Moneycorp the London based foreign currency specialists have announced new offices in Dubai to help service the overseas property investor buying property in the region.
Property in Dubai offers investors a market where they can purchase luxury property in a huge selection of off plan real estate. Dubai projects are changing the skyline of this remarkable city and many developments sell quickly. Early property investors have made huge gains. Estimates for future demand still excite property investors. The Dubai population is set to increase from 1m to 3m whilst tourism will also triple from 6m to 15m, by 2010
For over a quarter of a century, TTT Moneycorp
has been providing a wide range of foreign exchange and related services for both private and corporate customers. The Company has three divisions, trading under several well-established brands. The divisions are operated and managed independently by divisional Directors.
Moneycorp Chief Executive Bassam Shlewet
"'we have been delivering specialist foreign exchange services for over 25 years, during which time we have continually evolved and refined our services to meet or exceed the expectations of our customers. Whilst embracing this changing world of call centres and automated foreign exchange dealing, we maintain traditional values by providing personal, proactive and intelligent foreign exchange solutions to our customers.”
Moneycorp and Dubai
Vasilios Dimarakis, Head of Overseas Operations 'Dubai real estate has been something of a phenomenon in recent years. An uninterrupted stream of development projects has seen the number of available housing units grow 150 per cent in the last 15 years and the booming property market is driving demand for our foreign exchange services.
'By opening a new office in Dubai we are able to provide local support and assistance to vast expat communities and our local agents. Overall, the expansion underlines our commitment to fully capitalising on this growing market.'
Moneycorp advice for large currency transactions
Currency specialists passes the test
In November 2006 Moneycorp featured well in a mystery-shopping exercise carried out by Savills Private Finance, a mortgage broker. The company found that somebody wanting to transfer the equivalent of €100,000 through Nat West, at a rate of €1.4120, would need £70,822. If they had gone to Moneycorp
they would have got a rate of €1.4753, costing them £67,783 — £3,039 cheaper.
Buying property abroad the advantage you gain
Currency brokers can book good exchange rates for long periods in advance therefore protecting the overseas buyer from the uncertainty of the currency markets. Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon. This could effectively increase, by 10% or more, the amount that you will have to pay .There are various organisations that can convert your sterling into whichever currency you need. Specialist currency dealers will normally offer you a better rate of exchange than your bank and provide a more personalised service. Foreign exchange companies like Moneycorp often offer a proactive service to their clients, using their expertise to monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange.
Sending Money Overseas Advice
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