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Expats losing up to 4% per transaction on foreign exchange

United Arab Emirates: Thursday, January 24 - 2008 @ 09:52

As the unquestionable expatriate capital of the world, hundreds of thousands of Dirhams are wired to and from the UAE every day.

Using respected currency specialist companies for foreign exchange and wire transfer services can help make these savings.

Companies such as London based First Rate FX who have representatives in Dubai, offer some of the most competitive rates in the market and transfer funds quickly and efficiently without charging commission or transfer fees, whilst offering the security of international banks.

In a property-fuelled city like Dubai, if 100,000GBP was transferred from the UK using a leading western high street bank, this would equate to Dhs691,110. Using First Rate FX could see the exchanged amount be as much as Dhs720,170 – a staggering saving of Dhs29,060.

“We find that most people in the UAE don’t have time to research the exchange market. The process of sending funds abroad should be simple, fast and secure,” commented Lisa O’Brien, director, First Rate FX.

“First Rate FX is a specialist in the Dirham market. Whether you are buying a property abroad, emigrating or sending regular payments overseas, we can reduce your costs and take the stress out of converting your money. This is why we are recommended by Dubai’s most prestigious agents and developers.”

In order to save money when transferring funds to and from this region, expats are advised to think carefully when exchanging money and encouraged to research the exact exchange rate, commission and transfer charge. By making the right decisions, expats will be able to save money and reduce unneeded costs and fees.

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Thursday, January 24- 2008 @ 9:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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