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Expats maximise their Christmas shopping budget

United Arab Emirates: Monday, December 15 - 2008 @ 16:24

With the Dirham and the US Dollar holding strong against currencies such as GBP, NZD and AUD, many expats are saving their Christmas shopping until they fly home for the holidays.

First Rate FX, the leading currency exchange company, has a simple and cost effective way to ensure that shoppers get even more for their money this festive season as it advises that transferring money home could actually mean a saving of up to 4% on each transaction resulting in a bigger budget to ensure that loved ones get the presents they deserve this year.

Comparing the exchange rate, Sterling to the Dirham, customers are getting 25% more Sterling than they would have done this time last year and to trade Dirhams or US dollars to buy Australian dollars means being a massive 38 per cent better off, a change which has occurred in a mere matter of months.

Currencies have seen massive changes in the latter part of 2008 with Sterling versus the US dollar seeing its biggest move since 1981 and the Australian dollar versus the US dollar reaching an almost six year low.

First Rate FX transfers currency to and from hundreds of countries all over the world on a daily basis, and the free of charge service can enable the flexibility to make the most of a Christmas budget hassle free.

Katy Johnson, business development manager (Middle East) at First Rate FX, said:

“We have seen a domino-like effect on the economy in the Middle East and at this time of year, money is being spent quickly and in large amounts so it is even more important to ensure that you are spending it wisely and effectively.”

“The Dirham is currently very strong against currencies such as the British Pound and we are seeing a lot of Western expats transferring money back home to benefit from what can be made due to the exchange rates,” Johnson added.

First Rate FX was founded in the UK in 2005 and has offices in Dubai and France and offers a cost effective alternative to using high street banks.

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Monday, December 15- 2008 @ 16:24 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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