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Finance (102)

UAE residents have been warned to beware of the counterfeit Dirham scam, that has been making its rounds across all counters. DonÔÇÖt worry if you do not have sophisticated  counterfeit currency detecting machine with ultraviolet (UV), magnetic, watermark and micro-print sensors.  Spot fake Dirhams using our simple tips below and report the same to the concerned authorities.

spot counterfeit Dirhams

Are you an expat who sends money home regularly or a frequent traveller who trots across the globe for business or leisure? We bet youÔÇÖd be watching the foreign exchange rate movements because every rise or fall in the exchange rate would affect the value of your hard earned money sent home or spent on travel, food, accommodation and shopping.

CanÔÇÖt make head or tail of the exchange rateÔÇÖs rollercoaster ride? WeÔÇÖll break it up for your easy understanding.

Currency Rates flect

Currency exchange rate is defined as the rate at which one currency can be converted into another. For example, when 1 AED (United Arab Emirates Dirham) is approximately INR 18 (Indian Rupees), it means, for every 1 Dirham given or spent, you should get Rs.18 or something of its worth.

Understanding the reason behind the exchange rate volatility can help you identify the best time to send money or even travel abroad. Here are top 3 factors that cause currency rate fluctuations.

Inflation Rate

Inflation rate is the rate at which the general price of goods and services increase in the country. Lower inflation rates indicate a healthy economy thus resulting in significant appreciation in its currency value.

Monetary Supply

The amount of currency in circulation is called the monetary supply of the country. Central banks all over the world take several measures to maintain stable money flow by benchmarking interest rates. Interest rates indicate the cost at which money can be borrowed. When the interest rate is lowered, businesses tend to borrow and invest thus increasing monetary rotation and stimulating the economy. However when there is too much money in circulation and the supply of goods are less, high inflation creeps in stifling the economy, thus causing exchange rate depreciation.

Political, Social and Economic Conditions

Countries with uncertain political, social and economic conditions do not attract investments. When confidence is lost in a particular market, investors quickly withdraw their money and move their capital to more stable countries. Demand and supply mismatch triggers higher inflation rates, thus affecting the currency exchange rates. Even poor social conditions such as low employment rate causes weak spending, thus curbing money flow. Economic factors such as budget deficits or surpluses, positive trade balances (when exports are more than the imports) and inflation levels influence the foreign exchange rates.

Hence while planning a huge remittance or a vacation, make sure you look for Forex service providers who offer you best exchange rates. Several foreign exchange houses such as UAE Exchange provide profitable deals in foreign exchange rates along with instantaneous Forex rate updates.

Now go ahead, send money to your loved ones and plan great vacations at the right time!

Manama, 2 June 2016: It is said that beauty with brains is a rare combination but, last evening the Indian Club in Manama, the Kingdom of Bahrain, was filled with striking looks, elegance, talent and intelligence together. 13 gorgeous beauties from across the globe sashayed the ramp at the UAE Exchange May Queen 2016 beauty pageant.

Shyann Horton from Mumbai was announced as the winner after winning all the four rounds in the competition. Vineesh Kumar, General Manager, UAE Exchange ÔÇô Bahrain presented her with a sash and crown. She was also adjudged with the title of ÔÇÿBest HairdoÔÇÖ and ÔÇÿBest WalkÔÇÖ.

UAE Exchange May Queen 2016Vineesh Kumar, General Manager, UAE Exchange ÔÇô Bahrain presenting the crown to Shyann Horton, winner of UAE Exchange May Queen 2016

The august gathering, of over 500 people, was left spellbound when the curtain to the spectacular evening was opened. Dressed in casual, the contestants made their grand entry with the distinctive sound of the Harley Davidson bikes being ridden onto stage by The Bahrain Desi Riders. The contestants then donned ethnic and party attire for second and third rounds. Seven finalists were selected for the last Q&A round with the judges.

Hosted by Anand Lobo, the evening also witnessed traditional and international dancers gyrating to DJ Andy and his music. A BMW 6 Series Convertible motor car was also on display.

Pradnya Walke and Sharada Chamur, both from Mumbai, were named first and second runner up respectively, while Deshi Fernando from Sri Lanka won the title of ÔÇÿBest SmileÔÇÖ.

Heard about the latest money transfer scam?

