As one of the expatriate capitals of the world, millions of dirhams are wired to and from the UAE every day. With global markets currently experiencing financial turmoil, and currencies such as the British pound hitting a 5 year low against the AED, First Rate FX, a specialist currency company, is urging consumers and companies alike to plan carefully and protect themselves against fluctuating markets.
From a 27 year high last November, sterling has dropped 29% against the AED, with 20% of this movement taking place in the last three months. Similarly the Euro has dropped 23.9% against the AED since its peak in April. As a result of this dramatic change, expatriates are experiencing financial instability when it comes to planning, budgeting and saving. For many, for example, it is become increasingly difficult to meet mortgage payments on properties purchased with money from home countries.
Now is an excellent opportunity for expatriates sending regular payments back to their home countries to take advantage of the preferential exchange rates and plan ahead. Companies and consumers can guarantee the current strong rates for a period as long as 12 months, by purchasing forward contracts from First Rate FX. This and other simple solutions can be discussed free of charge with First Rate FX’ currency experts and will give clients peace of mind.
In addition to the unpredictable market, expats are also losing up to an extra 4 per cent per transaction when sending or receiving money from abroad as a result of the wide variety of exchange rates and commissions charged by western international banks. Using First Rate FX for foreign exchange and wire transfer services can help ensure that companies and consumers secure the best possible rate and get the best return for their money.
First Rate FX offers some of the most competitive rates in the market, along with fast and efficient transfers, without charging commission or transfer fees, but at the same time, offering the security of international banks.
Eren Cayen, senior currency consultant, First Rate FX said, “The financial markets have been hit hard by the credit crisis and this is now having an effect on companies and individuals here in the Middle East. In order to protect themselves from the volatile currency market, businesses and individuals need to do their research and look into the most cost effective method of exchanging and transferring currencies.”
“On a positive note, this is a great time for expatriates to send money back to their home countries. First Rate FX is a specialist in the dirham market and whether you are sending regular or one off 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,” continued Cayen.
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 eliminate unnecessary costs and fees.
First Rate FX LTD is a leading London based specialist company who offer foreign exchange and wire transfer services.
All payments sent via First Rate FX are securely receipted and First Rate FX ensures that funds are safely received within three working days and that proof of transaction is confirmed to all customers via SWIFT confirmation notice.
First Rate FX LTD is recommended by Dubai’s most prestigious agents and developers and can offer better rates of exchange and move funds faster than many financial institutions.
Based in London with representatives in Dubai and France, First Rate FX’s main aim is to ensure that transactions are handled in the most simplistic, efficient and automated manner
