Most expats have a need to move money between currencies and it makes sense to find a way to do this securely, easily and where you can save money. At the present time, it is important that you can do this without having to leave your home and, in view of recent issues with some UAE companies, with a currency broker with a good track record.
The online services offered by retail banks are rarely competitive and even if they do not charge a fee they make their profit on the poor rates of exchange offered. There is a better way with better value for money. Everyone wants to make savings so this is a better option.
If 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 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. A specialised third-party currency broker moves cash around at wholesale exchange rates that are much better than standard bank retail rates and as that is all they do, with far fewer overheads, they pass on the savings to you.
The company that I use personally, as well as recommend to my clients, has its head office 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. This level of regulation and security is important.
They also have an office in Dubai so this is even easier for UAE residents. Transfers are available to and from any tradable currency. This system can be used by both individuals and companies.
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? You can also set up regular monthly transfers for smaller sums if, for example. you have bills to pay in a home country.
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.
For more details and a personal introduction drop me an email at firstname.lastname@example.org and you can start saving money on your currency transfers.
I am an Independent Financial Adviser and provide a full personal financial planning service to expats based in the UAE. This cover all aspect of financial planning to email me to arrange a meeting, albeit by telephone during the current lock down. Please take a look at the other useful articles on this website.