Last week, in Israel and Canada, online fraudsters had tricked innocent remitters into transferring huge sums of money by sending emails posing to be the latters’ bosses from work!

online money transfer tips

Cyber scam is an universal menace. Online money transfers are becoming increasingly prone to the risk of cyber-threats, in the form of virus, malware, fraud and unauthorised access. The biggest challenge here is the elusive profile of the perpetrator, who could be a young hacker stealing money just for the thrill of it, or a lucrative organised criminal network with agents worldwide. In spite of increased awareness, there are still so many people who get tricked and lose money everyday. The following are some of the common cyber scams doing its rounds till date.

  • Employment Scam
  • Lottery & Sweepstakes Scam
  • Free Win Scam
  • Relative in Need Scam
  • Property Promise Scam
  • Mystery Shopper Scam
  • Internet Purchase Scam
  • Charity Scam
  • Money Order Scam
  • Loan Scam
  • Anti-Virus Scam

So how do you enjoy the luxury of online money transfer while eluding cyber scams? We’ll help you with 5 sure-shot tips to avoid losing money online.

Tip 1: Be Vigilant

The cardinal rule is, “If it’s too good to be true, then it’s obviously not true!”.

Fraudsters usually do not snatch money by force. They first trick the victim by gaining their trust. Then it’s all downhill, the victim by his own will transfers money to the fraudster’s account. Hence to avoid such deception, do not click on links or respond to requests in unsolicited emails. Be vigilant with your acquaintances and don’t give out personal information regarding your income, investments and any other financial details.

Tip 2: Choose the Right Money Transfer Service

Do your research before choosing your money transfer service provider. Several online money transfer portals viz. are VeriSign-certified, PKI (Public Key Infrastructure)-enabled, and use the highest level of security-encrypted software to ensure total security. Make sure you go through their website to learn more about their security features for safe money transfer and data protection.

Tip 3: Use a Dedicated System/Network for Online Transfer

Never use a public computer or free public Wi-Fi to transfer money. It’s the breeding ground for potential frauds, auto-malware and spyware installations.

Tip 4: Create Strong Passwords

Don’t be predictable. Create alpha-numeric passwords and security challenge questions that are difficult for others to guess. Never share passwords, wire PINs, or account information with anyone.

Ideally, you should change your password every month to prevent nefarious, unauthorised access to your accounts.

Tip 5: Update your Anti-Virus Software

Always ensure you update security patches in the anti-virus software you use. Make sure you review each update before installing them.

Digital money transfer is gaining major traction by the day with its attractive features and convenience. The best way to leverage it and send money safely is by eliminating the accessibility and opportunity for a scam!

Currency Nicknames

Thursday, 05 May 2016

With these cool nicknames you can flaunt away your knowledge in the foreign exchange parlance!

Currency Nicknames

For a Smaller and Better World

Thursday, 28 April 2016

During our interview with Ms.Sithy Najeema a migrant worker in UAE, we realised that every migrant woman had to make a tough choice to work in a foreign land. Be it lack of resources, poor family conditions or to have a satisfactory career, women have sought to go beyond borders to make a living due to a lot of such situations and reasons. According to a research by Global Community Engagement and Resilience Fund (GCERF), by the end of 2016, women will account for more than 50% of the international migrants with white and blue collared jobs globally.

remittances empower women

With International Labour Day around the corner, let’s take this opportunity to acknowledge these silent heroes across the world.

Why Women Migrate

Compelling Circumstances

Women today have emerged as sole bread winners of their households, rather than being mere dependents. The loss of dear ones and property to political instability, terror attack, civil war and natural calamity has driven women to take up the reigns as the earning member. They’ve migrated to places with better opportunities such as the GCC, Europe and North America in order to uplift their families from poverty.

Career Growth

Apart from taking care of their loved ones, women have their own aspirations and goals. Working in a foreign location gives them an opportunity to prove their mettle and fast-track their careers through international exposure and experience. A survey conducted by a top research firm proves that 80% of women expatriates have never turned down relocation, compared to 71% of men.

Empowering Economies

Enduring absentee guilt, misogyny and other issues, women still contribute a significant portion of remittance inflows to developing geographies such as Africa, South America and South East Asia. These remittances empower women by providing them greater inclusion into the financial decision-making process and a country’s economy. Households benefit more from remittances from women, as increased spending emphasis would be laid on nutritional, educational and healthcare needs of family members, especially children. Research also suggests that women in general, remit consistently and more frequently than their male counterparts.

