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.
You can do this easily, from your desk or sofa. Importantly, this is fully secure, properly regulated and in view of recent issues with some UAE companies, I only work 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. Everyone wants to make savings so this is how you can make easy savings and get value for your hard-earned money.
If you are planning on a currency transfer of a minimum of GBP 1,700, AED 8,000, 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. I have been using them personally for over 15 years.
This level of regulation and security is important.
In addition, there are no security or data risks unlike with many of the fintech companies who have been fined for non compliance.
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.
If you oversea curerncy transfers for a business or company, you have a fiduciary duty to get best value at no risk, so this is ideal for you too.,
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.
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 email me 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 and the wider GCC. This covers all aspect of financial planning.
The currency transfer sevice is available to anyone, no matter where they reside.
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, in other media, and on the Facebook group British Expats Dubai.
See here: Areas of advice – how can I assist?
Please take a look at the other useful articles on this website.
This is an update to previous articles on this topic.