or Euros. Want to make your money go even further? Want the best rates without any fees?

If you are planning on a currency transfer of a minimum of AED 20,000, or equivalent in any currency, you can take advantage of wholesale/commercial exchange rates that are significantly more competitive than those offered by your own bank and save up to 3% on the cost of transferring.

The company I use is based in the UK, fully authorised by the UK Financial Services Authority and uses a major international bank for transfers. Transfers are available to and from any currency. The system is quick, hassle-free and is suitable for both personal use and for companies.

A worked example is shown below

  AED 1,000,000 from your bank would get you… AED 1,000,000 from the exchange company would get you…
Exchange Rate AED 1,000,000 @ 4.8802

= €204,909.63

AED 1,000,000 @ 4.7416

= €210,889.27

Telegraphic Transfer Fee = AED 70 = 0

 A saving of over AED 28,000 or €5,979.64!

Even for much smaller sums significant savings can be made, so why use your bank and lose out? If you make several transfers then the savings can really build up over time and as the saying goes ‘every little helps’.

Contact me on keren@holbornassets.com for details of how you can save on your next currency transfers.

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About financialuae

A qualified and experienced Independent Financial Adviser based in Dubai, UAE. Professional and ethical. Freelance writer on personal financial issues & the On Your Side column in The National. Regular radio guest. Senior Partner at Holborn Assets LLC, Dubai, UAE.
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