Steps to Ease Remittance Bottlenecks

Women today are aware of how their remittances provide a sizeable foreign exchange income to their home countries. Though the remittance volumes are steadily increasing, there are still several bottlenecks that hinder proper reception of cash by family members. The following steps could empower and ease remittances issues.

  • Expand access to low-cost money transfer channels
  • Increase money transfer options outside of the traditional channels
  • Increased secure saving and investing options for smaller sums of money in order to provide women with greater control over their finances
  • Educational courses can be devised to equip women with practical financial skills and increase their confidence in decision-making
  • Governments need to amend migration policies keeping in mind gender perspectives.

A go-getter and a game changer, a woman knows nothing of borders and nothing really stops her. With grit, dignity and the innate ability to nurture, she magically transforms everything she touches.

The future belongs to such strong women, who break down walls and defy stereotypes, to create a better world!

Returning home, reminiscing moments from the romantic honeymoon is truly magical. However, waking up to daily routine could be dreadful, especially with the chores, bills, property mortgage, and debt slowly creeping inside.

That’s exactly when you hear the stinky old money management monster, snooze right under your bed, ready to create ruckus in your marriage at the slightest nudge. To avoid sticky financial situations and emotional rip-offs, follow these 6 practical tips of money management.

Money management for couples

Be Open and Share Responsibilities

Be honest about your goals, income, spending habits, debts, taxes and bank accounts. Share responsibilities in paying bills and handling investments based on your respective aptitudes. Nevertheless, make sure you work with your partner’s personality and not against it.

Budget Your Expenses

Budgeting is a great exercise to ensure you don’t go into debt. However, don’t be too hard on yourself. Allocate enough money for your hobbies, eat outs and fun activities. These are happiness indicators that ensure your life is well lived.

Go the App Way

Smartphone simplifies everything. Use mobile apps such as Better Haves for easy budgeting and monitoring, and Expensify to capture your daily expenses and of course to keep a tab on your partner’s expenses as well.

Create a Joint Account

Yes, joint account works! In addition to strengthening the trust factor in your relationship, joint account creates an easy mechanism to automate bill payments and investments.

Start Investing

Begin now, you’re late already! Invest for the future in financial instruments that suit your needs, lifestyle and goals. Don’t forget to save for your rainy retirement days.

Cover Contingencies

Always stash up cash for emergencies. Unexpected woes such as job loss, illness, and natural disaster may pop up any time. Hence, it is wise to be ready at all times.

Whether it is money or marriage, give it your 100%. Now the tamed money monster will return to his blissful slumber, not even snoring this time!

Tell us how you manage finances with your partner.

MUSCAT: The weakening Indian rupee, which is inching closer to a record low of 68.85 against dollar it hit in August 2013, has seen expatriates making a beeline for the exchange houses. The rupee fell 42 paise to 68 per dollar on Wednesday, its weakest level since September 4, 2013.

The past one week has seen a 20-25 per cent increase in remittance volumes, say officials at exchange houses. It happens generally once salaries are paid. This time around it has been mainly high net worth individuals who have been drawing the real benefit of the weak rupee since disposable income with the majority of the expatriates was very low.

Remittances rise as Indian rupee

“As the Indian rupee slides, we see an increase in the transactions and the remittance volume generally increases by 20-25 per cent,” said Boban MP, CEO of Oman UAE Exchange. There was no “significant increase in other corridors, except a slight increase to Philippines.”

A senior official of the Mustafa Sultan Exchange said that high income group individuals, who remit sums ranging from Rs 175,000 to over Rs 1 million and those in the middle income group, who remit between Rs 50,000 and Rs 300,000 have become active over the past one week.

A 15 per cent increase in volume of remittances is in keeping with the pattern witnessed in earlier instances of rupee depreciation, he said.

He said it is possible that the rupee may depreciate further to a rial being Rs 178 in the next two months. Remittances to Bangladesh and Pakistan have also gone up but not to this extent, he added.


Festive season usually brings in an upsurge in remittances, with expats sending money back home to their loved ones.

