There are several key features of online money transfers expats should be aware of and as the saying goes when in doubt, usually there is more to find out - especially when it comes to your money and finances.
Banks can include a hefty margin in their foreign exchange rates for online money transfers. Some even advertise a "0% commission" - when they have actually included this commission in the exchange rate they offer. Compare exchange rates on Google with what your provider charges and see the difference - it can be as much as 3%–6% - money taken by them and less for you.
Life isn’t perfect and sometimes things don’t go as planned. Make sure your money transfers are with a company that has a multilingual customer support team made up of real people that can help you solve any issues that may arise. Because sending money matters to you, it should matter to them.
As quickly as technology updates and evolves, the attempts by individuals and groups to commit online fraud for financial gain is also on the rise. Make sure your money transfer provider is regulated and licensed in the key territories it operates in and that your funds are not at risk during your transaction.
Whether sending money to family members, transferring to your bank account back home, or managing payments for your business, CurrencyFair offers the speed, support and best of all, the cheaper way to send your AED to Australia.
So, next time you need to exchange, avoid excessive fees and hidden charges and save on your money transfers with CurrencyFair.
Send money the fair way - send it with CurrencyFair.
*Our Emirati Dirham account is held in London. Your bank may charge an international transfer fee as well as an intermediary fee when sending in money. Contact your bank for exact information on any applicable fees.