Why Must Travellers Prefer Foriegn Exchange Services Over A Bank

Posted by Karunakaran on October 10th, 2021

There are a variety of reasons why you might need to send money internationally. You may need to make a one-time currency transition, such as converting a lump-sum payment when emigrating to the UAE from other countries, or you may need to make monthly payments, such as a mortgage, property maintenance expenses, or education fees. 

Whatever the case may be, you should remain aware of UAE exchange rates, weigh options and opt for the best service to assist you with your international money transfers. Also, when compared to an average bank for funds exchange, taking the help of a professional currency transfer firm offers you access to expert advice and a variety of exclusive tools and features, as well as lower agent fees and more lucrative exchange rates.

Why are foreign exchange services better options than bank exchange? 

Mentioned hereunder are some top points that make foreign exchange services a far better option than the conventional bank exchange. 

• A foreign exchange service gives you more bang for your buck.

One of the first things you\'re likely to be looking for when sending money abroad is the best available exchange rate. While most financial institutions handle transfers, a currency specialist can often provide a better exchange rate. 

Furthermore, banks frequently charge up to 30 dhirams in transaction cost for a single foreign transfer. If you pay monthly, it might amount to nearly 400 dhiram in unnecessary charges per year. These fees may get significantly reduced if you use a currency transfer expert.

• You can plan better with the help of foreign exchange services

The best currency exchange service providers will also give you specialised advice to help you understand the ups and downs of the exchange market and show you how to allocate funds ahead of time using transfer tools. 

If you need to make frequent financial transactions- you can use an exchange rate forward contract to lock in the currency rate for up to two years. Moreover, some providers can notify you when an exchange rate reaches a certain level that you prefer, or they can assist you in placing a market order to book a better rate.

• Foreign exchange firms are more efficient than banks

The best currency transfer companies give you access to a secured online account as well as an app that allows you to make transactions and manage your payouts at the touch of a button, regardless of your time zone. 

You can also make a one-time global money transfer or set up recurring payments, such as to pay off the mortgage on your vacation home, pay educational expenses, or send money to family living abroad. It means you won\'t have to waste too much time manually transferring funds abroad every time you need to send money.

The Bottom Line 

To sum up, we can say that currency exchange in a foreign or national land is one the most significant aspect that you must pay proper attention to while travelling or transferring funds. Hence, you should remain aware of the current UAE currency exchange rate and any commissions and conversion rates to other currencies to ensure that you get the best value for your money.