The Indian diaspora world over, has made India into one of the world’s largest remittance receiving country. To increase their family’s standards of living, Indians living abroad have contributed to this increasingly investment oriented remittance trend, thereby driving economic progress in India. In 2014, India is estimated to have received remittances worth $70.3 billion. World Bank report has projected Indian remittances to increase by 2.5% in 2015.

remittance growth

The exchange value of Indian Rupee Vs US Dollar has come down from 63.3(previous quarter) to 66.4 currently. Every US dollar sent back would now fetch around 3 Indian Rupees more than in the last quarter. With the Rupee depreciation having coincided with the Diwali season this year, the remittance volume is likely to shoot up by 20-25% YoY.

"Remittances are expected to register 2% growth in 2015, as compared to 3.3 % in 2014. However, remittances from oil-exporting countries of the GCC continued to grow as currencies were linked to US dollar and also they have used their reserves to maintain spending levels,” said Promoth Manghat, CEO, UAE Exchange.

States such as Andhra Pradesh, Telangana, Delhi, Maharashtra, Punjab, Gujarat, Uttar Pradesh, Bihar and Tamil Nadu have received huge money transfers during the Diwali season.

Money transfer companies have tugged their witty promotional strategies towards the above mentioned states. To cheer up & encourage customers to remit more, players such as UAE Exchange, Western Union and MoneyGram have begun offering festive contests and goodies such as gold coins, mobiles phone and solar panels. They even offer mobile top-up and zero service charges to customers.

According to Sudhesh Giriyan, COO, Xpress Money, “Additionally, new players in the market will spur competition that could lead to lower remittance costs. We are bullish on this space and expect a 15 % year-on-year growth in remittance transactions on our channel”.

Officials at leading money transfer firms feel remittance volumes are showing signs of improvement.


Remittance Blog

The global forex market is the largest, most versatile and dynamic trading platform with over $4 trillion in average daily trading volumes. The appeal lies in the liquidity it offers, round-the-clock sessions and access to substantial leverage (borrowed money) with low entry and exit barriers.

Having said that, greenhorns and even seasoned market veterans take the bait to go rash and commit trivial blunders that result in enormous loss of money.

stop forex loss

Now, there are two cardinal rules in any trading. In the words of Warren Buffet,

               “Rule No.1: Never lose money
                Rule No.2: Never forget rule No.1”

Hence, the key to not losing money in the market lies in proactively understanding the blunders one could commit, and working on averting them.

Top Forex Blunders

Trade, Don’t Gamble

This is the usual and also the most notorious blunder even trading veterans commit.

Ask yourself, “Am I trading or Gambling for fast bucks?”. If you are doing the latter, then you’re on your way to disaster. Your trading strategy should have a formula that earns best returns or you will be losing all your money.

Well researched risk management plan should be the focal point for consistent moneymaking. Ensure you have a realistic medium & long term forex trading goals.

Trading impulsively without Stop Loss

A stop loss order is an order that closes out your trading position with the intent of cutting your losses when the market moves against you.

*For example, when you buy a USD at an exchange value of 10 AED, you would aim to sell it at a price higher to make a profit. Hence, it is wise to set a stop loss at 9 to reduce loss, incase the selling price goes below 10 AED. If the bid (maximum price buyers are willing to pay) price falls to 9, the trade is automatically closed, thus reducing your losses.

Hence, it is wise to trust your market instincts that are guided by well researched risk-management plan with proper stop loss orders. For the buyer, stop-loss order is a sell order and for the seller, it’s a buy order. Don’t copy or imitate another trader’s stops. Only set stops that suit your account and trading style.

Risking more than 1% of the capital

To avoid losses at the forex market, no more than 1% of capital (money available for trading) should be risked on a single trade. Successful traders adequately fund their account to transact seamlessly.

Trading Right Before or After the News

Key news announcements definitely influence the market .But the direction of the rally (price movement) is always a surprise. Taking a position immediately before or after a news announcement can seriously threaten your chances of success. It’s wise to wait for volatility to subside and for a definitive trend to develop. Be flexible and responsive to changes, understanding the trends that give way to consolidation and breakouts.

As long as you don’t commit the above blunders you won’t end up losing money in the financial market. In the words of Warren Buffet, you only have to do very few things right, as long as you don’t do so many things wrong!

*The exchange rate figures are for reference purpose only .Actual figures may vary according to the market conditions. 

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