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Shop around for the best rates.

Gulf News: How can expatriates save money when transferring funds from Dubai?

Aa O'Brien: Using respected currency specialist companies for foreign exchange and wire transfer services can help expatriates make savings of up to four per cent per transaction when compared to using regular banking facilities. We at First Rate FX offer some of the most competitive rates in the market transferring funds quickly and efficiently without charges or fees.

We find people in the UAE feel they don't have time to research the exchange market. Unfortunately, this means that by not shopping around, they may receive poor rates of exchange and transfers probably take longer than necessary. To save time and money when moving funds to and from this region, expats are encouraged to research the exact exchange rate, commission and transfer charge. By making the right decisions and contacting experts, they will be able to save money and reduce costs and fees.

Gulf News: Tell us a bit about forward contracts from First Rate FX.

O'Brien: By purchasing a 'Forward Contract' individuals and companies are able to lock in to a favourable exchange rate and protect themselves against currency fluctuations for up to two years. When purchasing a forward contract, clients will be required to pay a 10 per cent deposit at the time of the booking and the 90 per cent balance on maturity of the contract. First Rate FX does not charge any fees or commission charges for this service and can save up to 4 per cent per transaction on rates offered by international banks.

When the exchange rate moves during the time between placing the order and the date of payment (this can be up to 24 months apart), these movements will not affect clients at all, as they have been locked into an agreed rate of exchange.

With exchange rates currently being favourable, it is now a good time for expats to send money home.

Gulf News: Is First Rate FX similar to exchange houses such as UAE Exchange or Western Union?

O'Brien: First Rate FX are currency exchange and wire transfer experts. Funds can be sent via bank transfer or payment can be taken from credit or debit cards, we do not deal in cash. Unlike Western Union and UAE Exchange, there is no upper limit to the amount that can be sent. Our head office is in London and we have local representatives in the UAE to assist our vast client base.

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Publication:Gulf News (United Arab Emirates)
Date:Dec 14, 2008
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