Want to save money on your currency transfers?

Given all that has happened over the past year we’re all pretty switched on to movements in exchange rates these days and we look to move our money when it is beneficial. Despite this far too many people are using their online banking system for transfers but this is rarely the best option as not only is there usually a fee, the exchange rates are rarely competitive. If you want to save money on your currency transfers read on.

With Sterling being relatively weak compared to the US Dollar, the currency to which most GCC currencies are pegged, it is still a good time to move your Dirhams, Riyals or Dinars to Sterling although there have been suggestions that we may see some movement the other way before too long.

Whilst it is impossible to predict how rates will move, if you have been considering moving your money, this could be a good time. Even if you do not have funds available at the moment, did you know that you can still take advantage of the exchange rate by forward fixing?

multi currencyIf you are planning on a currency transfer of a minimum of GBP 2,000, AED 10,000, or equivalent in any currency, you can take advantage of wholesale exchange rates that are significantly more competitive than those offered by your own bank and save up to 3% on the cost of transferring, without any fees.

This applies to other currencies that are pegged to the US Dollar, such as the Omani Riyal, Bahraini Dinar, Qatari Riyal, to mention just a few. Or monies in any other tradable currency that you may want to transfer to another.

The company that I use personally, as well as recommend to my clients, has its head FCAoffice in the UK, is fully authorised by the UK Financial Conduct Authority (formerly the Financial Services Authority) and uses a major international bank for transfers. There is also an office in Dubai. Transfers are available to and from any tradable currency. This system can be used by both individuals and companies.

Transfers are quick, easy and secure. We all want to get the most for our hard-earned money and a few minutes of effort could reward you with significant savings. You get a friendly and efficient service from a human being and will usually deal with the same currency dealer each time you call.

Contact me on keren@holbornassets.com for details of how you can save on your next currency transfer, or for advice on any other personal financial planning issue.

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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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One Response to Want to save money on your currency transfers?

  1. Pingback: Need to know: New to Dubai? Important financial information | Financial Planning in the UAE

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