Most will agree that the cost of acquiring property in the United Arab Emirates is not the cheapest in the world but there are areas that can be trimmed in order to keep them in check. Most savvy investors will negotiate with realtors/developers, mortgage brokers, surveyors and legal folk in order to secure the best fee structure without compromising the level of service or ability to conclude the deal. A smart move but it is a process that should be exercised throughout the buying cycle and not focused on purely at the commencement of the deal. Avoid letting your guard down is my message but the area I want to touch on is mostly overlooked.

The buying process invariably involves a flurry of activity initially i.e. locating and submitting an offer, securing finance, instructing a survey, getting legal support etc. Thereafter, it is safe to say that we all sit back waiting for the realtor to let us know when we can send our money to conclude the deal. This is where the inexperienced property investor could potentially lose a bundle.

If you have been diligent in keeping your fees competitive you should do the same when instructing your bank to send the said monies to conclude your deal. How many times have you asked your bank to improve the exchange rates when you were sending from differing currencies? Have you ever bothered checking with other banks when sending differing currencies? What about them waiving the TT Fees? What about fixing the rate so you know exactly how much you are likely to send each time over the coming year? Have you ever asked any such questions …?

Banks make a small fortune (understatement!) from sending money around the world on our behalf. Sure they do a great job, but there are ways of reducing the costs involved without compromising the service. It is very difficult for most people to negotiate exchange rates with banks and the ability to check with your banks’ competitors is tough. But there is a better way; use a wholesale currency trader. They use the same channels of moving money as your bankers but do not levy the same fees since they do not have to maintain high street premises, pay thousands of employees, underwrite credit card and car loan risks etc. Companies offering currency services can demonstrate a real advantage and will beat your Bank generally 99 per cent of the time.

Look at the rates on offer from banks and what is available from currency service providers. It may only be the difference of a few decimal points but that will start to add up to considerable figures particularly if you are sending large sums. And it is so easy to employ their services, they are quick and you can secure specialist currency info that will help you decide when the best time is to send your money. A simple example is the STG/AED rate during the years I have been in Dubai. It used to be AED 5.5 to STG 1.0 and now it is approx. STG 7. On a transfer of STG 500,000 this is an equivalent difference of STG 100,000. This is just for example purposes and obviously the STG/AED rate has changed in this manner over a long period of time.

Even in the short term fluctuations of currency you can save lots of money if you make the effort to employ a currency specialist. Regardless, most of our clients who listen to the advice of employing the services of a currency specialist can save themselves thousands and invariably use the same system for other transfers too once they realise the simplicity of the service. Remember, even the slightest changes in the decimal points of exchange, lack of TT fees and some sound currency advice can save you an absolute bundle. Why not contact us with your currency questions or tell us what rate you have been offered – I bet a currency specialist can beat it!


 Related site: http://www.globaleyegroup.com/