Pound vs Euro: UAE money transfers – time it right in May, save big on remittances

Pound vs Euro: UAE money transfers – time it right in May, save big on remittances

Highlights

Against the UAE dirham, the British pound and the euro are expected to weaken in the coming weeks from its present levels. Here's how you can take advantage of these upcoming rates when remitting money to the UK or anywhere in Europe.

Dubai: Thinking of sending some cash back home? Hold on to your dirhams! Just like booking a flight, timing your money transfer can save you some serious money.

The first step is figuring out if your home turf's currency is going to rise or fall in value soon? This can make a big difference in how much your loved ones get back home.

We've analysed currencies like the British pound and the euro to see if a money transfer now is a win or a wait-it-out situation. While these currencies are less prone to fluctuations than some South Asian ones (think Indian Rupee, Pakistani Rupee, and Philippine Peso), even small changes can add up to big savings when you're sending a hefty chunk of change.

Weakening currency? Wait for the drop! If your home country's currency is taking a tumble, sit tight! The exchange rate will get better as it weakens, so you can send more later.

Currency